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Meridian Design Build Completes Construction of 84,000 SF Meat Processing Facility in Chicago

by Kristin Harlow April 9, 2020

CHICAGO — Meridian Design Build has completed construction of an 84,000-square-foot USDA meat processing facility for Amylu Foods within Chicago’s Stockyards Industrial Park at 1400 W. 44th St. Amylu has relocated from its West Loop plant, where it operated for more than 95 years. The new sausage processing plant includes 56,000 square feet of production and cold storage space, a freezer, a 16,500-square-foot office space, a test kitchen and laboratory space. Meridian also installed an expandable ammonia refrigeration plant for cooling and production loads. Harris Architects and Kimley-Horn made up the project team.

April 9, 2020

Alabama Development Multifamily Southeast

Dobbins Group Breaks Ground on 204-Unit Multifamily Community Near Birmingham

by Alex Tostado April 6, 2020

GARDENDALE, ALA. — Dobbins Group LLC has broken ground on a yet-to-be-named multifamily community in Gardendale. The Birmingham, Ala.-based developer says the 204-unit community will offer one-, two- and three-bedroom floor plans averaging 977 square feet and expects rent to range from $1,175 to $1,800 per month. All units will have nine-foot ceilings, granite countertops, oversized soaking tubs, walk-in closets in every bedroom, custom cabinetry and appliances. Communal amenities will include a saltwater pool, fitness center, fire pits, multiple grilling stations, walking trail and a dog park. Capstone Building Corp. is the general contractor, and Williams Blackstock Architects is the architect. Synovus Financial is financing the project, which has a budget of more than $30 million. Dobbins Group expects to complete the complex by the end of 2021.

April 6, 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

Features Multifamily Seniors Housing

Wide-Ranging Financial Fallout Expected as Seniors Housing Industry Confronts Pandemic, Says Economist

by Alex Patton April 3, 2020

Great uncertainties cloud the immediate outlook for the U.S. economy and the seniors housing industry in the wake of the COVID-19 pandemic. But one thing is certain: Unlike other industries that have been forced to shut down, senior living communities are open and continue to serve residents. With that framework in mind, a March 26 webinar sponsored by the National Investment Center for Seniors Housing & Care (NIC) addressed the ongoing financial implications of the COVID-19 pandemic for operators, developers and capital providers. The webinar is the first in a series of NIC-hosted webinars to address industry challenges related to the pandemic. Webinar participants included Beth Mace, NIC chief economist; Jim Costello, senior vice president, Real Capital Analytics; Kurt Read, principal, RSF Partners; Matthew Ruark, senior vice president, head of commercial and healthcare mortgage production, KeyBank Real Estate Capital; and Kevin McMeen, president, real estate, MidCap Financial Services. Early impact The immediate financial repercussions of the pandemic include a stall in transactions, a rise in lender caution, confusion over valuations, and a search for clarity on how the disease will impact occupancies going forward. The most startling data point was noted by Mace at the outset. Weekly jobless claims March …

April 3, 2020

Content Partner Features Industrial Lee & Associates Northeast Feature Archive Retail Western Feature Archive

Free Returns: How Reverse Logistics Impacts Industrial Real Estate

by Sarah Daniels April 2, 2020

The industrial sector has been the preferred asset class of commercial real estate in recent years. “The rate of return for industrial real estate has been higher than that of any other class for nearly half a decade,” says Jeff Rinkov, CEO of Lee & Associates. These rates of return are the result of permanent changes in consumer behavior and preferences — and recent events are driving more rapid changes in consumers’ e-commerce shopping. Though it remains to be seen how the economic impact of the coronavirus will influence various sectors of real estate, the pandemic has meant a sudden uptick in reliance upon industrial real estate as consumers turn to online shopping in the face of in-store shortages and shelter-at-home orders or social distancing practices. As brick-and-mortar stores close temporarily, retail companies and logistics professionals grapple with the increased volume of both online orders and e-commerce returns. What do facilities for e-commerce look like as customer expectations for e-commerce grow? How do companies process returns in an efficient and cost-effective manner, a critical element of success for e-commerce companies? Consumers increasingly prefer to shop online instead of going to brick and mortar stores. E-commerce sales accounted for more than …

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 Office Texas

JLL Arranges Sale of 168,953 SF One Glen Lakes Office Building in North Dallas

by Taylor Williams March 26, 2020

DALLAS — JLL has arranged the sale of One Glen Lakes, a 168,953-square-foot office building in North Dallas. The 10-story, Class A building is located within walking distance of the Walnut Hill DART station and features a deli, convenience store and onsite banking services. Jack Crews of JLL represented the seller, a joint venture between Stockbridge and Cawley Partners, in the transaction. Jason Piering of JLL arranged a five-year, floating-rate acquisition loan on behalf of the buyer, ICM Asset Management.

March 26, 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

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