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Sherwin-Williams to Develop World Headquarters, R&D Center in Metro Cleveland for $600M

by Alex Tostado February 7, 2020

CLEVELAND AND BRECKSVILLE, OHIO — The Sherwin-Williams Co. (NYSE: SHW) plans to develop a new world headquarters building in downtown Cleveland, as well as a research and development (R&D) center in the Cleveland suburb of Brecksville. The company plans to invest $600 million to construct both facilities. The paint manufacturer and retailer’s headquarters building will span 1 million square feet just west of Public Square between Saint Clair and Superior avenues. The R&D center will span 500,000 square feet and will be located off Interstate 77 at Miller and Brecksville roads, 16 miles south of downtown Cleveland. The transition to the new facilities won’t occur until 2023 at the earliest, the company says. Sherwin-Williams previously launched a nationwide search for its new headquarters location before deciding to stay in Ohio, where it has been based since it was founded in 1866. “We currently operate out of a 90-year-old headquarters building that has served us well but is no longer conducive to meeting our future needs,” says John Morikis, the company’s chairman and CEO. “The major planned investment in Cleveland and Northeast Ohio we are announcing today reflects our confidence in the continued strength of the region and its people and …

February 7, 2020

New York Northeast Retail Top Stories

Macy’s to Close 125 Stores, Consolidate Headquarters in New York City

by Kristin Harlow February 5, 2020

NEW YORK CITY — Macy’s Inc. (NYSE: M) has unveiled plans to close 125 of its least productive stores over the next three years. The retailer will also close its offices in San Francisco, downtown Cincinnati and Lorain, Ohio, leaving the New York City office as the sole corporate headquarters. The reorganization strategy also includes increasing the Macy’s digital platform, while optimizing its brick-and-mortar portfolio and lowering overhead costs. Beginning this year, Macy’s expects the strategy to generate annual gross savings of approximately $1.5 billion, to be fully realized by year-end 2022. “We will focus our resources on the healthy parts of our business, directly address the unhealthy parts of the business and explore new revenue streams,” says Jeff Gennette, chairman and CEO of Macy’s. “Over the past three years, we have shown we can grow the top line; however, we have significant work to do to improve the bottom line.” The 125 stores that Macy’s plans to close account for approximately $1.4 billion in annual sales and one-fifth of its store footprint. Thirty of the stores are in the process of closure now. Steve Horwitz, a professor in the Miller College of Business at Ball State University in Muncie, …

February 5, 2020

Affordable Housing Features Finance Insight Loans Midwest Multifamily Northeast Southeast Texas Western

Berkadia’s David Leopold on Tackling the Affordable Housing Crisis

by Sarah Daniels February 5, 2020

It’s no secret America is in a housing crisis, but the problem is easier to identify than it is to tackle. David Leopold, senior vice president and head of affordable housing for Berkadia, believes it can be tackled, however, if the industry’s best and brightest can collaborate on a nationwide strategy. Finance Insight (FI): What is your view on the affordable housing market? Leopold: It’s an exciting time in the affordable housing market. There’s massive demand for affordable housing nationwide, which means new opportunities for innovation and new needs to be fulfilled. There’s also a real sense of urgency and commitment galvanizing players across the industry to pursue innovative solutions that will result in decent, affordable and safe housing in every single community across the country. This extends to developers, lawmakers, real estate professionals and beyond. It’s a tall order, but this work is essential to the well-being of our communities. FI: Speaking of tall orders, what are some of the challenges facing the affordable housing industry? Leopold: Rent control is certainly a hot topic and will remain one in the year ahead. Last year was a significant chapter in the rent control debate, with comprehensive statewide reform enacted in …

February 5, 2020

Acquisitions Retail Southeast Tennessee

JLL Arranges $45.3M Sale of Trader Joe’s-Anchored Shopping Center in Nashville

by Alex Tostado January 31, 2020

NASHVILLE, TENN. — JLL has arranged the $45.3 million sale of Lion’s Head Village, a Trader Joe’s-anchored shopping center in Nashville. The center is shadow-anchored by Target and was fully leased at the time of sale to tenants including Great Clips, Sport Seasons, Cosmos Nails, Plato’s Closet Nashville and Dalts American Grill. Lion’s Head Village is situated on 9.5 acres at 90 White Bridge Road, two miles from Vanderbilt University and four miles from downtown Nashville. Jim Hamilton of JLL represented the locally based seller, Boyle Investment Co., in the transaction. San Francisco-based Stockbridge acquired the shopping center.

