Latest news with #Newmark
USA Today
12 hours ago
- Business
- USA Today
119 JCPenney stores sold in nearly $1 billion deal. See list of locations.
About five years after JCPenney filed for bankruptcy, a Boston private equity firm will pay $947 million for 119 JCPenney stores. The all-cash sale of 119 JCPenney properties to an affiliate of Onyx Partners, Ltd. was announced by Copper Property CTL Pass Through Trust on July 25. The companies expect a Sept. 8 closing of the deal for the net-lease stores, which pay rent and operating expenses. Property management company Newmark and Hilco Real Estate had been seeking buyers for these JCPenney locations for Copper Property, a trust formed by JCPenney's lenders as part of the retailer's reorganization after its 2020 bankruptcy filing. "The Buyer has now completed its due diligence, and its deposit under the Agreement is non-refundable," Copper Property Trust said in a news release on July 25. Home Depot: The famous giant Skelly goes high tech in retailer's 2025 Halloween line Following JCPenney's bankruptcy, Copper Property took control of about 160 JCPenney locations and six distribution centers. Simon Property Group and Brookfield Asset Management Inc. took over JCPenney operations and the remaining locations. The department store chain, which currently has about 650 stores, was one of the largest retailers to file for Chapter 11 bankruptcy protection. The money from the transaction will go to JCPenney creditors. After closing costs, between $928 million and $932 million will be distributed, principal financial officer Larry Finger said on July 28 during a conference call discussing the transaction. JCPenney stores sold: Will all remain open? All 119 stores that were sold are currently operational. The buyer, Onyx Partners, did not respond to a request for comment from USA closed more than 200 U.S. locations when the retailer filed for bankruptcy amid the COVID-19 pandemic. More recently, seven store closings announced in February 2025 became official in May 2025. Which JCPenney stores are being sold? See map, list Newmark had told prospective buyers its JCPenney Retail Portfolio comprised 121 properties totaling 16.05 million square feet of retail space across 35 states, including 21 in Texas and 19 in California. Two properties – one in Florida and one in Pennsylvania, according to a Securities and Exchange Commission filing – were sold to the Simon and Brookfield group for $21 million earlier this year. Mike Snider is a national trending news reporter for USA TODAY. You can follow him on Threads, Bluesky, X and email him at mikegsnider & @ & @mikesnider & msnider@ What's everyone talking about? Sign up for our trending newsletter to get the latest news of the day
Yahoo
5 days ago
- Business
- Yahoo
Rundown NYC rental dating to Gilded Age stands to get a glamorous refit — from Stanford White's great-grandson
Plans to return this forlorn home to its Gilded Age glory were designed by a descendant of the original architect. A rundown rental at 471 West End Ave. in Manhattan is on sale for $6.95 million, but this vacant building comes with a grandiose redesign plan — and an architectural legacy to match. The 25-foot-wide townhouse was originally designed as a single-family townhome by influential New York architect Stanford White's firm, McKim, Mead & White, in the late 1880s. The once-grand mansion spent the past several decades on the decline as a multifamily rental, standing as a strange holdout among the prestigious avenue's massive, stately apartment buildings. A fresh sale aims to change that. The building is being represented by Jade Shenker of Serhant, co-exclusively with Newmark, as a single-family home conversion. The deal comes with an ambitious redesign plan crafted by Platt Byard Dovell White (PBDW) Architects — of which Samuel White, a great-grandson and scholar of Stanford White, is a founding partner. The scheme would transform the dreary four-story residence into a luxurious single-family home, boasting five bedrooms and 20-foot ceilings. The 10,105-square-foot floor plan, which adds on a fifth story, includes a wine cellar, a wellness suite and a rooftop deck. The home, sandwiched between two sizable apartment buildings, comes with a rare backyard space, as well. The plans by PBDW Architects pay homage to the home's history, Shenker told The Post. They also have the advantage of being pre-approved by the Landmarks Preservation Commission and the Department of Buildings. The property last sold in 2022 for $4.3 million, according to city records. The savvy investors who snapped it up saw the potential, Shenker said. 'It's a very rare townhouse shell,' Shenker said. 