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4S Bay Partners Acquires Redevelopment Site in Baldwin Hills Crenshaw Corridor of Los Angeles for $24M

by Amy Works February 23, 2021

LOS ANGELES — Chicago-based 4S Bay Partners has purchased a 1.8-acre land parcel at 3701 W. Stocker St. in the Baldwin Hills Crenshaw Corridor of Los Angeles. Sticks Holdings LLC and an affiliate of Optimus Properties sold the asset for $24 million. James Daughrity of Daughrity Real Estate represented the buyer and seller in the deal. The property is located in a designed Opportunity Zone with a transit-oriented development designation, which allows for pedestrian-friendly and community-serving uses. The parcel currently contains a 45,000-square-foot, four-story office structure, which was built in 1954. Additionally, the site is in proximity to the planned Metro Crenshaw/LAX light rail transit line. The buyer previously purchased 3731, 3741, 3751 and 3761 W. Stocker St. all within the Baldwin Hills Crenshaw Corridor. Los Angeles-based Pantheon Business Consulting will manage the development of the sites. Potential development plans include a multi-use film studio, entertainment campus and business incubator redevelopment project in line with 4S Bay Partners’ social impact and community development mission to increase economic development within underserved and urban communities. According to 4S Bay, the project’s vision is to partner with creatives, thought-leaders and non-profits surrounding South Los Angeles to create economic opportunities and amplify storytelling about …

February 23, 2021

Company News New York Northeast Retail

Macy’s Fourth-Quarter Results Exceed Company Expectations via Strong Digital Sales Growth

by Taylor Williams February 23, 2021

NEW YORK CITY — Macy’s Inc. (NYSE: M) reported fourth-quarter results that exceeded the company’s expectations, thanks to 21 percent year-over-year growth in digital sales across all of its brands. In addition, the department store chain reported that comparable in-store sales during the period that included the holiday shopping season were down 17 percent. However, that performance beat the company’s projections, and contributed to Macy’s posting its first profitable quarter in a year, CNBC reported. Product categories such as home beauty and jewelry led the pronounced spike in digital sales, and Macy’s CEO Jeff Gennette said that the company anticipates that within the next three years, it will reach $10 billion in annual online revenue. In February 2020, the company announced that it planned to close 125 underperforming stores, or about 20 percent of its total count, by early 2023. Macy’s stock price opened at $15.31 per share on Tuesday, Feb. 23, down slightly from $15.68 per share a year ago.

February 23, 2021

Midwest Retail Wisconsin

Kohl’s Rejects Investor Group Takeover Attempt

by Kristin Harlow February 23, 2021

MENOMONEE FALLS, WIS. — Kohl’s Corp. (NYSE: KSS) has rejected the attempt by an investor group to seize control of its board of directors, saying the effort would disrupt the company’s momentum and growth strategy. The investor group consists of Macellum Advisors GP LLC, Legion Partners Holdings LLC, Ancora Advisors LLC and 4010 Capital LLC. The Kohl’s board and management team had been engaged in discussions with the group since early December, but this week was the first time the group shared its plans to create value. Kohl’s says its strategic plan already includes several initiatives they propose and that some ideas would not be accretive to shareholder value. The investors wanted to add directors with deep retail experience, cut executive compensation, slash inventory levels and consider selling noncore real estate, according to CNBC. The Kohl’s board will continue to engage with the investor group with the goal of identifying new ideas that could enhance shareholder value. Based in Menomonee Falls, Kohl’s operates more than 1,100 stores in 49 states. The retailer’s shares soared more than 8 percent in trading Monday, according to CNBC. The stock price closed at $55.97 per share Monday, up from $43.13 per share one year …

February 23, 2021

Leasing Activity New York Northeast Restaurant Retail

Plant-Based Concept to Open Restaurant at 1245 Broadway in Manhattan

by Taylor Williams February 23, 2021

NEW YORK CITY — Los Angeles-based chef Matthew Kenney will open a plant-based restaurant concept at a 7,900-square-foot space at 1245 Broadway in Manhattan. Anthony Stanford and Henry Rossignol of CBRE represented the tenant and the landlord, a partnership between locally based developer GDSNY and Stockholm-based Klovern, in the negotiations.

February 23, 2021

Development Illinois Industrial Midwest Top Stories

Wayfair Plans 1.2 MSF Fulfillment Center in Metro Chicago, Will Add 250 Full-Time Jobs

by Taylor Williams February 22, 2021

ROMEOVILLE, ILL. — Wayfair Inc. (NYSE: W) has announced plans for a 1.2 million-square-foot fulfillment center on a 60-acre tract in Romeoville, located along the Interstate 55 corridor about 30 miles southwest of downtown Chicago. Construction of the facility is scheduled to begin this spring with a projected opening date of mid-2022. The Boston-based online furniture retailer anticipates hiring about 250 people on a full-time basis at the facility, with that figure expected to grow to as many as 500 positions over time. The new facility will be located on Renwick Road near the Lewis University Airport. As part of the development, the Village of Romeoville partnered with Illinois State Sen. John Connor to secure funding for a road extension from Airport Road to Renwick Road. “Our new fulfillment center in Romeoville will enable us to further scale our shopping experience to meet the needs of our rapidly growing customer base in the greater Chicago region and across the U.S.,” says Thomas Netzer, COO of Wayfair. “Online retail continues to be the dominant force in the market today,” adds Romeoville Mayor John Noak. “Facilities such as this are large property and sales tax generators, which provide additional funding to our …

