Top Stories

AMLI Buys Multifamily Development Site on South Broadway in Denver

by Amy Works April 7, 2020

DENVER — AMLI Residential, a multifamily developer and owner based in Chicago, has purchased 2.7 acres of land on South Broadway in Denver for a new 300-unit apartment community. The property is situated within Broadway Park, a mixed-use, infill redevelopment totaling 75 acres and entitled for up to 10 million square feet of development. Denver-based D4 Urban is the master developer of Broadway Park and sold the land to AMLI. Chris Cowan and Mackenzie Walker of Newmark Knight Frank (NKF) Multifamily represented D4 Urban in the land sale. The sales price was not disclosed. Community amenities at the project, named AMLI Broadway Park, will include a rooftop deck; two-story fitness and clubhouse area; pool; barbecue and lounge area; dog run; and several courtyards. The property is designed to achieve LEED Gold certification, which is a hallmark of AMLI communities nationwide. The new community is the second vertical development within the Northwest District at Broadway Park. The site is adjacent to Price Development Group’s 345-unit multifamily property currently under construction, as well as a public plaza developed by D4 Urban on behalf of the Broadway Park North Metropolitan District, according to Dan Cohen, development partner at D4 Urban. The property will …

April 7, 2020

Company News Maryland Southeast Top Stories

Under Armour to Furlough 6,600 Workers Beginning April 12

by Taylor Williams April 6, 2020

BALTIMORE — In response to the spread of COVID-19, Under Armour Inc. (NYSE: UA) will temporarily lay off some 6,000 employees at its outlet stores around the country and approximately 600 workers at its U.S. distribution centers, effective Sunday, April 12. The Baltimore-based sports apparel retailer also said it would extend current store closures until further notice. In addition, the company’s board of directors and executive vice presidents will be taking 25 percent pay cuts during the public health crisis. Under Armour workers at distribution centers that continue to work will be paid premium bonuses. The company will cover full health benefits for employees for approximately two months during the layoff period. “In these unprecedented and challenging times, the majority of stores where Under Armour is available remain closed, contributing to a significant decline in revenue,” says Patrik Frisk, the company’s president and CEO. “While we’re thankful for the meaningful balance sheet improvements we’ve driven over the past two years and are seeing some early signs of recovery in our Asian-Pacific region, this unanticipated shock to our business has been acute, forcing us to make difficult decisions to ensure that Under Armour is positioned to participate in the eventual recovery of demand.” Prior to …

April 6, 2020

Georgia Loans Multifamily Southeast Top Stories

Cortland Partners Receives $340M Financing for Acquisition of Pure Multi-Family REIT

by Alex Patton April 3, 2020

ATLANTA — Walker & Dunlop has provided a $340 million loan for the acquisition of Pure Multi-Family REIT (TSX: RUF), a publicly traded Canadian real estate investment trust. Atlanta-based real estate firm Cortland Partners LLC acquired Pure late last year in a $1.2 billion all-cash transaction, which included a 22-property multifamily portfolio totaling 7,085 units. All properties in the portfolio are located in the Sun Belt region of the United States, which spans from the southern half of California to South Carolina. A large portion of the portfolio is located in Houston and Dallas, and the deal will make Cortland the largest multifamily owner-operator in the Dallas-Fort Worth area. Cortland plans to implement a capital improvement investment in each of the properties to improve the exteriors, landscaping, amenities and interior unit finishes. “The acquisition of PURE Multi-Family REIT represents our confidence and conviction in multifamily growth,” says Mike Altman, chief investment officer of Cortland. “By executing our financing on this acquisition, [Walker & Dunlop has] allowed us to continue our growth in these markets.” Aaron Appel, Keith Kurland and Jonathan Schwartz led the Walker & Dunlop financing team. Deutsche Bank served as a lending partner. — Alex Patton

