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153-Second-Ave.-Waltham-Massachusetts
AcquisitionsHealthcareLife SciencesMassachusettsNortheastOfficeTop Stories

Boston Properties Acquires Two Life Sciences Buildings in Metro Boston for $100M

by Taylor Williams

WALTHAM, MASS. — Boston Properties Inc. (NYSE: BXP) has acquired two life sciences buildings totaling 153,000 square feet in the western Boston suburb of Waltham for $100 million in cash. The seller was an affiliate of Los Angeles-based investment firm Montana Avenue Capital Partners LLC. The buildings, located at 153 and 211 Second Ave., were fully leased to an undisclosed pharmaceutical company at the time of sale. The assets are located adjacent to Boston Properties’ 272,000-square-foot building at 200 West St., a portion of which was recently converted into lab space. That property is 100 percent leased to Translate Bio. Following this transaction, Boston Properties now owns approximately 4.9 million square feet of lab and Class A office properties in the Waltham/Lexington area. The submarket has emerged as a major hub of life sciences construction, with companies such as Greatland Realty Partners, The Davis Cos. and Boston Development Group announcing or breaking ground on new projects in the last few months. Boston Properties holds more than 3 million square feet of life sciences space throughout the greater Boston and Los Angeles areas and has about 1 million square feet of life sciences projects in its development pipeline. “The adjacency to …

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FeaturesRestaurantRetail

Now that the Dust is Settling – The Future of Retail in a Post-Pandemic World

by Jeff Shaw

By Carlos Lopez, Executive Vice President, Hanley Investment Group Real Estate Advisors The fears from the COVID-19 pandemic and the accompanying government-mandated shutdowns and social distancing measures transformed the way Americans, lived, worked, shopped, ate, exercised and watched movies. In many ways, the habits formed during the shutdowns have opened up opportunities to radically change many aspects of life. For the retail industry, the impact of COVID-19 in 2020 was profoundly devastating. For small businesses and restaurants forced to shut down for extended periods of time or quickly modify their business model to accommodate the mandated closures, they were unable to operate and many were forced to close permanently. On the chain retail front, already struggling from the changing consumer preferences and the forces of e-commerce, the lockdowns and mandated closures by governmental agencies was the final nail in the coffin for many. In 2020 alone, an unprecedented number of retailers declared bankruptcy and by November of 2020, nearly 49 chain and national retailers had declared bankruptcy. The amount was greater than retail bankruptcies occurring in 2009 during the financial crisis. Some of the popular retailers and household names of these retailers included: JC Penney, Neiman Marcus, GNC, Brooks Brothers, Sur la …

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FeaturesRetailSoutheast Feature Archive

Vaccines, Stimulus Checks are Giving US Retail Sector a ‘Shot in the Arm,’ Says NRF Chief Economist

by John Nelson

The U.S. federal government is playing an active role in consumer spending with three stimulus packages passed in the past 12 months, which is helping support the economy during this pandemic-induced recession. Americans have received thousands of dollars from the government and are opting to spend their newfound discretionary income on more goods and services, not to mention savings and paying bills. “It helped a lot of individuals get by,” says Jack Kleinhenz, chief economist for the National Retail Federation (NRF), a trade organization for the retail industry. “It was also a good shot in the arm for holiday sales. We had a very good holiday season, a much stronger one than what we forecasted. It was up 8.3 percent year-over-year for November and December combined.” Similarly the widespread implementation of the COVID-19 vaccines manufactured by Pfizer, Moderna and Johnson & Johnson are helping boost in-store shopping for goods and services around the country as people become more confident in patronizing stores and restaurants. As of this writing, about 50.8 percent of all Americans have received at least one dose of one of the COVID-19 vaccines, according to the Centers for Disease Control and Prevention (CDC). The declining infection rates …

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AcquisitionsCompany NewsIllinoisIndianaMidwestTop Stories

