SparrowHawk, Almanac Realty Acquire 4.4 MSF Industrial Portfolio in Midwest for Nearly $400M

Abby Cox — Fri, 14 Aug 2026 11:26:00 +0000

HOUSTON AND NEW YORK CITY — A joint venture between SparrowHawk and New York City-based Almanac Realty Investors has acquired a 20-property, 4.4 million-square-foot industrial portfolio located across six markets in the Midwest. Stockholm-based global investment firm EQT sold the portfolio for nearly $400 million. Brian Walsh, Lucas Borges, Steve Klein, Chris Pratt, Emma Berner and Christian Johnston of JLL Capital Markets secured a five-year, $236 million acquisition loan through PPM America on behalf of the buyers. “This acquisition accelerates SparrowHawk’s strategic expansion in the Midwest with a portfolio that is integral to connecting industrial occupiers to the large consumer markets driving logistics and e-commerce growth,” says Alfredo Gutierrez, president and founder of SparrowHawk. The assets, which are spread throughout St. Louis, Cincinnati, Cleveland, Columbus, Dayton and Louisville, were 94 percent leased at the time of sale to 30 tenants across multiple industries such as logistics and distribution; business and professional services; industrial and manufacturing; e-commerce and retail; and wholesale and supply distribution. According to various media sources, 50 percent of the collection by square footage is located in St. Louis, while Cincinnati holds approximately one-fifth of the portfolio. The industrial properties feature 30-foot average clear heights, extensive dock capacity, tilt-up…

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Domain Cos. Secures $175.6M Financing for Mixed-Income Multifamily Development in Queens

Hayden Spiess — Thu, 13 Aug 2026 11:49:00 +0000

NEW YORK CITY — The Domain Cos. has secured $175.6 million in financing from Wells Fargo for the development of a new multifamily project in the Astoria neighborhood of Queens. Canyon Partners Real Estate and BLDG Management are Domain’s equity partners on the deal. Chris Peck and Nicco Lupo of JLL Capital Markets arranged the construction financing on behalf of Domain. Dubbed Elara, the new development will total 429 apartments. The property will include an 18-story building with 330 units — Elara East — and a 12-story building with 99 units — Elara West. Of the apartments, 107 units, or 25 percent, will be designated as permanently affordable housing. Amenities at Elara will include fitness centers, coworking spaces, a screening room, listening lounge, gaming room with a golf simulator, children’s playroom, dog wash station, outdoor courtyards and a rooftop terrace. The property will also feature 4,000 square feet of retail space. Good Co. will market and lease the residential units on behalf of the ownership, and Igloo will handle marketing and leasing for the commercial spaces. VOREA Construction Group, a subsidiary of Domain, will serve as the general contractor. Domain acquired the company in 2025. Founded in 2004, Domain is headquartered…

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Morgan Stanley Acquires 1.5 MSF Ace Hardware Distribution Center in Kansas City for $158.5M

Kristin Harlow — Wed, 12 Aug 2026 12:00:00 +0000

KANSAS CITY, MO. — Morgan Stanley Real Estate Investing (MSREI) has acquired a newly developed, 1.5 million-square-foot distribution facility in Kansas City for $158.5 million. The seller, Hunt Midwest, developed the Class A property as a build-to-suit for retailer Ace Hardware in 2025, marking the first phase of KCI 29 Logistics Park. Measuring a half-mile from end to end, the Ace Hardware retail supply center is the largest distribution center in Kansas City by building footprint, according to MSREI. The property features a cross-dock configuration, clear height of 40 feet and extensive power capacity. Ace Hardware has invested in state-of-the-art automation and warehouse technology for the development. KCI 29 Logistics Park, a 3,300-acre megasite, can support up to 20 million square feet of industrial development. The project is located at the intersection of I-29 and I-435, adjacent to the Kansas City International Airport. The immediate access to regional and national transportation networks offers companies the ability to reach 90 percent of the continental U.S. within two days or less, according to Hunt Midwest. “This acquisition reflects our continued conviction in high-quality net lease investments that combine strong tenant credit, mission-critical operations and institutional-quality real estate,” says David Gross, managing director…

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Bristol Myers Squibb to Open $2.3B Pharmaceutical Manufacturing Campus in Houston

