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  • No Happy Ending for Toys R Us, Becomes Latest Retailer to File for Ch. 11 Financial Restructuring

    Monday September 18, 2017

    Toys R Us Inc. filed for Chapter 11 bankruptcy protection for its US stores and plans to do the same for its Canada operations as it announced plans to restructure $5 billion in outstanding debt as it seeks to establish a sustainable capital structure. For now, the companies’ 1,600 stores around the world are continuing to operate as usual, the Wayne, NJ-based company said in its filings. That count includes 568 U.S. Toys R Us stores and 223 U... Read More

  • CRE Pros Rate Five US Cities as Top Prospects for Landing Amazon’s HQ2

    Sunday September 17, 2017

    Amazon’s search for a second national headquarters site is being likened to the Powerball lottery for economic development organizations. They’re all lining up to take a chance at the $5 billion investment jackpot that could result from landing the online retailer's mega-office requirement. Several senior-level managers across CoStar's analytics team are working through Amazon’s official RFP requirements and list of preferences for its second headquarters... Read More

  • Shoe Retailer Aerosoles Files Ch 11; Closing 74 Stores

    Thursday September 14, 2017

    Aerosoles, leading women's footwear brand, and other subsidiaries of parent company AGI HoldCo Inc. filed to reorganize under chapter 11 of the U.S. Bankruptcy Code. A critical portion of the company's restructuring is a significant reduction in the number of retail stores it operates. Aerosoles operates 78 retail locations in 20 states, principally in lease-based mall locations, lifestyle centers, street locations and outlet centers. It plans... Read More

  • SL Green, RXR Acquire JV Interest in New York REIT’s One Worldwide Plaza

    Wednesday September 13, 2017

    SL Green Realty Corp. (NYSE: SLG), one of New York City’s largest office property owners, and RXR Realty, a private investment manager, have agreed to acquire a combined 48.7% interest in One Worldwide Plaza, a 4-Star trophy asset at 825 Eighth Ave. in Midtown Manhattan. The ownership interest is being sold by New York REIT (NYSE: NYRT), which will continue to control the remaining equity in the property with WWP Sponsor LLC, its existing partner... Read More

  • UPDATED: KBS Looking To Cash Out Some Post-Recession Purchases

    Thursday September 14, 2017

    KBS Legacy Partners Apartment REIT has decided it’s time to cash out and sell the remaining multifamily properties it purchased through early 2014. The California-based non-traded REIT has already cut separate agreements to sell five of them and is seeking approval of the sale from stockholders. Funds affiliated with Houston-based Elite Street Capital agreed to pay $218.9 million for the properties containing 1,273 units, representing a price of... Read More

  • Shareholders Side with RXR in Battle for Control Over Suburban NYC Office REIT

    Thursday September 14, 2017

    RXR Realty survived a coup this week when shareholders in RXR’s Australian-based U.S. office REIT blocked an attempted takeover of RNY Property Trust. The vote clears the way for RXR to continue to proceed with its plan to sell five suburban New York City area office buildings. RXR Realty’s RNY Australia Management Ltd. (RAML) is the management entity for RNY Property Trust. Aurora Funds Management, one of the largest Australia-based shareholders... Read More

Alabama Commercial Real Estate News

  • CoStar's People of Note (Sept. 15) - CBRE Exec Jumps to NKF, Savills Studley Promotes Three...

    Friday September 15, 2017

    It's time to update those contact managers with CoStar's People of Note, reporting news on significant new CRE hires and promotions. This week's issue includes the following markets: Silicon Valley, Houston, Richmond / Hampton Roads, Los Angeles, New York City, San Diego, Atlanta, Dallas / Ft. Worth, Boston, Northern New Jersey, Philadelphia, Chicago, Cincinnati, South Carolina and East Bay. SILICON VALLEY Kelly Joins NKF as Executive Managing... Read More

  • Apple Hospitality REIT Finalizes $38.4 Million Purchase of Brand New Dual-Branded Hotel in Downtown Birmingham

    Wednesday September 13, 2017

    Apple Hospitality REIT (NYSE: APLE) officially entered the downtown Birmingham market after the firm completed its previously announced purchase of the 210-unit Hilton Garden Inn and Home2 Suites by Hilton for $38.4 million, or approximately $183,000 per key. Developed by LBA Hospitality, the brand new dual-branded hotel is located at 250 18th St. South just two blocks north of the University of Alabama Birmingham campus and in close proximity... Read More

  • Broad Metro Begins Development of New 44-Acre Retail and Medical Center in Hoover

    Thursday September 14, 2017

    Broad Metro has begun development on a new 44-acre mixed-use project in Hoover, AL that will usher in a wave of new retail and medical space to the south Birmingham suburb. The New York-based developer's +218,000-square-foot Stadium Trace Village project will include a 68,900-square-foot "experiential" retail store, a 22,000-square-foot organic grocery store, a 14,800-square-foot pharmacy and a number of adjoining retailers and restaurants as... Read More