April 3, 2020

Development Industrial Loans New York Northeast Top Stories

Innovo Property, Square Mile Capital Receive $305M Construction Financing for Industrial Facility in the Bronx

by Alex Tostado April 2, 2020

NEW YORK CITY — Innovo Property Group (IPG) and equity partner Square Mile Capital Management LLC have received $305 million in financing for the development of a 1 million-square-foot, two-story industrial facility in New York City’s Bronx borough. The joint venture acquired the land in 2017. Construction is underway with completion slated for first-quarter 2022. The last-mile distribution property is situated on 20 acres at 2505 Bruckner Blvd., nine miles from LaGuardia Airport, 15 miles north of John F. Kennedy International Airport and at the intersection of Interstates 95, 278 and 295. Additionally, the facility is located within 30 miles of 9.4 million people. The facility will feature 133 exterior parking spaces for trailers and box trucks as well as 664 interior parking spaces for cars and sprinter vans. The building will offer direct loading on the first and second floors, each with a 130-foot truck court. The first floor will feature 32-foot clear heights, 40-foot-by-40-foot column spacing and cross-docked loading with 74 dock doors and two drive-in doors. The second floor will be accessible to 53-foot tractor-trailers via two double-wide ramps and will feature 28-foot clear heights, 80-foot-by-80-foot column spacing, 37 loading dock doors and two drive-in doors. “As in …

April 2, 2020

Acquisitions New York Northeast Office Top Stories

Paramount Agrees to Sell Interest in $2.4B Midtown Manhattan Skyscraper

by Kristin Harlow April 1, 2020

NEW YORK CITY — Paramount Group Inc. (NYSE: PGRE) has agreed to sell a 10 percent interest in 1633 Broadway, a 2.5 million-square-foot office tower located on Broadway between 50th and 51st streets in Manhattan. While the price and buyer were not disclosed, the seller says the transaction values the property at $2.4 billion and netted a profit of $114 million for the company. The transaction is scheduled to close in the second quarter. Floor plates at the 48-story building range from 37,000 to 54,000 square feet. The property features a newly renovated lobby, 40 elevators, direct access to the New York City subway system and a 250-space parking garage. The property is located in the heart of Manhattan’s Theater District, with both Gershwin Theater and Circle In The Square Theater located in the building. The location is two blocks from Radio City Music Hall and Rockefeller Center, four blocks from Times Square and seven blocks from Central Park. “With this pending sale of a joint venture interest in 1633 Broadway, we have successfully proven the value of this enormous trophy asset at levels well above what is implied by our stock price,” says Albert Behler, chairman, CEO and president …

April 1, 2020

California New York Retail Top Stories Wisconsin

Gap, Macy’s, Kohl’s to Furlough Most Employees as Stores Remain Closed During COVID-19 Pandemic

by John Nelson March 31, 2020

SAN FRANCISCO, NEW YORK CITY AND MENOMONEE FALLS, WIS. — Prominent retailers Gap Inc., Macy’s Inc. and Kohl’s have announced separately that they’re planning to furlough a majority of employees at their stores and some distribution centers beginning this week in response to the COVID-19 outbreak. Combined, the total number of affected employees is nearly 290,000, according to the Los Angeles Times. The three retailers have extended their temporary store closures indefinitely to stop the spread of the novel coronavirus. The Centers for Disease Control and Prevention (CDC) reported that the United States has 140,904 confirmed cases of COVID-19 and 2,405 related deaths as of Monday, March 30. Until stores begin to reopen, the companies will pause payments to a majority of their staff while still offering applicable benefits to those affected. Luxury retailer Neiman Marcus is also reportedly furloughing most of its 14,000 employees. Gap (NYSE: GPS) has announced that its leadership team and board of directors will take a temporary reduction in pay. Gap’s brands, which include Gap, Old Navy, Banana Republic, Athleta, Hill City, Janie and Jack and Intermix, will still be available through the company’s online platform. “After taking the extraordinary measures of temporarily closing all …

March 31, 2020

Company News Texas Top Stories

GameStop to Close More Than 300 North American Stores in 2020

by Taylor Williams March 30, 2020

GRAPEVINE, TEXAS — Video game retailer GameStop Corp. (NYSE: GME) plans to close more than 300 North American stores in 2020, the Grapevine, Texas-based company recently announced during its fourth-quarter earnings call. GameStop did not specify which stores and markets would be affected by the closures, but said that it anticipates the total number of shuttered stores to be equal to or greater than the 320 stores that it closed in 2019. GameStop saw its total comparable stores sales across the globe decrease 26.1 percent in the fourth quarter of 2019 relative to that period a year earlier. Although the company reported a 2 percent increase in global comparable sales in March 2020 relative to March 2019, GameStop executives said that the market disruption caused by the outbreak of COVID-19 has prompted it to move forward with its “global de-densification” plan. In fielding questions from analysts on the call, GameStop CEO George Sherman noted that although “every day brings a new challenge and new information as we navigate this very dynamic environment brought on by COVID-19,” the de-densification plan had been in effect prior to the healthcare crisis. In particular, he said, the plan centered on the transference of revenue …

