Saturday, February 7, 2026
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Top Stories

AcquisitionsCaliforniaCompany NewsNew YorkNortheastOfficeTop StoriesWestern

PIMCO to Acquire Office REIT Columbia Property Trust in $3.9B Deal

by John Nelson

NEWPORT BEACH, CALIF. AND NEW YORK CITY — Pacific Investment Management Co. (PIMCO) has entered into a definitive agreement with Columbia Property Trust (NYSE: CXP) to acquire the New York City-based office REIT. Funds managed by PIMCO will acquire all of the outstanding shares of Columbia’s common stock in a deal valued at $3.9 billion, including debt. Columbia owns 15 office properties spanning more than 6 million square feet in the gateway markets of New York City, Boston, San Francisco and Washington, D.C. The firm’s portfolio also includes four office properties under development and 8 million square feet under management for private investors and third parties. The U.S. office sector has been severely impacted by the outbreak of COVID-19 and rise of the Delta variant as millions of office-using employees are currently working from home. According to The Wall Street Journal, New York City and San Francisco reported the lowest usage rates among the 10 major office markets tracked by Falls Church, Va.-based Kastle Systems, which monitors access swipes of office buildings. New York City had a usage rate of 22.3 percent and San Francisco had a 19.7 usage rate for the week ending Aug. 25. Despite the headwinds facing …

Continue Reading
FacebookTwitterLinkedinEmail
Sunny Lake
AcquisitionsFloridaMultifamilyTop StoriesWalker & Dunlop

Walker & Dunlop Arranges $79.3M Sale of Sunny Lake Apartments in South Florida

by Julia Sanders

LAUDERHILL, FLA. — Walker & Dunlop has arranged the $79.3 million sale of Sunny Lake Apartments, a 405-unit, garden-style community in Lauderhill. Still Hunter and Kaya Suarez of Walker & Dunlop represented the seller, Bar Invest Group. The buyer is a joint venture between East Hill Capital Partners, The Bascom Group and Leste Group, with Leste Group participating as the majority equity investor. Bridge Investment Group provided the debt financing for the acquisition, which Stuart Wernick of Walker & Dunlop arranged. Built in 1988, Sunny Lake Apartments offers one-, two- and three-bedroom units with an average of 719 to 1,129 square feet. Units feature double bathroom vanities; storage units; washers and dryers in unit; walk-in closets; patios and decks; and hardwood floors. Community amenities include a pet play area, car wash, fitness center, pool, clubhouse, business center, playground and tennis court. Located at 2360 NW 56th Ave. on nearly 27 acres, the apartment property is situated in the suburban Broward County area. The property is about 2.8 miles from Sunrise, approximately 7.9 miles from Fort Lauderdale and about 2.9 miles from Plantation. The property is less than two miles from Florida’s Turnpike, which provides fast connectivity to other areas of …

Continue Reading
FacebookTwitterLinkedinEmail
TMC3-Aerial
HealthcareLife SciencesMixed-UseTexasTop Stories

Texas Medical Center to Break Ground on $1.8B Life Sciences Campus in Houston

by Katie Sloan

HOUSTON — The Texas Medical Center (TMC) is set to break ground on Phase I of TMC3, a $1.8 billion life sciences campus in Houston.  The 37-acre TMC3 master plan, which will encompass approximately 6 million square feet of development, was designed by Boston-based Elkus Manfredi Architects. Groundbreaking is scheduled for the fourth quarter of this year.  Phase I of the campus will include 950,000 square feet of space dedicated to research, anchored by a 700,000-square-foot facility developed by Beacon Capital Partners and strategic partner Braidwell; a 521-room hotel; 65,000 square feet of conference space; a 350-unit residential tower; over 2,000 parking spaces; and 18.7 acres of public space, including six parks designed by Mikyoung Kim Design.  Upon full build-out, the development will also include six future industry and institutional research buildings and a mixed-use building with retail. The campus is expected to generate up to $5.4 billion in annual economic impact for the state of Texas, as well as 23,000 permanent jobs and 19,000 construction jobs.  “It is an unprecedented time for life sciences and innovation in the U.S. and Houston has all the factors that are required for explosive growth in this space,” says Steve Purpura, president of …

Continue Reading
FacebookTwitterLinkedinEmail
FloridaHospitalityLoansSoutheastTop Stories

