Friday, May 23, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Company News

Company NewsData CentersDevelopmentMidwestOhioTop Stories

Amazon Web Services to Invest $7.8B for Data Center Expansion in Central Ohio

by John Nelson

SEATTLE — Amazon Web Services (AWS), a division of Amazon (NASDAQ: AMZN) that offers on-demand cloud computing platforms to individuals, companies and governments, plans to make a big investment in Central Ohio. The company, along with Ohio Gov. Mike DeWine and Lt. Gov. Jon Husted, announced the firm will invest approximately $7.8 billion to expand its data center operations in the region by the end of 2029. AWS is currently undertaking a site selection process across numerous localities in Central Ohio for the new data center campuses, the total number of facilities of which was not disclosed. Final site selections will be decided and announced at a later date. The move is expected to create 230 new jobs and an estimated 1,000 support jobs, according to J.P. Nauseef, president and CEO of JobsOhio, an economic development corporation based in Columbus. The AWS data center project represents the second-largest single private sector company investment in Ohio’s history, according to the governor’s office. The new data centers will contain computer servers, data storage drives, networking equipment and other forms of technology infrastructure used to power cloud computing. “Amazon is already one of the largest private-sector employers in Ohio, and the company’s continued growth …

Continue Reading
FacebookTwitterLinkedinEmail
CaliforniaCompany NewsLoansRetailWestern

Westfield to Pull Out of San Francisco, Surrenders Mall to Lender

by Jeff Shaw

SAN FRANCISCO — Westfield has made plans to pull out of San Francisco and surrender the San Francisco Centre mall to the property’s lender, reports CNN.  The decision follows the closure of stores including Banana Republic and Nordstrom. A spokesperson for Westfield previously attributed the closure of the latter to “unsafe conditions for customers, retailers and employees.” According to SFGATE, Westfield and its partner, Brookfield Properties, have ceased loan payments on the mall. In a statement provided to the publication, Westfield noted that it has operated San Francisco Centre for more than 20 years and that it has “made the difficult decision to begin the process to transfer management of the shopping center to our lender,” citing “declines in sales, occupancy and foot traffic.” The company also stated that the property’s debt “is nonrecourse and this action has no impact on the rest of [Unibail-Rodamco-Westfield’s] debt.”

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsCompany NewsFloridaRestaurantRetailSoutheast

SRS Real Estate Partners Acquires Tampa-Based Meridian Retail Group

by John Nelson

DALLAS AND TAMPA, FLA. — SRS Real Estate Partners has expanded its Florida presence with the acquisition of full-service, Tampa-based firm Meridian Retail Group, which provides advisory services to retail, restaurant and entertainment clients. Meridian co-founders John Fahey and Tyler McRae will join SRS as senior vice presidents and market leaders, heading the Tampa office in conjunction with John Artope, executive vice president and managing principal of SRS. Fahey and McRae have 20 and 15 years of experience, respectively. Grant Burt, Caroline Connelly and Jacob Rasnick of Meridian will also join SRS, with a focus on tenant representation and leasing for retail clients.

Continue Reading
FacebookTwitterLinkedinEmail
Company NewsMultifamilySeniors HousingWashingtonWestern

Veda Living to Manage 10 Seniors Housing Properties in Washington State

by Jeff Shaw

WASHINGTON — Veda Living, the management company spin-off of ETROS Management Firm, has taken on a 10-property management agreement in Washington state. ETROS Management Firm, founded in 2016, specializes in turnaround management solutions for underperforming senior living assets. The properties are all branded as Greenlake Senior Living communities, which target middle-market seniors in the Pacific Northwest. With this most recent management deal, Veda Living now operates a portfolio of 15 properties across the nation.

Continue Reading
FacebookTwitterLinkedinEmail
ArkansasCompany NewsDevelopmentRetailSoutheast

Walmart Opens Second In-Store Fulfillment Center in Bentonville, Arkansas

by John Nelson

BENTONVILLE, ARK. — Walmart has opened its second in-store fulfillment center, dubbed Market Fulfillment Center (MFC), at a store in its headquarters city of Bentonville. The Walmart store (Store 100) is located at 406 S. Walton Blvd. The retail giant’s MFC strategy calls for high-tech fulfillment centers to be built within existing Walmart stores and powered by Alphabot, a proprietary storage and retrieval system. “This new order fulfillment system is truly game changing,” says Ryan Simpson, store manager at Store 100. “Not only does it enhance the customer experience through quicker, more accurate online order fulfillment, it also provides us the runway to continue growing our business now and in the future.” Walmart’s proof of concept store for the MFC strategy was in Salem, N.H. Walmart plans to continue opening MFCs in select stores in the coming years.

