Friday, August 1, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe
Search results for

"stock"

DevelopmentLeasing ActivityMidwestOfficeTop StoriesWisconsin

Fiserv Opens 170,000 SF Global Headquarters in Downtown Milwaukee

by John Nelson

MILWAUKEE — Fiserv Inc. (NYSE: FI), a global payment and financial tech solutions firm, has unveiled its new corporate headquarters in downtown Milwaukee. The 170,000-square-foot office space serves as the new global base for the company, which is relocating from nearby Brookfield, Wis., about 13 miles west of Milwaukee. The new Fiserv offices are part of HUB640, a mixed-use campus that also includes a small-format Kohl’s department store that opened in November. Other tenants include Eight Eleven Group, Abacus Architects and North Shore Healthcare, according to Founders 3 Real Estate Services, which is handling office leasing at HUB640. Chicago-based North Wells Capital LLC owns and operates HUB640. As part of the move, Fiserv was awarded $7 million in TIF (tax increment financing) funding from the City of Milwaukee, under the condition that the company retain 93 percent of its employee base at its new office space. “City of Milwaukee elected officials unanimously chose to partner with Fiserv on this project, and we are confident the decision will be applauded for many years to come,” says Milwaukee Mayor Cavalier Johnson. The new office building is located at 600 Vel R. Phillips Ave., a site that formerly housed the Boston Store, a local …

Continue Reading
FacebookTwitterLinkedinEmail
3-Times-Square-Manhattan
Leasing ActivityNet LeaseNew YorkNortheast

Cushman & Wakefield Negotiates 27,667 SF Office Lease in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Cushman & Wakefield has negotiated a 27,667-square-foot office lease at 3 Times Square in Midtown Manhattan. The tenant, Atlanta-based law firm Kilpatrick Townsend & Stockton, will relocate from the W.R. Grace Building to the 28th floor of the 30-story building, which originally opened in 2001 and recently underwent a capital improvement program. Ron Lo Russo, John Cefaly, John Santora, Paige Engeldrum, Lou D’Avanzo, Mike Burgio and Dan Organ of Cushman & Wakefield, along with internal agent Tom Keating, represented the landlord, Rudin, in the lease negotiations. Mark Weiss and Sam Hollis Jr., also with Cushman & Wakefield, represented the tenant, which joins the likes of Touro University, Remy Cointreau and accounting firm Anchin, Block & Anchin

Continue Reading
FacebookTwitterLinkedinEmail
Starbucks_Visalia-Calif
AcquisitionsCaliforniaRestaurantRetailWestern

Hanley Brokers $3.4M Sale of Starbucks-Occupied Property in Visalia, California

by Amy Works

VISALIA, CALIF.— Hanley Investment Group Real Estate Advisors has brokered the $3.4 million sale of a 2,000-square-foot, single-tenant property in Visalia, located in the San Joaquin Valley between Fresno and Bakersfield. Starbucks Coffee occupies the building, which was constructed on 0.6 acres in 2023 and features a double drive-thru. Sean Cox, Alexander Moore, Bill Asher and Kevin Fryman of Hanley represented the developer and seller, Stock Five Development, in the transaction. David Mouallem of D.M. Realty Inc. represented the buyer, a Los Angeles-based private investor. 

Continue Reading
FacebookTwitterLinkedinEmail
Katie Balderrama Walker & Dunlop LIHTC quote
Affordable HousingContent PartnerDevelopmentFeaturesLoansMidwestMultifamilyNortheastSoutheastTexasWalker & DunlopWestern

LIHTC Program Offers Lifeline to Struggling Multifamily Developers

by Sarah Daniels

It’s a tough time for much of multifamily development, but the Low-Income Housing Tax Credit (LIHTC) program offers incentives that make much-needed affordable housing comparatively easier to achieve under the current economic conditions. Building is expensive and financing is tight in the current multifamily market. However, as it has for the last 30 years, the LIHTC program provides solutions that increase the ease of creating and sustaining affordable housing, even when the overall multifamily market faces challenges. The program not only promotes the construction and acquisition of housing but also enforces conditions that help maintain the stability and preservation of affordable properties. The program is also needed to address the demand for affordable housing. The National Low Income Housing Coalition estimates that extremely low-income households represent 25 percent of the nation’s 44.1 million renters and reports a shortage of 7.3 million affordable and available rental homes. Historical Financial Resilience “The LIHTC asset class is resilient, if not countercyclical, under challenging economic times,” says Katie Balderrama, executive vice president of affordable equity at Walker & Dunlop. The firm typically sees a foreclosure rate of under 1 percent on properties supported by LIHTC. “Overall, our affordable housing assets tend to perform fairly …

Continue Reading
FacebookTwitterLinkedinEmail
Seabrook-Square-Austin
Features

Time for Debt Market to Hit the ‘Reset’ Button

by Taylor Williams

By Taylor Williams At its mid-December 2023 meeting, the Federal Reserve delivered the news that investors of all types were waiting for: the cycle of interest rate hikes had concluded and that as many as three rate cuts could be forthcoming in 2024.  But the first rate cut by the Fed won’t occur until at least March. That’s when the Federal Open Market Committee (FOMC) is scheduled to meet again. In January, the FOMC opted to hold interest rates steady, keeping the target range for the federal funds rate at 5.25 to 5.5 percent. The January jobs report, which showed total nonfarm payroll employment rose by 353,000 — nearly double many economists’ forecasts — has clouded the issue of when rate cuts may be forthcoming. A robust job market argues against the need for immediate rate cuts. The Fed’s every move is tracked closely by the stock market, which responded with a furious rally in December 2023 on expectations for rate cuts in 2024. The Dow Jones Industrial Average closed above 37,000 on Dec. 13, a record high at the time, within hours of the Fed indicating the possibility of three rate cuts of a quarter percentage point each in …

