Search results for

"stock"

Finmarc Management Sells Industrial Portfolio in Woodbridge, Virginia for $104.2M

by Julia Sanders August 26, 2021

WOODBRIDGE, VA. — Finmarc Management Inc. has sold a 14-building industrial portfolio in Woodbridge for $104.2 million. The buyer was a joint venture between Stockbridge Capital Group and Rosenthal Properties. Gerry Trainor, Caulley Derringer and Jim Cardellichio of Transwestern represented Finmarc in the transaction, and Joe Hoffman of Kelley Drye & Warren provided legal services to the Bethesda, Md.-based firm. The portfolio, which is located within Featherstone Industrial Park, includes nearly 740,000 square feet of warehouse and industrial space. The portfolio was 93 percent leased at the time of sale to tenants including Coleman Worldwide Moving, Foundation Building Materials, General Services Administration and Joe Moholland Moving. Featherstone Industrial Park is located adjacent to Jefferson Davis Highway, two miles from Interstate 95, 25 miles from Washington, D.C. and 30 miles from Dulles International Airport. The properties were part of a larger 16-building portfolio acquired by Finmarc in 2017.

August 26, 2021

Market Reports Northeast Northeast Market Reports

How New York City Construction Firms Can Position Themselves for Leadership Transitions

by Taylor Williams August 25, 2021

By Phil Ross, CPA, accounting & audit partner, Anchin, Block & Anchin LLP After nearly 15 months of shutdowns and restrictions, New York City has taken a major step forward. Seventy percent of the city’s residents are now vaccinated, and restrictions significantly reduced across the area’s commercial spaces, from offices and retail to dining and hospitality. Mask mandates have been lifted and the hum of the metro area’s business districts is growing loud again. With an expected increase in demand for building upgrades and repositioning services to meet new market needs, as well as new projects across housing, infrastructure and healthcare, the construction sector is poised to see a more robust pipeline. During the pandemic slowdown, construction firms were understandably more focused on the short term. But with the market back on the upswing, now is the time to refocus on long-term goals and strategies. A major part of this is ensuring you have an internal organizational pipeline to continue growth well into the future and maintain your firm’s legacy of success. This is just as important as creating a business development strategy and building up a backlog of projects. Transitioning a construction business for the next generation and beyond …

August 25, 2021

Content Partner Features Leasing Activity Midwest Multifamily Northeast Single-Family Rental Southeast Texas Walker & Dunlop Western

Multifamily Outlook: Growth Undiminished by Pandemic-Related Disruptions

by Sarah Daniels August 23, 2021

The Roaring ’20s and the Great Wealth Transfer The United States is well on a path of recovery from the COVID-19 pandemic shutdown that began in March 2020. More than 60 percent of the U.S. population has now received at least one dose of the vaccine, and more than half are fully vaccinated. Those figures increase significantly by age, particularly for the 65+ population[1]. The economy is booming this year — it is estimated to have grown by 7.8 percent[2] in the second quarter following 6.4 percent growth in the first quarter of 2021. Unemployment remains low at 5.9 percent in June due to 7.9 million jobs created in the past year. Retail sales are up by 23 percent year-over-year.[3] Even the battered restaurant industry has recovered, with sales again surpassing grocery sales as of April 2021. Pandemic-induced disruptions to labor and trade finally began showing in inflation figures. Even excluding the more volatile food and energy sectors, inflation soared from 1.6 percent in March to 4.5 percent in June, the highest pace since 1991. However, expectations are that the price pressure is a temporary adjustment as the economy recovers. Core inflation is expected to end the year at around 2.2 …

