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IllinoisMidwestOffice

Allstate Implements Restructuring Plan, Cuts 3,800 Jobs

by Kristin Harlow

NORTHBROOK, ILL. — In order to lower costs, The Allstate Corp. (NYSE: ALL) says it is implementing a restructuring plan that will impact roughly 3,800 employees primarily in claims, sales, service and support functions. The cuts, which make up about 8 percent of the company’s workforce, come as the insurer is consolidating and closing regional offices around the country, according to Crain’s Chicago Business. Allstate expects to incur $290 million in restructuring charges, primarily for severance and employee benefits. It also expects to incur $80 million in real estate exit costs from office closures. The insurance giant is headquartered at 2775 Sanders Road in Northbrook, Ill. Its stock price closed at $92.26 per share Thursday, Oct. 1, down from $105.61 one year ago.

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Reata-West-Apartments-Azle
LoansMultifamilyTexas

Greystone Funds $24.1M HUD Loan for Refinancing of New Apartment Community in Azle, Texas

by Taylor Williams

AZLE, TEXAS — Greystone has funded a $24.1 million HUD loan for the refinancing of Reata West, a 224-unit apartment community in Azle, located northwest of Fort Worth. Built in 2018, the garden-style property consists of 10 three-story buildings that house one, two- and three-bedroom units. Amenities include a clubhouse, pool, business center, fitness center and a dog park. Eric Rosenstock of Greystone originated the loan, which carried a 40-year term and a fixed interest rate, on behalf of the borrower, Partin Development Group.

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CaliforniaCompany NewsRetailWestern

Media Reports: Disney to Lay off 28,000 Employees at Theme Parks in California, Florida

by Alex Tostado

BURBANK, CALIF. — The Walt Disney Co. (NYSE: DIS) will lay off 28,000 employees who were previously furloughed due to the coronavirus pandemic, according to multiple media reports. Disney World in Orlando, Fla., and Disneyland in Anaheim, Calif., both closed in mid-March due to the COVID-19 outbreak. Disney’s chief financial officer Christine McCarthy said in May that for every two weeks the parks were closed, the company lost $500 million. Disney World reopened in July with limited capacity, but Disneyland remains closed under California guidelines. A timeline for reopening has not been established. Disney chairman Josh D’Amaro sent a letter to employees Tuesday, Sept. 29 notifying workers of the impending layoffs. The letter does not disclose how many layoffs the company expects to make, but he says in the letter that layoffs will affect executive, salary and hourly roles. “Earlier this year, in response to the pandemic, we were forced to close our businesses around the world. Few of us could have imagined how significantly the pandemic would impact us — both at work and in our daily lives,” D’Amaro said in the letter. “We initially hoped that this situation would be short-lived, and that we would recover quickly and …

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Company NewsOregonRetailWestern

Nike’s Online Sales Jump 82 Percent Resulting in $10.6B in Quarterly Revenue

by Amy Works

BEAVERTON, ORE. — Nike Inc. (NYSE: NKE), the Beaverton-based footwear giant, has reported it revenues were $10.6 billion for its 2021 fiscal first quarter, which ended Aug. 31. The revenue represents a decrease of 1 percent from the same period in 2019, with its direct sales at $3.7 billion, up 12 percent, and Nike Brand digital sales swelling by 82 percent. The digital sales growth resulted from e-commerce increases across North America, Greater China, Asia Pacific, Latin America, Europe, the Middle East and Africa. According to the company, its first-quarter revenue performance was impacted by strong Nike Brand digital growth, offset by lower revenue in its wholesale business and Nike-owned stores. Nearly all of the Nike-owned physical stores were open during the quarter. Despite the open stores, Nike experienced year-over-year declines in physical retail traffic across the marketplace due to COVID-19 impacts and safety-related measures. Nike’s selling and administrative expenses decreased 11 percent to $3 billion, with demand creation expense down 33 percent at $677 million primarily due to lower marketing spend as many live sporting events were postponed or cancelled. Additionally, operating overhead expense decreased 1 percent to $2.3 billion as lower travel and related expenses were slightly offset …

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Company NewsIndustrialMassachusettsNortheast

Reports: Raytheon to Cut 15,000 Jobs Due to Decline in Commercial Air Travel

by Taylor Williams

WALTHAM, MASS. — Defense contractor Raytheon (NYSE: RTX) will cut approximately 15,000 jobs, primarily in its aviation departments, as a result of depressed demand for commercial air travel during the COVID-19 pandemic, according to multiple reports. The Massachusetts-based firm, which employs about 200,000 people nationwide, made the announcement during an earnings call last week, according to reports from multiple new outlets including CNN and Forbes. The company’s stock price opened at $61.58 per share on Tuesday, Sept. 22, down from $84.59 per share a year ago.

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Dave-&-Buster's-Daly-City-California
Company NewsRetailTexas

Dave & Buster’s Reports 85 Percent Drop in Quarterly Revenue, Flirts With Bankruptcy

by Taylor Williams

DALLAS — Dave & Buster’s (NASDAQ: PLAY) reported an 85 percent drop in total revenue for the second quarter relative to that period a year ago, prompting several media organizations, including The Wall Street Journal, to report that bankruptcy filings may be imminent. Comparable store sales decreased by 87 percent during the second quarter, which saw the Dallas-based entertainment chain gradually reopen its venues. About 90 of Dave & Buster’s 137 locations are currently open for business across 27 states. Multiple news outlets, including The New York Post, have also reported that Dave & Buster’s could soon be issuing a massive round of layoffs that could affect more than 2,000 employees. The company’s stock price opened at $15.68 per share on Monday, Sept. 21, down from $41.35 per share a year ago.