Continue Reading
FacebookTwitterLinkedinEmail
Company NewsNew YorkNortheastRetailTop Stories

Macy’s to Close 150 Namesake Stores, Open More Bluemercury and Bloomingdale’s Stores

by John Nelson

NEW YORK CITY ­— Macy’s Inc. (NYSE: M) has announced plans to close 150 of its namesake department stores over the next three years. According to the retail giant, these stores represent 25 percent of the company’s gross square footage as of fiscal year-end 2023 but only account for 10 percent of sales. (Macy’s fiscal 2023 ended Feb. 3, 2024.) Macy’s anticipates closing approximately 50 stores by the end of fiscal year 2024, the locations of which have not been disclosed, though CNBC reports some are located in California, Florida, Hawaii and Virginia. Other elements of the retailer’s real estate optimization strategy, which it is naming “A Bold New Chapter” in its investor materials, includes reinvesting in its remaining 350 stores. “Over the past several years, we have taken proactive actions to fortify our operations, including strengthening our balance sheet, managing expenses and tightening inventory controls,” says Adrian Mitchell, chief operating officer and chief financial officer of Macy’s. “The dedicated work of our teams delivered a solid close to 2023 and provides a strong foundation for us to execute A Bold New Chapter.” As part of the plan, Macy’s will open at least 30 Bluemercury stores, the company’s smaller footprint …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIndustrialTexas

Partners Real Estate Arranges Sale of 9,283 SF Industrial Building in Northwest Houston

by Taylor Williams

HOUSTON — Partners Real Estate has arranged the sale of a 9,283-square-foot industrial building in northwest Houston. According to LoopNet Inc., the single-tenant property at 10959 Cutten Road was built in 2004 and features 16-foot clear heights and 20 dock-high doors. Wyatt Huff and Hunter Stockard of Partners represented the buyer, M-Tech Electric LLC, in the transaction. Nick Bergmann of CBRE represented the undisclosed seller.

Continue Reading
FacebookTwitterLinkedinEmail
Anacapa-Canyon-Camarillo-California
CaliforniaDevelopmentMultifamilyTop StoriesWestern

Kennedy Wilson Nears Completion of 579-Unit Anacapa Canyon Multifamily Project in Camarillo, California

by Taylor Williams

CAMARILLO, CALIF. — Global investment and development firm Kennedy Wilson (NYSE: KW) is nearing completion of Anacapa Canyon, a 579-unit multifamily project in the Southern California community of Camarillo. Anacapa Canyon, a 32-acre master-planned development, consists of 310 market-rate apartments, 109 for-sale, single-family homes and 170 income-restricted apartments for senior citizens. The first move-ins are underway, and full completion of the project is slated for the third quarter. Kennedy Wilson developed Anacapa Canyon in a public-private partnership with California State University Channel Islands (CSUCI) and partnered with Comstock Homes, as well as Hearthstone, on the single-family home component of the development. The affordable seniors housing units are fully preleased to qualified renters. The firm also developed various pieces of infrastructure in conjunction with the apartments, which Kennedy Wilson owns in their entirety. Residential amenities at Anacapa Canyon include multiple pools with an accompanying spa, a community garden, game room, event lounge, fitness center, dog parks and various open green spaces and pocket parks. “We are encouraged by the early interest in both leasing and home sales at Anacapa Canyon, which is a testament to the inclusive community we have created, its unique offerings and the continued demand for high-quality homes …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIllinoisMidwestRestaurantRetail

Marcus & Millichap Negotiates $2.4M Sale of IHOP-Occupied Property in Springfield, Illinois

by Kristin Harlow

SPRINGFIELD, ILL. — Marcus & Millichap has negotiated the $2.4 million sale of a 4,480-square-foot property occupied by IHOP in Springfield. The building is situated at 2600 Sunrise Drive just north of Capital City Shopping Center, which is home to AMC, Big Lots, Panera and McDonald’s. Mark Ruble and Chris Lind of Marcus & Millichap represented the seller, a limited liability company. Steven Weinstock of Marcus & Millichap assisted in closing the transaction, including a triple-net lease with a franchisee and 10 percent rental increases every five years.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentIndustrialNew YorkNortheastTop Stories

GlobalFoundries Plans $11.6B Expansion of Semiconductor Manufacturing Plant in Upstate New York

by John Nelson

MALTA, N.Y. — GlobalFoundries (NASDAQ: GFS), a leading semiconductor manufacturer headquartered in Upstate New York, plans to invest a total $11.6 billion over the next 10 years to expand its Fab 8 manufacturing base in Malta, a city north of Albany in Saratoga County. The investment includes an expansion of its existing facility and the development of a new 358,000-square-foot plant. GlobalFoundries says the investment will triple its capacity to manufacture semiconductors, with the ultimate goal of producing 1 million semiconductor wafers per year at its Malta campus at full operation. The planned enhancements will create more than 1,500 direct jobs and 9,000 indirect construction jobs over the next 10 years, according to the office of New York Gov. Kathy Hochul. Concurrently, GlobalFoundries will receive $1.5 billion in direct funding from the U.S. Department of Commerce as part of the U.S. CHIPS and Science Act, a law ratified by U.S. President Joe Biden in Aug. 2022. The company will use the federal government funding in the Malta projects, as well as for enhancements planned at GlobalFoundries’ Fab 9 facility in Essex Junction, Vt. Also known as computer chips, semiconductors are an essential element of nearly all electronic and computing devices, including …

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts