Company News

Dollar General Grows Supply Chain Network by 3.2 MSF With Five Distribution Facilities

by John Nelson May 9, 2023

GOODLETTSVILLE, TENN. — Dollar General Corp. (NYSE: DG) has announced recent expansions in its supply chain network that will grow the discount retailer’s distribution footprint by more than 3.2 million square feet. The Goodlettsville, Tenn.-based company has recently opened three new facilities and announced expansions of two existing campuses that will support Dollar General’s traditional goods, as well as its DG Fresh line of groceries. “The recent additions to our supply chain network aim to provide greater efficiencies, create additional jobs and drive positive economic impact,” says Tony Zuazo, executive vice president of Dollar General’s global supply chain. “We’re excited to continue growing our distribution center network to further support store growth and to better serve our customers and local communities.” Dollar General recently opened an 800,000-square-foot distribution center in Blair, Neb., that is expected to create approximately 400 new jobs at full capacity. The $140 million development is the company’s first ground-up dual facility, meaning it features both traditional distribution space and cold storage. Dollar General plans to host a formal opening ceremony for the facility this summer. The company recently increased distribution center storage capacity by more than 2 million square feet by opening two new permanent regional facilities …

May 9, 2023

Company News Illinois Midwest

Cushman & Wakefield Appoints Michelle MacKay as Next CEO

by Kristin Harlow May 8, 2023

CHICAGO — Chicago-based Cushman & Wakefield has appointed Michelle MacKay to assume the role of CEO effective July 1. MacKay currently serves as president and chief operating officer (COO). John Forrester is retiring from his position as CEO effective June 30, following 35 years of service with the company. Forrester will remain employed as a strategic advisor throughout the rest of this year. Andrew McDonald, currently president, will become global president and chief operating officer. A commercial real estate executive with more than 30 years of experience at a variety of public and privately held companies, MacKay has served on three public company boards, including Cushman & Wakefield’s from 2018 to 2020. She was appointed as Cushman & Wakefield’s COO in 2020 and promoted to president and COO in 2022. Previously, MacKay served as executive vice president, investments and head of capital markets at iStar Inc., a REIT that has since merged with Safehold Inc. Cushman & Wakefield announced MacKay’s appointment the same day it unveiled that John Cushman III had died at the age of 82. A member of Cushman & Wakefield’s founding family, his career spanned 60 years.

May 8, 2023

California Company News Retail Western

Nordstrom to Close Two Stores in San Francisco

by Jeff Shaw May 8, 2023

SAN FRANCISCO — Nordstrom Inc. will close two stores located near San Francisco’s downtown, reports the Washington Street Journal. Located on Market Street, the first store will close Jul. 1, with the Westfield San Francisco Centre mall location scheduled to close at the end of August. “We can better serve our customers there by focusing on our 16 nearby Nordstrom and Nordstrom Rack locations, as well as online,” says a representative for the company.

May 8, 2023

Acquisitions Company News Utah Western

Colliers Merges with IPG in Utah

by Jeff Shaw May 4, 2023

SALT LAKE CITY — Colliers has merged with boutique firm Industrial Property Group (IPG). The latter is led by industry veterans Michael Jeppesen and Jeremy Jensen. The new partnership underscores Colliers’ charge to invest in markets like Utah through growing its brokerage footprint with expansion in the broader Utah region and across the Southwestern United States. Jeppesen, a 30-year industry veteran, specializes in institutional portfolio sales, leasing and asset management. He founded IPG in 2005. Jensen, a 25-year industry veteran, has served as president of the Utah chapters of the Commercial Investment Real Estate Institute (CCIM) and the Society of Industrial and Office Realtors (SIOR).

May 4, 2023

Company News Western

JP Morgan Takes Over First Republic Bank After Its Collapse

by Jeff Shaw May 1, 2023

SAN FRANCISCO — JP Morgan Chase (NYSE: JPM) has acquired the substantial majority of assets and assumed the deposits and certain other liabilities of First Republic Bank from the Federal Deposit Insurance Corp (FDIC). As part of the purchase, JPMorgan Chase is assuming all deposits — insured and uninsured. The move comes after First Republic, a regional lender, saw deposits fall by 40 percent during the first quarter, worse than Wall Street analysts feared. According to CNBC, San Francisco-based First Republic focused on serving rich coastal Americans, enticing them with low-rate mortgages in exchange for leaving cash at the bank. But in the wake of Silicon Valley Bank’s collapse, First Republic clients withdrew more than $100 billion in deposits, the bank revealed in its earnings report made public on April 24. “Our government invited us and others to step up, and we did,” said Jamie Dimon, chairman and CEO of New York City-based JPMorgan Chase, in a press release issued this morning. “Our financial strength, capabilities and business model allowed us to develop a bid to execute the transaction in a way to minimize costs to the Deposit Insurance Fund.” Dimon added, “This acquisition modestly benefits our company overall, it is accretive to shareholders, …