Old National Bank, First Midwest Agree to $6.5B Merger Deal

by John Nelson

EVANSVILLE, IND. AND CHICAGO — Old National Bancorp (Nasdaq: ONB) and First Midwest Bancorp Inc. (Nasdaq: FMBI) have entered into a definitive merger agreement valued at $6.5 billion. The two Midwest institutions operate retail bank branches under the Old National Bank and First Midwest Bank brands, respectively. The all-stock transaction is expected to close late this year or early 2022 and is subject to customary closing conditions, including regulatory and shareholder approvals. The boards of directors of both companies have unanimously approved the merger agreement. The “merger of equals” arrangement will allow the banks to compete against other banks and lenders in the Midwest for new business, as well as give both organizations the ability to scale and retain their existing personnel and client base. The combined company will be the sixth-largest bank with headquarters in the Midwest. The transaction calls for First Midwest stockholders to receive 1.1336 shares of Old National common stock for each share of First Midwest common stock they own. Following completion of the transaction, former First Midwest stockholders are expected to collectively represent approximately 44 percent of the combined company. This values First Midwest currently at $2.5 billion, according to Market Watch. The combined assets …

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One Ravinia Drive
AcquisitionsOfficeTop Stories

Franklin Street Properties Corp. Sells Three Office Buildings Near Atlanta for $219.5M

by Julia Sanders

CUMBERLAND AND DUNWOODY, GA. — Franklin Street Properties Corp. (NYSE American: FSP) has completed the sale of three office buildings in metro Atlanta, known as One Overton Park, One Ravinia Drive and Two Ravinia Drive, for $219.5 million. Built in 2002 by Hines, One Overton Park is a 387,267-square-foot office building with 15 floors. The office building is located within Overton Park, a 34-acre mixed-use community in Cumberland, just northwest of Atlanta. Tenants include CBIZ, Gas South and Randstad. One Overton Park’s amenities include a fitness center, dry cleaners, full-service auto salon, café and sundry shop, men’s and women’s locker rooms, conference center, H. Stockton’s clothing store, shoe care salon and a full-service financial center. The architects for the building were Pickard-Chilton Architects and Roy Ashley & Associates. One Ravinia Drive, totaling 386,603 square feet, and Two Ravinia Drive, totaling 442,130 square feet, both rise 17 floors in Dunwoody, a city just north of Atlanta. The two buildings are part of the 42-acre Ravinia development that features three office buildings with 1.6 million square feet of space, a 500-room hotel, conference center and 5,000 parking spots. Hines developed the two buildings in 1985 and 1987, respectively, with architects Kevin Roche …

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MidwestMinnesotaRetail

Best Buy’s First-Quarter Revenue Rises 36 Percent, Driven by Demand for At-Home Tech Products

by Kristin Harlow

RICHFIELD, MINN. — Best Buy Co. Inc. (NYSE: BBY) reported that its revenue increased 36 percent in the first quarter compared with the same period a year ago. The Richfield-based electronics retailer’s first quarter ended May 1. Additionally, enterprise comparable sales increased 37.2 percent. “Customer demand for technology products and services during the quarter was extraordinarily high,” says Corie Barry, CEO. “This demand is being driven by a continued focus on the home, which encompasses many aspects of our lives including working, learning, cooking, entertainment, redecorating and remodeling. The demand was also bolstered by government stimulus programs and the strong housing environment.” As sales momentum is continuing into the second quarter, Best Buy is raising its annual comparable sales growth outlook to a range of 3 to 6 percent, according to CFO Matt Bilunas. In the first quarter, the company generated comparable sales growth across almost all of its categories, with the largest drivers being home theater, computing and appliances. Best Buy’s stock price opened at $121 per share Thursday, May 27, up from $79.08 one year ago. The retailer operates more than 900 stores nationwide.

