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Published: Thursday, September 21, 2017 @ 10:03 AM
Updated: Thursday, September 21, 2017 @ 10:14 AM
The parent company of the Mall at Fairfield Commons has sold a restaurant outparcel near the Beavercreek shopping center.
Washington Prime Group, which owns both Dayton Mall and the Mall at Fairfield Commons, announced it has signed a definitive agreement for the sale of 41 restaurant outparcels to Four Corners Property Trust Inc. for more than $67 million.
The 10 enclosed properties with outparcels included in the transaction are: Colonial Park Mall, located in Harrisburg, Pennsylvania; Lindale Mall located in Cedar Rapids, Iowa; Longview Mall located in Longview, Texas; Mall at Fairfield Commons located in Beavercreek, Markland Mall located in Kokomo, Indiana; Melbourne Square, located in Melbourne, Florida; Mesa Mall located in Grand Junction, Colorado; Orange Park Mall located in Orange Park, Florida; Southern Park Mall located in Youngstown, Ohio; and Sunland Park Mall located in El Paso, Texas.
The outparcels included in the transaction are currently occupied under leases with a weighted average term of eight years, representing approximately $4.5 million of annualized net operating income, the company announced. The deal is expected to close in two tranches beginning in the fourth quarter of 2017 with the second tranche expected to be completed in the first half of 2018, pending closing conditions.
“Four Corners Property Trust is better suited to own the aforementioned outparcels. Deploying proceeds from this transaction to invest in other opportunities is prudent as it allows us to concentrate upon continued financial improvement,” said Lou Conforti, CEO and Director of Washington Prime Group.
FIVE FAST BUSINESS READS
Published: Tuesday, January 16, 2018 @ 9:48 AM
— The owner of a Middletown manufacturer has bought the former Springboro distribution center of MCM Electronics for nearly $3.7 million.
Mark Booker, owner of Advanced Design Solutions at 1701 Reinartz Blvd., said he could use the newly acquired building at 405 S. Pioneer Blvd. to expand his Middletown business or as an investment property.
Right now, the latter possibility is more likely, Booker said in a phone interview Tuesday.
In any case, he is considering a possible move.
“I’m looking right now to lease it (the Springboro building) out. If I find a good tenant who’s using it, it may just become an investment property for me,” Booker said. “Then I’ll start looking for another building for myself.”
Booker’s company, with about 30 Middletown employees, makes steel shipping racks for the automotive industry, and he has 60,000 to 70,000 square feet of usable space at its current Middletown location, he said. The building is “chopped up” along multiple floors, he said.
The Springboro site would offer closer to 130,000 square feet of space.
“I am concerned that the building I have in Middletown may not satisfy my needs long-term,” Booker said.
Still, he said he has prospective tenants looking at the Pioneer Boulevard location, although he had no lease agreements to announce Tuesday.
“If we could find more employees, we could bring in more work,” he said of his Middletown operation.
The company also has an Ontario location, which Booker considers the company’s headquarters.
Real estate services firm Cushman and Wakefield was involved in the sale, Booker said. He confirmed the sale price of more than $3.6 million.
Dave Tobeson was the listing broker on the site.
“It certainly will be an investment property initially,” Booker said.
Last summer, MCM Electronics notified Ohio government that it planned to lay off employees at its corporate office at 650 Congress Park Drive in Centerville, and at its distribution center located at 405 S. Pioneer.
Published: Tuesday, January 16, 2018 @ 7:21 AM
— The retail industry continues to evolve in 2018 as stores try to innovate and compete with online shopping.
Retailers like Target and Walmart have announced store changes and strategies for the New Year, including opening more stores and adding new in-store technology. Other retailers like The Bon-Ton Stores Inc. saw decreases in holiday sales.
» MUST-READ RETAIL NEWS: Target will offer SAME-DAY delivery after acquiring Shipt Inc.
Here’s what happened last week in retail:
Target will open approximately 30 “small-format” stores while remodeling more than 325 stores this year.
