Interra Capital Group Acquires 4.5 MSF Greenway Plaza Office District in Houston

Abby Cox — Fri, 10 Apr 2026 11:45:00 +0000

HOUSTON — Interra Capital Group has acquired Greenway Plaza, a 4.5 million-square-foot office district and mixed-use development located in southwest Houston. The seller and sales price were not disclosed, but past owners have included Parkway and Cousins Properties. Developed in the late 1960s, Greenway Plaza spans approximately 53 acres and features 11 office towers and is among the largest infill mixed-use business campuses in the United States, according to a press release issued by Interra. “This is a generational asset with unmatched scale, a premier infill location [with] tremendous long-term potential,” says Jack Polatsek, CEO of Interra Capital Group. “We are proud to acquire Greenway Plaza and are committed to making the investments necessary to enhance the campus and strengthen its position as one of the market’s leading business destinations.” “This acquisition is about stewarding a campus that has played an important role in Houston for decades and repositioning it for the future,” adds Anita Kundaje, Interra’s commercial real estate acquisitions manager. “We see tremendous opportunity to unlock value through disciplined execution, creative vision and a deep commitment to the market.” Interra plans to pursue an active ownership and asset management strategy that will be focused on operations, tenant engagement, leasing…

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

Hayden Spiess — Thu, 09 Apr 2026 11:13:00 +0000

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…

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Bed Bath & Beyond to Acquire Several Home Retail Brands, Including The Container Store

Kristin Harlow — Wed, 08 Apr 2026 12:00:00 +0000

MURRAY, UTAH — Bed Bath & Beyond Inc. (NYSE: BBBY), owner of Bed Bath & Beyond, Overstock, buybuy BABY and Kirkland’s, has signed a letter of intent to acquire the equity interests and substantially all assets of F9 Brands Inc., which owns and operates Cabinets To Go, Lumber Liquidators, Gracious Home/Thos. Baker and Southwind Building Products. The purchase price is nearly $150 million, and the transaction is expected to close after the company’s annual shareholder meeting in May. Murray-based Bed Bath & Beyond says this transaction will represent an additional step in building a national, fully integrated home services platform under “Beyond Home Services,” which will include categories such as storage, closets, cabinets, flooring, installation, renovation and distribution. Kitchen cabinets retailer Cabinets To Go operates more than 100 stores/showrooms nationwide. Lumber Liquidators is a specialty retailer of waterproof and hardwood flooring with more than 200 stores. Southwind Building Products supplies flooring and building materials to a network of 4,400 independent retailers and contractors across the country. Last week, Bed Bath & Beyond announced plans to acquire The Container Store for approximately $150 million in a deal that aims to combine the two retail brands. The Container Store maintains more than…

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NewQuest Breaks Ground on Junior Retail Component at $400M Texas Heritage Marketplace in Metro Houston

John Nelson — Tue, 07 Apr 2026 12:00:00 +0000

KATY, TEXAS — NewQuest, a local commercial real estate development and services firm, has broken ground on the multi-tenant retail component of Texas Heritage Marketplace, a $400 million mixed-use development in Katy, a western suburb of Houston. The project represents the largest cluster of retail space in the history of Waller County, according to NewQuest. “As it stands, Waller and surrounding rural counties have been unserved by major retailers,” says Austin Alvis, president and chief development officer for NewQuest. “Texas Heritage Marketplace will fill in that gap.” Situated in the center of Texas Heritage Marketplace, the retail space that is now under construction is leased to tenants including Academy Sports + Outdoors (51,068 square feet), Burlington (22,147 square feet), Spec’s Fine Wines & Spirits (16,806 square feet) and Ulta Beauty (10,000 square feet). NewQuest plans to deliver the junior retail anchors in first-quarter 2027. The groundbreaking also includes Heritage Grove, a green space component that will span five acres at the center of the development. The park-like common space will be surrounded by the junior retailers and an additional 35,000 square feet of retail space planned for restaurants and service retailers, as well as a 40,000-square-foot EoS Fitness location. NewQuest plans…

