Thursday, June 4, 2026
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Company News

Company NewsDevelopmentHospitalitySoutheastVirginia

Hilton Launches Undergraduate Brand, Plans to Open More Than 400 Hotels

by John Nelson

MCLEAN, VA. — Hilton has launched Undergraduate by Hilton, an upper-midscale hospitality brand designed to serve a range of college and university markets. Hilton’s long-term plans for the brand include growing the pipeline of collegiate-themed hotels to 400 to 500 properties, with the first Undergraduate hotel set to open next year. The model will include both new builds and conversions of hotels near college campuses. Guestrooms will be designed to invoke classrooms with adaptable layouts, study corners and functional storage. Common spaces will include lounges, library-inspired social gathering areas, a barista-led, 24-hour market and a bar program by Authentic Hospitality. Undergraduate joins Hilton’s Lifestyle portfolio of properties, which is projected to grow to 700 hotels globally by 2028, including 60 new openings this year. The brand was created following the success of the Graduate by Hilton brand, which is also part of Hilton’s Lifestyle portfolio.

Continue Reading
FacebookTwitterLinkedinEmail
Aventine-Littleton-Highlands-Ranch-CO
Company NewsMultifamilyTop Stories

AvalonBay, Equity Residential Announce $69B Merger Agreement

by Hayden Spiess

ARLINGTON, VA. AND CHICAGO — Multifamily owners and operators AvalonBay Communities (NYSE: AVB) and Equity Residential (NYSE: EQR) have announced a definitive, all-stock merger agreement. The new combined company will have a total enterprise value of $69 billion, with a market capitalization of $52 billion.  Following the merger, the combined company’s portfolio will comprise more than 180,000 apartments. Together, AvalonBay and Equity Residential currently have 10,800 apartments under construction, totaling $4.4 billion in estimated value. Annual cash flow for the new company is estimated at $2 billion.  The merger has been unanimously approved by the AvalonBay board of directors and Equity Residential board of trustees. Under the agreement, AvalonBay shareholders will receive roughly 2.8 shares of Equity Residential common stock for each owned share of AvalonBay common stock.  Equity Residential shares closed at $66.28 on May 20, up from $65.97 a year prior. AvalonBay shares closed at $186.69 on May 20, down from $194.17 a year prior. According to the companies, the merger will enhance resident experience and expand margins across the multifamily portfolio by scaling operations.  “This combination creates a new and fundamentally stronger company with differentiated capabilities that will drive structurally superior cash flow generation, earnings and dividend …

Continue Reading
FacebookTwitterLinkedinEmail
Villano-Pull-Quote
CaliforniaCompany NewsConnecticutIndustrialNortheastTop StoriesWestern

Sachem Capital, IRG Enter Into Agreement to Create $3.4B Industrial REIT

by Taylor Williams

BRANFORD, CONN. AND LOS ANGELES — Sachem Capital Corp. (NYSE: SACH), a Connecticut-based real estate finance company, and Los Angeles-based Industrial Realty Group (IRG) have entered into a definitive contribution agreement to form a new industrial REIT with a market value of $3.4 billion. The deal is expected to close by the end of the year. Under the terms of the agreement, IRG will contribute 98 industrial properties from its portfolio of 200 assets to Sachem. Once complete, the newly formed company will operate as IRG Realty Trust Inc. (IRGT) and is expected to have an industrial portfolio with a gross real estate asset value of $2.9 billion. In addition, the new company will carry Sachem’s approximately $470 million (as of March 31, 2026) in direct and indirect mortgage loans, investments in developmental and owned real estate and other assets. The transaction values Sachem’s common shares at $2 per share, representing a 90 percent premium to the company’s 30‑day volume weighted average price. Upon closing, IRGT Inc. will focus on mission‑critical industrial infrastructure that supports manufacturing and distribution users. Assets that are not being contributed will continue to be owned and operated by IRG’s existing private business. “This accretive transaction …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsColoradoCompany NewsIndustrialNew YorkNortheastTop StoriesWestern

