Americold Realty Trust has entered into an agreement to acquire Cloverleaf Cold Storage for $1.24 billion, with the deal expected to close this quarter. Cloverleaf was acquired by Blackstone in November 2017.
The transition away from the London Interbank Offered Rate to the Secured Overnight Financing Rate will likely happen in phases, with part of the shift occurring immediately and the rest of the conversion taking place in small moves over time, according to Rob Barton, director of global real estate accounting advisory at Chatham Financial. He also said the Financial Accounting Standards Board is focusing on technical issues involved in hedge accounting guidance but may go on to address foreign exchange hedging.
Mack-Cali investor Bow Street is offering to buy the REIT's office portfolio while converting the rest of the company into a multifamily REIT, saying the board should be reconstituted and be "willing to seriously explore all solutions to maximize stockholder value." Mack-Cali CEO Michael DeMarco turned down the proposal, calling it "unworkable and self-interested."
Office developers are increasingly embracing mixed-use spaces as the desire for experiences spreads to the office-using population. Leasing is faster for office space in a mixed-used environment, and rents are 22% to 33% higher than stand-alone office building rents, according to CBRE's Mike Hoeck.
KPS Capital Partners will take the entire 52nd floor of SL Green's One Vanderbilt tower in midtown Manhattan. The 55-story skyscraper is under construction, and the KPS lease brings it to 56% preleased.
Secondary markets for the self-storage asset class are appealing to owners and investors who find many of the primary markets saturated, CBRE's Curt McCall says. He adds that self-storage fundamentals remain in balance, but many primary markets may see a correction soon; meanwhile, secondary markets "should continue to maintain stable growth conditions over the same time frame."
Plaza Garland in Dallas is seeing success filling vacant retail spaces with shops owned by immigrant entrepreneurs. The city worked to change zoning codes to create special districts to support smaller, locally owned businesses.
Instead of allowing cooked food go to waste, Compass One, a retail center in Singapore, is partnering with the local food bank to donate the prepared food to those in need. It's the first location in the region to participate in the Food Wastage Reduction and Fight Hunger Movement created by the food bank.
Retailers like Whole Foods Market, Walmart, Kroger and Target are expanding their curbside grocery pickup programs across the nation as more shoppers give the service a try. Younger and wealthier consumers have been the main demographics trying the service, with 22% of people ages 25 to 35 using curbside pickup by the end of 2018, according to Cowen & Co.
Off-price retailer Ollie's Bargain Outlet is in growth mode, with plans to expand from 320 stores to 950 over time. Meanwhile, some others in the space are facing more challenging times, including Fred's, which recently said it will shutter 25% of its stores.
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