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

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…

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

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…

Office Lease Up (September 18) NRG to Significantly Expand Presence in Downtown Houston with 400,000-SF Sublease at One Shell Plaza

NRG Energy (NYSE: NRG) has finalized a deal to sublet 431,037 square feet at One Shell Plaza in downtown Houston from Shell Oil Co. A leading American energy company dual-headquartered in Princeton, NJ and 1201 Fannin St. in downtown Houston, NRG will fully occupy 18 floors within the 50-story, 1,228,923-square-foot, Class A high-rise completed in 1970 in Houston’s central business district. The Jackson Walker, LLP team of Pat Sharkey and Amber…

CoStar’s People of Note (Sept. 15) – CBRE Exec Jumps to NKF, Savills Studley Promotes Three…

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…

Shoe Retailer Aerosoles Files Ch 11; Closing 74 Stores

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…

Florida, Texas CRE Begin Long Recovery Effort from Back-to-Back Storms

With relief efforts under way in areas ravaged by Hurricanes Harvey and Irma, analysts are now beginning to assess the broader questions of how the back-to-back natural disasters could potentially affect U.S. economic growth, the nearterm impact of the thousands of residents and tenants displaced by the storms, and how the threat of future storms may affect investor appetite for coastline property in areas with elevated exposure to destructive tropical…

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

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 four 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…

Cashing Out: KBS Looking to Liquidate Post-Recession Apartment REIT

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 four 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…

JLL Wins Assignment to Find Electric Vehicle Charging Sites in $2 Billion Volkswagen Investment

For years, CRE brokers have predicted that electric vehicle (EV) charging stations will become standard amenities at office buildings, shopping centers, hotels, service stations and even restaurants. Volkswagen subsidiary Electrify America just handed JLL an assignment to identify EV charging station sites in 17 metros, nearly half of them in California, in an investment that will significantly add to the more than 16,000 charging stations already…

Trophy Property Financings by Office Investors Stoking Renewed CMBS Activity

Not only has the predicted slowdown in CMBS issuance this year failed to occur, but the CMBS market has seen a renewed flurry of activity. A total of $9.9 billion in CMBS loans priced during August, bringing the year-to-date CMBS total to $52 billion, a 41% increase year-over-year, according to Kroll Bond Rating Agency (KBRA). The combined CMBS pricing volume for July and August ($17.6 billion), accounted for about a third of year to date 2017…