DEERFIELD, ILL. — Walgreens Boots Alliance Inc. (NASDAQ: WBA), the company behind pharmacy retailers Walgreens and Duane Reade, predicts a 10 percent increase in adjusted earnings per share this fiscal year. The Deerfield-based firm’s new CEO, Roz Brewer, says she plans to make investments in the coming months, including digital automation and technology efforts. Additionally, Walgreens and VillageMD have agreed to open hundreds of doctor offices in drugstores, which will span around 3,300 square feet each. VillageMD says it will find staff members and operate these clinics, and over the next five years, the company plans to open doctor offices in 500 to 700 stores. Walgreens reported an uptick in total sales for its fiscal third quarter, which ended May 31. The pharmacy brand attributed the rise in sales to the COVID-19 vaccine shots, in which at least 55 percent of the U.S. population has gotten at least one dose of the vaccine, as of Sunday, July 4. The company says it has given more than 25 million COVID-19 shots, and that the COVID vaccines peaked in the third quarter. Based on data from financial technology company Refinitiv, Walgreens saw a $1.51 adjusted in earnings per share versus the $1.17 …
NOVI, MICH. — Dwight Capital has provided a $34.5 million HUD 223(f) loan for the refinancing of Central Park Estates, a 254-unit townhome-style apartment property in Novi. Built between 2001 and 2003, the property consists of 43 buildings. Amenities include a clubhouse, basketball court, community room, fitness center, playground and tennis court. Josh Hoffman and Kevin Lifshitz of Dwight Capital originated the loan, which qualified for a Green Mortgage Insurance Premium reduction set at 25 basis points.
LYONS, ILL. — Affordable Housing Investment Brokerage Inc. (AHIB) has arranged the $8.8 million sale of Riverwalk in Lyons, about 14 miles southwest of Chicago. Built in 2003, the six-story property includes 120 units. The majority of the units are rented under affordable housing guidelines, while 16 are rented at market rate. The community was developed using funds from the Low-Income Housing Tax Credit program and the Illinois Housing Development Authority. Current affordability restrictions remain in place until 2033. Kyle Shoemaker of AHIB represented the seller, Barron Development LLC, as well as the buyer, New Frontier Cos. The buyer intends to operate the community as affordable housing for the foreseeable future, according to AHIB.
ST. CLAIR SHORES, MICH. — Cohn Commercial Properties has brokered the sale of a former Kroger store in St. Clair Shores, about 13 miles northeast of Detroit. The 51,021-square-foot building is located at 22332 East 9 Mile Road. Harry Cohn of Cohn Commercial, along with CBRE, represented the seller, The Kroger Co. The buyer was St. Clair Retail Management LLC.
NEW YORK CITY — DiamondRock Hospitality Co. (NYSE: DRH), a Maryland-based REIT, has sold the 725-room Lexington Hotel in Midtown Manhattan for $185.3 million, or roughly $256,000 per room. The sales price represents a cap rate of 5.4 percent based on the hotel’s 2019 net operating income. The Lexington Hotel features multiple meeting and event spaces. DiamondRock intends to invest the net proceeds from the sale in resort and urban lifestyle hotels. The buyer was locally based hospitality owner-operator MCR.
SOMERSET, N.J. — Brookfield Asset Management has acquired a 15.3-acre site at 425-429 Elizabeth Ave. in the Northern New Jersey community of Somerset for the development of a 176,000-square-foot warehouse. Elli Klapper, Charles Berger, Mark Silverman, Bill Waxman, Kevin Dudley and David Gheriani of CBRE represented Brookfield in its acquisition of the land. Construction is set to begin at some point in 2022.
HAUPPAUGE, N.Y. — General contractor DJ Royce Construction Corp. will renovate Renaissance Hills, a 656-unit affordable housing community located in the Long Island village of Hauppauge. Hicksville, N.Y.-based Mark Design Studios designed the redevelopment, which included upgrades to unit interiors and amenity spaces. The property’s amenity package now consists of two pools, a sports court, dog park, outdoor grilling areas, a playground and a fitness and wellness center. Construction is set to begin this fall.
NEW YORK CITY — Columbia Property Trust is underway on the renovation of 149 Madison Avenue, a 114,000-square-foot office building in Midtown Manhattan’s Nomad neighborhood. The 12-story building was originally constructed in 1916. The redevelopment includes enhanced retail storefronts, windows and lobby, as well as the addition of new amenities such as a multi-purpose lounge and a fitness and wellness center. Gensler is the architect of the project, which is slated for completion by the end of the year.
NEW YORK CITY — Houlihan-Parnes Realtors LLC has received a $3.3 million loan for the refinancing of a 10,000-square-foot retail property in the Inwood area of Manhattan. A local bank provided the loan, which was structured with a fixed interest rate of 3.5 percent for the first 24 months of the five-year term and the option to extend the loan for an additional five years. Houlihan-Parnes owns the property in partnership with ISJ Management.
DENVER — Berkadia has brokered the sale of 16 Penn, a mid-rise apartment community located in Denver. Denver-based The Burgwyn Co. sold the asset to an undisclosed entity for $39 million. Located at 1615 Pennsylvania St., 16 Penn features 99 apartments in a mix of one- and two-bedroom floor plans with in-unit washers/dryers and private balconies. Community amenities include a fitness studio, media room, community kitchen, courtyard with a fireplace and grills, and a library. Nick Steele, John Laratta, Tyler King and Nate Moyer of Berkadia Denver represented the seller in the transaction. Matt Schildwatcher of Berkadia Denver secured a $32 million, four-year, interest-only bridge loan for the buyer.