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DevelopmentNew YorkNortheastOfficeTop Stories

SL Green Forms Partnership for $2.3B One Madison Avenue Redevelopment in Manhattan

by John Nelson

NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has formed a joint venture partnership with the National Pension Service of Korea (NPS) and Hines for the $2.3 billion redevelopment of One Madison Avenue in Manhattan. The 1.4 million-square-foot office project is situated in the borough’s Midtown South neighborhood facing Madison Square Park near the 23rd Street subway station. SL Green, which is self-described as Manhattan’s largest office landlord, has sold a 49.5 percent interest in One Madison Avenue to NPS and Hines, which have combined to invest “no less than $492.2 million” of equity into the redevelopment. SL Green and Hines are co-developing the project, and Kohn Pedersen Fox Associates (KPF) is leading the design. The SL Green-NPS-Hines-KPF team is also working together to develop One Vanderbilt Avenue, an office project currently underway in Manhattan’s East Midtown neighborhood. The existing office building at One Madison Avenue will be demolished down to the ninth floor, and the development group will build 17 glass and steel, column-free floors above. The podium levels at the base of the existing building will have 90,000 square foot floor plates, while the new floors above will feature 36,000-square-foot floor plates. The 10th and 11th …

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Miami Red Capital Rent and Occupancy RED Capital
Content PartnerFeaturesFloridaLumentMultifamilyRED Capital GroupSoutheast

Cresting Wave of Job Losses Upends Miami Multifamily Sector

by Sarah Daniels

How will the COVID-19 fallout impact the Miami multifamily market? Although many investors are approaching markets known for leisure travel and cruise industries with caution these days, RED Mortgage Capital research posted last week indicates Fort Lauderdale/Broward County may offer a more attractive risk and reward profile than is commonly understood in the intermediate term, even under severe recessionary stress. Can the same be said of Miami as many of the same arguments apply? Let us stipulate that coronavirus has struck Magic City a particularly sharp blow. Miami relies on international tourism to a larger degree than most other domestic travel destinations and has experienced greater tourism revenue and job losses as a result. Travel industry consultants STR analyzed the top 25 tourist destinations in America and noted that Miami hotels recorded the largest decline in average daily hotel room rates in April (-56.8 percent from 2019), while the metro area’s hotel occupancy plunged to 20 percent from 95 percent in 2019. Employment data are available only through March at this writing, but even at this early stage, job losses were severe. The Miami-Miami Beach metropolitan division employed population fell 86,000 in March, a one-month decline of 6.5 percent. Job …

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Company NewsDevelopmentMixed-UseOfficeSoutheastVirginia

Amazon Executive Says Company is ‘Beginning to Scale’ at HQ2 Campus in Northern Virginia

by John Nelson

ARLINGTON, VA. — Amazon (Nasdaq: AMZN) is “beginning to scale” at its HQ2 campus underway in Arlington, according to Jay Carney, the company’s senior vice president of global corporate affairs. During a weekly webinar series conducted by Walker & Dunlop, Carney said the corporate campus, dubbed Met Park, is under construction and that the company is hiring in earnest, though he said it will “take some time” to reach the previously announced 25,000 goal. Carney, who was the former White House press secretary during President Barack Obama’s administration, led Amazon’s national HQ2 search in 2017 and 2018 to find a second home for the company outside of Seattle. The e-commerce giant ultimately chose both Northern Virginia and Long Island City in the Queens borough of New York City in late 2018, in addition to a 1 million-square-foot outpost in Nashville, Tenn. Amazon pulled out of its planned New York City location in early 2019. Clark Construction is the general contractor for the HQ2 campus, and JBG Smith is Amazon’s development partner, as well as its landlord for office space that Amazon is using in the rebranded National Landing district in Arlington’s Crystal City submarket. Carney said the company is not …

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Fort Lauderdale RED Capital_rev
Content PartnerFeaturesFloridaLumentMultifamilyRED Capital GroupSoutheast