John Nelson — Tue, 11 Aug 2026 11:53:00 +0000

HOUSTON — Bristol Myers Squibb (NYSE: BMY), a global pharmaceutical company best known for manufacturing treatments and medications such as Opdivo and Eliquis, will open a $2.3 billion manufacturing campus in Houston. The Princeton, N.J.-based firm chose a site within McCord Development’s 4,300-acre Generation Park for the approximately 600,000-square-foot project. “This investment reflects our confidence in America’s continued leadership in biopharmaceutical innovation,” says Christopher Boerner, board chair and CEO of Bristol Myers Squibb. “As part of our $40 billion commitment to the United States, we’re building the domestic manufacturing capabilities needed to deliver the next generation of medicines and support future scientific breakthroughs. Houston and the state of Texas offer the talent, infrastructure and partnership needed to help bring that vision to life.” Situated in northeast Houston, Bristol Myers Squibb’s new campus will be designed to be both modular and multi-modal, allowing the company to reconfigure manufacturing capacity for multiple types of medicines — including small molecules, biologics and antibody-drug conjugates — as needs arise. The new campus is estimated to create nearly 500 skilled jobs in the Houston area for roles including operations technicians, production specialists, maintenance and engineering professionals, quality control/assurance experts and administration. Bristol Myers Squibb also anticipates…

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SpaceX to Build $16.8B, 100 MSF Semiconductor Manufacturing Plant in Grimes County, Texas, Create 3,000 Jobs

Taylor Williams — Mon, 10 Aug 2026 11:42:00 +0000

GRIMES COUNTY, TEXAS — Space Exploration Technologies Corp. (SpaceX) will build a semiconductor manufacturing plant in Grimes County, located northwest of Houston. The first phase of the project represents a capital investment of $16.8 billion and is expected to create about 3,000 new jobs within the local economy. The office of Texas Gov. Greg Abbott made the announcement late last week, noting that the state had provided SpaceX with a $30 million Texas Enterprise Fund (TEF) grant in association with the project, which will be known as Terafab. The facility is planned to span more than 100 million square feet under a single roof, which would make it the largest structure in the world. A construction timeline was not announced. Founded in 2002 by Elon Musk, SpaceX already houses its global headquarters and Starbase launch facilities in South Texas’ Cameron County. The company also operates a semiconductor research-and-development (R&D) and advanced packaging facility in Bastrop, about 30 miles southeast of Austin, for its Starlink satellite platform. “The first-of-its-kind Terafab facility will accelerate chip production in Texas at an unprecedented scale, create thousands of good-paying jobs in Grimes County and expand economic opportunity for generations of Texans across southeast Texas and…

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Canyon Creek Acquires One Eleven Congress Office Tower in Downtown Austin for $208M

Abby Cox — Fri, 07 Aug 2026 11:44:00 +0000

AUSTIN, TEXAS — Canyon Creek Real Estate has acquired One Eleven Congress, a 533,711-square-foot office tower located in downtown Austin, for $208 million. Eastdil Secured Savills represented the seller, Atlanta-based Cousins Properties (NYSE: CUZ), in the transaction. “One Eleven Congress is a well-established and highly regarded property that provides Canyon Creek with an exceptional entry into the Austin market,” says Ron Welborn, partner at Canyon Creek. “We are excited to build upon the property’s strong reputation by enhancing the tenant experience and creating an environment that continues to meet the evolving needs of both existing and future tenants.” Built in 1987, One Eleven Congress is a 30-story building that’s situated at the gateway between Austin’s Central Business District and the Lady Bird Lake waterfront. According to the Austin Business Journal, the office tower was 84 percent leased as of June 2025, with tenants including RigUp, Disco, Husch Blackwell LLP and Wells Fargo. The building also features Fareground, a ground-floor food hall with restaurants such as Austin Rotisserie, Ciccio Bomba, Desnudo, Four Brothers and Taco Pegas, among others. ELM Restaurant Group managed Fareground upon its initial opening in January; Richard Sandoval Hospitality took over management after the September 2021 opening. Additional amenities…

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Camden Property Trust Sells $1.6B Multifamily Portfolio in Southern California

