LONGMONT, COLO. — Nexus Commercial Realty has arranged the sale of a two-building multifamily portfolio located in Longmont. An undisclosed buyer acquired the portfolio for $2.4 million. Located at 710 Emery St. and 1637 Kimbark St., the properties offer a total of 20 units in a mix of four two-bedroom units and 16 one-bedroom units. The buyer plans to install a new roof on the Kimbark property, as well as renovate and improve all units in both buildings. Brandon Kaufman and Nik MacCarter of Nexus represented the undisclosed seller, while Sean Holaman, also of Nexus, represented the buyer in the deal.
NEW YORK CITY AND FREMONT, CALIF. — The list of apparel retailers to file for Chapter 11 bankruptcy grew longer over the weekend as the parent companies of Lord & Taylor and Men’s Wearhouse both filed petitions for Chapter 11 bankruptcy protection in an effort to restructure their debt loads. Le Tote Inc., a New York City-based e-commerce firm specializing in the clothing sector that owns Lord & Taylor, filed its petition in the U.S. Bankruptcy Court for the Eastern District of Virginia. Tailored Brands, the Fremont-based parent company of Men’s Wearhouse and Jos. A. Bank, filed in a district court in Texas. Le Tote acquired Lord & Taylor about a year ago for $100 million from Hudson’s Bay Co. At that time, Lord & Taylor operated about 40 department stores around the country. Approximately half of those stores will now close. In mid-March, Hudson’s Bay Co., the Canadian firm that also owns Saks Fifth Avenue, also sold a 660,000-square-foot office building in Manhattan that had served as Lord & Taylor’s office hub. Amazon bought the property for $1.15 billion to serve as its New York City headquarters. Just two weeks ago, Tailored Brands unveiled a corporate restructuring plan that …
Lenders and investors may be a little wary when approaching deals under the shadow of COVID-19, but opportunities to employ capital strategically when market prices are low can make for long-term opportunities. Many in commercial real estate hope to lay significant groundwork, strengthening their economic trajectories whenever the market recovery begins. Keith Kurland, senior managing director at Walker & Dunlop, serves as co-head of the company’s New York Capital Markets practice and spoke to REBusinessOnline about the business of sourcing and structuring debt and equity financing in the midst of coronavirus. Kurland joined Walker & Dunlop in January of this year, after the company acquired AKS Capital Partners, which was co-founded by Kurland in 2019. Coronavirus Conditions & the Impact on Lender and Investor Interest “Given our diverse and multi-sector client base, we are still actively financing almost every product type,” Kurland says. “While some sectors and deal types may be more challenging than others due to the impact of COVID-19, we are still tasked with supporting our clients to make sure that they’re either being defensive or offensive, depending upon the lifecycle of the projects that they’re currently invested in. Our team is currently marketing and under application with …
CANTON, MASS. — Dunkin’ Brands Group (NASDAQ: DNKN) reported a total decrease in revenue of 20 percent during the second quarter and announced that it will close about 350 stores worldwide during the second half of the year. These closures follow the company’s announcement to shutter about 450 stores that are housed in Speedway gas stations and convenience marts. Canton, Mass.-based Dunkin’, which also owns Baskin-Robbins, reported that approximately 90 percent of its international locations for both Dunkin’ and Baskin-Robbins were open as of July 25. Dunkin’s stock price opened at $68.61 per share on Friday, July 31, down from $81.58 per share a year ago.
LOGAN TOWNSHIP, N.J. — Cushman & Wakefield has arranged a $103.4 million construction loan for two new buildings at Logan North Industrial Park, a 3.2 million-square-foot development in Logan Township, located south of Philadelphia. Building E will span approximately 189,000 square feet and is preleased to cold storage operator Preferred Freezer Services. Building H is preleased to Target and is expected to house operations that will create about 1,300 new jobs. Provident Bank provided $34.4 million in construction financing for Building E, and Wells Fargo provided the $69 million loan for Building H. John Alascio, Sri Vankayala, Chuck Kohaut, T.J. Sullivan and Maya Steinberger of Cushman & Wakefield arranged the funds on behalf of the borrower, a partnership between Advance Realty Investors and Greek Development.
NORTH STRABANE TOWNSHIP, PA. — HJ Sims has arranged $29.3 million in financing for the development of Encore on the Lake, an 80-unit independent living community in North Strabane Township, approximately 20 miles southwest of Pittsburgh. Presbyterian Senior Care (PSC) is developing the four-story community, which will target middle-income residents. Partners on the project include Senior Housing Partners, a subsidiary of Presbyterian Homes & Services. The financing comprises $26 million of senior debt financing from First National with a 28-year maturity and $3.3 million of supplemental financing from Washington Financial with a 10-year maturity.
MANAHAWKIN, N.J. — New Jersey-based developer Walters Group Apartments has completed the last of five buildings at Grassy Hollow, a 60-unit affordable housing project in the coastal city of Manahawkin. The property features one-, two- and three-bedroom units ranging in size from 729 to 1,289 square feet for renters earning 60 percent or less of the area median income. Amenities include a fitness center, children’s play area, basketball court and a community clubhouse with computer workstations.
NEW YORK CITY — Polestar, the electric car manufacturing division of Volvo, has signed a lease for a 4,000-square-foot showroom at 5 E. 59th St. in Manhattan. Polestar, which has also opened pop-up showrooms in Los Angeles and San Francisco, will use the space to educate consumers about electric vehicles. Visitors can also schedule test drives and configure their own Polestar vehicle at the showroom’s digital atelier table. Andrew Kahn and Christian Stanton of Cushman & Wakefield represented the landlord, Capstone Equities, in the lease negotiations. Jason Greenstone, also with Cushman & Wakefield, represented Polestar.
DALLAS — VanTrust Real Estate has broken ground on DalParc Logistics Center, a 1 million-square-foot industrial building that will be developed on a speculative basis in South Dallas. DalParc Logistics Center will be situated within a 200-acre logistics park that is anchored by Amazon and L’Oreal. Project partners include Alliance Architects, MYCON General Contractors and civil engineer Kimley-Horn. CBRE is handling leasing of the development, which is expected to be complete in July 2021.
FRISCO, TEXAS — Colliers International has arranged the sale of Tower at Frisco Square, a 174,147-square-foot office building situated on 3.2 acres at 5757 Main St. in Frisco. Video game developer Gearbox Software is the anchor tenant of the five-story building, which was constructed in 2015 and has an adjacent five-level parking garage with additional ground-floor office and retail space. Dallas-based Encore Enterprises sold the property to Missouri-based REIT Maxus Realty Trust for an undisclosed price. Creighton Stark and Chris Boyd of Colliers brokered the deal.