January 31, 2020

Features Finance Insight Loans Midwest Multifamily Northeast Southeast Texas Western

Millennials Move the Multifamily Market — But is Their Reign Almost Over?

by Sarah Daniels January 29, 2020

Gregg Gerken, head of U.S. Commercial Real Estate at TD Bank, appreciates what millennials have done for the nation’s multifamily market. Factors contributing to multifamily’s success in recent years include millennials’ desire to live close to where they work and play, their tendency to delay marriage and kids and their social preferences that often involve roommates or the sharing economy. However, millennials are growing up — and many are aging out of the rental market. For many, those delayed life milestones are upon them. Other generations are waiting in the wings, but will they be enough to sustain the current level of multifamily supply and demand? Gerken tackles all of this and more in the Q&A below. Finance Insight (FI): Multifamily has been a strong performer for a while now. Do you expect this to continue in 2020 and beyond, particularly as millennials start to enter their traditional marrying and childbearing years? Gerken: For 2020, multifamily will continue to be a strong performer. When you look at the long-term demographic trends, however, this activity will trail off a bit as the millennial generation starts to age out of the key renter cohort, which is between the ages of 25 and …

January 29, 2020

Acquisitions Midwest Ohio Retail Top Stories

VICI Properties Completes Acquisition of JACK Cleveland Casino, Thistledown Racino for $843.3M

by Kristin Harlow January 27, 2020

CLEVELAND AND NORTH RANDALL, OHIO — VICI Properties Inc. (NYSE: VICI) has completed the acquisition of JACK Cleveland Casino and JACK Thistledown Racino for approximately $843.3 million. The company financed the transaction with cash on hand. JACK Cleveland Casino opened in May 2012 in the historic Higbee Building in downtown Cleveland. The property features approximately 96,000 square feet of gaming space, 1,300 gaming machines, 120 table games and eight food and beverage outlets. The casino is connected to both the 205-room Ritz-Carlton hotel and the 440-room Renaissance hotel. JACK Thistledown Racino is located in North Randall, about 10 miles southeast of Cleveland. The racino — a combination of a horse racing track and a casino — opened in April 2013. Situated on 129 acres, it features the race track, approximately 57,000 square feet of gaming space, 1,459 gaming machines and six food and beverage outlets. The venue hosts the Ohio Derby horse racing event every summer. The transaction increases VICI’s “exposure to the limited license state of Ohio, which continues to be one of the healthiest gaming markets across the country,” according to John Payne, president and COO of VICI. Simultaneous with the closing of the transaction, VICI entered into …

January 27, 2020

Development Mixed-Use North Carolina Southeast Top Stories

Joint Venture to Develop $95M Mixed-Use Tower in Charlotte

by Alex Tostado January 23, 2020

CHARLOTTE, N.C. — A joint venture between Armada Hoffler Properties Inc. (NYSE: AHH), David Furman of Centro City Works and Charles Campbell of Flagship Healthcare Properties has unveiled plans for Ten Tryon, a 215,000-square-foot mixed-use development in Charlotte. The building will feature a Publix grocery store as well as a Fortune 100 office tenant. The developers expect the project will cost $95 million. The 15-story building, which is being designed to LEED standards, will feature 175,000 square feet of office space, a 340-space parking garage and a 9,000-square-foot indoor/outdoor rooftop restaurant. The project will be situated between 9th and 10th streets on North Tryon Street as part of the larger North Tryon Vision Plan that is geared toward developing and sustaining growth in the neighborhood. Armada Hoffler Construction Co., a wholly owned subsidiary of Armada Hoffler Properties, will serve as the general contractor for the project. The company anticipates breaking ground during the second quarter of 2020 with expected completion in summer 2022. The site is two blocks from the Ninth Street light rail station, providing tenants with multiple transportation options, and offers easy access to Interstate 277 for commuters. “Ten Tryon has everything we look for in a new ground-up development …

