Wednesday, May 6, 2026
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Top Stories

Company NewsRetailTexasTop Stories

Charming Charlie Files for Chapter 11 Bankruptcy, Plans to Close 97 Stores

by John Nelson

HOUSTON — Citing struggles stemming from the rise of e-commerce, fashion retailer Charming Charlie has filed for Chapter 11 bankruptcy protection. During the Chapter 11 process, which was filed late Monday, the Houston-based fashion retailer plans to restructure its debt while maintaining and operating a majority of its stores, as well as its online platform. The company also plans to go through with its previously announced decision to shutter 97 of its underperforming stores. Charming Charlie specializes in selling jewelry, handbags, apparel and beauty products. The company, which was launched in 2004, currently operates more than 375 stores in the United States and Canada. Charming Charlie has secured commitments from its lenders for $20 million in new-money debtor-in-possession (DIP) financing. The company also entered into a $35 million DIP asset-backed loan with its lenders. Both financing arrangements are subject to court approval and are intended to help operation costs during the Chapter 11 process. The Wall Street Journal reports the court on Wednesday approved the early use of the financing, and Charming Charlie is scheduled to return to court in January to request approval to use the balance of the loans. The Chapter 11 bankruptcy filing is part of Charming …

Continue Reading
FacebookTwitterLinkedinEmail
FeaturesTop Stories

Marcus & Millichap: Proposed Tax Legislation Holds Modest Change for Investment Real Estate

by Katie Sloan

WASHINGTON, D.C. — As the much anticipated tax reform legislation makes it way through Congress, commercial real estate investors may be wondering what reverberations they will feel if the proposed changes are signed into law by President Trump. According to a special report by Marcus & Millichap, the two final versions of the law from the U.S. House of Representatives and Senate appear relatively benign for real estate investors. Both versions of the legislation, which have yet to be reconciled, offer modest changes to key provisions including 1031 tax-deferred exchange, mortgage interest deductibility and asset depreciation. The tax plans offer generous cuts for corporations and pass-through entities such as limited liability companies, which may lend an opportunity for investors to reconfigure their portfolios. “There are many nuances in both the House and Senate versions,” says John Chang, first vice president of research services at Marcus & Millichap. “The House version could reduce tax rates on this income from personal rates as high as 39.6 percent to as low as 25 percent depending on whether the earnings are active or passive. The Senate version grants a 23 percent deduction on qualified pass-through income with some restrictions.” The maximum tax rate for …

Continue Reading
FacebookTwitterLinkedinEmail
Data CentersIndustrialTop Stories

Iron Mountain to Buy IO Data Centers’ U.S. Operations for $1.3B

by Nellie Day

RESTON, V.A. — Iron Mountain Inc. (NYSE: IRM) has agreed to acquire the U.S. operations of IO Data Centers LLC for $1.3 billion. The agreement includes up to an additional $60 million based on future performance. Iron Mountain will acquire the land and buildings associated with the four state-of-the-art data centers, which total 728,000 square feet. They are situated in Edison, N.J.; Columbus, Ohio; Phoenix; and Scottsdale, Ariz. The centers provide 62 megawatts (MW) of capacity with expansion potential of an additional 77 MW in Arizona and New Jersey. The portfolio has an average weighted lease term of 3.3 years. The transaction is anticipated to close in January 2018, subject to customary closing conditions. “The addition of IO’s data centers enhances our geographic diversification and provides market-leading exposure to Phoenix, the fourth fastest market for absorption in the U.S. in 2017, and the 12th largest data center market globally,” says Mark Kidd, senior vice president and general manager of Iron Mountain Data Centers. “This transaction also enhances our ability to support the needs of the largest cloud providers through new development with expansion capacity in Phoenix as well as New Jersey, another attractive market due to its proximity to the …

