Market Outlook, Real Estate Investment
Businesswire | July 11, 2023
McGrath RentCorp (“McGrath” or the “Company”) (Nasdaq: MGRC), a leading business-to-business rental company in North America, today announced it has acquired the assets of Inland Leasing and Storage, a regional provider of portable storage solutions in the Colorado market. The transaction was funded with borrowings from McGrath’s revolving credit facility. The acquisition adds approximately 600 assets to McGrath’s portable storage operations in Colorado.
“Our acquisition of Inland Leasing and Storage is highly complementary to our portable storage rental business,” said Joe Hanna, President and CEO of McGrath. “Consistent with our ongoing capital deployment and geographic expansion strategies, this opportunity provides us with accelerated regional density and a high-quality fleet to serve the Colorado market. We look forward to expanding our market share with a new set of customers.”
About Inland Leasing & Storage
Inland Leasing & Storage is a locally owned and operated trailer and storage container rental and sales supplier serving a broad range of businesses with branches located in Loveland, Colorado, Chicago, Illinois and Tucson, Arizona. With our team of quality employees and proven sales force, Inland Leasing & Storage provides reliable storage and rental solutions for many personal, industrial, agricultural, and commercial business needs. This type of service is essential to a smoothly run operation for any industry. Inland Leasing & Storage philosophy is to fill the needs of customers when they need it most. From daily rentals to long term leases, Inland Leasing & Storage is your solution! We offer semi trailers for local and long distance transportation needs and also trailers & storage containers for storage only purposes. From 40' to 53' long enclosed trailers and flatbeds to 8' wide x 10' long to 10' wide x 40' long storage containers we are able to assist you in any storage need possible. Choose from 1 day rentals to long term leases. Our customer base varies from regional clients to single facility companies and the family homeowners. Trailer & Container modifications are also available. Call or e-mail us for more information or to get a quote on your storage needs.
McGrath RentCorp (Nasdaq: MGRC) is a leading business-to-business rental company in North America with a strong record of profitable business growth. Founded in 1979, McGrath’s operations are centered on modular solutions through its Mobile Modular and Mobile Modular Portable Storage businesses. In addition, its TRS-RenTelco business offers electronic test equipment rental solutions. The Company’s rental product offerings and services are part of the circular supply economy, helping customers work more efficiently, and sustainably manage their environmental footprint. With over 40 years of experience, McGrath’s success is driven by a focus on exceptional customer experiences. This focus has underpinned the Company’s long-term financial success and supported over 30 consecutive years of annual dividend increases to shareholders, a rare distinction among publicly listed companies.
Real Estate Investment
Kimco Realty Corporation | August 25, 2023
Kimco Realty® North America’s largest publicly traded owner and operator of open-air, grocery-anchored shopping centers and a growing portfolio of mixed-use assets, today announced the acquisition of Stonebridge at Potomac Town Center, a 96%-occupied, 504,000-square-foot, grocery-anchored lifestyle center in Woodbridge, Virginia, for $172.5 million.
The center, which has an estimated population of over 230,000 people and an average household income of $125,000 within a five-mile radius, is anchored by a 138,500 square foot Wegmans, one of the state's top-ranking grocers with a trade area of 40 miles, and the only Apple store in the greater trade area. The center's diverse tenant mix features a complementary blend of leading national brands, including REI, Ulta Beauty, Starbucks, Cava, Firebirds Wood Fired Grill, as well as a variety of local shops which include boutique fitness, personal services, restaurants and medical uses.
"We’re excited to add Stonebridge at Potomac Town Center, a premiere grocery-anchored center situated in a high barrier-to-entry location with strong demographics, to our dynamic portfolio,” said Ross Cooper, Kimco’s President and Chief Investment Officer. “This center boasts a robust growth profile that will complement and solidify Kimco’s position as the leading retail player in the suburban Washington D.C. market.”
This acquisition presents a variety of growth prospects, including the potential to develop three outparcel retail buildings, increase density through mixed-use development, and enhance the existing merchandising mix through the recapture of below market leases.
