Alfred Weissman Real Estate (AWRE) has secured an $80 million loan from J.P. Morgan to refinance 555 Tuckahoe Road in Yonkers, CO first reported. The warehouse facility spans 435,000 SF, and has been occupied by UPS since November 2019.
- Financing details: The new fixed-rate debt retires a $69 million bridge loan provided by Invesco in March 2019.
- Traditional retailers accelerate their e-commerce efforts: Walmart, Target, Home Depot, and Lowes reported surging online sales for their most recent quarters. Interestingly, manufacturers that typically sell through bricks-and-mortar retailers are now setting up websites to sell directly to customers. E-commerce is expected to represent 14.5% of total retail sales this year — a record. [CO+WSJ]