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Partnership Receives $298M in Financing for Redevelopment of Lake Tahoe Hotel

Taylor Williams — Mon, 06 Apr 2026 11:53:00 +0000

LAKE TAHOE, NEV. — A partnership between Colorado-based development and investment firm Realberry, operator Proper Hospitality and international real estate firm The KOR Group has received $298 million in financing for the redevelopment of a hotel resort property in Lake Tahoe, a tourist destination located along the California-Nevada border. The project involves the reimagining and conversion of the historic Cal Neva Hotel, which first opened in 1926, into a hospitality and entertainment destination that will be known as Lake Tahoe Proper Resort and Casino. Completion of the redevelopment and the opening of the new hotel are scheduled for 2027. “Cal Neva is one of the most storied hospitality properties in the West, and we feel a deep responsibility to get the execution right with Lake Tahoe Proper,” says Chad McWhinney, CEO of Realberry. “Our focus has been on rigorous restoration, and this financing milestone allows us to continue to thoughtfully reestablish this asset as a premier hospitality destination in Lake Tahoe, balancing preservation and long-term stewardship.” Plans for Lake Tahoe Proper Resort and Casino currently call for 197 guestrooms, suites and private villas, as well as multiple restaurants and bars. In addition to the casino, the property will also feature…

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Newmark Arranges $525M Refinancing for Amazon-Leased Office Tower in Bellevue, Washington

Abby Cox — Fri, 03 Apr 2026 11:45:00 +0000

BELLEVUE, WASH. — Newmark has arranged a $525 million loan for the refinancing of The Artise, a recently delivered, 25-story trophy office tower located in downtown Bellevue. Goldman Sachs and Deutsche Bank issued the new loan, which replaces a $520 million loan that was originally secured in September 2021, according to Puget Sound Business Journal. Jonathan Firestone, Blake Thompson and Kevin Shannon of Newmark secured the financing on behalf of a joint venture between Schnitzer West, the developer of the tower, and The Baupost Group. “Securing this refinancing for The Artise underscores lender confidence in Bellevue’s premier office market and the long-term durability of this tenancy,” says Firestone, who serves as the co-president of Global Debt & Structured Finance at Newmark. Situated at the corner of NE 8th Street and 106th Avenue on the other side of Lake Washington from Seattle, The Artise was completed in 2024 and includes more than 600,000 square feet of office space that is fully preleased to Amazon. Amazon paused interior construction at the office property in 2022, but restarted work in October 2025, as reported by Puget Sound Business Journal. Along with office space, The Artise features 7,000 square feet of vacant ground-floor retail…

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Joint Venture Acquires 300,000 SF Retail District at $6B Miami Mixed-Use Development

Hayden Spiess — Thu, 02 Apr 2026 11:15:00 +0000

MIAMI — A joint venture comprising affiliates of the Falcone Group, ROK Acquisitions, Andre Mirmelli, The Davis Cos. and Jamestown has acquired a retail and entertainment district situated within Miami Worldcenter, a new $6 billion mixed-use destination in downtown Miami. The seller was master development group Miami Worldcenter Associates, which is a partnership between Falcone Group, Nitin Motwani and CIM Group. The sales price was $210 million. Totaling 300,000 square feet of retail, dining and entertainment space with 100,000 square feet of parks and plazas, the acquired property will be operated by Falcone Group, along with ROK Acquisitions and Andrew Mirmelli. Davis Cos. and Jamestown will serve as limited partners. Tenants within the retail district include a flagship Apple store, Sephora, lululemon, Ray-Ban, Lucid Motors, Free People, Savage X Fenty, Posman Books, HŸP Sneakers & Streetwear, Timeluxe, Openbank by Santander, SkinSpirit, Blo Blow Dry Bar and Club Studio. Food-and-beverage offerings include Maple & Ash, Eight Bar, Sixty Vines, Earls Kitchen + Bar, Sweet Paris Crêperie & Café, Serafina, Go Greek Yogurt and Starbucks Coffee. Entertainment venues include Lucky Strike Bowling and the Museum of Ice Cream. “By combining continuity of vision with additional institutional capital, strategic oversight and operational discipline,…