Fort Lauderdale Multifamily Sector Offers Investors Shelter from the Viral Storm

by Sarah Daniels

Many multifamily real estate investors have moved to the sidelines until price transparency returns and the trajectory of property performance becomes clearer. It is a prudent strategy. Indeed, this period of forced inactivity is, perhaps, better used to reflect on the future and consider which U.S. apartment markets will offer the most attractive opportunities when the moment arrives to test the waters again. Conventional wisdom holds that markets with significant reliance on leisure travel employment will be hardest hit by the pandemic, particularly those with outsized exposure to the cruise industry. It’s hard to refute the logic. But investors who interpret it too literally may miss potentially attractive options. Take Fort Lauderdale, for example. The Broward County labor market has one of the highest exposures in the country to the leisure, hospitality and cruise sectors. More than 3.9 million cruise passengers embarked from the port last year, generating direct employment for about 15,000 residents and indirect employment for tens of thousands more in the lodging, dining and entertainment, air transportation and retail sectors. With the cruise industry taking on water surely investors would be well advised to steer clear of the Gold Coast? Perhaps not. In fact, the statistical impact …

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Company NewsFloridaRetailSoutheast

Park Pizza & Brewing Partners with Self-Driving Shuttle Company to Deliver Food to VA Hospital in Orlando

by Alex Tostado

ORLANDO, FLA. — In an effort to limit contact and feed frontline healthcare workers, Park Pizza & Brewing Co. has partnered with Beep, a company operating self-driving shuttles, to deliver food to the Orlando VA Medical Center in the city’s Lake Nona neighborhood. To limit contact with the delivery, each pizza box is sealed, put onto a cart, loaded into the shuttle by Park Pizza & Brewing restaurant employees and the onboard shuttle attendant, and personnel at the medical center are then able to roll the cart into the hospital. The shuttles typically operate on a fixed route, but that has been paused due to the COVID-19 crisis. Park Pizza & Brewing opened within Lake Nona in November 2018. The VA hospital opened in 2015 and provides acute care, complex specialty care, advanced diagnostic services, a large multispecialty outpatient clinic, and administrative and support services to more than 100,000 veterans in the area. Beep and Lake Nona developer Tavistock Development Co. are exploring other opportunities to utilize the autonomous shuttles to serve the community during COVID-19.

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IndustrialMarket ReportsTexasTexas Market Reports

Texas Industrial Owners Adopt Short-Term Solutions for COVID-19

by Taylor Williams

In response to the outbreak of COVID-19, the disease caused by the novel coronavirus, industrial landlords in Dallas-Fort Worth (DFW) are demonstrating greater flexibility on short-term lease structures in order to keep deals moving forward. With most of the nation sheltering in place to stem the spread of the virus, e-commerce activity is accelerating, leading to greater demand for distribution and logistics services. In addition, supply chain operators that service essential industries  — such as grocery, healthcare, construction and infrastructure — are working overtime to store and ship the necessary product to end users.  In addition, many of these suppliers are also carrying more inventory. This is because are at interest rates are at historic lows, making it cheaper to stockpile goods and equipment, and because the global healthcare crisis has caused demand for certain foods, household products and consumer goods to skyrocket. All of this activity translates to short-term disruption in industrial real estate. Some deals are on hold, and the market is now seeing more unforeseen requirements from firms that need additional space for inventory storage, as well as from distribution and logistics users that are hiring more workers and shipping more product. “Several larger distribution companies are still …

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CaliforniaCompany NewsGeorgiaRestaurantSoutheastTop StoriesWestern