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1600-N-H-St-Lompoc-CA
AcquisitionsCaliforniaRetailWestern

MAG Capital Partners Sells Southern California Retail Property to Japanese REIT

by Amy Works

LOMPOC, CALIF. — Fort Worth, Texas-based MAG Capital Partners has completed the disposition of a single-story retail property located at 1600 N. H St. in Lompoc. Jinushi USA Inc., a real estate investment trust listed on the Tokyo Stock Exchange as Nippon Commercial Development Co., acquired the 62,500-square-foot end-cap property for an undisclosed price. The separately parceled property is situated on 5.3 acres within Mission Plaza, a shopping center with 26 tenants including Starbucks Coffee, Chase, Albertsons, Big 5, Ross Dress for Less and GNC. Judd Dunning of DWG Capital Group represented the seller, while Jeff Wiggins of Coldwell Banker Commercial NRT represented the buyer in the transaction. MAG Capital Partners, led by Principals Dax Mitchell and Andrew Gi, purchased 1600 North H Street in December 2019. The property was then short-term leased to Walmart prior to the sale to Jinushi USA.

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AcquisitionsMassachusettsMultifamilyNortheastORIXSeniors HousingTop Stories

Orix to Grow LIHTC Platform to $15B with Acquisition of Boston Capital’s Portfolio

by John Nelson

BOSTON — Boston Financial Investment Management, a subsidiary of Orix Corp. USA, has agreed to acquire Boston Capital’s low-income housing tax credit (LIHTC) fund portfolio. The purchase of Boston Capital’s portfolio will nearly double Orix’s LIHTC platform to $15 billion in funds under management. (Boston Financial and Boston Capital are not affiliated.) Boston Financial is one of the leading syndicators in the LIHTC industry. The firm currently manages a $7.7 billion portfolio comprising more than 1,125 properties and 98,110 units. Boston Financial will service Boston Capital’s assets under management. According to a release from Orix, the firm views the LIHTC business as one that shows projected growth, even during the economic uncertainty of the COVID-19 pandemic. Because rent for LIHTC properties is often below comparable non-tax-credit properties and the government supports many LIHTC residents in the form of rental assistance, Boston Financial has seen occupancy rates remain stable during the pandemic. The closing of the transaction is subject to customary closing conditions and approvals. The acquisition price was not disclosed. Established by Congress in 1986, LIHTC is a tax incentive program designed to promote the supply of affordable rental housing for low-income households. LIHTC syndicators such as Boston Financial and …

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One-Vanderbilt-Manhattan
DevelopmentNew YorkNortheastOfficeTop Stories

SL Green Opens $3.3B One Vanderbilt Office Tower in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG), a locally based developer and Manhattan’s largest office owner, has opened One Vanderbilt. The $3.3 billion office tower is located across the street from Grand Central Station in Midtown Manhattan. Designed by Kohn Pederson Fox Associates, One Vanderbilt spans 1.7 million square feet. Rising 77 stories and 1,401 feet, it is the tallest commercial building in the Midtown area. CBRE is the leasing agent for One Vanderbilt. SL Green developed the building in partnership with Houston-based Hines and the National Pension Service of Korea, according to the New York Post. The local media outlet also reports that One Vanderbilt is currently 67 percent leased to companies such as TD Securities, Carlyle Group and KPS Capital Partners. SL Green will occupy 70,000 square feet at the building for its new headquarters. Move-ins are scheduled to begin before the end of the year. Asking rents range from $125 to $300 per square foot. SL Green began assembling various tracts on the block between 42nd and 43rd streets and Madison and Vanderbilt avenues for the project more than 20 years ago, the Post reports. As part of the project, SL Green also made …

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DevelopmentLeasing ActivityMixed-UseOfficeTop StoriesWashingtonWestern

Vulcan Developing Two Major Mixed-Use Projects Near Seattle Anchored by Amazon

by John Nelson

BELLEVUE, WASH. — Vulcan Real Estate, a Seattle-based owner and developer, is underway on two mixed-use developments known as 555 Tower and West Main in the central business district of Bellevue. Amazon (NASDAQ: AMZN) has preleased the office portion of both properties, which totals more than 2 million square feet. “We are very excited to be working with Amazon again, and we are thrilled to be kicking off our first development projects in the Bellevue CBD,” says Ada Healey, chief real estate officer for Vulcan. Bellevue is an upscale suburb of Seattle that sits on the east side of Lake Washington in the state’s Puget Sound area. “It is projects like these that will help stimulate business in Bellevue and help create jobs and opportunity — from construction jobs to new roles in hospitality and local retail — in the years to come,” adds Healey. The 555 Tower will be a 42-story building comprising 967,500 square feet of office space and 28,400 square feet of retail space. The site is located at 555 108th Ave. NE, immediately adjacent to the Bellevue Transit Center and within walking distance of the future Sound Transit light rail station that is scheduled to open …

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