Strategically located at the intersections of I-95, Dale Boulevard, Route 1, and Opitz Boulevard, the center benefits from 5.5 million annual visits, ranking in the 97th percentile nationally. Construction of a municipal park and ride garage adjacent to the center demonstrates continued government investment in the area and is expected to drive additional traffic upon its completion in mid-2024.
About Kimco Realty
Kimco Realty is a real estate investment trust (REIT) headquartered in Jericho, N.Y. that is North America’s largest publicly traded owner and operator of open-air, grocery-anchored shopping centers and a growing portfolio of mixed-use assets. The company’s portfolio is primarily concentrated in the first-ring suburbs of the top major metropolitan markets, including those in high-barrier-to-entry coastal markets and rapidly expanding Sun Belt cities, with a tenant mix focused on essential, necessity-based goods and services that drive multiple shopping trips per week. Kimco Realty is also committed to leadership in environmental, social and governance (ESG) issues and is a recognized industry leader in these areas. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center ownership, management, acquisitions, and value enhancing redevelopment activities for more than 60 years. As of June 30, 2023, the company owned interests in 528 U.S. shopping centers and mixed-use assets comprising 90 million square feet of gross leasable space.
Real Estate Advice
Businessiwire | August 11, 2023
SmartRent, Inc. (“SmartRent” or the “Company”), a leading provider of smart home and property operations solutions for the rental housing industry, has entered into an agreement with ADI Global Distribution, a Resideo Technologies, Inc. company, to serve as its preferred distribution partner.
A leading distributor of security, AV and low-voltage products, ADI's expansive network allows for efficient and timely order fulfillment for SmartRent’s 500+ rental housing customers, fortifying the Company’s inventory and distribution activities, and enabling it to streamline inventory management and enhance product availability.
“Demand for our solutions remains robust, and it’s imperative that we are able to meet the needs of our customers while continuing to prioritize the innovation and product enhancements that keep us at the forefront of the industry,” said SmartRent CEO Lucas Haldeman. “ADI is one of the most trusted names in the space, and we are proud to partner with them to meet our fulfillment needs and exceed customer expectations. This expanded relationship with ADI strengthens our overall partnership with Resideo.”
ADI was selected for its best-in-class operations, extensive product portfolio and local inventory availability. ADI has been supplying SmartRent with more than 100,000 Resideo thermostats per year, and this agreement will expand across the full product offering. In addition to prompt order fulfillment, the multiyear agreement provides SmartRent with needed hardware on demand while reducing its cash investment in inventory. Over time, SmartRent anticipates the decrease in on hand inventory will increase its cash balances.
"ADI is committed to serving as the indispensable partner of choice for our customers," said Rob Aarnes, President of ADI Global Distribution. "We're excited to expand upon our relationship with SmartRent to help them navigate their product needs and drive toward long-term business goals, while also resulting in incremental revenue growth for ADI."
Founded in 2017, SmartRent, Inc. is a leading provider of smart home and smart property solutions for the rental housing industry. The company’s unmatched platform, comprised of smart hardware and cloud-based SaaS solutions, gives operators seamless visibility and control over real estate assets, empowering them to simplify operations, automate workflows, benefit from additional revenue opportunities and deliver exceptional site team and resident experiences. SmartRent serves 15 of the top 20 multifamily owners and operators, and its solutions enable millions of users to live smarter every day.
ADI Global Distribution, a Resideo company, is a leading distributor of security, AV and low-voltage products serving more than 100,000 customers across North America, Europe, Middle East, and Africa. Leading pros rely on ADI for our wide selection of top brands, immediate product availability, knowledgeable sales staff and our product, design and support. Customers can shop ADI through its Digital Branch, mobile app and in more than 200 stocking locations. ADI solutions include Intrusion & Smart Home, Fire, Video Surveillance, Access Control & Communications, Residential AV, Pro AV, Networking, Data Communications, Power, Central Vacuum, Structured Wiring, Wire & Cable, and Tools & Hardware.