August 23, 2021

Georgia Retail Southeast

Home Depot Reports Fewer Customer Transactions in Second Quarter Due to Less DIY Projects

by Julia Sanders August 19, 2021

ATLANTA — Atlanta-based Home Depot (NYSE: HD) reported a drop of 5.8 percent in customer transactions in its fiscal second quarter that ended in August 2021, but the average ticket of customer sales was 11.3 percent larger than last year. As people go back to working in an office after working from home since the beginning of the pandemic, fewer shoppers visited Home Depot during the fiscal second quarter due to less interest in do-it-yourself projects, according to CNBC. The home improvement retailer reported $41.1 billion in sales during its fiscal second quarter, which was 8.1 percent higher than the same period in 2020. Last year, the retailer’s revenue was approximately $38.05 billion. According to a Refinitiv survey, the retailer’s second-quarter revenue was higher than what Wall Street expected at $40.79 billion. Additionally, Home Depot’s earnings per share was $4.53, which was higher than the $4.44 expected by Wall Street. Home Depot’s same-store sales are up 3.4 percent from the second quarter of 2020 to the second quarter of 2021 but it’s less than the 25 percent jump from the second quarter of 2019 to the same period in 2020. Home Depot’s stock price closed on Wednesday, Aug. 18 at …

August 19, 2021

Company News Texas

AECOM to Relocate Global Headquarters from Los Angeles to Dallas

by Taylor Williams August 19, 2021

DALLAS — AECOM (NYSE: ACM) will relocate its global headquarters from Los Angeles to Dallas, the engineering and infrastructure consulting giant said in a statement earlier this week. Beginning on Oct. 1, select corporate leaders, including CEO Troy Rudd, will join the 1,200-plus employees who currently work at AECOM’s Dallas office at 13355 Noel Road, as well as the firm’s other offices across Texas. About 2,500 employees will continue to work in the California offices, including Los Angeles. The company cited the market’s talent pool for engineering and infrastructure consulting as a key factor in its decision to relocate, while also crediting the “additional benefits as a corporate hub” that Dallas offers. AECOM, a Fortune 500 company, accrued $13.2 billion in revenue in its 2020 fiscal year. The company’s stock price closed at $63.19 per share on Wednesday, Aug. 18, up from $38.19 per share a year ago.

August 19, 2021

Arkansas Retail Southeast

Walmart Sees Increases in Second-Quarter Revenue Due to E-Commerce, Grocery Shopping

by Julia Sanders August 18, 2021

BENTONVILLE, ARK. — Bentonville, Ark.-based Walmart Inc. (NYSE: WMT) has seen an increase in revenue during its fiscal second quarter of 2021, which ended on July 31. Walmart’s total revenue was $141 billion, an increase of 2.4 percent year-over-year. According to Refinitiv, the discount retailer’s earnings per share was $1.78 adjusted, while it was expected to be $1.57, and the company’s revenue was $141.05 billion, higher than the $137.17 billion expected. The retailer revised its 2021 forecast and is now predicting its earnings per share to range from $6.20 to $6.35. Walmart’s net income declined to $4.28 billion from what it was a year prior at $6.48 billion. Walmart reported an increase in its grocery sales with 6.1 percent of revenue from groceries. The company’s food sales grew $2.4 billion more than a year ago, which CNBC attributes to customers being attracted to the cheaper food prices at Walmart. Additionally, the retailer’s e-commerce sales grew by 6 percent. Walmart predicts its global e-commerce sales will go up to $75 billion this year. CNBC also reports that grocery sales and e-commerce has slowed compared to when the pandemic first started and everyone was rushing to buy enough food, toilet paper and …

