PELICAN RAPIDS, MINN. — Pelican Valley Senior Living has begun an $8.4 million modernization project that will update the care center and resident rooms, enhance amenities and reimagine community spaces at its senior living property in Pelican Rapids within western Minnesota. Minnesota’s Nursing Home Moratorium Exceptions process approved the project to provide state funding for safety and care-quality upgrades. The Minnesota Department of Health greenlighted the project for an overdue overhaul of the facility’s aging spaces. Wold Architects & Engineers is leading the design. Phase I of the project will renovate part of the former hospital wing to serve as temporary resident housing during construction. Phase II will rebuild 14 resident rooms and expand community areas, including dining, therapy, chapel and social spaces. The project is a collaborative effort between multiple construction and engineering partners. Completion is slated for early to mid-2027.
HEATH, OHIO — The Taylor McMinn Retail Group of Marcus & Millichap has brokered the sale of a newly constructed retail property occupied by Firestone in Heath, about 30 miles east of Columbus. Built in 2025, the property features a 15-year, triple-net corporate-guaranteed lease that includes 5 percent rent increases every five years in the initial term. The asset sold at 98 percent of the list price to an all-cash buyer completing a 1031 exchange. The seller was a preferred developer for Firestone. Don McMinn and Andrew Koriwchak of the Taylor McMinn Retail Group of Marcus & Millichap brokered the transaction. “This Firestone closing highlights the growing presence of higher-price-point 1031 exchange and private buyers in the net-lease market, driven by recent interest rate cuts and increased economic stability. We anticipate the buyer pool to continue to expand into 2026 as conditions improve and more capital re-enters the market,” says McMinn.
ATLANTA — The multifamily market in the Southeast still prevails as one of the nation’s most dynamic real estate ventures, but one aspect in particular is casting a dark shadow — the cultivation of oversupply in the region. When the demand for housing during and after the COVID pandemic increased, developers energetically responded with an aggressive building boom. However, when new supply began to outpace demand, vacancy crept up and concern for the market became more prominent. “We put shovels in the ground and started developing — and now we’re paying for that sin,” said Greg Mark, executive managing director at Cushman & Wakefield. “Across the board, we’re just not seeing the same kind of returns.” Mark’s comments came at the operations panel during the 2025 InterFace Multifamily Southeast conference, which was held at the InterContinental Buckhead in Atlanta. Co-hosted by France Media’s InterFace Conference Group and Multifamily & Affordable Housing Business magazine, the two-day event attracted a little more than 300 attendees. Ed Wolff, CEO of Dallas-based Aerwave, moderated the panel. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. Karen Key, Southeast …
HONOLULU — A joint venture formed by locally based MW Group Ltd. and funds affiliated with Blackstone Real Estate (NYSE: BX) and DivcoWest has entered into a definite merger agreement with Alexander & Baldwin Inc. (NYSE: ALEX), a Honolulu-based owner-operator of shopping centers and other commercial real estate properties. The deal is valued at $2.3 billion, inclusive of outstanding debt, and would take Alexander & Baldwin private. The joint venture plans to acquire all outstanding shares of Alexander & Baldwin for $21.20 per share in an all-cash transaction. The company’s stock price closed last week at $15.22 per share, giving the acquisition price a nearly 40 percent premium. Alexander & Baldwin is the largest owner of grocery-anchored shopping centers in Hawaii. The firm’s overall portfolio spans approximately 4 million square feet and includes 21 retail centers, 14 industrial assets and four office properties, as well as fee interests in 146 acres of ground lease assets. Upon closing of the deal, which is scheduled for the first quarter of 2026, Alexander & Baldwin will become a privately held company but will retain its Honolulu headquarters and maintain its name and brand. The new investment group has announced it will invest $100 million …
By Joshua Metzger, studio director, principal, Gensler The Emerging Trends in Real Estate 2026 publication jointly released by PwC and the Urban Land Institute (ULI) found that North Texas benefitted from more than 100 corporate headquarters relocations between 2018 and 2024, drawn by a business-friendly climate, robust infrastructure and a growing talent pool. The launch of the Texas Stock Exchange (TXSE), Nasdaq Texas and the reincorporation of the New York Stock Exchange’s regional office from Chicago to Dallas as NYSE Texas are further cementing the area’s status as a financial powerhouse. JPMorgan Chase, Citigroup, Charles Schwab and Fidelity are among the top employers in North Texas, while Wells Fargo recently opened a new $455 million campus in Las Colinas. All this momentum and more has made Y’all Street — the moniker used to contrast Texas’ growing market to Wall Street — the second-largest financial services market in the country, trailing only New York City. The sublease availability of office space in Dallas has dropped to 3.6 percent of total inventory, signaling strong demand and confidence in the market. The Dallas neighborhoods of Uptown and Turtle Creek are bracing for a surge in development, while suburban mixed-use projects continue to thrive. …
HOUSTON — JLL has arranged a loan for the refinancing of a 4411 San Felipe, a 94,825-square-foot office building located in the River Oaks neighborhood of West Houston. Park House Houston, a private social club, anchors the seven-story building, which was built in 2021 and was fully leased at the time of the loan closing. John Ream and Cassie McIntosh of JLL originated the three-year, floating-rate loan, which has an initial financing of $33 million with additional future funding available, through Tannenbaum Capital Group. The borrower was an entity doing business as PH 4411 Houston RE Holdings.
HUTCHINS, TEXAS — Lineage Inc. (NASDAQ: LINE), a Michigan-based REIT focused on temperature-controlled warehouses, has broken ground on a cold storage facility in Hutchins, located south of Dallas. The square footage was not disclosed. The site is located within Prime Pointe Park, a 3,000-acre, rail-served master-planned development. The facility, which will feature a range of automated operations, including Lineage’s proprietary LinOS warehouse execution system, is expected to be operational in 2027.
FORT WORTH, TEXAS — Locally based brokerage firm LanCarte Commercial has negotiated the sale of a 31-acre multifamily development site in Fort Worth. The site is located at the northeast corner of Beach and East 1st streets on the city’s east side. The seller was not disclosed. The buyer, Phoenix-based developer NexMetro, plans to develop a 315-unit build-to-rent residential project on the site that will feature detached cottage-style homes arranged around landscaped courtyards, walking paths and open green spaces.
ADDISON, TEXAS — Avison Young has brokered the sale of Midway Office Park, a 53,673-square-foot office building located in the northern Dallas metro of Addison. Built on 2.7 acres in 1977 and renovated in 1998, the building was roughly 40 percent leased at the time of sale. Bruce Butler, Susan Gwin Burks and John Bowles of Avison Young represented the seller in the transaction. Taylor Stell of Lee & Associates represented the buyer, Urban Infraconstruction, which also plans to occupy a portion of the building.
HOUSTON — CUBExec has opened a 12,520-square-foot coworking space in Uptown Houston. The space spans the sixth floor of the building at 1700 Post Oak Blvd., which is known locally as BLVD Place., and features 50 private workspaces and collaborative meeting spaces that can accommodate up to 15 people. Houston-based Whitestone REIT owns BLVD Place.