May 1, 2023

Company News New Jersey Northeast Retail Top Stories

Bed Bath & Beyond Files for Chapter 11 Bankruptcy, Will Close All Stores

by Taylor Williams April 24, 2023

UNION, N.J. — Bed Bath & Beyond Inc. (NASDAQ: BBBY) has filed for Chapter 11 protection in the U.S Bankruptcy Court for the District of New Jersey and will close all remaining stores nationwide. At the time of the filing, the company operated 360 stores across the country under its Bed Bath & Beyond brand and 120 stores under its children-centric buybuy Baby brand. All of those locations, as well as their accompanying e-commerce platforms, will remain open temporarily as the company gradually winds down operations and conducts limited marketing campaigns for some of its assets. To facilitate this process, Bed Bath & Beyond has secured $240 million in debtor-in-possession financing from Dallas-based global investment firm Sixth Street Specialty Lending. The financing will provide liquidity for operational obligations, such as paying employee wages and benefits, maintaining customer programs and honoring commitments to critical vendors. The Union-based home goods retailer announced plans in August 2022 to shutter 150 of its “lower-producing” stores, laying off about 20 percent of its corporate staff in the process. At that time, Bed Bath & Beyond was focused on restructuring its existing debt and had received more than $500 million in new financing to bring that …

April 24, 2023

Company News Northeast Pennsylvania Retail Top Stories

David’s Bridal Files for Bankruptcy Protection Ahead of Potential Sale

by John Nelson April 18, 2023

CONSHOHOCKEN, PA. — David’s Bridal LLC and some of its subsidiaries have filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code. Both the brand’s nearly 300 physical stores, as well as its online platforms, will remain open and operational, according to the company. The Conshohocken-based retailer is seeking customary “first-day” relief authorizations from the United States Bankruptcy Court for the District of New Jersey to continue payment of employee wages and benefits, maintain certain customer programs and honor vendor obligations. The company had previously filed for bankruptcy in November 2018 and re-emerged under new ownership in early 2019. The retailer’s current ownership group comprises lenders led by global investment manager Oaktree Capital Management. Also in 2019, Brookfield Asset Management acquired a majority stake in Oaktree Capital Management. David’s Bridal has retained Gordon Brothers to assist with inventory sales. The company will also continue to evaluate its physical footprint and explore the sale of some or all of its assets. “Our business continues to be challenged by the post-COVID environment and uncertain economic conditions, leading us to take this step to identify a buyer who can continue to operate our business going forward,” says James Marcum, CEO of David’s …

April 18, 2023

California Company News Leasing Activity Office Western

DAUM Relocates South Bay Office to Pacific Gateway in Torrance, California

by Jeff Shaw April 13, 2023

TORRANCE, CALIF. — DAUM Commercial Real Estate Services has relocated its South Bay office to Pacific Gateway, a 237,145-square-foot office building in Torrance. The 10-story building was built in 1981 and recently renovated. The move, which takes place after 40 years in an office around the corner from the new space, is intended to accommodate the firm’s recent and future growth in the Los Angeles market.

April 13, 2023

Acquisitions Company News Healthcare Life Sciences Massachusetts Northeast Office Seniors Housing Top Stories

Office Properties Income Trust Agrees to Acquire Diversified Healthcare Trust in All-Share Transaction

by John Nelson April 11, 2023

NEWTON, MASS. — Office Properties Income Trust (NASDAQ: OPI) has entered into a definitive merger agreement whereby the office REIT will acquire all the outstanding common shares of Diversified Healthcare Trust (NASDAQ: DHC), a REIT that owns properties in the medical office, life sciences and seniors housing sectors. The combined company will have approximately $12.4 billion of total gross assets under management, representing 539 properties across 40 states and Washington, D.C. The portfolio comprises about 264 seniors housing communities, 10 triple-net-leased wellness centers and 265 medical office, traditional office and life sciences buildings. About 42 percent of the portfolio is located in the Sun Belt. The RMR Group (NASDAQ: RMR), an alternative asset management firm based in Newton, manages both REITs and acquires properties on behalf of the entities. RMR also makes acquisitions on behalf of Service Properties Trust and Industrial Logistics Properties Trust. RMR Group will continue to manage the new company, which will be rebranded as Diversified Properties Trust and trade publicly on the Nasdaq Stock Market exchange. OPI’s executive team will lead the new company and will keep the firm’s corporate headquarters in Newton. The boards of trustees for both REITs unanimously approved the merger, which is …

April 11, 2023

Acquisitions California Company News Healthcare Office Western

Stockdale Announces New Health Fund, First MOB Acquisition in Los Angeles

by Jeff Shaw April 7, 2023

LOS ANGELES — Stockdale Capital Partners has created a new open-ended, core-plus healthcare fund that will actively pursue medical office acquisitions. The seed investment was a 147,078-square-foot medical office building located at 2100 West 3rd Street Medical Center in Los Angeles. The space is 99 percent leased to major tenants, including Children’s Hospital of Los Angeles, Providence Health & Services and AltaMed Health Services Corporation.

April 7, 2023

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