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McCarthy Breaks Ground on 1 MSF Forsyth Pointe Mixed-Use Development Near St. Louis

by Kristin Harlow July 22, 2020

CLAYTON, MO. — McCarthy Building Cos. Inc. has broken ground on Forsyth Pointe, an office and retail development in the central business district of Clayton, just west of St. Louis. Developed by US Capital Development, the project will include two Class A office towers with more than 20,000 square feet of street-level retail space. The office portion will rest atop a seven-story parking structure, bringing the project’s total square footage to nearly 1 million square feet. A 10-story, 265,000-square-foot east tower will occupy the corner of Forsyth Boulevard and Meramec Avenue. An eight-story, 210,000-square-foot west tower will reside at Brentwood and Forsyth boulevards. In addition to a 45,000-square-foot garden terrace, amenities will include a 10,000-square-foot fitness center and an arts and entertainment venue. Completion is slated for summer 2022. Project costs were not disclosed. “Forsyth Pointe will add prime office space and innovative retail space, increasing street vitality and the pedestrian experience on a prominent corner across from Shaw Park, one of our city’s crown jewels,” says Clayton Mayor Michelle Harris. Established in 1935, the 47.5-acre Shaw Park is the city’s oldest and largest park. The Forsyth Pointe project team includes Christner Architects, Cedergreen LLC, Alper Audi, Stock & Associates, …

July 22, 2020

Content Partner Features Lument Multifamily RED Capital Group Washington Western

Seattle Could Provide Template for National Multifamily Recovery

by Sarah Daniels July 21, 2020

In the realm of apartment market research, Seattle represents a bellwether of sorts these days, where broader trends and themes can be parsed. Seattle’s economy, population and real estate landscape have grown at rates previously considered impossible in a primary market. The city stands at the veritable intersection of technological and generational change — the corner of Large Cap Tech Boulevard and Millennial Street — and it has developed into the avatar of the infill, wood-frame mid-rise design touchpoint that defines so much of today’s urban apartment architecture. What happens here will reveal some of the trends likely to follow in similar markets — from Raleigh to Portland. Seattle was also the first major U.S. metropolitan market to grapple with the novel coronavirus, so the path that it follows will provide some insight into how the American multifamily market will mutate as we adjust to “life in the time of COVID,” to borrow a note from Garcia Marquez. By the same token, the Jet City faces the prospect of digesting an enormous multifamily supply pipeline that was, for the most part, conceived for the pre-COVID-19 world. The manner in which this supply is absorbed will speak volumes about how the …

July 21, 2020

California Company News Texas Top Stories Western

Chevron Agrees to Acquire Noble Energy for $5B in Oil Industry Merger

by Taylor Williams July 20, 2020

SAN RAMON, CALIF. — Chevron Corp. (NYSE: CVX) has agreed to acquire Houston-based exploration firm Noble Energy (NASDAQ: NBL) in an all-stock transaction valued at $5 billion, or $10.38 per share. Under the terms of the agreement, Noble Energy shareholders will receive 0.1191 shares of Chevron common stock for each share of Noble Energy stock they own. Inclusive of debt, the deal carries a total enterprise value of $13 billion. The price represents a premium of roughly 12 percent on the weighted average of Noble Energy’s closing stock prices for the 10-day period ending July 17. Following the closing of the deal, which is expected to occur in the fourth quarter, Noble’s shareholders will own about 3 percent of the new entity. Executives at San Ramon, Calif.-based Chevron cited access to Noble’s assets in key domestic production sites like Colorado’s D-J Basin and Texas’ Permian Basin, as well as its international facilities in Israel and West Africa, as major incentives behind the acquisition. For example, Noble’s portfolio includes nearly 92,000 contiguous acres for drilling and exploration in the Permian Basin . In addition, in June, the company was awarded exploration rights to 800,000 acres of drillable land in the Western …

July 20, 2020

New York Northeast Retail Top Stories

PVH to Close 162 Outlet Stores, Reduce Office Workforce by 12 Percent

by Kristin Harlow July 15, 2020

NEW YORK CITY — In a move to streamline its North American operations and adapt to an evolving retail landscape that has been accelerated by the COVID-19 pandemic, PVH Corp. (NYSE: PVH) announced Tuesday that it will close all of its 162 Heritage Brands outlet stores and reduce its office workforce by approximately 450 positions, or 12 percent. PVH’s Heritage Brands include Van Heusen, Izod, Arrow, Warner’s, Olga and Geoffrey Beene. The Heritage Brands retail locations are expected to operate through mid-2021. The workforce reductions, which are spread across all three brand businesses of Tommy Hilfiger, Calvin Klein and Heritage Brands, are expected to result in annual cost savings of approximately $80 million. “The structural changes occurring in the North American retail landscape have required us to take a hard look at our North American operations and identify where we can optimize costs across our business model,” says Manny Chirico, chairman and CEO of PVH. “We did not take these decisions lightly, as our Heritage Brands retail business is our oldest retail business, yet no longer met appropriate return metrics.” Stefan Larsson, president of PVH, says that the COVID-19 crisis is dramatically reshaping the retail landscape for the long term …

July 15, 2020

Loans New York Northeast Office

PGIM Real Estate Provides $100M Loan for Refinancing of 52 Broadway Office Building in Manhattan

by Taylor Williams July 14, 2020

NEW YORK CITY — PGIM Real Estate has provided a $100 million loan for the refinancing of 52 Broadway, a 19-story, 426,000-square-foot office building located two blocks from the New York Stock Exchange in Manhattan. The borrower was a joint venture between Jack Resnick & Sons and Ruben Cos. Resnick acquired the building, which was originally constructed in 1898, in 1978 and implemented an extensive renovation and expansion to add six more floors. Today, the building is net leased on a long-term basis to the United Federation of Teachers.

