BOLINGBROOK, ILL. — Ulta Beauty Inc. (NASDAQ: ULTA) reports that its comparable sales, which includes store sales and e-commerce sales, decreased 8.9 percent in the third quarter on a year-over-year basis. The cosmetics retailer’s third quarter ended Oct. 31. Bolingbrook-based Ulta says the drop is due to the impact of COVID-19. This quarter, Ulta opened 17 new stores, compared with 31 new stores in third-quarter 2019. Net income was $74.8 million compared with $129.7 million for the same period last year. “We know guests are changing how they shop beauty, but importantly, their engagement with the category remains strong,” says Mary Dillon, CEO. Early holiday sales trends in November were encouraging, according to Dillon, but the retailer anticipates that comparable store sales will decline in the range of 12 to 14 percent in the fourth quarter.
OVERLAND PARK, KAN. — Midas Hospitality has opened its first hotel property in Overland Park. Located at 4081 Indian Creek Parkway, the $20 million SpringHill Suites rises five stories with 128 suites. Amenities at the all-suite hotel include a fitness center, indoor swimming pool and meeting room. The property is situated near the Overland Park Arboretum & Botanical Gardens. Midas served as developer and Thomas Construction was the general contractor. Midas will manage the new hotel, with Rosa Perez serving as general manager. Midas owns and manages 38 hotels across the country, three of which are in Kansas. SpringHill Suites is under the Marriott umbrella of hotels. In response to COVID-19, Marriott has implemented the Marriott Cleanliness Council, which actively monitors cleaning and safety standards. Face masks and social distancing are implemented within amenity areas.
ST. LOUIS — Contractor Clayco has launched a new subsidiary known as Clayco Design & Engineering. The addition will enhance the company’s design-build service offering and diversify its capabilities for building manufacturing, process and food and beverage plants. Based in St. Louis, Clayco Design & Engineering is led by David Mills, a former partner at The Design Group. Mills is responsible for strategy and innovation, new business development and recruiting top talent. Joe Crawford, formerly with the process technologies division of AECOM, will serve as director of operations.
LOS ANGELES — High Street Residential and Principal Real Estate Investors have announced plans for Llewellyn, an apartment community located in Mission Junction on the eastern edge of Los Angeles’ Chinatown neighborhood. Located at 1101 N. Main St. at the intersection of Llewellyn Street, the development features 318 units in a mix of studio, one- and two-bedroom layouts, as well as 15 ground-floor units with individual entrances and direct access to private outdoor patios. Pre-leasing for the community began in October, with occupancy slated for January 2021. Community amenities include a 1,700-square-foot co-lab workspace; soundproof music room; two rooftop decks with mountain and cityscape views; three communal courtyards; heated pool and spa; multiple indoor/outdoor entertaining spaces with fire pits and barbecue grills; outdoor children’s play area; double-height fitness center; dog park; and bike service room. High Street Residential broke ground on the seven-story property in May 2019. Project partners include KFA as architect, T.B. Penick & Sons as contractor, CDC Designs for interiors, Altitude Design Office for branding and Greystar for property management. Compass is serving as the exclusive leasing agent.
SACRAMENTO, CALIF. — The Jacobson Co. has completed the disposition of two multifamily properties in metro Sacramento. Nearon acquired the 231-unit portfolio for $34.2 million, or approximately $148,000 per unit. The portfolio includes: The Cottage Bell, a 161-unit property in the Arden Arcade neighborhood of Sacramento County that sold for $23.3 million. Hilltop Garden, a 70-unit property in Carmichael, an unincorporated suburb of Sacramento, that sold for $10.9 million. Situated on a combined 9.6 acres, the properties feature a unit mix of one-, two- and three-bedroom floor plans with an average unit size of 744 square feet. Salvatore Saglimbeni, Stanford Jones, Philip Saglimbeni and Alex Tartaglia of Institutional Property Advisors (IPA), a division of Marcus & Millichap, along with Tony DeLoney and Ken Blomsterberg of Marcus & Millichap, represented the seller in the deal.
BOSTON — Locally based investment firm Griffith Properties has acquired Boston Dedham Commerce Park, a 632,188-square-foot industrial complex in Boston, for $76 million. The five-building property is situated on 22 acres inside Route 128 adjacent to the Readville commuter rail stop. Griffith Properties, which will enter into a joint venture with affiliates of Dune Real Estate Partners LLC to operate the complex, acquired the asset from First Highland in an off-market deal. Robert Griffin, J.R. McDonald, Mike Frisoli, Tyler McGrail and Caroline Collett of Newmark represented both parties in the transaction and will market the available space for lease.
BELLEVUE, WASH. — Innovatus Capital Partners has purchased Overlake 520, an office complex near State Route 520 and the Overlake Transit Center Rapid Ride in Bellevue. Terms of the transaction were not released. Situated adjacent to Microsoft’s headquarters, the campus consists of two low-rise buildings offering a total of more than 145,500 rentable square feet of office space. The property features ample parking, large floor plates and a variety of tenant amenities, including an outdoor lounge, on-site market and fitness center. At the time of sale, the property was 100 percent leased to seven tenants primarily in the technology consulting industry with a weighted average lease term of five years. The previous owner completed a series of capital improvements to the property, which was constructed in 1985. LPC West, the West Coast arm of Lincoln Property Co., will provide property management services at the building. Innovatus and LPC West plan to continue property enhancements and value-add improvements to the site.
PHILADELPHIA — A partnership between developers Silverstein Properties and University Place Associates, as well as financial services firm Cantor Fitzgerald LP, will develop a 250,000-square-foot life sciences facility in Philadelphia. The property will be named 3.0 University Place in reference to its location within the University City area, a hotbed of life sciences growth. The Steward Partnership is designing the eight-story lab and office building, which is expected to come on line in the fourth quarter of 2022. According to the Philadelphia Business Journal, the project has a price tag of $56 million.
MOUNT LAUREL, N.J. — NAI Mertz has brokered the sale of a 112,000-square-foot industrial building located at 103 Central Ave. in Mount Laurel, a suburb of Philadelphia. The property features 17-foot clear heights and proximity to State Routes 38 and 73, as well as the New Jersey Turnpike. Scott Mertz and Jonathan Klear of NAI Mertz represented the seller, CoreOne Industrial LLC, in the transaction. The duo also procured the buyer, Boston-based Stag Industrial Holdings LLC.
NEW YORK CITY — JLL has negotiated the $14.1 million sale of a 37,412-square-foot retail building located at 531 86th St. in the Bay Ridge neighborhood of Brooklyn. Stephen Palmese, Ethan Stanton, Michael Mazzara, Winfield Clifford and Brendan Maddigan of JLL represented the seller, Developer’s Realty Corp., in the transaction. A&H Acquisitions Corp. purchased the building, which is leased to Modell’s Sporting Goods.