Wednesday, August 5, 2026
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New YorkNortheastRetail

Macy’s Forecasts $1.1B Operating Income Loss in First Quarter

by Alex Patton

NEW YORK CITY — Macy’s Inc. (NYSE: M) has forecasted an approximately $1.1 billion loss in operating income in the first quarter, which ended in early May, a result of both temporary and permanent store closings as well as significantly decreased patronage amid the COVID-19 outbreak, the company said on Thursday. As of this week, the company has reopened approximately 190 of its Macy’s and Bloomingdale’s shops and plans to reopen 80 more for the Memorial Day holiday weekend. At the close of 2019, Macy’s Inc. owned and operated a total of nearly 840 stores across its flagship and Bloomingdale’s brands. Prior to the health and economic crisis, Macy’s had announced plans to close 125 of its least productive stores over the next three years, beginning in February. As part of the plan, the retailer closed its offices in San Francisco, downtown Cincinnati and Lorain, Ohio, leaving the New York City office as its sole corporate headquarters. Macy’s stock price closed at $5.05 per share on May 20, compared with $21 per share at the same time last year. Macy’s Inc. will release its first quarter earning results on July 1.

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innovation-park-andover-mass
AcquisitionsLife SciencesMassachusettsNortheastOffice

IQHQ Acquires 200,000 SF Life Sciences, Office Property in Andover, Massachusetts

by Alex Patton

ANDOVER, MASS. — IQHQ, a Boston-based REIT, has acquired Innovation Park, an approximately 200,000-square-foot life sciences and office located in the northern Boston suburb of Andover. The sales price was $35.9 million. Located at 4 Corporate Drive, the property features Class A office and lab space, as well as ground-floor retail space. University of Massachusetts Lowell and clinical research firm Ora Inc. recently leased space at the campus. Colliers International represented IQHQ in the transaction.

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53-silvio-o-greenfield-mass
AcquisitionsIndustrialMassachusettsNortheast

Stan Johnson Co. Brokers Sale of 180,000 SF Manufacturing Facility in Greenfield, Massachusetts

by Alex Patton

GREENFIELD, MASS. — Stan Johnson Co. has brokered the sale of a 180,000-square-foot manufacturing facility in Greenfield, a city in northwestern Massachusetts. The property is located at 53 Silvio O. Conte Drive. The facility has been 100 percent leased to Schweitzer-Mauduit International Inc., a manufacturer of paper, film, surface protection supplies and other products, for more than 30 years. Mollie Alteri, Joey Odom, Mike Sladich and Maggie Holmes of Stan Johnson Co. represented the seller, a partnership between Jera Partners LLC and a DRA Advisors LLC, in the transaction.  The buyer and sales price were not disclosed.

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LoansMultifamilyNew YorkNortheast

Merchants Capital Provides $35.4M Freddie Mac Loan for Refinancing of Multifamily Property in Queens

by Alex Patton

NEW YORK CITY — Merchants Capital has provided a seven-year, $35.4 million Freddie Mac loan for the refinancing of Jamaica Apartments, a 133-unit multifamily property in Queens. The borrower was New York-based Bayrock Capital. Located on Jamaica Avenue, the two-building property was originally built as a traditional multifamily development. The ownership has since partnered with the New York City Department of Homeless Services to convert 100 percent of the units into affordable and transitional housing.

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HealthcareLeasing ActivityNew JerseyNortheastOffice

JLL Negotiates 2,300 SF Medical Office Lease in Gillette, New Jersey

by Alex Patton

GILLETTE, N.J. — JLL has negotiated a 2,300-square-foot medical office lease for Ivy Rehab Physical Therapy in Gillette, a southwestern suburb of New York City. The tenant, a division of Ivy Rehab Network, signed a seven-year lease within Valley Mall, located at 977 Valley Road. Other tenants include HomeGoods, T.J. Maxx, Old Navy and Famous Footwear. Marta Villa of JLL represented the building owner, Croman Development Corp., in the lease negotiations. Donovan Realty, along with Corey Taber of Equity LLC, represented Ivy.

