BELLEVUE, WASH. — JB Capital has partnered with Taylor Street for its Real Estate Lending Income Fund. The fund provides capital to professional owners, operators and developers of multifamily and industrial real estate assets in key markets across the United States. Under the partnership, JB Capital will leverage Taylor Street’s national real estate expertise, further allowing Taylor Street to serve its clients across to institutional alternative asset management. While the equity gap required to invest continues to increase, professionals are looking outside traditional sources of capital with equity and mezzanine structured solutions. The fund’s purpose is to continue JB Capital’s commitment to providing its investors with a high-yield debt investment that delivers consistent monthly income while minimizing the risk of loss of principal and maintaining near-term liquidity.
SEATTLE AND SAN FRANCISCO — Seattle-based tech giant Amazon (NASDAQ: AMZN) has agreed to acquire San Francisco-based primary medical care chain One Medical (NASDAQ: ONEM) for $3.9 billion. One Medical operates over 180 doctor’s offices throughout major metro areas in the United States. Approximately 767,000 people have memberships to One Medical, paying a $200 annual subscription fee for the service. The company also mixes in-person, digital and virtual care services, with the intent of being convenient to where people already work, shop and live. Amazon has been pushing its way into healthcare in recent years, and the One Medical acquisition represents its biggest push into the sector to date, particularly regarding the physical real estate. “We think healthcare is high on the list of experiences that need reinvention,” says Neil Lindsay, senior vice president of Amazon Health Services. “Booking an appointment, waiting weeks or even months to be seen, taking time off work, driving to a clinic, finding a parking spot, waiting in the waiting room then the exam room for what is too often a rushed few minutes with a doctor, then making another trip to a pharmacy — we see lots of opportunity to both improve the quality …
NEW YORK CITY AND WAYNE, N.J. — Macy’s and New Jersey-based WHP Global, the parent company of Toys ‘R’ Us, have launched a partnership open in-store toy shops within the department store’s locations across the country, an agreement that was announced last year. Toys ‘R’ Us stores will range in size from 1,000 to 10,000 square feet and are set to open from late July through October 15. Each location will feature colorful fixtures, demonstration tables for customers to interact with toys and a “Geoffrey on a Bench” photo opportunity for families. The in-store shops may also grow by an additional 500 to 3,000 square feet during the holiday season.
BOSTON AND NEW YORK CITY — American Tower Corp. (NYSE: AMT), a multitenant communications REIT, has agreed to sell a 29 percent stake in its data center platform to Stonepeak, an alternative asset management firm based in New York City. The deal, which comprises common and preferred equity from Stonepeak’s affiliated investment vehicles and debt commitments, is valued at $2.5 billion. The AMT data center portfolio consists of 27 data centers in 10 U.S. markets. AMT purchased Denver-based CoreSite Realty Corp. in a $10.1 billion deal that was announced last November. AMT will retain managerial and operational control, as well as day-to-day oversight of its U.S. data center business, and Stonepeak will obtain certain governance rights. The transaction is expected to close in third-quarter 2022, subject to customary closing conditions. “We are pleased to partner with Stonepeak in our U.S. data center business,” says Tom Bartlett, president and CEO of American Tower. “While this transaction supports the equity financing component for our previously completed CoreSite acquisition, it also creates a platform through which growth opportunities can be strategically evaluated and financed.” Andrew Thomas, managing director and co-head of communications at Stonepeak, says that AMT’s data center platform aligns with Stonepeak’s …
IRVING, TEXAS — Caterpillar Inc. (NYSE: CAT) will relocate its global headquarters from Deerfield, Ill., to Irving. Beginning later this year, the construction and mining equipment manufacturer will begin moving its employees from the metro Chicago area to its existing office within the Dallas-Forth metroplex. According to Fox Business, Caterpillar employs about 107,000 people globally, and about 230 people from the existing headquarters office will transition to Texas. The move comes roughly six weeks after global aerospace and defense contractor Boeing announced a relocation of its global headquarters from Chicago to Northern Virginia.
SAN FRANCISCO AND INDIANAPOLIS — San Francisco-based industrial giant Prologis Inc. (NYSE: PLD) has agreed to acquire Indianapolis-based Duke Realty (NYSE: DRE) for $26 billion in an all-stock transaction, including debt. The mega-merger of these two REITs is scheduled to close in the fourth quarter. The board of directors for each company has already unanimously approved the transaction. In May, Prologis offered to acquire Duke in an all-cash transaction for $61.68 per share, a proposal that would have generated a price tag of $23.7 billion. The offer, which was tendered on May 10, represented a 29 percent premium over Duke’s closing stock price on the previous day. However, Duke rejected the offer. The transaction includes Prologis’ assumption of Duke Realty’s existing debt. Duke’s shareholders will receive a premium of 47.5 percent over the current value of each share of common stock they own. Prologis plans to hold 94 percent of the acquired assets. Prologis expects to achieve $310 million to $370 million in reduced general and administrative costs and consolidated corporate leverage as a result of the acquisition. In addition, Prologis said it was drawn to Duke’s presence with high-performing industrial facilities in key markets, including Southern California, New Jersey, …
LOS ANGELES — Lee & Associates has grown its Southern California presence with the opening of a new office in downtown Los Angeles. The office will specialize in industrial, office and investment brokerage, with plans to strategically recruit teams that will grow its capabilities in multifamily and retail. Led by Jack R. Cline Jr., Lee & Associates Los Angeles – Downtown consists of 13 brokerage professionals, including Doug Cline, Tony Naples, Evans Jurgensen, Matt Eddy, Miles Solomon, Loren Kaplan, Everett Phillips, Mattison Behr, David Cox, Sam Rinkov and Allan Roman. Additional team members include Madeline Segura, Andy Baquerizo, Maggie Kusumawathy, Ebe Puyolt and Lori Thor. The 5,000-square-foot Lee & Associates Los Angeles – Downtown office is located at 1201 N. Main St. As the office expands, the firm has the option to take additional, adjacent square footage totaling 7,500 square feet.
MENOMONEE FALLS, WIS. — The board of directors of Kohl’s Corp. (NYSE: KSS) has entered into exclusive negotiations with Franchise Group Inc. (FRG) for a period of three weeks in relation to FRG’s proposal to acquire Kohl’s for $60 per share. The purpose of the exclusive period is to enable FRG and its financing partners to finalize due diligence and financing arrangements and for the parties to complete the negotiation of binding documentation. The transaction remains subject to approvals of the board of directors of both companies. Menomonee Falls-based Kohl’s says it remains focused on selecting the path that maximizes value for all Kohl’s shareholders. Kohl’s operates more than 1,100 stores in 49 states. Its stock price closed at $42.12 per share Monday, June 6, down from $54.34 per share one year ago. FRG is a holding company of a collection of brands, including the Vitamin Shoppe.
PARSIPPANY, N.J. — Colliers has relocated its office in the Northern New Jersey community of Parsippany. The space spans 7,500 square feet and is located within Northpoint, a 225,000-square-foot development that is owned by Vision Real Estate Partners. The building underwent a multimillion-dollar renovation program in 2020. Colliers employs some 50 brokers and 25 dozen support team members across its four New Jersey offices.
MENOMONEE FALLS, WIS. — Kohl’s (NYSE: KSS) has announced plans to increase its investment in brick-and-mortar with the addition of 100 new, smaller-format locations over the next four years in previously untapped markets. This expansion follows the pilot of 20 stores featuring the company’s smaller-format design, which averages around 35,000 square feet versus the traditional 80,000-square-foot iteration. In June, the Menomonee Falls-based company will be opening a smaller-format shop in Bonney Lake, Wash., and in the fall, stores are set to open in San Angelo, Texas; Morgantown, W.Va.; Tacoma, Wash.; and Lenox, Mass. Alongside the addition of these new locations, Kohl’s will be modernizing its existing 1,165-store portfolio by transforming the flow of its interiors to include dedicated discovery zones with products from diverse- and female-owned companies. The company will also be expanding its partnership with beauty retailer Sephora through the addition of 850 of its Sephora at Kohl’s shop-in-shops by 2023. Sephora at Kohl’s shops, which typically occupy 2,500 square feet toward the front of the store, offer an expanded collection of the San Francisco-based retailer’s make-up, skin- and hair-care, and fragrance offerings. Kohl’s has also announced plans to roll-out omnichannel initiatives over the next year, including the ability …