NOVI, MICH. — Novi-based cold storage REIT Lineage Inc. has launched its initial public offering (IPO) of 47 million shares of its common stock, valuing the company at around $19 billion. In addition, the underwriters of the offering will have a 30-day option to purchase from the company up to 7 million additional shares of its common stock at the IPO price, which is expected to be between $70 and $82 per share. The company expects its stock to be listed on the Nasdaq under the ticker symbol “LINE.” Morgan Stanley, Goldman Sachs & Co. LLC, BofA Securities, J.P. Morgan and Wells Fargo Securities are acting as joint lead book-running managers for the proposed offering. Lineage claims to be the world’s largest global temperature-controlled warehouse REIT with a network of more than 480 facilities totaling over 84 million square feet and 3 billion cubic feet of capacity across North America, Europe and Asia-Pacific.
LIVONIA, MICH. — Penske Automotive Group Inc. has acquired the Bill Brown Ford dealership in Livonia within southeast Michigan. The asset is the world’s largest Ford dealership by sales volume, according to Crain’s Detroit Business. Penske estimates the acquisition will add $550 million in annualized revenue. As part of the acquisition, Penske will acquire more than 200,000 square feet of existing facilities across 29 acres, including a main dealership premises, a pre-owned facility, fleet maintenance center and collision center. Year to date in 2024, Penske has completed acquisitions representing nearly $2 billion in estimated annualized revenue.
CHESTERFIELD, MO. — Tutera Senior Living & Health Care and Shelbourne Healthcare Development Group have opened The Lumiere of Chesterfield, a $55 million senior living community in the St. Louis suburb of Chesterfield. The 193,000-square-foot development, situated near Chesterfield Mall, features 96 independent living units, 37 assisted living units and 17 memory care units. The independent living units are now open, while the assisted living will open in late July and the memory care will follow in August. Amenities include libraries, bistros, a wine room, dog park, bocce ball, putting green, gardens and pedestrian pathways. Moseley Architects served as the project architect, while Faulkner Design Group was the interior designer. The project gets its name from the French word for light, “lumiere.” The development features large windows for letting in daylight.
BOLINGBROOK, ILL. — Chicago-based Invenergy, a privately held developer, owner and operator of sustainable energy solutions, has broken ground on its Center of Excellence, a $30 million clean energy training and manufacturing facility in the Chicago suburb of Bolingbrook. Located at 790 Remington Blvd., the property will total 135,000 square feet and is slated to open in the fourth quarter. The build-out of the site will employ over 250 local construction workers. The Center of Excellence will be comprised of four main components: a 35,000-square-foot machine shop designed to refurbish and assemble key clean energy components; a 30,000-square-foot central warehouse to manage and store infrastructure, including long-lead wind turbine and solar components; a 35,000-square-foot training center and learning lab with the capacity to support over 1,300 clean energy trainees annually; and a 20,000-square-fot generation control center to monitor and control Invenergy’s energy generation assets.
Merchants Capital Provides $17.1M for Construction of Supportive Housing Development in Indianapolis
INDIANAPOLIS — Merchants Capital has provided $17.1 million in construction financing for The Marvetta & Anthony Grimes Family Center, a 36-unit supportive housing development in Indianapolis. The property will serve households recovering from addiction. Merchants Capital provided $9.5 million in Low-Income Housing Tax Credits (LIHTC) equity financing, and Merchants Bank provided a $7.6 million equity bridge loan. Financing from The Indiana Housing & Community Development Authority included a $750,000 Development Fund Loan in addition to 9 percent LIHTC financing as part of the Emerging Developer 2023 Rental Housing Tax Credit General Set-Aside. Additional partners included First Merchants Bank and The National Bank of Indianapolis. The developer, 2 Thirty-Eight Properties LLC, is building the project in collaboration with Seeds of Hope to accommodate a shortage of recovery centers in the area. RealAmerica Cos. is the development consultant and general contractor. RealAmerica Management will serve as the property manager. Volunteers of America Ohio and Indiana and Seeds of Hope will provide onsite services and support for families in recovery, and St. Mary’s Early Childhood Center will provide daycare services. The development will comprise two two-story buildings with 24 two-bedroom units, 12 three-bedroom units and an onsite daycare center. Tenants will be referred …