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Peloton Bethesda Row
DevelopmentIndustrialMidwestOhioTop Stories

Peloton Selects Ohio for First US Manufacturing Facility, Plans to Invest $400M

by John Nelson

TROY TOWNSHIP, OHIO — Peloton Interactive Inc. (Nasdaq: PTON), a manufacturer of popular home bikes and treadmills, has announced plans to build its first U.S. factory in Ohio. The New York City-based company ultimately selected Troy Township for the site of Peloton Output Park, a factory that will produce the company’s Peloton Bike, Bike+ and Peloton Tread products. The facility to be built in Wood County will be located about 16 miles south of Toledo. Peloton plans to commit approximately $400 million to construct the facility, which will join its network of owned and third-party-owned facilities in Asia. “The pandemic has demonstrated the need to on-shore manufacturing and rebuild supply chains, and Peloton’s decision to build its first North American manufacturing facility in Ohio is a great example of an American company stepping up and leading that effort,” says Ohio Gov. Mike DeWine (R). Peloton’s site selection in Troy Township is contingent upon final approvals from state and local officials. The company is working closely with JobsOhio, the Ohio Development Services Agency and the Regional Growth Partnership to bring the project to Wood County. Once approved, Peloton expects to break ground later this summer and be fully operational by 2023. …

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Company NewsMarylandSoutheast

Under Armour’s First-Quarter Sales Exceed Analysts’ Estimates, Surpass Previous Year

by Julia Sanders

BALTIMORE — Athletic apparel giant Under Armour Inc. (NYSE: UA) has reported $1.3 billion in sales in its fiscal first quarter of 2021, a 35 percent jump from last year’s first-quarter sales. The Baltimore-based company’s fiscal first quarter ended on March 31. Under Armour’s earnings in the quarter totaled 16 cents per share, which far surpasses the 3 cents expected by analysts, according to CNBC. The company reported an increase of $1.26 billion in revenue from the $930.2 million recorded in the first quarter of 2020. Additionally, the brand’s net income increased to 17 cents per share, or $77.8 million. Last year, the company experienced a loss of $589.7 million. Under Armour expects its sales to increase by 70 percent in the second quarter compared with second-quarter 2020, the period in which the U.S. economy took the full brunt of the COVID-19 pandemic. As of March 31, Under Armour operated 426 stores. Under Armour’s stock price closed on Wednesday, May 19 at $18.26 per share, up from $7.70 a year ago, a 57.8 percent increase.

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MidwestMinnesotaRetail

Target’s First-Quarter Sales Rise 23 Percent, Pickup Services Grow 90 Percent

by Kristin Harlow

MINNEAPOLIS — Target Corp. (NYSE: TGT) reported that its first-quarter comparable sales grew 23 percent, driven partly by a surge in pickup services. Same-day services such as order pickup and drive-up increased more than 90 percent in the quarter, which ended May 1. Store comparable sales for the Minneapolis-based retailer increased 18 percent, while digital comparable sales grew 50 percent. Target stores fulfilled more than three quarters of its digital sales, according to Brian Cornell, chairman and CEO. The retailer generated $24.2 billion in total revenue for the first quarter, up 23.4 percent from the same period a year ago. Target’s stock price opened at $210.31 per share Wednesday, May 19, up from $123.17 per share one year ago. The retailer operates more than 1,900 stores nationwide.

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DevelopmentIllinoisIndustrialMidwest

IDI Logistics Plans to Build 178,000 SF Industrial Facility on Nearly 12-Acre Site in Chicago

by Kristin Harlow

CHICAGO — IDI Logistics has purchased an 11.7-acre land site located at 3700 S. Morgan St. in Chicago’s Stockyards Industrial Park. The purchase price was undisclosed. IDI plans to build a 178,000-square-foot industrial facility on the site with parking for 212 cars. Completion is slated for the second quarter of 2022. The site provides convenient access to I-55, I-290 and I-90, and is within four miles of the BNSF Intermodal. Matthew Stauber, Evan Djikas, Tom Rodeno and Patrick Turner of Colliers International represented the seller, Joslyn Manufacturing Co., which is a subsidiary of Danaher Corp. IDI has retained Colliers to market the new development for lease.

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