Hayden Spiess — Thu, 06 Aug 2026 11:34:00 +0000

HOUSTON — Houston-based multifamily owner, developer and manager Camden Property Trust (NYSE: CPT) has completed the sale of a multifamily portfolio in Southern California for $1.6 billion. The portfolio comprises 11 properties spanning 3,620 units. An entity managed by BlackRock Inc. (NYSE: BLK) was the buyer. Trailing 12-month occupancy across the portfolio was 96 percent at the time of sale. Properties in the portfolio include The Camden, a 287-unit community in the Hollywood entertainment district of Los Angeles that features an Equinox gym on the ground level; Camden Crown Valley, a 380-unit community in Mission Viejo; Camden Landmark, a 469-unit community in Ontario; and Camden Hillcrest, a 132-unit community in San Diego’s Hillcrest neighborhood. Blake Rogers, Alexandra Caniglia, Kip Malo and Dillon Bergum of JLL Capital Markets brokered the transaction. This marks one of the largest multifamily transactions in Southern California to date, according to the brokerage. “Southern California has long been one of the most durable multifamily markets in the country,” says Derek Helgeson, co-head of U.S. real estate at BlackRock. “Camden has built and operated these communities to an exceptionally high standard, and we are grateful to them for a thoughtful and collaborative sale process.” Additionally, Kevin Mackenzie,…

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Partnership to Develop 382-Unit Luxury Apartment Tower in Charlotte

Kristin Harlow — Wed, 05 Aug 2026 12:00:00 +0000

CHARLOTTE, N.C. — A partnership between GMH Communities, AEW Capital Management and Wexford Science & Technology LLC has acquired land within The Pearl innovation district in Charlotte. The partners plan to develop ANOVA The Pearl, a 20-story, 382-unit luxury apartment tower. Completion is slated for summer 2028. ANOVA The Pearl will encompass 1.3 acres and feature luxury residential accommodations alongside 6,621 square feet of ground-floor retail space. Of the 382 units, 5 percent will be reserved for affordable housing. Amenities will include a fitness center, clubhouse, golf simulator, sauna and cryotherapy chambers. The developers say the project is designed to meet the growing demand for high-quality housing for professionals working in the life sciences, healthcare and technology industries. The Pearl innovation district, developed through a public-private partnership led by Atrium Health and Wexford Science & Technology, is anchored by Wake Forest University School of Medicine Charlotte, the city’s first four-year medical school. “We are attracted to locations that we believe benefit from strong institutional anchors and create opportunities for residents to live near major centers of employment and innovation. ANOVA The Pearl reflects these characteristics and represents a residential development within a unique and evolving district in Charlotte,” says Sara…

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Henderson Park, Lowe Acquire Metro San Diego Mall for $201.5M, Plan Upgrades

John Nelson — Tue, 04 Aug 2026 12:00:00 +0000

NATIONAL CITY, CALIF. — A joint venture between Henderson Park and Lowe has acquired Plaza Bonita, a 1 million-square-foot enclosed regional mall in National City within San Diego County. The seller and sales price were not disclosed, but The San Diego Union-Tribune reports that Paris-based mall giant Unibail-Rodamco-Westfield sold the property for $201.5 million. Built in 1981, Plaza Bonita sits on a 78-acre site and serves the San Diego suburbs of National City and Chula Vista. Anchor tenants of the mall include Macy’s, Target, JCPenney, AMC Theatres, Nordstrom Rack and Round1. Overall, the mall houses 150 stores, restaurants and entertainment venues. Henderson Park and Lowe plan to upgrade and reposition the mall through “significant capital improvements and leasing investment.” The joint venture partners also plan to refresh existing stores and enhance common areas. The construction timeline for the renovations and remerchandising program was not shared. “Plaza Bonita provided a compelling opportunity to acquire and operate a well-performing and stabilized asset that can benefit from physical updates and potential new uses,” says Joel Mayer, executive vice president at Lowe. “Alongside Henderson Park, we intend to build on its strengths and update the property by devoting capital to a host of improvements,…

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Joint Venture to Undertake $269M Affordable Housing Renovation, Expansion Project in Syracuse

Taylor Williams — Mon, 03 Aug 2026 12:00:00 +0000

SYRACUSE, N.Y. — A joint venture between two New York-based firms, Brooklyn-based BFC Partners and SAA Canopy Group, will undertake the $269 million renovation and expansion of Parkside Commons, a 10-building affordable housing development in Syracuse. The project calls for upgrades to all 200 units that are housed within six buildings at Parkside Commons, as well as the ground-up development of two new buildings that will house 193 units. Information on income restrictions was not disclosed. Completion of the renovations and new buildings are slated for early and late 2028, respectively. To finance the project, the joint venture has received a $116 million construction loan from the Urban Investment Group at Goldman Sachs. In addition, New York State Homes and Community Renewal has issued federal and state Low-Income Housing Tax Credits for the project, which are expected to generate a combined $101.6 million in equity through sale to investors. The financing also includes an “assortment of low-interest loans and subsidies.” “Parkside Commons has received the necessary subsidy and financing for the long-awaited redevelopment of the campus, which marks an important milestone for our community and for the residents of Parkside Commons,” says Syracuse Mayor Sharon Owens. “This housing redevelopment investment…

