In the News—Week of June 06, 2022
Deal of the Week
An Arizona-based investment company acquired an industrial property for approximately $27 million in the Phoenix metro area. This transaction was closed by Bryan Selna, Senior Escrow Officer, in our Scottsdale office.
National
End of era: Last Howard Johnson restaurant location closes down
Howard Johnson restaurants, whose orange roofs once dotted the nation near freeways and turnpikes, are no more, The Washington Post reports via Jewish World Report. The last location—in Lake George, New York—has closed. Even that restaurant was no longer operating as a traditional Howard Johnson’s. Started by Howard Deering Johnson in Quincy, Massachusetts, in the late 1920s, there were around 1,000 Howard Johnson restaurants in the 1970s. While the restaurants are no more, Howard Johnson — and its blue and orange color scheme — lives on as a hotel brand of Wyndham, with hundreds of locations throughout the world.
Energy & Efficiency
Council wants NW power providers to acquire 3,500 MW of renewables
The Northwest Power and Conservation Council has called for power providers in the Pacific Northwest to acquire 3,500 MW of renewable energy resource by 2027, Utility Dive reports. The Council is responsible for providing a six-year plan for the region’s energy system. The plan calls for an increase of 750 and 1,000 average MW of energy efficiency. “At a time when everything is in short supply and supply chains are stretched and raw materials are hard to come by, it definitely adds to the pressure we’re seeing in the near term. But in the long term, you wouldn’t expect numbers like that to be that difficult to accomplish,” says Arne Olson, senior partner with Energy and Environmental Economics.
Texas
Property owner uses new platform for community input on redevelopment
The 69-year-old Spanish Village Restaurant in Houston’s Third Ward is going to be redeveloped. What will replace it? Steven Rogers, who recently bought Spanish Village Restaurant and the adjoining property, isn’t sure. He is asking the community, the Houston Chronicle reports. Beside the restaurant is a sign that says “What should go here?” with a giant QR code. The QR code links to a page on a website called Localist where visitors can leave comments. “Cool y’all are asking,” one commenter said. “Whatever y’all do, make sure it features businesses from diverse faces.” Another posted: “A 24-hour food option would be the most amazing thing ever!” Rogers told the newspaper he is one of several developers who reached out to the website because “I just want to be a good neighbor. I don’t want to come in and be disruptive… I want to put what we think is a good fit for the community. And I think that can be done through asking questions and dialogue.”
Texas
Company plans co-working space in Arlington’s Choctaw Stadium
Spark Coworking will open a co-working office space at the southeast corner of Choctaw Stadium in Arlington later this year, Dallas Culture Map reports. Choctaw Stadium is the former Globe Life Park, home of the Texas Ranger MLB team until they opened Globe Life Stadium next door in 2020. Instead of tearing down the old ballpark — which wasn’t that old (it opened in 1994) — it has been renamed and used for other events as part of the Arlington Entertainment District, which included AT&T Stadium, home of the NFL Dallas Cowboys. “The addition of Spark Arlington also continues our pledge to make Choctaw Stadium a vital and fully productive facility in the district,” the Texas Rangers’ managing partner and majority owner, Ray Davis, says.
Arizona
Developer pays $111.7 million for 836 acres in city of Surprise
Asante Development Partners completed the purchase of 836 acres in the city of Surprise for $111.7 million as part of a major mixed-use planned community, Arizona Big Media reports. The Asante Planned Community is a venture between Lennar Homes, Pulte Homes and Taylor Morrison Homes. Plans call for more than 2,500 single-family homes, as well as multifamily and commercial. “The Northwest Valley is one of the most active development areas in the Valley. This acquisition provides all three builders with the opportunity to continue their delivery of high-quality housing to the north Surprise market for the next four to seven years,” says Mike Schwab, principal and designated broker with Land Advisors Organization, which represented the seller.
Mexico
Mexico’s third infrastructure package to be revealed, chamber leader says
The next package of projects under Mexico’s national infrastructure program could be presented after last weekend’s governors’ elections in six states, the head of one of the country’s leading business chambers says, Bnamericas reports. Francisco Cervantes, Consejo Coordinador Empresarial, told news outlet MVS that the third package of the program is “robust” and seeks to counter inflation pressures. According to reports, the package will include transportation and communications projects worth $3.55 billion.
