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Revere tank farm sold

Blackstone affiliate Link Logistics is planning to remove 19 oil tanks along Route 1A near Suffolk Downs in Revere and replace the tanks with two massive warehouses. This is a rendering of the project, dubbed the Trident Logistics Center. (Link Logistics)Link Logistics


Revere tank farm sold

A giant private equity firm in New York is betting big on the future of warehouses in Revere by acquiring the Global Partners terminal and tank farm next to the former Suffolk Downs horse track along Route 1A for $150 million. Link Logistics Real Estate, an affiliate of the Blackstone investment firm, confirmed it has completed the purchase of the 44-acre site, the largest terminal in Waltham-based Global’s network. Link and developer Saracen Properties are planning to build two logistics facilities at the property, to be called the Trident Logistics Center. Construction is expected to begin this fall on the two-phase project, with the second phase’s completion date set for early 2027. The first phase involves the redevelopment of the site’s northern 22 acres, home to 19 oil tanks, for a 387,000-square-foot warehouse. The second phase would remove the remaining 10 oil tanks, for a 282,000-square-foot warehouse. Global will continue to operate at the property by leasing the 10 tanks that will remain until the second phase. Global will also lease a section of the property on the west side of Route 1A, including a dock on Chelsea Creek; there are no immediate plans to redevelop the waterfront part of the site. A Link spokesman said the Trident center will provide hundreds of jobs as well as a significant influx of tax revenue for Revere. — JON CHESTO



OPEC increases output

With President Biden preparing to visit Saudi Arabia in July, the kingdom and its oil-exporting allies ratified slightly elevated crude oil output while waiting to see whether additional spare capacity would be needed to deal with sanctions on Russia or output disruptions in countries such as Libya or Nigeria. OPEC Plus — a combination of the 13-member Organization of the Petroleum Exporting Countries and an informal group of non-OPEC members led by Russia — met virtually Thursday and reaffirmed an earlier decision to add 648,000 barrels a day to oil markets in July and August. Virtually all of that would come from Saudi Arabia and the United Arab Emirates, says Helima Croft, the head of global commodity strategy at RBC Capital Markets. Biden wants Saudi Arabia and the emirates to take action to lower oil prices, with West Texas Intermediate crude hovering around $110 a barrel, US gasoline prices averaging $4.87 a gallon, and consumption rebounding from pandemic-era lows. But Riyadh wants Biden to come without demands on oil exports and instead bring a package deal that would include additional US defense support to help the kingdom fend off the threat posed by Iranian-backed militias in Yemen. — WASHINGTON POST



Heathrow and CDG scrap flights

London Heathrow and Paris-Charles de Gaulle airports are canceling more flights as Europe’s travel chaos continues into the summer. Heathrow asked airlines to cut 30 services Thursday morning, citing concern that peak passenger numbers would exceed levels it could safely handle. France’s civil aviation authority ordered a 17 percent reduction in flights from Charles de Gaulle amid a firefighter strike and extended the curbs into Friday. While the services affected represent only a small portion of the total, the last-minute cancellations add to the turmoil surrounding travel in Europe as staffing shortages upend timetables and labor unrest brews. — BLOOMBERG NEWS


Rates down this week

Average long-term US mortgage rates eased back this week after shooting up nearly three-quarters of a point in recent weeks. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate fell to 5.70 percent this week from 5.81 percent last week. One year ago, however, the average 30-year rate was 2.98 percent. The average rate on 15-year, fixed-rate mortgages, popular among those refinancing their homes, fell to 4.83 percent from 4.92 percent last week. A year ago, the rate was 2.26 percent. — ASSOCIATED PRESS



Walgreens’ earnings down on opioid settlement, fewer vaccines

A big opioid settlement and a COVID-19 vaccine slowdown dragged on third-quarter earnings for Walgreens, but the drugstore chain still topped expectations. Net income slid to $289 million in the quarter that ended May 31, the company said Thursday. That’s down from about $1.2 billion the previous year. Walgreens booked a $683 million charge from a settlement announced last month with the state of Florida to resolve claims tied to dispensing prescription opioids. Its US pharmacies also slowed compared with last year, when a COVID-19 vaccination push was bringing more people to its stores. Walgreens administered 4.7 million COVID-19 vaccinations in the quarter, compared with more than 17 million last year. — ASSOCIATED PRESS


RH says higher mortgage rates, fewer home sales hurting bottom line

High-end furniture retailer RH slumped after slashing its forecast for the second time in less than a month, blaming soaring mortgage rates and shrinking sales of luxury homes. The shares sank more than 10 percent Thursday. The stock had already fallen 56 percent this year through Wednesday’s close. The Corte Madera, Calif.-based company gets almost 70 percent of its sales from furniture, and it also sells items like lighting, textiles, and home decor. In addition, Friedman has been expanding into high-end spaces and experiences, such as a new champagne and caviar concept in New York, a gallery in the English countryside, and a luxury yacht available for charter in the Mediterranean and Caribbean. — BLOOMBERG NEWS



Bed Bath & Beyond CEO ousted

Mark Tritton was supposed to be the savior for Bed Bath & Beyond — a hotshot executive from Target who knew how to charm customers with in-house brands and train stores on handling online and in-person orders. But the chief executive never saw the fruits of his labor, and the home-goods retailer watched its sales melt away during the pandemic even as customers snapped up the same wares at nimbler competitors. One last dismal quarterly report was all it took, and Tritton was unceremoniously dumped on Wednesday. — BLOOMBERG NEWS


Giant Belgian chocolate factory shut after salmonella found

A huge Belgian chocolate factory has halted production after detecting salmonella in a batch of chocolates. The Barry Callebaut company said Thursday that its plant in Wieze — which it says is the world’s largest chocolate factory — shut down all production lines as a precaution while the contamination is investigated. Barry Callebaut produces chocolate for multiple brands sold around the world. The salmonella was detected Monday, and all chocolate products made at the plant were placed on hold pending investigation, the company said. It identified lecithin, an emulsifier routinely used in making chocolates, as the source of the contamination. Earlier this year, at least 200 reported cases of salmonella were believed linked to chocolate Easter eggs made in another Belgian plant operated by Italian company Ferrero. — ASSOCIATED PRESS