Roark Capital Invests $200M in The Cheesecake Factory Amid Pandemic-Related Closures

by John Nelson

ATLANTA AND CALABASAS HILLS, CALIF. — Roark Capital Group, a private equity firm based in Atlanta, has invested $200 million in The Cheesecake Factory Inc. (Nasdaq: CAKE), owner and operator of the chain of restaurants of the same name. The Calabasas Hills-based company also owns and operates the North Italia chain, as well as a collection of restaurants within the Fox Restaurant Concepts subsidiary. The funds will be used to immediately help The Cheesecake Factory navigate the COVID-19 pandemic, in which its dine-in service has been closed. The company, which has been handling takeout orders and deliveries through the DoorDash app, preliminarily reported its off-premise sales in first-quarter 2020 increased by 85 percent from the previous quarter. Specific details of Roark Capital’s capital infusion were not disclosed, but David Overton, chairman and CEO of The Cheesecake Factory, says the investment will improve the company’s liquidity. “This transaction not only gets our affected staff members back to work as soon as practicable, but also importantly solidifies our ability to manage the business for the long-term for all of our stakeholders once we emerge on the other side of this crisis,” says Overton. “Moreover, Roark’s investment underscores the strength of our brands, …

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ArkansasCompany NewsRetailSoutheast

Walmart Reaches Goal to Hire 150,000 Associates, Pledges to Hire 50,000 More Amid COVID-19 Crisis

by Alex Tostado

BENTONVILLE, ARK. — Amid the COVID-19 crisis sweeping the nation, Walmart set a goal in mid-March of hiring 150,000 associates before May 1. Since then, the Bentonville-based retailer has hired an average of 5,000 people per day, surpassing its goal. Now Walmart has its sights set on hiring another 50,000 people. In a statement, the company said most of the new hires will be temporary who will support current associates and customers in locations with specific needs. Additionally, 85 percent of the 150,000 new associates are temporary or part-time workers. Walmart said it worked with more than 70 companies that furloughed workers to hire the associates. In stores, Walmart will hire cashiers, stockers and personal shoppers. In distribution centers and fulfillment centers, it will hire additional fillers and pickers. Walmart also plans to add more drivers to its fleet. Walmart is considered an essential business, so its doors remain open and its e-commerce operations are still running as well.

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IndustrialMidwestSouth Dakota

Smithfield Foods Closes Pork Processing Plant in South Dakota Indefinitely as COVID-19 Cases Rise

by Kristin Harlow

SIOUX FALLS, S.D. — Smithfield Foods Inc. has closed its pork processing plant in Sioux Falls until further notice. Nearly 250 workers tested positive for the coronavirus, more than half of the active coronavirus cases in the state of South Dakota, according to Gov. Kristi Noem. The Smithfield plant is one of the largest pork processing facilities in the U.S., representing 4 to 5 percent of U.S. pork production. It supplies nearly 130 million servings of food per week, or about 18 million servings per day. Smithfield employs 3,700 workers at the facility and more than 550 independent family farmers supply the plant. “The closure of this facility, combined with a growing list of other protein plants that have shuttered across our country, is pushing our country perilously close to the edge in terms of our meat supply,” says Kenneth Sullivan, president and CEO of Smithfield. “It is impossible to keep our grocery stores stocked if our plants are not running.” Virginia-based Smithfield will resume operations in Sioux Falls once local, state and federal officials give further direction. The company will continue to compensate its employees for the next two weeks.

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MassachusettsNortheast

Diversified Healthcare Trust Reduces Quarterly Common Share Dividend to Preserve Capital

by Alex Patton

NEWTON, MASS. — Diversified Healthcare Trust (DHC), a metro Boston-based REIT focused on healthcare and life sciences, will reduce its regular quarterly cash dividend on shares of common stock from 15 cents per share in the fourth quarter of 2019 to 1 cent per share in the first quarter of 2020. The capital-saving move comes in response to the operating challenges and uncertainty surrounding the COVID-19 pandemic and market disruptions, and is estimated to conserve approximately $33.3 million in cash per quarter. The REIT will reassess its position on a quarterly basis. DHC also expects to conserve capital by deferring certain nonessential capital investments that are expected to save up to $150 million in 2020. DHC’s medical office and life science portfolio includes approximately 12 million square feet across more than 420 properties located in 39 states and Washington, D.C.  

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