March 30, 2020

Acquisitions California Office Top Stories Western

TMG Partners Acquires 410,106 SF The Quad Office Campus in Santa Clara, California

by Alex Patton March 27, 2020

SANTA CLARA, CALIF. — TMG Partners, a San Francisco-based developer, has acquired The Quad, a 410,106-square-foot office campus in Santa Clara, a suburb of San Jose. J.P. Morgan Chase sold the property for an undisclosed price. Located at 3001 Tasman Drive, The Quad consists of seven two-story buildings that were constructed in 1982. Multiple owners and operators have acquired and renovated the property since its construction. The property is adjacent to the VTA Light Rail station three blocks from Levi’s Stadium, home of the NFL’s San Francisco 49ers. The Quad is also located four blocks from the upcoming Related Santa Clara, a 9.2 million-square-foot mixed-use project by Related Cos., which is also developing the high-profile Hudson Yards in Manhattan. Amenities include an outdoor courtyard, coffee shop, bocce ball court, food truck court and fitness center. The site is also entitled for an additional 150,000 square feet of construction. “TMG Partners was attracted to this property because of its stable, long-term cash flow; the Santa Clara location; our understanding of the need to provide office space for the many different size requirements of today’s tenants; and the existing suite of amenities,” says Ben Kochalski, regional partner with TMG Partners. “We will …

March 27, 2020

Acquisitions California Retail Top Stories Western

L.A. Clippers Owner Agrees to Acquire The Forum for $400M, Propelling New Arena Plans

by Alex Tostado March 26, 2020

INGLEWOOD, CALIF. — CAPSS LLC, a new company formed by Los Angeles Clippers’ chairman Steve Ballmer and vice chairman Dennis Wong, has agreed to acquire The Forum in Inglewood for $400 million in cash. By reaching an agreement with The Madison Square Garden Co. (NYSE: MSG), the litigation battle between the team and seller over the proximity of the basketball team’s new arena to the older events venue will end. MSG, which also owns the New York Knicks, argued that the Clippers’ proposed NBA arena was too close to The Forum and would compete as an events venue. CAPSS says the 17,500-seat Forum will continue to operate as a music venue and the new ownership will extend employment offers to current employees. The parties expect to close the sale in the second quarter of this year. The new Clippers arena will be situated on West Century Boulevard between South Prairie Avenue and South Yukon Avenue, one mile south of The Forum. The proposed stadium will offer 18,000 seats and will include the team’s headquarters and a community center. The stadium will be privately funded and is currently undergoing an environmental review by the City of Inglewood, which the Los Angeles …

March 26, 2020

Acquisitions Massachusetts Northeast Office Top Stories

Starwood REIT Acquires 60 State Street in Downtown Boston for $614M

by Kristin Harlow March 25, 2020

BOSTON — Starwood Real Estate Income Trust Inc. has acquired the leasehold interest in 60 State Street in downtown Boston. Local city records indicate a sales price of $614 million. The 38-story office and retail tower spans 911,394 square feet. The tower’s major tenants include law firm WilmerHale, asset manager Amundi Pioneer, advertising technology solutions provider Criteo, and asset manager BlackRock. A three-level Samuel Adams Tap Room, which opened earlier this year, anchors the retail portion. The building also features the State Room event space on floors 33 and 34 and a 240-space parking garage. Institutional investors advised by J.P. Morgan Asset Management and Oxford Properties Group sold the asset. Robert Griffin, Edward Maher, Matthew Pullen, Samantha Hallowell, Debra Gould and Gilbert Dailey of Newmark Knight Frank (NKF) oversaw the transaction, which marks the largest sales price recorded for an office asset year-to-date in Boston’s central business district, according to NKF. Starwood Real Estate Income Trust is a nontraded REIT managed by Starwood Capital Group, a global private investment firm. — Kristin Hiller

March 25, 2020

Newer Posts

Older Posts