Continue Reading
FacebookTwitterLinkedinEmail
RetailTop Stories

Unibail-Rodamco to Acquire High-Profile Mall Owner Westfield Corp. for $15.7B

by Katie Sloan

SYDNEY AND PARIS — Europe’s largest commercial property firm Unibail-Rodamco is set to acquire U.S. and U.K. mall owner Westfield Corp. (ASX: WFD) for $15.7 billion. Paris-based Unibail-Rodamco owns and operates a portfolio of 69 shopping centers across major European cities including Paris, Madrid, Stockholm, Amsterdam, Munich, Vienna, Warsaw and Prague. Sydney-based Westfield operates 35 malls in the U.S. and U.K., including Westfield World Trade Center, which opened to major success in New York City in August 2016; Century City, Westfield Fashion Square and San Francisco Centre in California; and Westfield London and Stratford City in the U.K. Following the transaction — expected to close in the first half of 2018 — Unibail-Rodamco will own and operate a portfolio of 104 commercial properties across 13 countries valued at about $72.2 billion. The company will be headquartered in Paris and the Netherlands, with regional headquarters in Los Angeles and London. Westfield has made a name for itself in the industry under billionaire chairman and co-founder Frank Lowy by transforming outdated malls into viable shopping centers for modern consumers. “The transaction announced today is the culmination of the strategic journey Westfield has been on since its 2014 restructure,” says Lowy. “We see this …

Continue Reading
FacebookTwitterLinkedinEmail
Conference CoverageFeaturesGeorgiaMultifamilySoutheastTop Stories

Talent, Technology Are Top Priorities for Multifamily Operators Today, Says InterFace Panel

by John Nelson

ATLANTA — Apartment management is a people-intensive industry that requires dedicated team members at multiple levels. Finding talented and driven individuals is priority No. 1 for multifamily operators. But seasoned executives are the first to admit that hiring is difficult in an expanding economy where recent graduates have multiple career paths at their choosing. Property management firms are recruiting prospects who are working in outside industries, which has been a reliable tactic. “We’ve had to go out and look at hospitality, restaurants and other industries that complement multifamily to find talent,” said Chris Burns, senior vice president of Lincoln Property Co. During the operators panel at the InterFace Multifamily Southeast conference held on Tuesday, Nov. 28 at the Westin Buckhead in Atlanta, Burns and his fellow panelists discussed the opportunities and challenges facing the industry today. The eighth annual conference drew 402 professionals. The panel agreed that finding talent was difficult, but that retaining and training that talent is just as big a challenge. “Retaining talent is just like leasing — it’s important to get a lease but it’s more important to get a renewal,” said Greg Mark, senior vice president of operations at Pinnacle, a national multifamily property management …

Continue Reading
FacebookTwitterLinkedinEmail
CaliforniaMultifamilyTop StoriesWestern

MG Acquires 456-Unit Apartment Community in Vista, Calif. for $117.5M

by Taylor Williams

VISTA, CALIF. — San Diego-based multifamily investment firm MG Properties Group has acquired Waterleaf Apartments, a 456-unit multifamily community located at 333 Emerald Drive in Vista, about 40 miles north of San Diego, for $117.5 million. Built in 1986, the garden-style property offers convenient access to I-15 and I-5, as well as U.S. Highways 76 and 78. Amenities include two clubhouses, two pools, two fitness centers, two sports courts, a playground and a business center. MG Properties Group will continue the interior renovation plan currently in place, which will focus on upgrading the property’s common areas. “We are pleased to grow our existing San Diego portfolio, particularly in the North County region,” says Mark Gleiberman, CEO of privately owned MG Properties Group. “Waterleaf is well-positioned to capitalize on strong regional employment prospects and will allow us to further scale our operations in the region.” Ed Rosen and John Chu of Berkadia represented the undisclosed sellers in the transaction. In addition, Brian Eisendrath of CBRE arranged $76.4 million in Fannie Mae financing for the acquisition. Over the past 12 months, MG Properties Group has acquired 11 properties totaling more than 4,000 units and $817 million in capital investment. — Taylor Williams

Continue Reading
FacebookTwitterLinkedinEmail
MassachusettsMixed-UseNortheastTop Stories

Intercontinental Real Estate Corp. Acquires Mixed-Use Building in Cambridge’s Harvard Square

by Kristin Harlow

CAMBRIDGE, MASS. — Intercontinental Real Estate Corp. has acquired 1280 Massachusetts Ave. in Cambridge for an undisclosed price. Located in Harvard Square, the 43,120-square-foot mixed-use building features 33,828 square feet of office space and 8,540 square feet of retail space. The seller, Boston Residential Group, developed the property in 1985. Current office tenants include Harvard University, Equity Resources Investments and Mark of the Unicorn. Retail tenants include Tatte Bakery and Café, Qdoba Mexican Eats and SEE Inc. Symmes Maini & Mckee Associates (SMMA) designed the brick and steel building, which is located at the edge of Harvard Yard at Harvard University and near the MBTA’s Red Line Harvard Square Station. Boston-based Intercontinental Real Estate Corp. is an investment adviser that manages a real estate portfolio of approximately $6 billion for its clients. Boston Residential Group is a residential developer based in Boston. — Kristin Hiller