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SL Green Receives $1.6B CMBS Refinancing for Manhattan Office Property

Taylor Williams — Wed, 01 Apr 2026 12:00:00 +0000

NEW YORK CITY — Locally based real estate giant SL Green Realty Corp. (NYSE: SLG) has received $1.6 billion in CMBS debt for the refinancing of One Madison Avenue, an office property in Manhattan’s Flatiron District. One Madison Avenue overlooks Madison Square Park and combines a restored historic podium with a newly constructed, 550,000-square-foot tower. The property was fully leased at the time of the loan closing to tenants such as IBM, Franklin Templeton Cos., Palo Alto Networks, FanDuel Group, Sigma Computing and Harvey AI. Amenities at the property include Le Jardin Sur Madison, an event space and rooftop garden; La Tête d’Or by Daniel, an upscale culinary offering from Chef Daniel Boulud; and The Commons, a 7,000-square-foot tenant-only lounge. Retail offerings include a 56,000-square-foot Chelsea Piers Fitness along with a collection of fast-casual eateries. Jordan Roeschlaub, Nick Scribani and Ricky Braha of Newmark arranged the five-year, fixed-rate financing, which was priced at a spread of 181 basis points over the U.S. Treasury index, resulting in an all-in interest rate of 5.81 percent. The debt replaces a prior $1.25 billion construction facility. Wells Fargo Bank NA led the financing execution, with participation from Goldman Sachs, J.P. Morgan, Bank of America,…

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

John Nelson — Tue, 31 Mar 2026 12:00:00 +0000

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…

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Mack Real Estate, McCourt Break Ground on $7B Halo Vista Mixed-Use Development in North Phoenix

Taylor Williams — Mon, 30 Mar 2026 11:53:00 +0000

PHOENIX — A partnership between Mack Real Estate Group and McCourt Partners has broken ground on Halo Vista, a $7 billion mixed-use development in North Phoenix that has been billed as a “city within a city.” Situated adjacent to the Taiwan Semiconductor Manufacturing Co. (TSMC) campus, the 2,300-acre master-planned project is designed to be a global hub for science, innovation and community. The initial phase of construction will focus on crucial horizontal infrastructure and site preparation, with work led by Phoenix-based Willmeng Construction. The master plan for the site includes nearly 30 million square feet of industrial, office, retail, residential and educational uses. Companies that have already committed to Halo Vista include Costco and Marriott, which plans to develop a five-story, dual-branded hotel under the Courtyard and Residence Inn brands. Those announcements came in October. In addition, DeRito Partners is planning an “auto mall” at Halo Vista that will feature approximately 10 dealership facilities. These developments are part of the first phase of commercial space that is planned along I-17 and Dove Valley Road and is designed to serve the thousands of workers and residents anticipated to join the Halo Vista community. “Northwest Phoenix has always had strong neighborhoods and a…

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EQT Real Estate Sells 7.3 MSF Logistics Portfolio Across 12 Markets

Abby Cox — Fri, 27 Mar 2026 11:45:00 +0000

RADNOR, PA. AND LOS ANGELES — EQT Real Estate, on behalf of its EQT Real Estate Industrial Core-Plus Fund II, has sold a 36-property logistics portfolio totaling 7.3 million square feet across 12 markets. A real estate investment fund managed by Los Angeles-based Ares Management acquired the portfolio for $650 million, according to various media outlets. Marq Logistics, an affiliate of Ares Management, will manage the properties on behalf of the new ownership. “This transaction highlights EQT Real Estate’s strength in creating and realizing value across the investment lifecycle,” says Matthew Brodnik, global chief investment officer at EQT Real Estate. “The team combined thoughtful portfolio construction with EQT Real Estate’s differentiated hands-on active management to build a portfolio with strong underlying fundamentals, enhance its performance and ultimately deliver an outcome that reflects its quality and future potential.” The portfolio spans distribution markets such as Chicago, Phoenix, Dallas, Atlanta, North Carolina, South Carolina, Southern California, Memphis, Columbus and Cincinnati. The properties are more than 95 percent leased to various tenants active in e-commerce, distribution, food-and-beverage and light manufacturing sectors. Amenities throughout the portfolio include 31-foot clear heights, cross-deck and rear-load configuration, truck courts and significant parking accommodations. John Huguenard, Trent Agnew, and…

