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Americans have treated their freezers a bit like security blankets over the past year, stuffing them full of staples and indulgences, a consumer behavior pattern that has had ripple effects beyond the walls of their kitchens.
Developers that focus on cold-storage facilities say they are seeing growing interest from companies seeking to build, buy or invest in the sector, despite construction costs that are roughly triple that of an ordinary warehouse.
Americold, a logistics company focused on the cold-storage supply chain, reported that its revenue grew 11.4% in 2020 from the previous year.
“We gave guidance pre-COVID for our 2020 year, and we’re one of the few companies that didn’t lift or change that guidance,” said Fred Boehler, CEO of Americold, which added 46 facilities to its portfolio through a $1.74 billion acquisition of Agro Merchants Group last year. “What we eat and where we eat will change, but we’re going to eat.”
Even as COVID-19 has crushed local CRE values, developers are making big bets NYC will rebound. Bloomberg | Apr 19, 2021
(Bloomberg) New York City’s builders have had a curious reaction to a pandemic that emptied Manhattan’s office towers, shuttered restaurants and kept tourists home.
Over the past year, as scores of businesses closed and many residents beat it out of town, developers doubled-down on visions of steel-and-glass grandeur, hatching plans that could transform the city.
Vornado Realty Trust recently said it will demolish the Hotel Pennsylvania and add an office tower taller than 1,200 feet (366 meters) at the site by Madison Square Garden.
10:21am EST|
Inside The Half Billion Dollar Fortune Of A-Rod And J.Lo: How The Breakup Will Affect Their Business Empires
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Photo by Jerod Harris/FilmMagic
Alex Rodriguez and Jennifer Lopez are major players in sports, Hollywood, music and investing. What does the A-list breakup mean for fortunes?
Alex Rodriguez and Jennifer Lopez have officially called it quits, splitting up one of the world’s richest power-couples. The pair, who started dating in 2017 and got engaged two years later, wielded a pop-culture and commercial influence that rivaled other dynamic duos like Jay-Z and Beyoncé and (while they were still together) Kanye West and Kim Kardashian.
Issac Hera, who helms the real estate private equity firm, confirmed that Yellowstone had acquired the property. He declined to comment on the price.
“The Watson represents for us a unique and rare opportunity to acquire substantial scale on West 57 Street,” Hera said in an email. “We are big believers in the strength of the U.S. market as a whole and the New York market specifically.”
The Watson, which was previously operated as a Holiday Inn, was a textbook casualty of the pandemic. A previous owner defaulted on its loan, leading lender HSBC to find a buyer for the mortgage.
Manhattan s Watson Hotel Sells for $175M as Market Thaws wealthmanagement.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from wealthmanagement.com Daily Mail and Mail on Sunday newspapers.