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Walker & Dunlop Arranges $555.6M Refinancing for 14-Property Student Housing Portfolio

Abby Cox — Fri, 31 Jul 2026 11:47:00 +0000

CHICAGO — Walker & Dunlop Inc. has arranged a $555.6 million loan for the refinancing of a 14-property student housing portfolio totaling 4,295 units and 10,454 beds across nine states. Chicago-based real estate investment and property management company The Scion Group was the borrower. The communities are located in Arizona, Alabama, California, Colorado, Florida, Georgia, Louisiana, North Carolina and Texas. Specific property names were not disclosed. Walker & Dunlop’s Brendan Coleman, Will Baker and Colin Coleman secured the floating-rate, interest-only loan through an existing Fannie Mae credit facility. Scion maintains four Fannie Mae credit facilities, all of which were originated by Walker & Dunlop. Scion is the largest owner and operator of student housing communities globally with 190 communities and nearly 118,000 beds across 94 university markets. According to Walker & Dunlop’s 2026 Student Housing Outlook, demand continues to outpace supply across most major university markets. — Abby Cox

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Brookfield, Partner Coalition Plan $100B Data Center Campus in Western Kentucky

Hayden Spiess — Thu, 30 Jul 2026 11:30:00 +0000

PADUCAH, KY. — Brookfield (NYSE: BN) has announced plans to develop a $100 billion data center campus in western Kentucky with a partnership coalition. The coalition also includes NextEra Energy Inc. (NYSE: NEE), Big Rivers Electric Power Corp., Jackson Purchase Energy Cooperative and Paducah Power System. The project will redevelop portions of the U.S. Department of Energy (DOE) Paducah Site, which was originally built in the 1950s to produce uranium for nuclear weapons. The facility, which closed in 2013, also went on to produce enriched uranium for nuclear reactors. The AI data center campus will support up to 1.8 gigawatts (GW) of utility capacity and over 1.2 GW of compute capacity at full build-out. The project will be backed by up to 4.6 GW of dedicated generation resources. “This new campus helps secure our nation’s position as a global leader in innovation,” says Chris Wright, U.S. Energy Secretary. “It’s difficult to overestimate the importance of this project.” The DOE first issued a request for offers for redevelopment of the Paducah site in November 2025. Brookfield was selected as the developer and operator for the campus, and NextEra Energy was selected to build and own the energy infrastructure, including up to…

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Trademark, Harrison Street to Break Ground on $135M Anthem Redevelopment in Arlington, Texas

Kristin Harlow — Wed, 29 Jul 2026 12:00:00 +0000

ARLINGTON, TEXAS — A joint venture between Trademark Property Co. and Harrison Street Asset Management is scheduled to break ground Monday, Aug. 3 on Anthem, a $135 million redevelopment of the 43-year-old Lincoln Square shopping center in Arlington. InterBank is providing refinancing and construction financing for the 43-acre project. Completion is slated for early 2028. After the demolition of 70,000 square feet of existing space, Anthem will feature 404,000 square feet of retail, food- and- beverage, public spaces and entertainment areas. Trademark will lead a full renovation of the property, including improvements to walkability and connectivity, as well as increased surface parking, new facades, branding and signage. Plans call for a public green space, curated public art program, outdoor seating, bike racks and event programming. Working closely in a public-private partnership with the Arlington Economic Development Corp. and the City of Arlington, Trademark has performed local market research through surveys, planning sessions and community meetings since becoming involved with the project in 2022. Trademark is in final lease negotiations for more than 35,000 square feet of retail and food-and-beverage tenants, many of which will be new to the market. Future plans for Anthem may include the integration of mixed-use components…

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Meta, BlackRock to Develop $14B Data Center Campus in El Paso