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Kemper Development Secures $238M Refinancing for Office Tower Near Seattle

Hayden Spiess — Thu, 26 Mar 2026 11:46:00 +0000

BELLEVUE, WASH. — Kemper Development Co. has secured $238 million for the refinancing of an office tower located in Bellevue, situated to the east of Seattle across Lake Washington. The property, Lincoln Square North, is part of The Bellevue Collection, a shopping and dining district featuring more than 200 retail tenants, 50 restaurant and entertainment venues and three luxury hotels. Bellevue-based Kemper, the master developer of The Bellevue Collection, originally built the tower in 2007. Totaling 561,466 square feet across 25 stories, the building was fully leased at the time of financing. Jonathan Firestone, Blake Thompson and Jack Condon of Newmark arranged the financing from Blackstone and New York Life on behalf of the owner. According to Newmark, more than 461,000 square feet in office leases were executed or commenced at the tower between November 2023 and March 2025, representing over 25 percent of the total office leasing activity in the Bellevue central business district (CBD) during that period. “This financing underscores the exceptional performance and institutional quality of Lincoln Square North and the strength of the Bellevue market,” says Firestone. “With near-full occupancy, premier amenities and unmatched connectivity to The Bellevue Collection, the property continues to attract top-tier tenants and support…

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UCB to Invest $2B for Biopharmaceutical Manufacturing Campus in Northeast Georgia

Kristin Harlow — Wed, 25 Mar 2026 12:00:00 +0000

DACULA, GA. — Global biopharmaceutical company UCB has unveiled plans to invest $2 billion to establish its first U.S. pharmaceutical biologics manufacturing campus in Dacula, a city within metro Atlanta’s Gwinnett County. The new facility is expected to create 330 new jobs over the next several years at Rowen, a mixed-use innovation district focused on global health, agriculture and environmental sustainability. The 2,000-acre “knowledge community” is planned along Ga. Highway 316. The new 460,000-square-foot facility will anchor 79 acres that UCB purchased off Rowen Parkway. Brussels, Belgium-based UCB maintains an existing presence in Georgia. The company’s North American headquarters is located in Smyrna and currently supports more than 400 jobs spanning expertise in neurology and immunology. UCB is focused on developing innovative medicines for people living with severe neurological and autoimmune conditions such as epilepsy. UCB’s new manufacturing footprint marks the first major private investment at Rowen and the largest capital investment in Gwinnett County’s history. UCB says it will leverage advanced manufacturing technologies, including artificial intelligence, robotics and automation, while prioritizing efficient use of natural resources. Jean-Christophe Tellier, CEO of UCB, says the project is expected to generate approximately $5 billion in total economic impact, including more than 1,000…

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OpenAI Fully Leases 450,000 SF Office Campus in Mountain View, California

Amy Works — Tue, 24 Mar 2026 12:00:00 +0000

MOUNTAIN VIEW, CALIF. — OpenAI, the artificial intelligence (AI) giant behind ChatGPT and the $500 billion Stargate Project, has signed a lease with KKR Real Estate Finance Trust Inc. (NYSE: KREF) and TMG Partners to fully occupy 350-380 Ellis, a Class A office campus in the Silicon Valley city of Mountain View. The five-building asset offers 450,000 square feet of office space with move-in ready finishes, indoor and outdoor work environments, meeting/conference rooms, rooftop decks, an executive briefing center, kitchen/break areas on each floor and collaborative space. The campus also features a full-service gastropub restaurant and cafeteria, multi-story parking structure, a tennis court and a sand volleyball court. The property is owned by KREF and capital accounts advised by the REIT’s parent company, KKR & Co. Inc. (NYSE: KKR). In 2024, TMG was selected to reposition 350-380 Ellis into a future-ready office campus. Jon Mackey, Mike Saign and Phil Mahoney of Newmark represented the landlord in the lease negotiations, while Mike Ino, Jon Moeller, Dan Johnson, Rich Duff and Bridget Fahey of JLL represented OpenAI. Founded in 2015, OpenAI has a current market valuation of $840 billion based on its latest fundraising campaign that closed in late February. Sam Altman…

