WeWork Names Veteran Real Estate Executive as New Chief

WeWork, the troubled operator of shared office space, has named Sandeep Mathrani, a senior executive at the commercial real estate company Brookfield Properties, as its new chief executive. Mr. Mathrani, whose appointment was announced on Saturday, replaces Artie Minson and Sebastian Gunningham, the co-chief executives. Mr. Minson and Mr. Gunningham took over in September from Adam Neumann, the WeWork co-founder whose growth-at-all-costs strategy brought the company to the brink of financial collapse last year. In a statement, Mr. Mathrani said WeWork had “redefined how people and companies approach work with an innovative platform, exceptionally talented team and significant potential if we stick to our shared values and maintain our members-first focus.” Click to read more at www.nytimes.com.


ATLANTA – July 25, 2016   Bellomy & Co. announced the sale of Chatham Parkway Self Storage in Savannah, Georgia.  The facility consists of 858 climate and non-climate units in 100,350 NRSF. The property was 83% physically occupied at the time of closing.

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Amazon to Open Sixth Fulfillment Center In Texas

Amazon.com, Inc. today announced plans to open a second fulfillment center in Haslet, TX, north of Fort Worth, the Internet retailer’s fourth customer order and shipping center in the Dallas-Fort Worth metropolitan and the sixth in the Lone Star State.

The 1 million-square-foot Haslet facility will add 1,000 full-time positions to Amazon’s Texas workforce for a total of 9,000 employees, the company said in a release.

Amazon began shipping customer orders at its existing Haslet facility in 2013, and the Seattle-based company’s other centers are located in Coppell, southern Dallas and Schertz, TX, with a fifth now under construction in San Marcos. Amazon also operates three sortation centers in the state, in Irving, Houston and San Antonio.

Amazon employees will pick, pack and ship smaller customer items, such as books, electronics and toys at the new Fort Worth-area facility.

Is Texas or California more recession proof?

On long car trips, when the batteries on their iPhones go dead, my three daughters like to play a game called “Would You Rather?”

The contest typically devolves into a series of choices between two evils. As in, would you rather die in a nuclear holocaust, or be the only human left on the planet?

You get the picture.

The findings of a new report reminded me of the business version of that game. The question it raises, among others, is essentially this: Would you rather weather an oil-and-gas collapse in Texas, or a tech slump in California?

The answer may surprise you.

Click here to read the rest of this story from Austin Business Journal.

WaterWalk Hotel Apts. Signs Rockford to $150 Million Development Deal for Eight Properties in Texas, Colorado

Wichita, KS-based WaterWalk Hotel Apts., the fifth national brand of hospitality developer and extended-stay industry pioneer Jack DeBoer, has retained Rockford Construction out of Grand Rapids, MI to develop eight WaterWalk franchises in San Antonio, Denver, Dallas and Austin. The development deal is for $150 million.

Additionally, Rockford has been named the preferred builder for WaterWalk corporate properties and the company’s franchise system.

This is the second $100 million deal WaterWalk has reached in the last six months after coming to terms on a $100 million contract with U.K.-based investment firm Henley to construct and open five WaterWalk franchises in Albany, NY; Charlotte, NC; Fort Lauderdale, FL and North Orlando, FL.

“This deal is further evidence that WaterWalk is an attractive opportunity for investors to add strong assets to their real estate portfolios as they provide the revenue potential and returns associated with upscale extended-stay hotels and the capital structure and valuation of apartments,” said David Redfern, president of WaterWalk real estate franchise development. “With this latest agreement, we now have 27 WaterWalk properties in various stages of development.”

Construction on the Fort Lauderdale hotel is scheduled to begin this week. WaterWalk will also break ground later this year on new properties in Tulsa, Raleigh, Louisville, Minneapolis, Kansas City, and Chicago, in addition to San Antonio and Denver.


Michigan Developer Also Named Preferred Builder
By Bryce Meyers