August 18, 2021

Acquisitions California Multifamily Top Stories Western

IPA Brokers $275M Sale of Two-Property Multifamily Portfolio in Hermosa Beach

by Kristin Harlow August 18, 2021

HERMOSA BEACH, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $275 million sale of two adjacent multifamily properties in Hermosa Beach, a beachfront city in Los Angeles County. The 285-unit Playa Pacifica sold for $162.5 million, while the 169-unit The Gallery sold for $112.5 million. Built in 1972, Playa Pacifica was partially renovated in 2015 and 2016. The average unit size is 590 square feet. Amenities include two solar-heated pools, a fitness center, business center, clubhouse, spa and outdoor lounge with barbecue area. The Gallery was built in 1971 and partially renovated in 2003 and 2004. Units average 831 square feet. Amenities include a pool, fitness center, spa, sauna and covered parking. Both communities are located near Hermosa Beach Pier. Neighborhood attractions include The Strand and Greenbelt Park, along with beachfront nightlife and restaurants. Kevin Green, Greg Harris and Joseph Grabiec of IPA represented the seller, an institutional investor, and procured the buyer, Prime Residential. Previously, the IPA team brokered the sale of the properties in 2006 for $133 million. “The sale represents the acquisition of 24 percent of the entire apartment stock in Hermosa Beach and nearly 70 percent of the like-kind …

August 18, 2021

Loans Multifamily Texas

Greystone Provides $27.6M HUD-Insured Loan for Refinancing of Metro Houston Apartments

by Taylor Williams August 17, 2021

HUMBLE, TEXAS — Greystone has provided a $27.6 million HUD-insured loan for the refinancing of Willowbend Apartments, a 228-unit multifamily complex located in the northern Houston suburb of Humble. Built in 2016, the 10-building property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, pet park and an outdoor kitchen with grilling areas. Eric Rosenstock of Greystone originated the financing, which was structured with a fixed interest rate and a 35-year term and amortization schedule, through HUD’s 223(f) program on behalf of the borrower, Partin Properties LLC.

August 17, 2021

Company News Hospitality Illinois Midwest Top Stories

Hyatt Agrees to Acquire Hospitality Operator Apple Leisure Group for $2.7B

by Taylor Williams August 16, 2021

CHICAGO — Hyatt Hotels Corp. (NYSE: H) has agreed to acquire Apple Leisure Group (ALG), a Pennsylvania-based firm that specializes in third-party operations of luxury wellness resorts, for $2.7 billion. The transaction comes as part of the Chicago-based hotel giant’s initiative to sell off $2 billion in real estate holdings by the end of 2024 and focus its growth strategy on the operations side of the hospitality business. Hyatt expects to sell $1.5 billion of its real estate assets by the end of this year, which would result in more than $3 billion in sales since the strategy was announced in 2017. Mark Hoplamazian, Hyatt president and CEO, notes that under this strategy, he expects that 80 percent of the company’s revenue stream will be fee-based earnings by the end of 2024. “The addition of ALG’s properties will immediately double Hyatt’s global resorts footprint,” says Hoplamazian. “ALG’s portfolio of luxury brands, leadership in the all-inclusive segment and large pipeline of new resorts will extend our reach in existing and new markets, including Europe, and further accelerate our industry-leading net rooms growth.” ALG’s operations portfolio spans 33,000 rooms across 100 properties in 10 countries. ALG’s resort brand management platform AMResorts provides …

August 16, 2021

Content Partner Features Industrial Loans Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Walker & Dunlop: Excess Capital Makes for Competitive Lending Environment

by Sarah Daniels August 11, 2021

The third quarter of 2020 was the beginning of a significant rebound for capital markets in commercial real estate. After banks and other lenders slowed their activity during the pandemic, lenders and equity investors regained their momentum — particularly in multifamily and industrial — a trend that has continued through the third quarter of 2021. It’s a good time to be a borrower, explains Mark Strauss, managing director of capital markets, and Rob Quarton, senior director of capital markets, with Walker & Dunlop’s Irvine, California, office. Vigorous Lending Markets Currently, Quarton explains, “Banks are really competitive. Debt funds are also aggressive — their funding mechanisms, like collateralized loan obligations (CLOs), have come back strong. Further, insurance companies are under allocated to real estate, which increases their annual volume targets and desire to win more business. Consumers have been purchasing more life insurance policies and insurance in general post pandemic, which provides dry powder for insurance companies to invest. In general, lending markets are very robust today, with ample options for lenders up and down the capital stack.” “Lenders have yearly production quotas, and I don’t think any of them hit their quotas last year,” adds Strauss. “This caused an overhang of …

August 11, 2021

Newer Posts

Older Posts