Continue Reading
FacebookTwitterLinkedinEmail
Company NewsDevelopmentIdahoOfficeWestern

Capstone Cos. Opens New Office in Boise

by Jeff Shaw

BOISE, IDAHO — Capstone Cos. has expanded its brokerage firm with a new regional office in Boise. Colton Yasinski, who has transacted hundreds of units in the Idaho market, including affordable LIHTC product, value-add multifamily and Class A market rate assets, leads the new office.  Expanding into Boise reinforces Capstone’s presence in the Western U.S. as the company seeks rapid growth and expansion in the multifamily sector.  With the opening of this new office, Capstone continues its nationwide growth with a total of 21 offices and more than $12 billion in sales.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsCompany NewsRetailTop Stories

Global Net Lease to Acquire Necessity Retail REIT, Creating $9.6B Shopping Center Company

by Jeff Shaw

NEW YORK CITY — Global Net Lease (NYSE: GNL) and The Necessity Retail REIT (NASDAQ: RTL) have entered into a merger agreement under which GNL will acquire RTL in an all-stock transaction. The combined company is expected to own and manage over 1,350 properties with an aggregate real estate asset value of approximately $9.6 billion. Under terms of the merger agreement, GNL stockholders are expected to own approximately 45 percent of GNL post-closing, RTL stockholders are expected to own about 39 percent, and the owner of the former external manager is expected to own up to 17 percent.  The merger is projected to generate approximately $21 million in annual cash savings realized within 12 months of transaction close, according to the companies. The combined entity will be internally managed, with external asset and property management functions to be performed by AR Global. Internalizing management is expected to result in approximately $54 million in annual cash savings. Headquartered in New York City, Global Net Lease is a publicly traded REIT that focuses on commercial properties with an emphasis on sale-leaseback transactions involving single-tenant, mission-critical, income-producing net lease assets across the United States and in Europe. Its portfolio features 311 properties totaling 39.3 million square feet across 11 …

Continue Reading
FacebookTwitterLinkedinEmail
CaliforniaCompany NewsMultifamilyWestern

CBRE Hires Multifamily Investment Sales Team at Woodland Hills Office in Los Angeles

by Jeff Shaw

LOS ANGELES — CBRE has hired John Boyett as first vice president and Adam Feldman as a senior associate in the firm’s Woodland Hills office in Los Angeles.  Boyett and Feldman will focus on multifamily investment sales in the Los Angeles metropolitan area. Boyett previously served as associate vice president at Matthews Real Estate Investment Services.  Feldman also worked at Matthews as a senior associate, where he specialized in the acquisition, disposition and analysis of multifamily assets. 

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsCompany NewsConnecticutFloridaNortheastRetailSoutheastTop Stories

Regency Centers Agrees to Acquire Urstadt Biddle Properties in $1.4B Shopping Center REIT Merger

by Jeff Shaw

JACKSONVILLE, FLA., AND GREENWICH, CONN.— Jacksonville-based REIT Regency Centers (NASDAQ: REG) has agreed to acquire Urstadt Biddle Properties (NYSE: UBA) in a an all-stock transaction valued at $1.4 billion, including the assumption of debt and preferred stock. Urstadt Biddle Properties is a REIT based in Greenwich that primarily invests in shopping centers. The combined company will have a market capitalization of approximately $11 billion and total enterprise value of approximately $16 billion. The combined portfolio will comprise 56 million square feet of gross leasable area across 481 properties. Regency acquired the company to help expand its footprint in grocery-anchored shopping centers in suburban trade areas in the U.S. Under the terms of the agreement, Urstadt Biddle’s stockholders will receive 0.347 of a newly issued REG share for each UBA or UBP share they own. This represents a total consideration of $20.40 per share based on Regency’s closing share price on May 17, 2023. Upon closing, Regency shareholders will own 93 percent of the combined company, while Urstadt Biddle shareholders will own three percent. The respective boards of directors of both Regency and Urstadt Biddle have each approved the transaction. “The portfolio that Urstadt Biddle has carefully assembled over more than …

Continue Reading
FacebookTwitterLinkedinEmail
Trez-Capital-Executives
Company NewsTexas

Trez Capital Announces Key Leadership Changes

by Taylor Williams

DALLAS — Commercial debt and equity financing firm Trez Capital has announced that after almost 26 years as chairman and CEO, firm founder Morley Greene will transition into the role of executive chairman. Moving forward, executives John Hutchinson and Dean Kirkham will serve as co-CEOs and take over leadership of day-to-day operations. In his new role, Hutchinson will continue focusing on the firm’s debt and equity origination business. Kirkham will continue focusing on the key pillars of risk and capital raising for Trez Capital. Together, they will set the mission, vision, values and strategic direction of the company. Hutchinson has been with the firm for more than 13 years, during which time he held progressively senior positions. He has more than 20 years of experience in financing residential development projects across a variety of markets and product types. Kirkham joined Trez Capital in 2016 as chief credit officer and has since taken on increasingly senior roles, culminating in his most recent position as president and COO. In addition, Kirkham was welcomed as a partner of the firm earlier this year along with John Maragliano, who joined the firm in 2021 as CFO. Maragliano, who has more than 25 years of …

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts