Wednesday, January 14, 2026
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Home Depot Plans Four New Distribution Centers for Professional Customers

by Jeff Shaw

DETROIT, LOS ANGELES, SAN ANTONIO AND TORONTO — The Home Depot Inc. (NYSE: HD) has announced plans for four new distribution centers in Detroit, Los Angeles, San Antonio and Toronto. The new facilities are a key component of the company’s efforts to cater to professional customers such as developers, general contractors, remodelers and property managers. The new distribution centers will stock large, bulky merchandise such as lumber, insulation and roofing shingles. The new distribution centers are expected to open in the first half of this year. Home Depot has opened similar hubs across the U.S. and expects to have 17 facilities equipped with new capabilities for pros by the end of 2024. In addition to the new distribution centers, Home Depot plans to expand its offerings to professional customers with localized product assortment tailored to each market, digital tools to manage complex orders, and special credits and pricing for professional customers. “Over the last several years, we have been investing to deliver a faster, more convenient, differentiated experience for our pros,” says Chip Devine, senior vice president of outside sales for Home Depot. “Our distribution network is one piece of the comprehensive pro ecosystem we’re building to better meet the needs …

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RetailSoutheastTop StoriesVirginia

Dollar Tree to Close 1,000 Stores Nationwide

by Kristin Harlow

CHESAPEAKE, VA. — In its fourth-quarter fiscal 2023 results released today, Dollar Tree Inc. (NASDAQ: DLTR) announced that it plans to close approximately 970 underperforming Family Dollar stores. In addition, Chesapeake-based Dollar Tree identified approximately 30 underperforming Dollar Tree stores for closure. Roughly 600 Family Dollar stores are slated to close in the first half of fiscal 2024, with about 370 Family Dollar locations and the 30 Dollar Tree locations set for closure at the end of each store’s current lease term. Years of mismanagement and poor conditions in stores have hurt Family Dollar’s brand, reports CNN. The discount chain is known for catering to low-income customers predominately in cities. Dollar Tree, which focuses more on middle-income shoppers in suburbs, bought Family Dollar in 2015 for $8.5 billion. While Family Dollar has struggled, rival Dollar General has opened about 1,000 stores per year, making it the fastest-growing retailer in the United States, according to CNN. Dollar General’s portfolio totals around 18,000 stores. For the quarter that ended Feb. 3, Dollar Tree reported a net loss of $1.71 billion compared with a profit of $452.2 million during the same period last year. Part of the loss is attributed to “a comprehensive …

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Affordable HousingDevelopmentMidwestMultifamilyOhio

Woda Cooper Breaks Ground on $13.8M Affordable Housing Community in Zanesville, Ohio

by Kristin Harlow

ZANESVILLE, OHIO — Woda Cooper Cos. Inc. has broken ground on Munson Crossing, a 43-unit affordable housing community in Zanesville, about 50 miles east of Columbus. The co-developer for the $13.8 million project is Housing Services Alliance. Munson Crossing is located in the West Main Street Community Reinvestment Area (CRA) on the site of the former Munson Elementary School building, which was demolished last year. Munson Crossing will provide 14 one-bedroom units that offer 663 square feet, 23 two-bedroom apartments with 858 square feet and six three-bedroom units totaling 1,105 square feet each. Projected rental rates will range from $330 to $1,025 per month, depending on unit size and the resident’s income. All units are reserved for tenants whose income is 30 to 80 percent of the area median income. Amenities will include a multipurpose room with kitchenette, package room, laundry room and dedicated supportive service space. The project received housing tax credits allocated by the Ohio Housing Finance Agency, which also provided an equity bridge loan and will provide a second permanent mortgage. PNC Bank provided $6.1 million in Low-Income Housing Tax Credit equity. RiverHills Bank is the construction lender, providing a loan of $7.8 million. Cedar Rapids Bank …

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DevelopmentMidwestRetailTop StoriesWisconsin

Kohl’s to Roll Out 200 Babies R Us, 140 Sephora Stores at Its Retail Locations This Year

by John Nelson

MENOMONEE FALLS, WIS. — Kohl’s (NYSE: KSS) has announced plans to roll out 200 Babies R Us shops this fall at existing Kohl’s locations. The first Babies R Us shop will debut at an undisclosed Kohl’s store in August. Additionally, the company plans to open 140 more Sephora shops at Kohl’s this summer. The Menomonee-based retail giant is partnering with WHP Global, the owner of the Babies R Us brand, in the rollout. WHP Global purchased the Babies R Us and Toys R Us brands in 2021, four years after the brands’ parent company filed for Chapter 11 bankruptcy. WHP Global is undertaking a similar rollout of Toys R Us locations at cruises and airports, along with new flagship stores. Kohl’s has more than 850 Sephora shops within Kohl’s stores, with each Sephora occupying roughly 2,500 square feet. Currently there are Sephora shops within Kohl’s stores across 48 states. “Not only are we well on our way to having a Sephora presence in every Kohl’s store across America, but we’re also seeing strong sales momentum from our current stores, and the experience is bringing new customers to Kohl’s,” says Nick Jones, Kohl’s chief merchandising and digital officer. Kohl’s reports that …

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Target
DevelopmentRetailTop Stories

Target Announces Plans to Open 300 Stores, Enhance 2,000 Locations

by Katie Sloan

MINNEAPOLIS — Retail giant Target Corp. (NYSE: TGT) has announced plans to open 300 stores and enhance the majority of its 2,000-store portfolio.  The news comes on the heels of the company’s fourth-quarter 2023 earnings reports, which saw comparable sales and traffic trends improving for the second consecutive quarter. Target also plans to invest in its supply-chain operations in hopes of bolstering its next-day delivery options through the use of artificial intelligence for improved inventory efficiency. Enhancements to the Minneapolis-based company’s existing portfolio are set to include remodels adding Ulta Beauty “store-within-a-store” locations, upgrading fixtures and additions that help support same-day services. According to Target’s most recent earnings reports, same-day services like in-store pickup, drive-up and Shipt deliveries represent more than 10 percent of total sales and increased by 13.6 percent in the fourth quarter of 2023. Details on the 300 new locations were not released. The company has also announced plans to reintroduce its loyalty membership program, Target Circle, with a number of membership options that build off of each other. While Target Circle will remain free to join, a new paid membership will be introduced dubbed Target Circle 360, which allows consumers unlimited and free same-day product delivery.  …

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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 …

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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

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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. 

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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 …

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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 …

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