John Nelson — Tue, 28 Jul 2026 11:41:00 +0000

EL PASO, TEXAS — Meta Platforms Inc. (NASDAQ: META), the parent company of Facebook, Instagram and WhatsApp, and BlackRock Inc. (NYSE: BLK) have formed a joint venture to develop and operate a data center campus in El Paso. The companies project that total development costs for the 1-gigawatt (GW) campus will be approximately $14 billion. Meta will provide construction management, administrative and property management services for the campus and will be its initial sole occupant upon completion. The new data center campus “will play an essential role in bringing Meta’s AI technologies to life,” according to the companies. “Building the infrastructure for superintelligence is key to making sure the benefits of this technology are distributed to everyone,” says Mark Zuckerberg, founder and CEO of Meta. “Our partnership with Larry [Fink] and the team at BlackRock allows us to move faster and at greater scale — pairing our deep expertise in designing and operating world-class data centers with one of the world’s leading infrastructure investors.” Construction is currently underway in El Paso with approximately 2,300 workers onsite, according to Meta. The Menlo Park, Calif.-based company estimates that the project will employ 4,000 construction workers at its peak and 300 staffers once fully…

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KITA Begins $200M Redevelopment of Midtown Manhattan Office Building

Taylor Williams — Mon, 27 Jul 2026 11:56:00 +0000

NEW YORK CITY — The Korea International Trade Association (KITA) has begun the $200 million redevelopment of 460 Park Avenue, a 22-story office building at the thoroughfare’s intersection with East 57th Street in Midtown Manhattan. Upon completion, the building will offer 350,000 square feet of Class A office space. According to the development team, the building, which was originally constructed in the mid-20th century, is “being returned to its original steel structure and rebuilt with state-of-the-art infrastructure.” Within this framework, plans call for upgrades to the lobby, elevators, façade and utility systems. More specifically, the revamped lobby will feature hospitality-driven amenities that are “centered on activating terraces and outdoor space, creating a seamless connection to the outdoors for tenants.” The project will also introduce a formal amenity suite with conference and event spaces, as well as lounge, dining and wellness areas. The project team is also targeting certain designations — LEED Gold, WELL certification and WiredScore Platinum — for its utility systems and infrastructure. KITA has also tapped JLL to lease 460 Park Avenue upon completion of the redevelopment, which is scheduled for mid-2028. “We are reimagining 460 Park Avenue with a focus on quality, performance and experience, delivering a…

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Related Midwest Tops Off 635-Unit Residential Tower in Downtown Chicago

Abby Cox — Fri, 24 Jul 2026 11:45:00 +0000

CHICAGO — Related Midwest has topped off construction for the North Tower of 400 Lake Shore, a 635-unit residential tower located in the Streeterville neighborhood on the Near North Side of downtown Chicago. The 72-story building, which originally broke ground in June 2024, is slated for delivery in spring 2027, with preleasing underway. The South Tower, a second, shorter tower, is planned to follow in a later phase. Designed by the late David Childs of Skidmore, Owings & Merrill, the tower’s 857-foot tiered exterior features staggered outdoor terraces, a reimagined historical bay-window glass curtain wall and an architectural apex, an 83-foot, transparent glass extension that sits directly on top of the 72nd floor. Related Midwest’s in-house contracting company, LR Contracting Co., alongside BOWA Construction, built the first phase of the project, which spans roughly 1.1 million square feet. “Future residents can see just how spectacular this building will be when it opens next spring, taking full advantage of its location where Lake Michigan meets the Chicago River,” says Curt Bailey, president of Related Midwest. “We’re grateful to the hundreds of tradespeople who have worked tirelessly over the past two years to transform this long-dormant site into a bold addition to the lakefront…

OpenAI Plans $20B Data Center Development Near Savannah, Georgia

Hayden Spiess — Thu, 23 Jul 2026 12:00:00 +0000

EFFINGHAM COUNTY, GA. — OpenAI, an artificial intelligence (AI) research and deployment company best known for ChatGPT, has announced plans for a new data center campus in Effingham County, approximately 30 miles northwest of Savannah. Dubbed Project Camellia, the data center campus will cost at least $20 billion to develop in order for OpenAI to receive incentives, according to multiple news outlets. Bloomberg reports that the San Francisco-based company plans to spend as much as $30 billion on the project. The site is located within Savannah Gateway Industrial Hub (SGIH), a master-planned industrial park by Broe Real Estate Group and OmniTRAX spanning 2,700 acres. SGIH is served by both CSX and Norfolk Southern rail lines. OpenAI has entered into a 25-year agreement with utilities provider Georgia Power Co., which will supply 3.2 gigawatts of power to the project. According to the two companies, OpenAI will pay all infrastructure and electric-service costs for the data center campus. Additionally, OpenAI has pledged to provide $80 million in community benefits over the life of the project, as well as $71 million in Codex credits for eligible Georgia students. (Codex is OpenAI’s agentic coding tool that assists in building software and technical projects.) OpenAI also reports…