'They knew that they could make it into something really special.' The home's proposed revival by White's great-grandson's firm is an elegant architectural bookend, but there's a whole lot of history in between. According to the blog Dayton in Manhattan, in which local historian Tim Miller chronicles architectural history across the city, early-1900s court records document a dramatic food fight on the home's lower floor between a ladies' maid and a cook. The charges were dismissed, according to records, given that the maid 'had been sufficiently aggrieved by a shampoo of spinach to warrant her in propelling the butter.' The property was owned for several decades by the Agudas Israel World Organization until the 1990s, Miller reported. The organization advertised newly renovated apartments at the property in 1967 'for Victims of Nazi Persecution.' A fire in 2013 damaged the vintage interiors, Miller reported. The building went to market in 2016 and languished there for six years. Stanford White remains a controversial yet legendary figure in New York City history. His residential designs for his generation's robber barons defined the city's Gilded Age, and his design for the Washington Square Arch remains an iconic local symbol. This sale of one of his designs conveniently comes alongside the buzzy third season of HBO's hit series 'The Gilded Age,' the lavish buildings and interiors of which were inspired by White. Solve the daily Crossword
Los Angeles Times
6 days ago
- Business
- Los Angeles Times
Cushman & Wakefield Names Chase Tagen Managing Director in National Equity & Debt Practice
Cushman & Wakefield has announced today that the real estate services firm has hired Chase Tagen as a managing director in the firm's National Debt & Equity practice. Based in the firm's Century City office, Tagen will play a vital role in delivering strategic advisory and liquidity solutions for Cushman & Wakefield's clients. 'We are thrilled to welcome Chase to our team, as his expertise in long-term capital formation solutions through either large sale recapitalizations or programmatic joint ventures will undoubtedly strengthen our ability to deliver tailored solutions for our clients,' said Rob Rubano, head of the firm's Equity, Debt & Structured Finance Platform for the U.S. 'His proven track record aligns with our commitment to providing industry-leading advisory services for our clients.' With over 12 years of capital markets experience, Tagen has executed more than $30 billion in capital markets transactions, including programmatic joint ventures, recapitalizations, GP-led secondaries, GP stakes and capital raising efforts across a broad spectrum of asset classes. His work spans platform capitalizations, portfolio transactions and single-asset equity raises, demonstrating his versatility and expertise in the industry. 'Chase is an exceptional addition to our team,' added Robert Thornburgh, regional president of the Southwest. 'His commitment to excellence and alignment with our culture reflect our ongoing dedication to recruiting best-in-class talent across the region, enabling us to maintain and grow our strong market presence while delivering the highest level of service to our clients.' Tagen joins Cushman & Wakefield from Newmark, where he specialized in raising equity capital across traditional and alternative property types for a diverse client base. His previous experience also includes tenure at CBRE and JLL. 'I'm honored and excited to join Cushman & Wakefield's industry-leading Equity, Debt & Structured Finance team. The firm's unparalleled global platform will allow me to elevate the level of service and solutions I provide to clients, and I am deeply excited about the opportunities ahead,' added Tagen. Tagen earned his Bachelor of Arts in Economics from Emory University and has since established himself as a trusted advisor within the industry. His arrival marks a significant step in the continued growth and momentum of Cushman & Wakefield's Capital Markets platform. Information sourced from Cushman & Wakefield. Learn more by contacting
Yahoo
6 days ago
- Business
- Yahoo
3 Russell 2000 Stocks We Steer Clear Of
Small-cap stocks in the Russell 2000 (^RUT) can be a goldmine for investors looking beyond the usual large-cap names. But with less stability and fewer resources than their bigger counterparts, these companies face steeper challenges in scaling their businesses. The high-risk, high-reward nature of the Russell 2000 makes stock selection critical, and we're here to guide you toward the right ones. That said, here are three Russell 2000 stocks to steer clear of and some alternatives to watch instead. eHealth (EHTH) Market Cap: $121 million Aiming to address a high-stakes and often confusing decision, eHealth (NASDAQ:EHTH) guides consumers through health insurance enrollment and related topics. Why Are We Wary of EHTH? Estimated Membership have declined by 1.8% annually over the last two years, suggesting it may need to revamp its features or user experience to stay competitive Estimated sales decline of 3.4% for the next 12 months implies a challenging demand environment Short cash runway increases the