July 14, 2020

California Development Office Western

4S Bay Partners Buys Redevelopment Site in Los Angeles for $35M

by Amy Works July 13, 2020

LOS ANGELES — Chicago-based 4S Bay Partners has acquired a 3.3-acre redevelopment site, located at 3731-3761 E. Stocker St. in Los Angeles, for $35 million. The sellers are David Shophet of Sharp Capital and David Shaaya of One Cole Group. The site contains four two-story office structures, totaling 80,000 square feet, built in 1952. At the time of sale, the buildings were more than 90 percent occupied by a variety of Los Angeles County and City community services-oriented tenants. The site is located in an opportunity zone with a transit-oriented development tier III designation. 4S Bay plans to occupy a portion of the property. The company focuses on humanitarian causes, including educational opportunities, economic improvement, human rights, wellness and environmental sustainability. Laurie Lustig-Bower and Kamran Paydar of CBRE represented the seller, while James Daughrity of Daughrity Real Estate represented the buyer in the deal.

July 13, 2020

Company News New Jersey Northeast Retail Top Stories

Bed Bath & Beyond to Close 200 Stores Over Next Two Years Following 49 Percent Decline in Sales Due to Pandemic

by Alex Tostado July 9, 2020

UNION, N.J. — Bed Bath & Beyond (NASDAQ: BBBY) plans to close 200 stores over the next two years. The Union-based company made the announcement during its earnings statement for its fiscal first quarter, which runs from March through May. The report shows sales plummeted in the quarter due to the novel coronavirus pandemic and subsequent shutdowns affecting non-essential retailers. For the three-month period, net sales were approximately $1.3 billion, a 49 percent year-over-year decrease. Bed Bath & Beyond reports that 90 percent of its physical locations were closed for the majority of the quarter, causing in-store sales to decline 77 percent. During the same period, sales on the digital platform grew 82 percent. “From the beginning of this crisis, we have taken measured, purposeful steps to help keep our people safe and our customers serviced, and we are proud of the way our teams have navigated this unprecedented challenge with speed and agility,” says Mark Tritton, president and CEO of Bed Bath & Beyond. “At the same time, our actions to strengthen our financial position and liquidity are enhancing our flexibility and capacity to invest and rebuild our business for long-term success.” As of May 30, Bed Bath & Beyond operated 1,478 …

July 9, 2020

Healthcare Market Reports Midwest Midwest Market Reports

COVID-19 Interruptions Are Largely Short Term for Medical Office Sales

by Kristin Harlow July 9, 2020

By Mike Wilson, Principal, Avison Young As the commercial real estate industry shifts toward a new normal, there are several changes occurring in the medical office sector. This asset class has long been considered a safe haven, even in recessionary times, given its ties to the healthcare system and overall population growth. The onset of COVID-19 and the subsequent stay-at-home orders in many states have created challenges that also touch the medical office sector, although not nearly as deeply as other asset classes. One shift occurring is a varying level of activity among medical office tenants, depending upon whether their services are deemed essential or nonessential. Tenants in essential buildings, particularly those tied to large healthcare systems, are still seeing patient throughput activity as healthcare needs remain. Some elective surgery centers and outpatient testing facilities, however, have seen a temporary pause as medical professionals retrenched due to the state closures. Landlords in turn have had to manage rent relief requests from tenants. These changes are considered short-term and are not expected to have long-term effects on tenant activity or property investment levels. The medical office sector continues to draw the attention of a wide range of investors, due to its …

July 9, 2020

Michigan Midwest

Dan Gilbert’s Quicken Loans Files for IPO

by Kristin Harlow July 8, 2020

DETROIT — Detroit-based Quicken Loans has filed paperwork for its initial public offering. The company, known for its personal finance and consumer service brands such as Rocket Mortgage, has filed under the new name Rocket Cos. Inc. The application has been made for listing the common stock on the New York Stock Exchange under the ticker symbol RKT. The number of shares to be offered and the price range for the proposed offering have yet to be determined. Billionaire businessman Dan Gilbert, founder and chairman of Quicken, has been instrumental in Detroit’s commercial real estate scene. Bedrock, his full-service real estate firm, maintains a portfolio of more than 100 properties totaling approximately 18 million square feet.

July 8, 2020

Austin multifamily occupancy rent growth

Content Partner Features Lument Multifamily RED Capital Group Texas Texas & Oklahoma Feature Archive

Austin: The Right Place at the Right Time for Multifamily Sector

by Sarah Daniels July 8, 2020

“After COVID-19, nothing ever will be the same,” has become a common refrain these days. Perhaps for the next decade or so, every important life choice will be made with public health and safety concerns in mind — and the most commonly chosen solutions will be meaningfully different than before. Among the most fundamental life choices subject to this new scrutiny will be where to live, how to make a living and how to safely move about. Many Americans will opt for less densely populated neighborhoods, increased work-from-home opportunities and private transportation options. When the time arrives to put plans into action, however, most will elect to take small steps rather than a giant leap. Perhaps the high-rise apartment and subway ride to a co-working space can be sacrificed, but not at the expense of convenience, access to nightlife and entertainment and career prospects. Urbanity isn’t out of style, but its form will mutate. Some U.S. metros will struggle to adapt, including a few primary markets. Others seem to be attuned to the times, blessed with all of the now prized attributes already in place. None is more perfectly positioned than Austin. Austin checks all the boxes. It is less …

July 8, 2020

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