REBusinessOnline

Dollar General to Open 1,000 New Popshelf Stores by End of 2025

GOODLETTSVILLE, TENN. — Dollar General (NYSE: DG) has unveiled plans to open approximately 1,000 new Popshelf stores by the end of fiscal year 2025, including roughly 100 stores in fiscal year 2022.Each Popshelf store spans approximately 9,000 square feet and offers seasonal and home décor, health and beauty products, cleaning supplies and party goods. The target customer is primarily female, lives in the suburbs and maintains an annual household income ranging from $50,000 to $125,000, …

MRA Group Acquires Life Sciences Campus in Wilmington, Delaware, Begins $500M Redevelopment

WILMINGTON, DEL. — MRA Group has acquired Chestnut Run Lab Campus, a 163-acre life sciences and manufacturing campus in Wilmington, from industrial engineering firm DuPont for an undisclosed price. MRA Group is underway on a $500 million redevelopment of the property, which is being rebranded the Chestnut Run Innovation & Science Park (CRISP). Located at 984 Centre Road, the development is currently home to 780,000 square feet of lab, research and advanced manufacturing …

Cabot Properties Sells Logistics Portfolio Across U.S. and Europe for $2.8B

BOSTON — Cabot Properties Inc. has sold its Value Fund V portfolio in two separate transactions for a total of $2.8 billion. Blackstone Real Estate Income Trust Inc. (BREIT) acquired the portfolio, which features logistics properties in the United States and Europe.The U.S. portfolio includes 102 properties totaling 15.2 million square feet located in major logistics markets such as the Inland Empire, California; Eastern Pennsylvania; South Florida; and the New York metropolitan …

ViacomCBS Agrees to Sell CBS Studio Center in Los Angeles for $1.85B

LOS ANGELES — ViacomCBS Inc. (NASDAQ: VIAC, VIACA) has entered into a definitive agreement to sell CBS Studio Center in Los Angeles to a partnership formed by Hackman Capital Partners LLC and Square Mile Capital Management LLC. The sales price of approximately $1.85 billion includes associated businesses of CBS that operate within the 1 million-square-foot complex.Situated on a 55-acre site in the Los Angeles neighborhood of Studio City, the property includes 22 stages, production …

Dermody Agrees to Buy Allstate Headquarters Campus in Metro Chicago for $232M, Plans Industrial Redevelopment

NORTHBROOK, ILL. — Dermody Properties has agreed to buy the metro Chicago headquarters campus of insurance company Allstate Corp. (NYSE: ALL) for $232 million. The purchase agreement is expected to close in 2022.The buyer, a Nevada-based industrial development and investment firm, plans to redevelop the 186-acre campus, which is located north of Chicago in Northbrook, into a Class A logistics and distribution hub.Doug Kiersey, president of Dermody Properties, said in an interview with …

Samsung to Build $17B Semiconductor Manufacturing Facility in Taylor, Texas

TAYLOR, TEXAS — Samsung Electronics Co. Ltd. has unveiled plans to build a $17 billion semiconductor manufacturing facility in Taylor, about 35 miles northeast of Austin. The facility will manufacture products based on advanced process technologies for application in areas such as mobile, 5G, high-performance computing and artificial intelligence.South Korea-based Samsung says the project marks its largest-ever investment in the U.S. and will improve supply chain resilience of crucial …

Inova Health to Anchor Landmark Mall Redevelopment in Alexandria with $1B Hospital Campus

ALEXANDRIA, VA. — The City of Alexandria has signed Inova Health System, a nonprofit healthcare provider in Northern Virginia, to a 99-year ground lease at the site of the former Landmark Mall on the city’s west side.Inova plans to invest $1 billion to create a new medical campus that will be anchored by the relocation and expansion of its existing Alexandria hospital, which is located at 4320 Seminary Road. Inova expects the new campus to employ more than 2,000 healthcare workers. …

ECI Group Sells High-Rise Apartment Building in Tampa to Snell Properties for $136M

TAMPA, FLA. — Atlanta-based developer ECI Group has sold Channel Club, a 22-story high-rise apartment building in Tampa, to Snell Properties, an investment firm based in the Washington, D.C. area. The sales price was $136 million.The property totals 324 units, which translates to a per-unit sales price of approximately $420,000. Apartments feature one- and two-bedroom floor plans and an average size of 911 square feet. Units are furnished with stainless steel appliances and private …

CVS Health Plans to Close 900 Stores, Focus on Digital Strategy

WOONSOCKET, R.I. — CVS Health Corp. (NYSE: CVS) plans to close about 900 stores over the next three years, or about 300 stores a year, starting in the spring of 2022. The pharmacy retailer says the decision to close its stores was in order to focus more on its digital strategy.The store closures equal about 9 percent of the approximately 10,000 locations that the retailer currently operates. CVS says it will help those who lose their jobs as a result of the store closures to find a …

Sycamore Partners Management Acquires 30,000-Acre Wine Producer for $1.2B

NEW YORK CITY — Private equity firm Sycamore Partners Management has acquired Ste. Michelle Wine Estates for $1.2 billion. The transaction is the largest private equity purchase of a wine business in the U.S., according to Bank of the West, which led financing for the acquisition.Altria Group Inc. was the seller, according to reports by Bloomberg. Ste. Michelle Wine Estates is the third-largest premium winery in the U.S. with over 30,000 acres of vineyards spread across three states. Some …

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