Global Net Lease Agrees to Acquire Modiv Industrial in $535M Deal

by John Nelson

NEW YORK CITY AND DENVER — Global Net Lease Inc. (NYSE: GNL), a New York City-based net lease REIT, has entered into a definitive merger agreement to acquire Modiv Industrial Inc. (NYSE: MDV), an industrial REIT based in Denver. The acquisition, which has been approved by the boards of directors for both companies, is valued at $535 million. Modiv Industrial owns and operates single-tenant industrial properties that are occupied by manufacturers on long-term net leases. According to the company, it is the only publicly traded REIT that exclusively focuses on ownership of manufacturing facilities. Recently announced transactions include Modiv acquiring a Fujifilm-occupied facility in Santa Clara, Calif., and agreeing to sell a facility in Melbourne, Fla., that is leased to Northrop Grumman. The merger deal will grow Global Net Lease’s holdings of mission-critical industrial properties. Though the number of properties involved was not released, multiple media outlets report that Modiv owned 39 industrial facilities at the time of sale. For Modiv, the transaction is expected to increase annual dividend payments by 25 percent for the combined company. No senior level executive changes are expected to occur as a result of the merger. Under terms of the all-stock transaction, holders of …

Continue Reading
FacebookTwitterLinkedinEmail
Zahr-Pull-Quote1
Company NewsFloridaNew YorkNortheastSoutheastTop Stories

Blue Owl Capital Agrees to Acquire Sila Realty Trust for $2.4B

by Taylor Williams

NEW YORK CITY AND TAMPA, FLA. — Affiliates of Blue Owl Capital (NYSE: OWL), a New York City-based private equity firm, have entered into an agreement to acquire Tampa-based REIT Sila Realty Trust (NYSE: SILA) for $2.4 billion. The deal, which will make Sila a private company, is expected to close late in the second quarter or early in the third quarter of this year. The valuation represents a per-share stock price of $30.38 for Sila. That price constitutes a 19 percent premium over Sila’s closing stock price of $25.53 per share on April 17, the last full day of trading prior to the announcement. The share price also represents a 25.6 percent premium over Sila’s average volume weighted price for the last 30 trading days. BofA Securities is serving as Sila’s exclusive financial advisor, and Hogan Lovells US LLP is acting as Sila’s legal counsel. Citigroup Global Markets Inc. is acting as lead financial advisor to Blue Owl, with Truist Securities Inc. also acting as a financial advisor. Newmark is Blue Owl’s real estate advisor. Kirkland & Ellis LLP is serving as legal advisor to Blue Owl. “The Sila team has curated a highly diversified collection of critically important …

Continue Reading
FacebookTwitterLinkedinEmail
Walmart
Company NewsDevelopmentRetailTop Stories

Walmart Plans 650 Remodels, 20 Store Openings in Next 12 Months

by Hayden Spiess

BENTONVILLE, ARK. — Walmart Inc. (Nasdaq: WMT) has announced plans to invest in more than 650 scheduled remodels of Walmart Supercenter and Walmart Neighborhood Market stores this year. The Bentonville-based retail giant also plans to open roughly 20 new stores throughout the remainder of 2026 and early 2027.  Plans include the expansion of a Walmart Supercenter in Tucson, Ariz., as well as the opening of a Supercenter store in Celina, Texas. Earlier this year the retailer opened a new Walmart Supercenter in Eastvale, Calif., as well as three Supercenters and a Neighborhood Market in Florida. Remodeled stores will feature wider aisles and updated layouts; new display designs; expanded pickup and delivery capabilities; updated Vision Centers and pharmacies with private consultation rooms; new digital touchpoints; and refreshed interiors, signage, parking and landscaping.  Stores operating under the Neighborhood Market format will also be updated with expanded deli and hot bar areas, enhanced lighting and fixtures, pharmacy delivery options and upgraded online order fulfillment areas.  In early 2024, the retail giant announced a commitment to open or convert more than 150 new stores. Store openings in 2025 included locations in Alabama, California, Florida, New Jersey, Texas and Utah.  According to the company, fiscal revenue for …

Continue Reading
FacebookTwitterLinkedinEmail
Company NewsLeasing ActivityNorth CarolinaOfficeSoutheast

SMBC Group to Bring 2,000 Office Jobs to Charlotte for New Banking Hub

by John Nelson

CHARLOTTE, N.C. — Sumitomo Mitsui Banking Corp. (SMBC Group), one of Japan’s largest financial institutions, has announced it is bringing approximately 2,000 new jobs to Charlotte. The Tokyo-based banking firm is investing $50.5 million over the next six years to establish its second North American headquarters, according to the office of North Carolina Gov. Josh Stein. The governor and North Carolina economic development officials met with SMBC leadership at a Tokyo conference in fall 2025 as part of the deal. Specific details of the new hub were not disclosed, but Charlotte Business Journal reports that SMBC Group will occupy more than 200,000 square feet of office space at 301 South College, a 42-story tower in the city’s Uptown district formerly known as One Wells Fargo Center. The outlet reports that SMBC will sublease space that Wells Fargo vacated in 2024.

Continue Reading
FacebookTwitterLinkedinEmail
Scottsdale-Commons-Scottdale-AZ
AcquisitionsCompany NewsRetailTexasTop StoriesWestern

Ares to Acquire Whitestone REIT for $1.7B, Take Company Private

by Hayden Spiess

LOS ANGELES AND HOUSTON — Investment firm Ares Management Corp. (NYSE: ARES) has entered into a definitive merger agreement with Whitestone REIT (NYSE: WSR) to purchase the company. Ares will acquire all outstanding Whitestone common shares and operating partnership units for $19 per share in an all-cash transaction valued at roughly $1.7 billion.  Upon closing of the transaction, which is expected in the third quarter, Whitestone will become a private company and will no longer trade on the New York Stock Exchange.  Houston-based Whitestone is a real estate investment trust (REIT) focused on open-air neighborhood retail markets. As of March 2026, Whitestone’s portfolio comprised 56 retail properties totaling approximately 3.9 million square feet, including retail centers in Phoenix; Austin, Texas; the Dallas-Fort Worth metro; Houston and San Antonio.  “Whitestone’s portfolio provides an attractive opportunity to further diversify Ares Real Estate’s footprint with necessity-based retail centers in high-demand, supply-constrained metro regions across Arizona and Texas,” says David Roth, global head of real estate strategy and growth with Ares Real Estate. Whitestone’s board of trustees unanimously approved the transaction, which is subject to customary closing conditions, including approval by Whitestone’s shareholders.  “We believe this transaction with Ares is a testament to the …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsAffordable HousingCompany NewsFloridaMultifamilyNorth CarolinaSoutheastTop Stories

Sun Life to Acquire Bell Partners, Combine With BGO Following Buy-Out of Remaining Equity Stake

by John Nelson

TORONTO, MIAMI AND GREENSBORO, N.C. — Sun Life Financial Inc. (NYSE: SLF), a Toronto-based financial services organization with $1.6 trillion in assets under management as of year-end 2025, has announced it will acquire Bell Partners, a multifamily investment and management firm based in Greensboro. The acquisition was valued at $350 million and is expected to grow Sun Life’s U.S. multifamily segment. Founded in 1976, Bell Partners has approximately $10 billion of assets under management as of March 1 and manages approximately 70,000 apartments in 12 regions across the United States. The firm operates nine U.S. offices and has close to 1,800 employees. Last year, Bell Partners closed more than $1.3 billion in multifamily acquisitions. “This opportunity will extend Bell’s operating and investment expertise across a larger residential platform and strengthen our depth and reach,” says Lili Dunn, CEO and president of Bell Partners. “It is a natural step in our evolution, preserving the essence of what has made us successful, while also opening new opportunities for the future.” In a separate transaction, Sun Life acquired the remaining 44 percent equity stake of Miami-based BGO, a global real estate investment management firm formerly known as BentallGreenOak, in a deal valued at …

Continue Reading
FacebookTwitterLinkedinEmail
Company NewsGeorgiaSeniors HousingSoutheastStudent Housing

Landmark Properties Enters Seniors Housing Sector

by John Nelson

ATHENS, GA. — Landmark Properties, an Athens-based residential developer primarily known for its nationwide portfolio of student housing communities, has announced its expansion into the seniors housing sector. The firm plans to pursue both ground-up development and acquisition opportunities in the senior living space. “Seniors housing sits at an attractive inflection point, having made a meaningful recovery from a unique black swan event and now exhibiting a pronounced supply-demand imbalance,” says Walt Templin, president and chief investment officer of Landmark. “This dynamic creates a compelling entry point for Landmark to leverage its vertically integrated platform.” Landmark has appointed Shashank Goel to lead the company’s entry into seniors housing. Goel will serve as senior director of U.S. seniors housing investment management. Goel, who has more than 10 years of experience in seniors housing, most recently served as assistant vice president at Harrison Street.

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts