With his new acquisition, Related Companies’ Stephen Ross is ready to compete directly with Amazon.
The developer is teaming up with logistics investment specialists Greenfield Partners to buy Quiet Logistics, a fulfillment firm, Real Estate Weekly reported. The deal amount wasn’t disclosed.
Related is using its Fund Management platform and will be guided by its previous forays into retail, the report said. It invested in the Equinox gym chain in 2005 and now also SoulCycle. Both brands have been integrated into its developments, including the massive Hudson Yards project.
The new owners said they will expand Quiet Logistics’ network of fulfillment centers to the West Coast and Midwest — with plans to go global in the next few years. The Shops at Hudson Yards include big name anchors like Neiman Marcus, Cartier and Sephora, but will also include a collection of stores from digitally native brands like Mack Weldon and M.Gemi.
“Related has developed some of the most successful retail developments in the United States and we are acutely aware of the challenges and opportunities presented by omni-channel e-commerce,” said Michael Winston, managing director of Related Fund Management. “Related has also previously invested in customer-focused operating businesses — including both Equinox and SoulCycle — whose continued growth was predicated upon a significant expansion of and investment in their real estate portfolios.”
Quiet Logistics specializes in working with direct-to-consumer companies including Tuft & Needle, Away, Love Your Melon, M. Gemi and Mack Weldon. [REW] — Meenal Vamburkar