January 23, 2020

Market Reports Midwest Midwest Market Reports Missouri Multifamily

Capital Continues to Flow to the City of Fountains

by Kristin Harlow January 23, 2020

Private capital delivered several new investors to Kansas City in 2019 and the new year will undoubtedly see plenty of competitive bidding and elevated pricing. Overall, the investment market continues to be supported by Kansas City’s diversified economy, with job growth weighted on the Kansas side at 2.7 percent over Missouri’s 1.1 percent (as of August 2019). Targeting talent Kansas City’s low cost of living, educated workforce and business-friendly environment attracted several coastal employers to the Heartland. This trend will likely continue in 2020. The U.S. Department of Agriculture announced the relocation of two research agencies from Washington, D.C., representing a landmark win with 525 total jobs. Other wins in 2019 included Honeywell’s centralization of its operational offices from Seattle to Kansas City; Niagara Bottling moving 50 jobs from California; Hostess Brands relocating a distribution center from Illinois; and CarMax announcing 300 jobs for its Customer Experience Center after completing a nationwide search. Annual employment growth (as of August 2019) delivered nearly 20,000 jobs with additions in healthcare, biotech and business services, substantiating the selling point of a diversified economy capable of weathering future storms. Employers have found their fit, but more importantly, their talent is seeing reasons they can …

January 23, 2020

Development Florida Industrial Southeast

Sysco Completes Expansion of 150,000 SF Food Processing Facility in Orlando

by Alex Tostado January 21, 2020

ORLANDO, FLA. — Sysco Corp., a global food distribution and marketing organization, has completed the expansion of FreshPoint Central Florida, a food processing facility located at 8801 Exchange Drive in Orlando. FreshPoint, Sysco’s specialty produce company, operates the facility. The expansion doubles the facility’s size to 150,000 square feet and includes a new culinary center for demonstrations and staging, new equipment for produce processing, LED lighting, energy-efficient coolers and a new system for collecting produce waste. FreshPoint Central Florida stocks a wide variety of locally grown products throughout the year, including tomatoes, citrus, row crop vegetables, Zellwood Triple Sweet Corn, microgreens, peaches, specialty potatoes, tropical fruits, grapes and figs.

January 21, 2020

Loans Multifamily New York Northeast Top Stories

Morgan Stanley Provides $142.6M Refinancing for Multifamily Portfolio in The Bronx

by John Nelson January 21, 2020

NEW YORK CITY — Morgan Stanley (NYSE: MS) has provided $142.6 million in permanent financing for an 18-property multifamily portfolio in the Bronx. The Greenwich, Conn.-based borrower, The Morgan Group, will use the loans to refinance the nearly 1,000-unit portfolio, which includes 29 commercial units. Black Bear Capital Partners (BBCP) arranged the financing in three separate 10-year, interest-only loans. The financing includes a $77 million loan with a fixed interest rate of 3.78 percent; a $33.3 million loan fixed at 3.92 percent; and a $32.3 million loan fixed at 3.65 percent. The low-leverage loan package replaces Morgan Group’s existing debt, which was close to maturation. Bryan Manz, Rob Serra and Emil DePasquale of BBCP arranged the financing for Morgan Group, which owns a large multifamily rental portfolio in the Bronx, Manhattan, Queens, Brooklyn and Westchester County. “BBCP, The Morgan Group, and Morgan Stanley worked diligently to close this complex refinancing package in timely and efficient manner,” says Manz. “We look forward to arranging additional transactions with both parties.” Morgan Stanley is a global financial services firm that operates in more than 41 countries. The company provides investment banking, securities, wealth management and investment management services. Morgan Stanley’s stock price closed …

January 21, 2020

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