Target Corp. announced that its comparable sales in November and December grew 3.4 percent, compared with the expected range of 0 to 2 percent. Target now expects 2017 will be the fourth consecutive year in which its digital sales grow more than 25 percent. READ MORE
The Bon-Ton Stores, Inc. announced that its comparable store sales for the nine-week holiday period ended Dec. 30 decreased 2.9 percent. Total sales for the holiday period were $720.8 million compared to sales of $752.1 million in the prior year period. READ MORE
At Home will open its Beavercreek location off of Indian Ripple Road later this month. A company spokeswoman told this news organization that the store will soft open on Jan. 31, and a grand opening celebration has been scheduled for Feb. 10. This will be At Home’s 150th store to open nationally. READ MORE
Ohio metro areas rank in top 50 worst cities for bed bugs https://t.co/7MFytOP9Rd— Kara Driscoll (@KaraDDriscoll) January 12, 2018
The retail giant announced its expanding a test of the popular Mobile Express Scan & Go app, which allows customers to scan and bag items, including produce, while they shop and pay directly with their phones. There’s no waiting in line at the register. READ MORE
Sam’s Club store locations are reportedly closing across the nation, including some in Ohio. The Loveland store on Fields-Ertel Road and the Oakley store on Marburg Avenue both permanently closed Thursday, WCPO reported. No locations in the Dayton region have been impacted. Sam’s Club has locations in Dayton, Beavercreek and Centerville. READ MORE
The retail chain saw growth in “digital demand accelerated significant in the holiday period,” while also experiencing positives sales and stronger foot traffic in stores. Based on stronger than expected holiday sales and expectations for fiscal January, the company now expects its fiscal 2017 diluted earnings per share to be $4.10 to $4.20 versus its previous guidance of $3.72 to $3.92. READ MORE
Last year, Target announced plans to roll out more than 12 new, only-at-Target brands, which includes A New Day, Goodfellow & Co., Project 62 and Hearth & Hand with Magnolia. Next month, Target is introducing Universal Thread, a women’s lifestyle brand that’s grounded in denim and features tops, dresses, accessories and shoes. READ MORE
FIVE FAST BUSINESS READS
Published: Tuesday, January 16, 2018 @ 7:46 AM
— If you own bitcoin or other cryptocurrencies, it might be a bad day for you.
The price of bitcoin plunged by 15 percent this morning, dropping below $12,000 for the first time since Dec. 4. Other cryptocurrencies have also seen price declines, with Ethereum falling by 20 percent and Ripple falling by 33 percent. The plunging prices are a stark difference to the success bitcoin saw last month — hitting a record of nearly $20,000 on Dec. 16.
» Currency of the future? Some argue it’s bitcoin
As the digital currency Bitcoin surges in popularity, curious investors and entrepreneurs alike are watching closely to see what happens with the fluctuating prices. Don’t understand the basics of bitcoin? Here’s what you need to know:
What is bitcoin?
Bitcoin is a cryptocurrency, or a digital token, that can be sent electronically and directly from peer to peer. There is no physical backing and it is a decentralized currency — meaning it is not controlled by any government or banking entity. Bitcoin is the first cryptocurrency ever created, and remains the most popular one to date.
“I tell people it’s a digital currency and it’s a program,” said Jad Mubaslat, Wright State University graduate student and founder of BitQuick.co, a bitcoin trading platform. “For the first time in history, it allows anyone anywhere in the world to send any amount of money instantly. Most importantly, it;s without a third party … like a bank or a government. Now, you can truly send your money without somebody telling you what you can or cannot do.”
» MUST-READ BUSINESS NEWS: I bought bitcion. Here’s what I learned
The record of all bitcoin exchanges and transactions are record on what is called the blockchain, which is a network of decentralized computers.
How was bitcoin created?
Bitcoin was created by an unknown programmer going by the name Satoshi Nakamoto in 2008. He communicated only through email and social messaging, and no one truly knows Nakamoto’s identity. He released the software globally in 2009, and now anyone can use and download it.
How do you buy bitcoin and other cryptocurrencies?
In the U.S., several websites have popped up where you can buy and sell bitcoin online. One of the most popular websites is Coinbase and others include Mubaslat’s BitQuick.co, Coindesk.com and bitcoin.com. Investors can also meet with other bitcoin users in person and trade bitcoin via their virtual wallets on their phones. After meeting another bitcoin user through websites like Craigslist or LocalBitcoin.com, a user simply scans a QR code with another person’s wallet to transfer bitcoin.
Some people prefer to buy bitcoin in person or through a bitcoin ATM because the bitcoin transfer over faster than when they buy it online — it can take up to seven days, and sometimes longer, for bitcoin to show up in a virtual wallet after purchasing it online.
Why do some criminals use cryptocurrency for illegal transactions?