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Mavis Tire Agrees to Acquire Pep Boys from Icahn Enterprises for $700M

Kristin Harlow — Wed, 22 Jul 2026 12:00:00 +0000

WHITE PLAINS, N.Y. AND SUNNY ISLES BEACH, FLA. — Mavis Tire Express Services Corp. and Icahn Enterprises LP (NASDAQ: IEP) have entered into a definitive agreement under which a subsidiary of Mavis will acquire Pep Boys from Icahn Automotive Group LLC for approximately $700 million in cash. IEP will retain the owned real estate previously transferred to IEP from Pep Boys, as well as the AAMCO Transmissions and Precision Tune Auto Care businesses. Formally named The Pep Boys-Manny, Moe & Jack Holding Corp., Pep Boys is an automotive service company offering tires, repairs, oil changes and maintenance services from nearly 800 retail locations nationwide. Navy veterans Emanuel “Manny” Rosenfeld, Maurice “Moe” Strauss and Graham “Jack” Jackson founded the company in 1921. According to Mavis, the acquisition expands its presence in new and existing markets, particularly across the Western United States where Pep Boys maintains a significant retail footprint. The deal grows Mavis’ network to more than 4,400 service center locations across the United States and Canada. “Pep Boys brings a loyal customer base, deep-rooted market presence across the United States and a distribution network that will meaningfully enhance our supply chain nationwide,” says David Sorbaro, co-CEO of Mavis. “As part…

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Walker & Dunlop Arranges $228.9M Loan for Refinancing of The Textile Building in Midtown Manhattan

Matthew Auchincloss — Tue, 21 Jul 2026 12:00:00 +0000

NEW YORK CITY — Walker & Dunlop has arranged a $228.9 million loan for the refinancing of the Textile Building, a 19-story, 707,181-square-foot office building located at 295 Fifth Ave. in the Midtown South submarket of Manhattan. Dustin Stolly, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Sean Reimer, Michael Brown, Christopher de Raet and Jack Krentzman of Walker & Dunlop Capital Markets Institutional Advisory arranged the financing on behalf of the owners, a joint venture between PGIM, Tribeca Investment Group and Meadow Partners. A joint venture between Rialto Capital Management LLC and Hines provided the floating-rate, interest-only bridge loan. The Textile Building is more than 100 years old and was originally the heart of New York City’s textile district. In 2019, the building was purchased by the joint venture of PGIM, Tribeca Investment Group and Meadow Partners, which then invested approximately $350 million to convert it into an office building. The redevelopment included adding new 40,000-square-foot flexible floor plates, renovating the lobby, inserting an additional five elevators while modernizing the existing 10, placing a two-story penthouse on top of the original 17 stories and integrating amenities such as a coffee bar, fitness center and bike parking. The Textile Building reopened in 2023 and has since…

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Brookfield, CPP Investments Agree to Acquire LXP Industrial for $5.2B

Taylor Williams — Mon, 20 Jul 2026 12:00:00 +0000

NEW YORK CITY AND TORONTO — A partnership between Brookfield Asset Management (NYSE: BAM) and the Canadian Pension Plan (CPP) Investment Board has agreed to acquire LXP Industrial Trust (NYSE: LXP) in an all-cash transaction valued at $5.2 billion. The deal is expected to close in the fourth quarter. The price tag includes LXP’s net debt and preferred equity. In addition, the terms of the deal call for LXP shareholders to receive $61.20 per share in cash, which represents a premium of 12.3 percent over the REIT’s 30-day volume weighted average share price (VWAP) and a 19.8 percent premium over the company’s 90-day VWAP. Both figures are based on time frames that ended Friday, July 17. LXP has agreed to suspend payment of common share dividends until the earlier of the closing of the transaction or the termination of the definitive agreement. The agreement also includes a 40-day “go-shop” period that expires on August 28 at 11:59 p.m. EST, during which time LXP and its advisors may actively solicit and consider alternative acquisition proposals and engage in discussions with third parties. “LXP has assembled a high-quality industrial portfolio with modern logistics assets in attractive markets,” said Lowell Baron, CEO of…

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