In the News—Week of July 4, 2022
Deal of the Week
A Florida investor purchased a charter school in Tennessee for approximately $15 million. This transaction was closed by Stephanie Welch, Vice President and Escrow Operations Manager, in our Dallas Office.
Historic Saks property in Beverly Hills to get the mixed-use treatment
The parent company of Saks plans to convert the property around its Beverly Hills store into a mixed-use development, the Los Angeles Times reports. The store has been a fixture on Wilshire Boulevard since 1938. HBC, which owns Saks and Canadian retailer Hudson’s Bay, announced plans for office, retail and residential. The intention is to revive the glamour that once made Wilshire Boulevard the pinnacle of upmarket Beverly Hills shopping. Saks plans to move its long-lived women’s store a block east. The men’s store will stay in the current building.
Energy & Efficiency
A step backward: German utilities plan to revive their coal plants
Large German power providers are planning to fire up coal plants to generate power and deal with a shortage of cleaner natural gas, Bloomberg reports. Russia has reduced gas supply through Nord Stream, putting the squeeze on the European Union’s largest economy. The government has come up with incentives for businesses to cut power consumption. Still, the economy might struggle through winter when energy demand is at its highest.
Chevron to sell HQ property, move some workers to Houston
Here’s one California company that isn’t relocating its headquarters to Texas — just some of its headquarters employees. Chevron is selling its headquarters property in San Ramon, California, and moving some of the people who work there to Houston, the San Francisco Chronicle reports via the Houston Chronicle. The company still will be based in California but is getting rid of its 92-acre, 13-building campus. “The current real estate market provides the opportunity to right-size our office space to meet the requirements of our headquarters-based employee population,” the company said. “Chevron will remain headquartered in California, where the company has a 140-year history and operations and partnerships throughout the state.” Chevron, which has 2,000 workers in San Ramon, didn’t say how many workers would be transferred. Chevron has about 8,000 employees in Houston.
Holt Lunsford Commercial launches retail division based in Fort Worth
Holt Lunsford Commercial has expanded and is opening a retail division based in its office in Fort Worth, the Fort Worth Business Press reports. Founded in Dallas in 1993, the commercial real estate firm opened the Fort Worth office in 2008 and has served industrial and office market sectors. “We’ve talked about adding a retail division but it was always about finding the right people who embodied our culture,” says Matt Carthey, partner and managing principal of the Fort Worth office. HLC hired Tracy Gray, 35, a Fort Worth native, as principal over the retail division. “Retail took a hit but is responding well recently,” Gray says.
Hines gets OK from city for office/ retail project near Tempe Town Lake
Hines received the OK from the Tempe City Council for entitlement for its 250 Rio project in downtown Tempe, AZ Big Media reports. The development includes a 216,000-square-foot building and parking garage between the historic Ash Avenue alignment and the current Rio Salado Parkway. Hines will work with the Tempe Historic Preservation Commission for feedback on the Ash Avenue portion of the project.
Hyatt announces plans for Grand Hyatt for Cancún
Hyatt Hotels announced plans for the Grand Hyatt Cancún Beach Resort, which is scheduled to open in 2024, joining 18 other Hyatt-branded properties in Cancún, the company website reports. The hotel will have 500 guest rooms, including 46 luxury suites and one Presidential Suite. Twenty-eight guest rooms will feature their own plunge pools. The property will offer 11 restaurants and six bars. The resort will be located within Puerto Cancún, a master-planned residential resort community.