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DevelopmentFloridaMultifamilySoutheast

Housing Trust Group Breaks Ground on 60-Unit Seniors Housing Community in Downtown Miami

by Alex Tostado

MIAMI — The Housing Trust Group (HTG) has broken ground on Father Marquess-Barry Apartments, a planned 60-unit seniors housing community in downtown Miami. The units are reserved for residents 62 years of age and older earning between 28 and 60 percent of the area median income (AMI). Rents will range from $372 to $1,200 a month for qualifying residents. Six units will be reserved as workforce housing. The community is scheduled to open in April 2021 and is named after the late Rev. Canon Richard Livingston Marquess-Barry, a Miami native and former pastor of The Historic St. Agnes Episcopal Church in Overtown. The three-story community will offer 48 one-bedroom apartments and 12 two-bedroom apartments ranging from 684 square feet to 969 square feet. Communal amenities will include a multipurpose club room for community and property gatherings, fitness center, library and media center with computers, a package-delivery locker system and bike racks. The property is situated at 301 NW 17th St. The owner of the land, nonprofit group Rainbow Housing Corp., granted a 99-year ground lease for HTG to build the community. Raymond James provided $9.4 million in 9 percent Low Income Housing Tax Credit Equity (LIHTC); TIAA Bank provided a …

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DevelopmentFloridaHealthcareOfficeSoutheast

AJP Ventures, Mas Group to Develop 37,000 SF Medical Office Building in Miami

by Alex Tostado

MIAMI — A joint venture between AJP Ventures and Mas Group will develop MedSquare Place, a planned 37,000-square-foot medical office building in Miami’s Westchester neighborhood. The developers plan to break ground this summer at the property, which is situated at 9101 SW 24th St., 11 miles west of downtown Miami and five miles north of Baptist Hospital of Miami. WellMed Medical Management, a healthcare delivery company, has signed a 19,000-square-foot lease to anchor the property. The site was formerly an AT&T corporate office, the demolition of which will begin this month. The property will feature valet and reserved parking, a covered patient drop-off area at the main lobby, floor-to-ceiling hurricane impact windows and a safety back-up generator.

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Company NewsMississippiRetailSoutheast

Eldorado Resorts Reopens Three Casinos in Mississippi Today at Limited Capacity

by Alex Tostado

GREENVILLE, LULA AND VICKSBURG, MISS. — Eldorado Resorts Inc. has reopened Tropicana Greenville, Isle of Capri Lula and Lady Luck Vicksburg in Mississippi. Eldorado will limit the number of guests to no more than 50 percent of the property’s maximum occupancy, in accordance with Mississippi Gaming Commission regulations. The Reno, Nev.-based company temporarily closed the three casinos March 16 in accordance with the Commission’s orders to close casinos due to the COVID-19 outbreak. The properties reopened at 10 a.m. local time.

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GeorgiaLoansMultifamilySoutheast

Greystone Provides $17.8M Refinancing Loan for Apartment Complex Near Atlanta

by Alex Tostado

FAIRBURN, GA. — Greystone has provided a $17.8 million Fannie Mae refinancing loan for Cambridge Faire Apartment Homes in Fairburn. The 12-year loan features two years of interest-only payments and a 30-year amortization schedule. The undisclosed borrower will use the funds to further upgrade the community. The 208-unit property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, fitness center, clubhouse, sports courts, dog park and a car wash area. The asset, which was built in 2001, is situated at 900 Meadow Glen Parkway, 21 miles southwest of downtown Atlanta. Keith Hires of Greystone originated the loan on behalf of the borrower.

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DevelopmentHealthcareTexas

Texas Children’s to Open $450M Hospital in North Austin

by Taylor Williams

AUSTIN, TEXAS — Texas Children’s Hospital will open a new, $450 million freestanding hospital for women and children near Lakeline Mall in North Austin. The 48-bed, 360,000-square-foot facility will include neonatal intensive care and pediatric intensive care services, as well as a children’s urgent care center and numerous pediatric subspecialty services. In addition, the new hospital will offer approximately 1,200 free parking spaces. International architecture firm Page is designing the project, and McCarthy Building Cos. is the general contractor. The project is expected to be complete in late 2023 and to bring as many as 400 new jobs to the Austin area.

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