In the News—Week of December 13, 2021
Around the Nation
Boxing legend Floyd Mayweather has invested heavily in skyscrapers
Boxer Floyd Mayweather’s nickname was “Money” and he claims to have made $1 billion in his 50-fight career. Mayweather, who retired without ever losing, knew how to spend it, too. Among his luxury purchases is a watch that cost more than $21 million. Turns out he knows how to invest it as well. The U.S. Sun reports that Mayweather says he owns nine skyscrapers, including “the tallest commercial building in the U.S.” The boxer was referring to One Vanderbilt, a 93-story skyscraper in New York City. And no, he is not the sole owner. But he has invested in a lot of commercial real estate. “I’m OK. Floyd Mayweather made a lot of smart investments,’ he says, referring to himself in the third person.
Energy & Environment
Bezos Earth Fund awards millions in grant to energy-efficiency company
The Bezos Earth Fund has awarded a $5.5 million grant to BlocPower, an energy efficiency technology startup, CNBC reports. BlocPower plans to use the Bezos grant to add 125 million buildings and additional cities to its BlocMaps software database, which identifies buildings in need of energy efficiency upgrades. BlocMaps then helps owners make those buildings more efficient. BlocPower was founded in 2014 and attempts to combine traditional construction and engineering sectors with climate technology. The grants was part of more than $400 million of grants the Bezos Earth Fund awarded.
Texas
Construction underway on 2.3 million square foot industrial project
Stream Realty Partners says work has started on six buildings encompassing 2.3 million square feet at the Empire West Business Park in Brookshire, 30 miles west of Houston, the Houston Chronicle reports. This is the second phase of the development, which is near Interstate 10 and the Highway 90 frontage road. The new buildings are expected to be ready in July. “The national trend of supply chain optimization has been pulled forward, and speed to market is more important than ever,” Stream Houston’s managing director and partner Justin Robinson says. “That is our strategy for phase two: to provide high-quality, plug-and-play solutions for distributors that will allow them to be up and running by peak season 2022.”
Texas
Austin investor purchases site of the former Penney headquarters in Plano
Commercial Capital Investments, which is based in Austin, has bought the former J.C. Penney headquarters in Plano and plans to resume redevelopment of 1.8-million-square-foot office campus, The Dallas Morning News reports. The previous owners were in the middle of a $1 billion redevelopment of the property. It was taken over by Beal Bank. “We are going to add a lot of amenities to it to get it activated,” Capital Commercial CEO’s Doug Agarwal, says. “We have a tenant for approximately 420,000 square feet we are working with, hoping to make a deal.”
Arizona
Developers plans Surprise project with 700,000 square feet of retail
SimonCRE says it plans a 700,000-square-foot retail development in Surprise near the Loop 303, AZ Family reports. The developer says major retailers and restaurants are lined up for the development, called Village at Prasada. Prasada is a master-planned development by RED Development that will include an auto mall and multifamily housing.
Mexico
Canadian Pacific’s bid on Kansas City Southern gets OK from Mexico
In a move that is likely to have substantial impact of industrial properties, Mexican authorities approved Canadian Pacific’s $31 billion bid on Kansas City Southern to create a railroad linking Mexico, Canada and the U.S., Mexico Business News reports. The deal that could lead to the largest railway in North America is pending approval of the company’s shareholders. “This historic combination will add capacity to the U.S. rail network, create new competitive transportation options, support North American economic growth, and deliver important benefits to customers, employees and the environment,” Canadian Pacific Railway’s CEO Keith Creel says.