Continue Reading
FacebookTwitterLinkedinEmail
MarylandMultifamilySoutheastTop Stories

ARA Newmark Brokers $131M Sale of Apartment Community in Metro D.C.

by Camren Skelton

DISTRICT HEIGHTS, MD. — ARA Newmark has arranged the $131 million sale of The Avanti, a 930-unit multifamily community in District Heights, roughly 11 miles southeast of Washington, D.C. Al Cissel, Ryan Ogden, Drew White and Mike Marshall of ARA Newmark arranged the transaction on behalf of the seller, Suitland Park LLC, an entity comprising Dragone Realty Investments and PCCP LLC. GMF Capital acquired the asset, and Dragone Realty elected to retain its ownership stake in the property. “With the recent comprehensive renovation that Dragone and PCCP completed, The Avanti is positioned at the top of the submarket and will outperform the competition for the foreseeable future,” said Cissel. “The transaction worked out well for everyone and will capitalize on the strong demand for quality product in the area, resulting in high investment yields.” Constructed in 1965 and renovated in 2012 and 2016, The Avanti includes one- to three-bedroom units and features wall-to-wall carpeting, ceramic and vinyl flooring, breakfast bars and walk-in closets. Community amenities include a swimming pool, business center, dog park and fitness center. Kelley Drye & Warren LLP provided legal counsel to Dragone Realty in the transaction. Morrison & Foerster LLP represented PCCP, and Neuberger, Quinn, Gielen, Rubin & …

Continue Reading
FacebookTwitterLinkedinEmail
FeaturesIndustrialTop Stories

Last-Mile Delivery Is Game Changer in Industrial Sector, Says SIOR President

by Jeff Shaw

Del Markward will be logging a lot of frequent flyer miles over the next year as he travels around the country and abroad to meet with several chapters of the Society of Industrial and Office Realtors (SIOR), an organization with more than 3,200 members in 685 cities and 36 countries. In addition to serving as the 2018 global president of SIOR, Markward is founder of the Markward Group, a real estate consulting, advisory and brokerage firm based in Allentown, Pa. Markward was officially inducted as president of the organization in October at the outset of the SIOR World Conference in Chicago. He most recently served as president-elect of SIOR and before that was vice president. The commercial real estate community recognizes professionals who have earned the SIOR designation as among the most capable and experienced brokerage practitioners in any market, according to the organization. On the heels of the SIOR World Conference, REBusinessOnline interviewed Markward about some of the dynamic changes taking place in the industrial real estate sector today, including the sharp rise in demand for space driven by e-commerce companies. What follows is an edited transcript of the Q&A. REBusinessOnline: Supply chain logistics is an industry undergoing a dramatic …

Continue Reading
FacebookTwitterLinkedinEmail
CaliforniaLoansOfficeTop StoriesWestern

Lane Partners Obtains $200M Loan to Acquire 603,666 SF Office Property in San Jose

by Nellie Day

SAN JOSE, CALIF. — Lane Partners has obtained a $200 million loan to acquire HQ@first, a 603,666-square-foot creative office property in the Silicon Valley city of San Jose. The asset is located at 110, 120 and 130 Holger Way. The Class A property features a campus environment with landscaped paths, natural light, views of the bay and hills, outdoor barbeque and patio areas, basketball court, fitness center and locker rooms, game room, executive business center, and 300-seat cafeteria. HQ@first was built in 2010. The LEED Gold-certified asset is situated on approximately 10 acres at the intersection of Highway 237 and North First Street. It is adjacent to multiple VTA Light Rail stations that connect to Caltrain, AMTRAK, ACE Train and BART. The property offers immediate access to a restaurant, retail and hotel options at the @first retail center across the street. Tenants at @first include Chipotle, Chick-fil-A, Five Guys, Panera Bread, Coffee Bean, CVS, Target, Chase, Courtyard by Marriott and Hyatt House. Ramsey Daya and Chris Moritz of NKF Capital Markets arranged the financing on behalf of Lane Partners and its capital partner. The loan was placed with Blackstone Mortgage Trust. “Given the strength of the sponsorship and quality of …

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts