CapRock Partners Opens Dallas Office, Will Target Industrial Deals

DALLAS — CapRock Partners, an investment, development and asset management firm based in Southern California, has expanded into Texas with the opening of a new office in Dallas. The firm will primarily pursue value-add investment opportunities, as well as large-scale logistics developments. Jon Pharris, CapRock’s co-founder and president, will lead the new Texas office. The company, which recently closed a venture to fund some $2 billion in industrial development in California, Nevada and …

CBRE Investment Management Agrees to Acquire Logistics Portfolio in US, Europe from Hillwood for $4.9B

NEW YORK CITY AND DALLAS — CBRE Investment Management has agreed to acquire a portfolio of logistics real estate assets in the United States and Europe from Hillwood Investment Properties, an industrial developer and owner based in Dallas.Under terms of the $4.9 billion acquisition agreement, affiliates of New York City-based CBRE Investment Management will purchase the 57-property, 28.4 million-square-foot portfolio from Hillwood. The transaction is subject to customary closing …

CapRock Raises $700M for New US Industrial Development Fund

NEWPORT BEACH, CALIF. — CapRock Partners, a Newport Beach-based industrial real estate manager, has raised $700 million for CapRock Logistics Venture, its new development fund. The raised amount exceeds the fund’s initial $450 million target.CapRock Logitsics Venture is seeded with large-scale industrial real estate projects and will fund nearly $2 billion worth of projects in the Western United States totaling 15 million square feet. The seed portfolio includes CapRock’s Palomino …

American Finance Trust to Acquire Shopping Center Portfolio for $1.3B, Sell Office Assets as Part of Corporate Rebrand

NEW YORK CITY — American Finance Trust Inc. (NASDAQ: AFIN) has entered into a definitive agreement to acquire a portfolio of 81 retail centers from CIM Real Estate Finance Trust, a REIT managed by Los Angeles-based CIM Group. The transaction is valued at $1.32 billion.The 9.5 million-square-foot portfolio comprises power retail and grocery-anchored shopping centers, as well as two single-tenant properties. The weighted average lease term of the portfolio is five years, according to CIM. …

Wayfair to Open Three Brick-and-Mortar Stores in Metro Boston in 2022

BOSTON — Wayfair (NYSE: W), a Boston-based e-commerce firm specializing in furniture, will open three brick-and-mortar stores in the Boston area in 2022. The first two stores will be located within open-air centers in Lynnfield and Dedham that are owned by WS Development and will carry the company’s AllModern brands. The third store will be located within Simon Property Group’s Burlington Mall and will carry the Joss & Main brand. Wayfair plans to open more stores to support other …

Asset Living Acquires JMG Realty, Adding 20,000 Multifamily Units to Management Portfolio

HOUSTON AND ATLANTA — Asset Living, a Houston-based real estate property management firm, has acquired JMG Realty, an Atlanta-based real estate firm. The sales price was not disclosed. With the addition of JMG, Asset Living expands its management footprint into the Southeast by adding over 20,000 multifamily units and a new corporate office in Atlanta.With over 20 years of experience and approximately 575 employees, JMG Realty brings expertise in management, redevelopment, financial and …

Jack in the Box, Del Taco Enter into $575M Merger Agreement

SAN DIEGO AND LAKE FOREST, CALIF. — Jack in the Box Inc. (NASDAQ: JACK) and Del Taco Restaurants (NASDAQ: TACO) have entered into a merger agreement valued at approximately $575 million, inclusive of existing debt.Under the terms of the agreement, Jack in the Box will acquire Del Taco for $12.51 per share in cash. The deal, which is expected to close in the first quarter of 2022, would yield a company with more than 2,800 restaurants across 25 states. In addition, the new entity plans to …

CVS Health Plans to Close 900 Stores, Focus on Digital Strategy

WOONSOCKET, R.I. — CVS Health Corp. (NYSE: CVS) plans to close about 900 stores over the next three years, or about 300 stores a year, starting in the spring of 2022. The pharmacy retailer says the decision to close its stores was in order to focus more on its digital strategy.The store closures equal about 9 percent of the approximately 10,000 locations that the retailer currently operates. CVS says it will help those who lose their jobs as a result of the store closures to find a …

Sycamore Partners Management Acquires 30,000-Acre Wine Producer for $1.2B

NEW YORK CITY — Private equity firm Sycamore Partners Management has acquired Ste. Michelle Wine Estates for $1.2 billion. The transaction is the largest private equity purchase of a wine business in the U.S., according to Bank of the West, which led financing for the acquisition.Altria Group Inc. was the seller, according to reports by Bloomberg. Ste. Michelle Wine Estates is the third-largest premium winery in the U.S. with over 30,000 acres of vineyards spread across three states. Some …

Forecast Survey: What’s Your Take on Commercial Real Estate in 2022?

The editors of are conducting a brief online survey to gauge market conditions in 2022, and we welcome your participation. The survey should only take a few minutes to complete.Questions range from property sectors that you are most bullish on heading into 2022 to trends in deal volume to your outlook for interest rates.The results of our 11th annual survey will be collated and published in the January issues of our regional magazines. Conducting these surveys is …

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