WAYNE, PA. — Pet Valu Inc., a specialty retailer of pet food and supplies, has opted to wind down its U.S. operations. The retailer will close all 358 stores in the Midwest, Northeast and Mid-Atlantic, as well as its warehouses and its U.S. headquarters office in Wayne. No timeline for closures was disclosed, but Pet Valu is currently doing final liquidation sales for all its merchandise. Additionally, the retailer is marketing all of its store fixtures, furniture and equipment for sale. Pet Valu Inc. licenses its name from Pet Valu Canada, which is a separate, unaffected entity that will retain its 600 Canadian stores and corporate headquarters office in Markham, Ontario, as well as its e-commerce site. Roark Capital, an Atlanta-based private equity group, purchased Pet Valu in 2009 and merged the retailer with Pet Supermarket in 2016 to form Pet Retail Brands, though the combined company continued to operate its stores under the original brand names of Pet Valu and Pet Supermarket. Pet Valu cites severe impact from the COVID-19 pandemic in the United States in its decision to wind down operations. According to Johns Hopkins University, the number of confirmed COVID-19 cases since March has totaled nearly 9.5 …
BOSTON — Wayfair Inc. (NYSE: W), a Boston-based e-commerce firm specializing in home furniture, reported an increase of 66.5 percent in total net revenue during its third-quarter earnings call on Tuesday, Nov. 3. The company’s impressive year-over-year revenue growth from $1.5 billion to $3.8 billion caused its stock price to shoot up about 13 percent in early-hours trading before closing at $274.11 per share on Tuesday, up from $87.43 per share a year ago. Wayfair reported similar levels of revenue growth in both its domestic and international markets, noting that the size of its customer base had also grown by about 50 percent year-over-year. Wayfair now lists the number of active customers in its direct retail business as 28.8 million. Lastly, the company said that it completed about 15.8 million deliveries during the third quarter, a 72.8 percent increase from that period in 2019.
TAYLOR, PA. — Cushman & Wakefield has brokered the $30 million sale of a 711,200-square-foot industrial building located at 22 Stauffer Industrial Park Drive in Taylor, a southern suburb of Scranton. One of three buildings in Stauffer Industrial Park, the property features 179 dock doors and 35-foot clear heights and was fully leased at the time of sale. Gerry Blinebury, Gary Gabriel and Daniel Walsh of Cushman & Wakefield represented the seller, SK Realty, in the transaction. The buyer was undisclosed.
PITTSBURGH — Los Angeles-based investment firm Broadshore Capital Partners has acquired Liberty Pointe, a 338-unit apartment community in Pittsburgh. Situated on 10.5 acres in the Bethel Park area, the property offers a mix of one- and two-bedroom units with individual washers and dryers and private balconies/patios. Amenities include a pool, fitness center, outdoor grilling and picnic area, pet park, cybercafé and a clubhouse. The seller was not disclosed.
EASTON, PA. — TSW Alloy Wheels, a provider of custom staggered wheels, has purchased a 105,840-square-foot industrial facility situated on a 9.6-acre site in the Lehigh Valley city of Easton from developer J.G. Petrucci & Co. TSW Alloy Wheels will use the newly built property, which features 36-foot clear heights and an ESFR sprinkler system, as a new regional distribution center. Paul Weiss of PF Weiss Realty brokered the deal.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $5.3 million sale of a 33-unit multifamily building in the Pelham Bay area of The Bronx. The property was originally built in 1929 and spans 27,000 square feet. Aaron Jungreis of Rosewood Realty represented the seller, Morgan Group, in the transaction. Jungreis and Alex Fuchs of Rosewood Realty procured the buyer, locally based investment firm Arber Realty LLC. The building consists of 29 one-bedroom units and four two-bedroom units and sold at a cap rate of 5.85 percent.
SL Green Agrees to Sell Amazon-Anchored Office Building Under Redevelopment in Manhattan for $952.5M
NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) and its joint venture partners have entered into a contract to sell 410 Tenth Avenue, a 20-story, 636,000-square-foot office tower near Hudson Yards on Manhattan’s west side, for $952.5 million. The transaction marks the largest commercial property sale in the U.S. since March, according to SL Green. Amazon and First Republic Bank anchor the property, which is currently undergoing a redevelopment. Amazon signed its 335,408-square-foot lease in December. The buyer was undisclosed. SL Green is the majority owner of the building, with a 70.9 percent stake. As part of the sale, the sellers will retain a 5 percent interest through completion of the redevelopment, which is slated for the third quarter of 2021. The identities of the minority owners were not disclosed. The transaction is expected to close during the fourth quarter. Brett Herschenfeld, managing director of SL Green, says that the sale is an example of acquiring an undervalued asset, redeveloping it to Class A standards and re-leasing it to high-quality tenants. “While the asset was always intended to be held as a long-term investment, the sale will allow the company to achieve extraordinary profits, substantially reduce consolidated indebtedness …
SHIPPENSBURG, PA. — Lowe’s Home Centers LLC has signed a 1.1 million-square-foot industrial lease in Shippensburg, located in between Pittsburgh and Philadelphia in the southern-central region of the state. The home improvement retailer will occupy warehouse and distribution space at Shippensburg 81 Logistics Center, a newly developed property situated on a 100-acre site along Interstate 81. Building features include 36-foot clear heights, 189 dock doors, 185-foot truck court depths, 250 car parking spaces, 631 trailer parking spaces and an ESFR sprinkler system. Mike Hess and David Remington of CBRE represented the tenant in the lease negotiations. Mark Chubb and Mike Zerbe of Colliers International represented the landlord, Philadelphia-based Equus Capital Partners.
CENTRAL FALLS, R.I. — An affiliate of Milwaukee-based Phoenix Investors has acquired a 660,000-square-foot industrial property in Central Falls. The 12-acre property was originally built as a textile mill in 1900 and most recently served as a manufacturing plant for the seller, LEDVANCE, a provider of lighting fixtures. The new ownership will implement a capital improvement program that will include demolition of portions of the plant and expects to begin leasing space in late 2021.
EAST WINDSOR, N.J. — Denver-based Black Creek Group will develop Innovation Park, a two-building, 574,169-square-foot industrial park that will be located in the Trenton suburb of East Windsor. Building A will span 406,669 square feet and will feature 40-foot clear heights, 50 dock doors, 67 trailer spaces and 317 car parking stalls. Building B will total 167,500 square feet and will feature 36-foot clear heights, 30 dock doors and 161 car parking stalls. Preliminary site work is underway, and construction is expected to continue through January 2022. Peak Construction Corp. is teaming with Trammell Crow as the development manager. The development team also includes KSS Architects and civil engineering firm Maser Consulting.