February 22, 2021

Company News Hospitality Maryland Southeast

Marriott Posts First Annual Loss Since 2009 as COVID-19 Loomed Large in 2020

by Julia Sanders February 18, 2021

BETHESDA, MD. — Marriott International (NASDAQ: MAR) posted a net income loss of $267 million for 2020, which The Wall Street Journal reports is the hotel giant’s first annual loss since 2009. The company posted a net loss of $164 million in fourth-quarter 2020, which is a significant drop from its net income of $279 million in fourth-quarter 2019. The COVID-19 pandemic materially changed global traffic patterns for both leisure and business travelers in 2020, and Marriott’s hotels bore the brunt of the subdued demand for hotel rooms, as well as conventions and conferences. “With the global pandemic, 2020 was the most challenging year in our 93-year history,” says Stephanie Linnartz, Marriott’s group president of consumer operations, technology and emerging businesses. Linnartz, along with Tony Capuano, are overseeing Marriott’s day-to-day operations of corporate matters in the wake of president and CEO Arne Sorenson’s passing earlier this week. On April 14, 2020, the Transportation Security Administration (TSA) reported its lowest travel volume of only 87,500 passengers throughout all TSA checkpoints nationwide, representing just 4 percent of passenger volume recorded on the same weekday in 2019. Average travel volume per day between Thanksgiving and New Year’s Eve, which is typically TSA’s busiest …

February 18, 2021

Acquisitions Industrial Michigan Midwest Self-Storage

Marcus & Millichap Arranges Sale of 764-Unit Self-Storage Facility Near Grand Rapids

by Kristin Harlow February 17, 2021

COMSTOCK PARK, MICH. — Marcus & Millichap has arranged the sale of a CubeSmart self-storage property in Comstock Park, about six miles north of Grand Rapids. The facility spans 79,420 square feet with 764 climate-controlled units. The property, which opened in January 2020, sits on 3.2 acres at 4150 Alpine Ave. Brian Kelly, Brett Hatcher and Gabriel Coe of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured the buyer, Pogoda Cos. The sales price was undisclosed.

February 17, 2021

Acquisitions Arizona California Colorado Industrial Loans Western

CBRE Arranges $46.7M Acquisition Loan for Four-Property Industrial Portfolio in Western United States

by Amy Works February 17, 2021

ENGLEWOOD, COLO., COMPTON AND STOCKTON, CALIF., AND PHOENIX — CBRE has secured a $46.7 million loan on behalf of San Diego-based Westcore Properties for the acquisition of a four-property industrial portfolio in Colorado, California and Arizona. Totaling 704,065 square feet, the assets are 14101 E. Otero Avenue in Englewood, 19515 S. Susana Road in Compton, 1551 S. Fresno Avenue in Stockton and 4455 W. Camelback Road in Phoenix. The properties have a combined vacancy rate of more than 50 percent, providing a value-add opportunity to reposition the space for new tenants. Mark McGovern, Brian Cruz and Colby Matzke of CBRE’s Debt and Structured Finance team in San Diego arranged the loan for the buyer.

February 17, 2021

Company News Healthcare Northeast Retail Rhode Island

CVS Reports $69.5B in Fourth-Quarter Revenue, Beats Analysts’ Expectations

by Taylor Williams February 16, 2021

WOONSOCKET, R.I. — CVS Health Corp. (NYSE: CVS) reported fourth-quarter revenue of $69.5 billion, exceeding the $68.7 billion projected by analysts, as the Rhode Island-based drugstore and pharmacy expanded its COVID-19 testing and vaccination services. CVS also reported quarterly net income of $975 million, down from $1.7 billion in the fourth quarter of 2019. In addressing the earnings report, CEO Karen Lynch said that the company expects to roll out a wider range of healthcare services in 2021. The stock price of CVS, which operates about 10,000 stores across the United States, opened at $73.57 on Tuesday, Feb. 26, up from $71.19 per share a year ago.

February 16, 2021

Acquisitions Industrial Net Lease Retail Top Stories

W.P. Carey Acquires 1.5 MSF National Portfolio of Net-Leased Properties for $149M

by Taylor Williams February 15, 2021

NEW YORK CITY — W.P. Carey Inc. (NYSE: WPC) has acquired a 1.5 million-square-foot portfolio of net-leased properties for $149 million. The acquisition comprises three separate deals involving industrial and retail properties in various markets, including California, New Jersey and Pennsylvania. In the first deal, the New York City-based REIT acquired two cold storage production and distribution facilities in California’s Central Valley region. The tenant, a summer fruit grower, sold the properties to W.P. Carey for $75 million in a sale-leaseback transaction. The tenant signed a 25-year, triple-net lease with fixed annual rent increases. In the second transaction, W.P. Carey purchased seven auto dealerships totaling 170,000 square feet that were net leased to Auto Lenders, a retailer of used vehicles, for $55 million. Located in New Jersey and Pennsylvania, the facilities comprise the entirety of Auto Lenders’ operating footprint, including dealerships, servicing centers and headquarters for each of its business segments. The seller was not disclosed. In the third deal, the firm acquired two industrial facilities totaling 296,300 square feet that were net leased to a global plastics distributor. The tenant, which has committed to a 20-year, triple-net lease with fixed annual rent increases, sold the properties to W.P. Carey …

February 15, 2021

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