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EQT Real Estate Buys 2 MSF Industrial Portfolio in Southern New Jersey

Taylor Williams — Mon, 23 Mar 2026 11:49:00 +0000

RADNOR, PA. — Pennsylvania-based owner-operator EQT Real Estate has purchased a portfolio of nine industrial buildings totaling approximately 2 million square feet in Southern New Jersey. The sales price was not disclosed. The buildings are part of a master-planned park that is located along the I-95/295 corridor and house a mix of light industrial and bulk warehousing uses. Buildings feature clear heights that range from 24 to 33 feet, as well as flexible suite sizes and a total of 134 dock doors across the portfolio. The names of the tenants were not disclosed, but the buildings are leased to “blue chip [operators] in manufacturing, distribution and logistics, including national and global occupiers,” according to EQT. The new ownership also plans to explore selective redevelopment and leasing initiatives, including targeted capital improvements and enhancements to building exteriors. Brian Fiurama, Brad Ruppel, Mike Hines and Joe Hill of CBRE represented the seller, an affiliate of insurance giant New York Life, in the transaction. “This portfolio offers scale, location and flexibility in one of the most resilient industrial corridors in the United States,” said Matthew Brodnik, global chief investment officer at EQT. “With strong structural demand for modern infill logistics space, we believe…

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Fisher Brothers Receives $117.5M Loan for Refinancing of Miami Multifamily Community

Abby Cox — Fri, 20 Mar 2026 11:45:00 +0000

MIAMI — New York City based-Fisher Brothers has received a $117.5 million bridge loan for the refinancing of Joule House at Calle Collective, a 308-unit multifamily community located in the Wynwood neighborhood of Miami. Bain Capital provided the floating-rate, interest-only loan. “The successful refinancing of Joule House is a strong reflection of both the property’s performance since opening last summer and the market’s confidence in well-executed, design-driven residential communities in Wynwood,” says Winston Fisher, partner at Fisher Brothers. Situated at 2200 N.W. 1st Ave., Joule House spans eight stories and features studio, one- and two-bedroom floorplans, with select two- and three-bedroom penthouses ranging in size from 985 to 1,400 square feet. Monthly rental rates begin at $2,512. Approximately 23,000 square feet of amenities are available for residents, including a swimming pool, cabana, spa, clubhouse, business center, fitness center, lounge, bicycle storage, a game room, conference rooms and electric vehicle charging stations. In December of last year, Fisher Brothers signed a new retail lease with SunLife Organics, a smoothie, juice and açai bowl bar that will open on the ground floor of Joule House in the third quarter. The Calle Collective, which is located within the Joule House development, serves as a retail,…

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Grady Health System Plans $1B Medical Campus in South Atlanta Suburb

John Nelson — Thu, 19 Mar 2026 12:00:00 +0000

UNION CITY, GA. — Grady Health System has announced plans for the development of a new campus in Union City, roughly 20 miles southwest of Atlanta. Project costs for the development are expected to total more than $1 billion. Scheduled to open in phases, the campus will feature a medical office building and an acute care hospital. The two buildings will be situated near a freestanding emergency department that is currently under construction. Grady plans to open that facility in June and integrate it into the larger campus in the future. The hospital will feature 200 critical care, intermediate care and acute care beds. Grady expects that the hospital will serve as a Level 3 verified trauma center, equipped to perform emergency surgery, resuscitate and stabilize patients with serious injuries. The medical office building will offer imaging services, a surgery center, specialty clinics, pharmacy services, rehabilitation and pediatric care. Construction on the medical office building is scheduled for completion in early 2028, with the hospital planned to open in 2031. Financing for the project includes $300 million in Fulton County bond funding and funds raised through a multi-year capital campaign. “We are proud of this latest partnership with Grady,” said…

