Dollar General plans to open three new DG Fresh cold storage sites in Kentucky, Oklahoma and California as it works to increase its capacity to self-distribute frozen and refrigerated products. The company also just opened a new DG Fresh site in Montgomery, Ala., and said that location has created 65 new jobs and will serve 1,500 Dollar General stores, with the same impact being projected for the newly announced sites.
Companies will likely return to office space in a significant way while allowing for some flexibility and remote work, says CBRE Group CEO Robert Sulentic. At the same time, companies will likely reduce density in their office environments.
The lenders that are helping guide J.C. Penney's bankruptcy are asking bidders to increase their offers after earlier proposals came in at about $1.8 billion, according to sources. Simon Property Group and Brookfield Property Partners' bid is seen as more appealing than other offers because it would likely save more jobs, the sources say.
Welltower has finalized the sale of a portfolio of 34 medical office and senior housing properties to Kayne Anderson Real Estate. The portfolio is worth about $1 billion, a regulatory filing states.
JBG SMITH Properties expects to sell a 10-acre plot in Northern Virginia to Amazon for just under $150 million, and the deal could close next year, according to the REIT's earnings report. The property will be used for the second phase of Amazon's HQ2.
Sabra Health Care REIT has put the finishing touches on a disposition plan that began in 2017 by selling a skilled nursing and transitional facility leased to Genesis HealthCare. The property, sold to an unnamed buyer, traded for $18.4 million.
In this interview, Stacey McEvoy, a partner at Hogan Lovells, speaks about the impact of the pandemic and the climate for REIT M&A and joint ventures. "As always, a well-run sale process that recognizes the unique aspects of the target" is crucial for a successful M&A transaction, she says.
Initial unemployment claims decreased to about 1.2 million last week, the lowest tally since March, according to the Labor Department. The decline came after a plateau in applications in recent weeks.
A $100 million renovation at California's Hollywood & Highland shopping center will transform up to half of the property's space into offices. The mall will be renamed Ovation Hollywood and will be updated with a more navigable layout, new art pieces, expanded outdoor space and a simplified facade.
Broadway Commons in New York has installed NanoSeptic self-cleaning adhesive decals on high-touch areas such as door handles and elevator buttons. Parent company Pacific Retail Capital Partners has brought the decals to several other of its New York retail properties, including the Colonie Center and Galleria White Plains.