In the News—Week of February 23 2021
Around the Nation
WeWork a possible merger target for special purpose acquisition companies
WeWork, the shared office space giant, is the whale many special purpose acquisition companies are targeting, Bloomberg reports. Special purpose acquisition companies, sometimes called “blank check” companies, raise money from investors to buy commercial and sell commercial real estate. More than 80 were started in 2020. According to a company statement, WeWork is putting its energies into becoming profitable. But The Wall Street Journal reported that WeWork’s board and CEO have been considering an offer from a special purpose acquisition company connected with Bow Capital Management.
Energy & Environment
Energy-efficient Starbucks store in Canada built in just six days
A green-building company in Vancouver, B.C., was able to assemble an energy-efficient Starbucks store in six days, Chain Store Age reports. Nexii Building Solution built the store in Starbucks in Abbotsford, B.C., with near-zero construction waste. “All aspects of the Nexii system — from the products we create to the way we assemble our buildings — are designed with sustainability at the core, so that we can create affordable, green buildings,” Nexii’s CEO, Stephen Sidwell, says. Nexii says its materials are thermally efficient and less carbon-intensive than concrete, and they seal tighter.
Walton Street Capital is new landlord for Amazon shipping center in Katy
A Walton Street Capital affiliate purchased the Amazon sorting center on Clay Road in Katy, the Houston Chronicle reports. Terms of the deal were not disclosed. The 805,601-square-foot facility opened in October and routes packages to delivery stations near customers. Amazon has a long-term lease. Duke Realty, which developed the center, also sold off another Amazon-leased property, a fulfillment center on US 90 in Brookshire, in 2020.
Amazon plans to add six shipping centers in Dallas-Fort Worth area
Amazon has more than 12 million square feet of warehouses in the Metroplex, and the e-commerce giant has decided it needs more, D Magazine reports. The retailer says it has plans to add six delivery stations in the area, varying in size from 150,000 to 250,000 square feet. These are designed to handle “the last mile” to the customer. The stations are at 2400 Centennial Drive in Arlington; on Risinger Road at Old Burleson Road in Fort Worth; at Litsey Road and Beach Street in Fort Worth; at Klein Tools Boulevard and Seventh Avenue in Mansfield; at 12809 Eastgate Drive in Balch Springs; and at 1398 Industrial Blvd. in McKinney.
Medical office market expected to have strong 2021 in Phoenix area
Population growth in the Phoenix area has fueled strong demand for medical offices in the market, and that high demand is expected to continue this year, AZ Big Media reports. Figures from Colliers Arizona show 111,974 square feet net absorption for the sector for the final quarter of 2020, meaning net absorption was positive in every quarter of the year. Year-over-year medical office employment grew 3.01% in November. Rents were strong as well, rising 5.3% for the year.
Wyndham will open $11 million, 96-room hotel in Tulum in coming months
Wyndham Hotels & Resorts plans to open a 96-room hotel in Tulum during the first half of the year, Mexico News Daily reports. The $11-million property will be called Esplendor by Wyndham Tulum and will be located about a 10-minute drive from the beaches. The company owns 58 hotels in Mexico, including the soon-to-be-opened Esplendor by Wyndham La Condesa hotel in Mexico City. The hotels mark the Esplendor brand’s debut in Mexico.