Jan 22, 2025
Advance Auto Parts has engaged Hilco Real Estate to sell over 200 of its stores and leases across 46 states, as part of a strategy to downsize its physical footprint. This portfolio includes both owned properties and leased locations, which range in size from 3,000 to 48,000 square feet, and are situated in urban areas and strong commercial corridors. The move follows Advance Auto’s announcement in November to close more than 700 stores and four distribution centers to improve profitability amid declining sales. Hilco will market these properties for sale individually, together, or in combinations, with offers being accepted until March.
Dec 16, 2024
A record-breaking $100 million land deal in Lee County has been finalized, with Forestar, a subsidiary of D.R. Horton, purchasing 1,745 acres in northwest Cape Coral. The land, called Hudson Creek, will be developed into a large, mixed-use community featuring over 3,500 homes, commercial spaces, retail, offices, a university, and more. The project will speed up utility expansion along Burnt Store Road and create a central hub for the area’s needs. After two years of planning and rezoning approval in 2023, the development aims to transform northwest Cape Coral into a vibrant, walkable community.
Dec 9, 2024
The U.S. Department of Housing and Urban Development (HUD) and the Federal Emergency Management Agency (FEMA) have launched the Pre-Disaster Housing Initiative to help states better prepare for housing challenges following natural disasters. This program, prompted by devastating events like Hurricanes Helene and Milton, aims to boost post-disaster housing capabilities and protect people and infrastructure. Initially, the initiative will provide eight months of technical assistance to officials in Kentucky, Michigan, and Missouri. Additionally, HUD extended foreclosure moratoriums for FHA-backed mortgages in disaster-affected areas through April 11.
Dec 5, 2024
Ken Griffin, CEO of Citadel, owns a 4.2-acre site in Miami’s Brickell neighborhood where he plans to build Citadel’s new headquarters. However, a 22-story condominium building called Solaris at Brickell Bay stands in the middle of this site.
Over the past two years, nearly half of the 141 units in Solaris have been purchased by similarly named Delaware LLCs, sparking speculation that Griffin may be behind these acquisitions. These purchases have been made in all-cash transactions, with recent units selling for around $750,00.
The buyout strategy is significant because if a buyer acquires 80% of the units, they can potentially force the remaining owners to sell, paving the way for redevelopment. This approach is increasingly common in Miami due to the scarcity of available waterfront parcels.
Residents of Solaris have grown suspicious, with one noting that Citadel’s head of real estate viewed their LinkedIn profile[8]. The condo association recently passed a $2 million assessment for repairs, which some residents believe might be a tactic to pressure owners to sell.
Griffin’s spokesman has declined to comment on the matter, leaving the identity of the mystery buyer unconfirmed. If Griffin is indeed behind these purchases, it could allow for further expansion of his planned development, which includes a 54-story tower with offices, a hotel, and restaurants.
Dec 4, 2024
Elon Musk, co-leader of the newly formed Department of Government Efficiency, plans to enforce a full five-day workweek for all federal employees as part of efforts to slash government spending and regulations. Musk and fellow Trump administration adviser Vivek Ramaswamy argue that work-from-home policies are an expired “privilege” and that requiring in-office presence could lead to voluntary terminations, potentially reducing the federal bureaucracy by 25%. This initiative aligns with Musk’s commitment to cut at least $2 trillion from the annual U.S. budget and reduce the number of government agencies. However, the proposal faces opposition from government employee unions and may conflict with the federal government’s ongoing efforts to reduce its leased office space, particularly in Washington D.C., where office vacancy rates have reached record highs.