Some criminals use bitcoin because users can open a wallet to send and receive bitcoin without giving a name or identity. There is no bank or central authority, like a government, to control this information. Bitcoin also became a popular method for making ransom payments when a computer system is taken over by ransomware.
» CRIME AND CRYPTOCURRENCY: How local criminals use bitcoin illegally
However, bitcoin is not completely anonymous and transactions can be traced by police through bitcoin trading websites. Other untraceable cryptocurrencies, like Monero, are becoming popular for dark web uses including drug trafficking and human trafficking.
How is the worth of bitcoin decided?
The price — and ultimate worth — of bitcoin fluctuates, and experts are calling the cyrptocurrency extremely volatile. The price is determined by open-market bidding on Bitcoin exchanges. The worth of bitcoin could be compared to the way that gold prices fluctuate — in the sense that gold has value because people believe it does.
What exactly is bitcoin mining?
Mining is the process that creates new bitcoins in the blockchain, or network of computers. The bitcoin miners race to process new transactions, and the fastest computers ge a chunk of new bitcoin. A miner wins the race about every 10 minutes, which will happen until there are 21 million bitcoins in the world. No new bitcoins will be created after the blockchain has 21 million, which is expected to happen in 2140.
Anyone can set their computer up to mine bitcoin, but programmers with specialized hardware are usually the only ones to win bitcoin now.
Bitcoin Started With All Men. Now Crypto Is Opening to Women https://t.co/1EYvH4SsGV— Kara Driscoll (@KaraDDriscoll) December 29, 2017
Are there any other cryptocurrencies as popular as bitcoin?
Other cryptocurrencies also exist, but bitcoin is the most popular one right now. Other popular cryptocurrency includes Ethereum, Bitcoin Cash, Ripple, Litecoin and Monero. Digital cryptocurrencies are being created for all types of uses like PotCoin, which is a digital currency and banking solution for the global legal marijuana industry. There’s Titcoin, a cryptocurrency for the adult entertainment and sex worker industry.
What are the legal uses of bitcoin?
Most transactions on the bitcoin network aren’t illegal — it’s typically people buying and selling bitcoin to each other. People in countries with high inflation or unstable governments are putting their money into bitcoin to avoid losing their savings. It’s also used to transfer large sums of money internationally. It is quicker to transfer bitcoin than it is to go through a bank transfer, which can take weeks.
Some businesses also accept bitcoin including Overstock.com, Wikipedia, backpage.com and Square. For a short time, a local franchise of Firehouse Subs in Cincinnati accepted bitcoin. The restaurant, in Clifton, shut down a few years ago. “Firehouse Subs didn’t do very many transactions in Bitcoin, but it has generated buzz around the shop,” the Cincinnati Business Courier wrote.
FIVE FAST BUSINESS READS
Published: Tuesday, January 16, 2018 @ 8:21 AM
— A Michigan auto supplier has acquired Trenton’s Magnode.
Shape Corp. said it has reached terms to buy the Butler County aluminum extruder, Magnode. Those terms were not identified in an announcement.
“The deal comes after a successful business relationship between that two companies that included collaboration on engineering projects, as well as shared research and development around light-weighting best practices,” Sharpe said in a release Monday.
Shape said it was drawn by Magnode’s more than 70 years years of aluminum extrusion experience. Magnode will operate as a division of Shape.
Grand Haven, Mich.-based Shape focuses on energy management systems and body structures. “The Magnode purchase expands Shape’s lightweight product and process portfolio beyond ultra-high strength steel roll forming, thermoplastic injection molding and composite pultrusion,” the company said in its release.
“Magnode is the perfect addition to Shape,” Shape President Mark White said in the statement. “Our company cultures align extremely well, we both have a passion for innovation, engineering and customer service.”
“This acquisition allows Magnode to dream freely again, while imagining what we can become as we integrate into a larger world model,” Martin Bidwell, Magnode president and chief executive, said in the same statement. “I am very excited that the Magnode brand will continue for many years after I am gone. This magnificent company will forge on, breaking the boundaries that we personally could only dream about.”
Sharpe said a team composed of employees from both businesses will work on continuing “normal operations” under current leadership.
The acquisition will close in early March after all transaction terms are complete, the Michigan company said.
In September, Magnode told this news outlet that it was building a new commercial site at 400 E. State St., valued at $926,380, according to permits filed this summer with the county.