probability of a capital raise that dilutes existing shareholders eHealth's stock price of $4.03 implies a valuation ratio of 2.6x forward EV/EBITDA. If you're considering EHTH for your portfolio, see our FREE research report to learn more. Newmark (NMRK) Market Cap: $2.45 billion Founded in 1929, Newmark (NASDAQ:NMRK) provides commercial real estate services, including leasing advisory, global corporate services, investment sales and capital markets, property and facilities management, valuation and advisory, and consulting. Why Do We Steer Clear of NMRK? Muted 4.9% annual revenue growth over the last five years shows its demand lagged behind its consumer discretionary peers Cash-burning history makes us doubt the long-term viability of its business model ROIC of 3.1% reflects management's challenges in identifying attractive investment opportunities At $13.27 per share, Newmark trades at 9.3x forward P/E. To fully understand why you should be careful with NMRK, check out our full research report (it's free). Enact Holdings (ACT) Market Cap: $5.32 billion Playing a critical role in helping first-time homebuyers access the housing market, Enact Holdings (NASDAQ:ACT) provides private mortgage insurance that enables lenders to offer home loans with lower down payments while protecting against borrower defaults. Why Should You Sell ACT? Flat net premiums earned over the last four years suggest it must find different ways to grow during this cycle Day-to-day expenses have swelled relative to revenue over the last two years as its combined ratio increased by 16.7 percentage points Incremental sales over the last two years were less profitable as its 2.4% annual earnings per share growth lagged its revenue gains Enact Holdings is trading at $35.48 per share, or 1x forward P/B. Dive into our free research report to see why there are better opportunities than ACT. High-Quality Stocks for All Market Conditions Donald Trump's April 2024 "Liberation Day" tariffs sent markets into a tailspin, but stocks have since rebounded strongly, proving that knee-jerk reactions often create the best buying opportunities. The smart money is already positioning for the next leg up. Don't miss out on the recovery - check out our Top 6 Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025). Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-micro-cap company Kadant (+351% five-year return). Find your next big winner with StockStory today for free. Find your next big winner with StockStory today. Find your next big winner with StockStory today StockStory is growing and hiring equity analyst and marketing roles. Are you a 0 to 1 builder passionate about the markets and AI? See the open roles here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
USA Today
22-07-2025
- Sport
- USA Today
ACC Kickoff reveals potential UNC plans to leave for another conference
UNC leaving the ACC would create enormous ripple effects. It's extremely difficult to imagine an ACC without UNC, one of the conference's original, seven founding members back in May 1953. With continued conference realignment talks, which include the ideas of "super-conferences" and dissolution of smaller ones, North Carolina leaving the ACC continues to gain traction. Steve Newmark is set to take over as the Tar Heels' athletic director in 2026, replacing longtime AD Bubba Cunningham. According to Inside Carolina, UNC to the SEC could be expedited under Newmark's future leadership. But make no mistake, now, the SEC is where the Tar Heels are aiming under the leadership of Roberts and Newmark, should UNC move to leave the ACC for another league, perhaps in the near future," InsideCarolina's Adam Smith wrote. "Sources said the 2030-31 school year, when the ACC's decreasing exit fees dip from $93 million to the flat $75 million threshold, would figure to become an important final line of demarcation, if the Tar Heels haven't made their departure sooner. Seven decades ago, UNC was one of the original member schools in the 1953 founding of the ACC." The ACC, once arguably the premier conference across collegiate athletics, is giving way to the money-loaded SEC in recent seasons. Look at the 2025 NCAA Men's Basketball Tournament alone: North Carolina, Duke, Clemson and Louisville were the only four ACC teams to make it, whereas the SEC had 14 bids. Transitioning to football, the SEC is a powerhouse compared to the ACC, which is essentially Clemson and everybody else. Florida State is typically a strong program, but the Seminoles suffered through a 2-10 season in 2024, with one of their losses coming against the Tar Heels. It's no secret the ACC needs to have a monster football season, with UNC particular a team of focus. Not everyone will finish over .500, but ACC football needs to re-establish itself this fall. Follow us @TarHeelsWire on X and like our page on Facebook to follow ongoing coverage of North Carolina Tar Heels news, notes and opinions.