AUSTIN, TEXAS AND ORLANDO, FLA. — Darden Restaurants (NYSE: DRI) has agreed to acquire Chuy’s Holdings (NASDAQ: CHUY) for $605 million in an all-cash transaction. The Tex-Mex restaurant chain — which owns and operates 101 full-service restaurants across 15 states — will join Darden’s existing restaurant portfolio, which includes Olive Garden, LongHorn Steakhouse and Ruth’s Chris Steak House, among others. Under terms of the merger agreement, Orlando-based Darden will acquire all outstanding shares of Chuy’s at $37.50 per share. The purchase price represents a 40 percent premium to the Austin-based company’s 60-day volume weighted price. Chuy’s board of directors unanimously approved the merger agreement, which includes a 30-day “go-shop” period that will allow the company to solicit alternative proposals from interested parties. The transaction is expected to close during the second quarter of 2025, subject to a number of closing conditions, including approval by a majority of Chuy’s stockholders. Darden acquired Ruth’s Chris in summer 2023 for $715 million. The company’s portfolio of restaurant brands also includes Yard House, Cheddar’s Scratch Kitchen, The Capital Grille, Seasons 52, Eddie V’s and Bahama Breeze. Darden’s stock price closed at $147.35 per share on Thursday, July 17, down from $163.31 one year ago. …
Entertainment is playing an increasingly important role in the industry, anchoring both new and redeveloped projects and bolstering efforts to backfill large-format boxes. Shopping Center Business recently sat down with Nicole Poole, vice president of hospitality and entertainment at HFA Architecture + Engineering, to chat about design trends in this fast-growing segment. The veteran hospitality architect helped Topgolf develop its concept and currently works with the likes of Home Run Dugout, Blue Jeans Golf, Happy Dave’s, WorldSprings and Smash Park. SCB: What are some emerging design considerations in this category? Poole: Integrating tech and AI continues to be a big subject. But it’s interesting, I just hosted a roundtable discussion at SCB’s Entertainment Experience Evolution (EEE) conference, and there was a lot of interest in getting back to what is sometimes described as human-centric design. It’s what you traditionally see in hospitality, right? Maybe you check in at a nice hotel and notice that there’s a welcome message for you on the flatscreen TV in the lobby. Or when you come back down, the receptionist waves and greets you by name. As we design the next generation of tech- and activity-driven entertainment concepts, it’s important to stay cognizant of the …
By Todd Pease, Michelle Klingenberg and Britney Aviles, JLL Since the Cincinnati office landscape upended during the pandemic, area businesses, building owners and broader leaders sought opportunities to help entice employees to return to the office, reclaim the area’s vibrancy and spur economic growth. These stakeholders realized that to entice employees back into the office, they would need to make it worth the commute. Throughout this evolution, one thing continues to drive tenants into office buildings: high-quality amenities. Amenity demands have changed over the last few years and there are new ways for building owners to create spaces that engage employees. Amenities of the past Up until 2020, the standard “five days in the office” model meant that office buildings strived to accommodate as many professionals as possible while maintaining efficiency. The space planner was the lead consultant on planning offices, and they would work with tenants to design spaces in a way that most efficiently accounted for their company headcount. Regarding office amenities, tenants most valued high parking ratios, conference facilities, gyms and locker rooms, and onsite food options. It was all about productivity and it didn’t matter if productivity took place in a gray cubical under florescent lighting. …
DALLAS — Developer IAC Properties has broken ground on an approximately 435,000-square-foot industrial project in South Dallas. IAC Beckleymeade will be a two-building speculative development that will be situated on a 28.2-acre site. The buildings will total 234,900 and 199,800 square feet and will include 81 dock doors and 5,500 square feet of office space. Azimuth Architecture designed the project, and Krusinski Construction Co. is serving as the general contractor. A tentative completion date was not disclosed.
CLUTE, TEXAS — Marcus & Millichap has brokered the sale of Vanderbilt Apartments, a 288-unit multifamily community located south of Houston in Clute. The property was built in 1978 and offers one-, two- and three-bedroom units. Amenities include a pool, dog park, playground and outdoor grilling and dining stations. Nico Bianchi and Kent Myers of Marcus & Millichap represented the seller, an entity doing business as Gupta Vanderbilt Place LLC, in the transaction. The duo also procured the buyer, a locally based limited liability company.