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TerraPower Isotopes to Invest $450M for Manufacturing Facility at The Bellwether District in Philadelphia

Kristin Harlow — Wed, 18 Mar 2026 12:00:00 +0000

PHILADELPHIA — Nuclear science company TerraPower Isotopes (TPI) has unveiled a $450 million investment plan to establish a radioisotope manufacturing facility in Philadelphia that will support the development of cancer-fighting drugs. The Commonwealth of Pennsylvania is investing $10 million for the project, which is expected to create 225 new full-time jobs over the next three years. TPI will lease a 250,000-square-foot build-to-suit facility within The Bellwether District, a 1,300-acre industrial campus in South Philadelphia that is the redevelopment of the former Philadelphia Energy Solutions refinery. TPI will utilize the flagship East Coast facility to produce actinium-225 for use in the development of cancer treatments. TPI received a funding proposal from the Pennsylvania Department of Community and Economic Development for a $7 million grant through the PA SITES Program, and a $3 million Pennsylvania First grant. The company is also eligible to apply for the department’s Manufacturing Tax Credit and the Qualified Manufacturing and Innovation Reinvestment Deduction programs. According to TPI, the development of an East Coast manufacturing facility, along with expanding capacity in its existing Everett, Wash., facility, will increase production capacity 20-fold of actinium-225. Real estate investment company HRP Group, formerly known as Hilco Redevelopment Partners, is developing The…

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AH Realty Trust Agrees to Sell 11-Property Multifamily Portfolio to Harbor Group for $562M

John Nelson — Tue, 17 Mar 2026 12:00:00 +0000

VIRGINIA BEACH AND NORFOLK, VA. — AH Realty Trust (NYSE: AHRT), a Virginia Beach-based real estate investment trust (REIT) that changed its name from Armada Hoffler two weeks ago, has agreed to sell 11 of its 14 apartment properties to Norfolk-based Harbor Group International LLC for $562 million in an all-cash transaction. The deal marks an effort by AH Realty to pivot away from the multifamily sector. Harbor Group has provided a $15 million nonrefundable deposit for the transaction, which the companies say is not contingent on financing. The portfolio sale is expected to close in mid‑2026, subject to customary closing conditions. “HGI is acquiring a strong, stable portfolio that has served our company well,” says Shawn Tibbetts, chairman, president and CEO of AH Realty Trust. “By realizing the value of these assets, AH Realty Trust is able to simplify our business, strengthen our balance sheet and continue executing our strategy with clarity and purpose.” According to multiple media outlets, including the Baltimore Business Journal, the assets in the portfolio include: AH Realty Trust will retain Smith’s Landing, a five-story, 284-unit property in Blacksburg, Va. The firm will also keep The Everly and Solis Gainesville in Gainesville, Ga., with the intention…

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Public Storage Agrees to Acquire National Storage Affiliates in $10.5B Deal

Taylor Williams — Mon, 16 Mar 2026 11:57:00 +0000

FRISCO, TEXAS AND GREENWOOD VILLAGE, COLO. — Public Storage (NYSE: PSA) has entered into an agreement to acquire National Storage Affiliates (NYSE: NSA) in an all-stock transaction valued at approximately $10.5 billion. Under the terms of the agreement, which is expected to close in the third quarter, NSA shareholders will receive 0.14 of a share of Public Storage common stock for each NSA share they own. The same arrangement applies to shareholders of operating partnership (OP) units of NSA. The price represents a total consideration of $41.68 per share based on Public Storage’s closing per-share price of $297.72 on March 13, 2026. “Public Storage is the ideal strategic fit for our company given their best-in-class brand, operating platform and future growth profile, said David Cramer, CEO of NSA. “By joining PSA, we ensure that the entrepreneurial spirit of our regional partners is preserved within a global platform capable of driving unprecedented scale.” Immediately prior to closing, Public Storage and limited partners in NSA’s OP will form a joint venture that will consist of 313 properties on NSA’s operating platform comprising 19.6 million rentable square feet across 28 states and Puerto Rico. The estimated value of this joint venture is approximately $3.3…

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