Encore Capital Management Receives $98.4M Loan for Refinancing, Expansion of Margaritaville Resort Orlando

by Kristin Harlow

KISSIMMEE, FLA. — Encore Capital Management has received a $98.4 million loan for the refinancing and expansion of Margaritaville Resort Orlando. Concord Summit Capital LLC arranged the loan with Starwood Property Trust. The loan refinances the existing construction senior and mezzanine debt and provides additional capital for the resort expansion. Encore plans to build 75 additional hotel rooms on the east wing of the resort, which is located in Kissimmee, just south of Orlando. Construction is expected to begin later this year, but a timeline for completion was not disclosed. The resort, which opened in January 2019, offers rooms, suites and cottage rentals. Resort guests can dine at Euphoria Fish House, an upscale seafood restaurant; Salty Rim Bar & Grill, a poolside grill; or On Vacation, a cocktail and comedian lounge. The property also offers space for hosting meetings, conferences and weddings. Kevin O’Grady, Justin Neelis and Daniel Rojo of Concord Summit arranged the loan on behalf of Encore. The team began marketing the opportunity to potential lenders in spring 2021. Concord Summit also arranged the original construction financing for Margaritaville Resort Orlando in 2017. “The owners have planned the resort’s expansion carefully and enhanced the brand significantly,” says O’Grady. …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsAffordable HousingCaliforniaCompany NewsMarylandMultifamilySoutheastTop StoriesWalker & DunlopWestern

Walker & Dunlop Bolsters Affordable Housing Business with $696M Acquisition of Alliant Capital, Affiliates

by John Nelson

BETHESDA, MD. AND WOODLAND HILLS, CALIF. — Walker & Dunlop (NYSE: WD) has entered into a definitive agreement to acquire Alliant Capital Ltd., a privately held affordable housing asset management firm based in Woodland Hills. Under the terms of the purchase agreement, Walker & Dunlop will acquire Alliant and its affiliates, Alliant Strategic Investments and ADC Communities, at a total value of $696 million. Alliant is the sixth-largest syndicator of low-income housing tax credits (LIHTC) in the United States and has participated in the development of over 100,000 affordable units serving over 400,000 families. ADC Communities is the affordable housing development arm of Alliant, which has financed 29 developments and over 5,400 units in eight states since 2014. Alliant Strategic Investments focuses on non-LIHTC affordable housing preservation, workforce housing and opportunity zone investments. The acquisition will bring Walker & Dunlop’s total affordable housing assets under management to $16 billion, with $14 billion of those assets under management belonging to Alliant. The move is expected to be accretive to Walker & Dunlop’s existing $112 billion servicing portfolio. “Alliant is one of the largest and most respected tax credit syndicators and affordable housing developers in the country. The addition of their people, …

Continue Reading
FacebookTwitterLinkedinEmail
Siena-Park-Arlington
AcquisitionsMultifamilySoutheastTop StoriesVirginia

JLL Negotiates $80.1M Sale of Siena Park Apartments in Arlington, Virginia

by Taylor Williams

ARLINGTON, VA. — JLL has negotiated the $80.1 million sale of Siena Park, a 188-unit apartment community located in the Washington, D.C., suburb of Arlington. The price equates to approximately $426,000 per unit. The property, which is located near multiple public transit stations and shopping and dining destinations, also houses 33,602 square feet of retail and 17,373 square feet of office space. Residential units feature studio, one- and two-bedroom floor plans and have an average size of 844 square feet. Units are also furnished with stainless steel appliances, contemporary cabinetry, granite countertops, kitchen islands and built-in bookshelves. Communal amenities include a fitness center and weight room, game room with billiards, clubhouse, outdoor pool, rooftop deck, coffee bar and cybercafé. Walter Coker, Brian Crivella, Robert Jenkins and Bill Gribbin of JLL represented the seller, Zurich Alternative Management, in the transaction. The buyer was not disclosed. — Taylor Williams

Continue Reading
FacebookTwitterLinkedinEmail
One Memorial Drive
AcquisitionsMassachusettsOfficeTop Stories

MetLife, Norges Bank Acquire One Memorial Drive Office Tower in Cambridge, Massachusetts for $825.1M

by Julia Sanders

CAMBRIDGE, MASS. — MetLife Investment Management, the institutional asset management business of MetLife Inc., and Norges Bank Investment Management, the asset management division of Norges Bank, have acquired One Memorial Drive, a Class A office building in Cambridge, for $825.1 million. Oxford Properties Group and a fund advised by J.P. Morgan Global Alternatives sold the property for over $2,000 per square foot. Located on the Charles River about 0.7 mile from the Massachusetts Institute of Technology, One Memorial Drive is a 17-story building with 409,422 square feet of leasable space. Built in 1986 and renovated in 2018, the fully occupied property has two long-term tenants, InterSystems Corp., a Cambridge-based data technology provider, and Microsoft Corp., a Redmond, Wash.-based computer software and electronics retailer. In 2017, the previous owner increased the leasable area of the building by more than 10 percent by converting an entire floor of underutilized parking into office space. The new transformed office space was then leased to InterSystems. “We continue to see significant areas of opportunity within the commercial real estate sector despite the challenges posed by the pandemic over the last 18 months,” says Robert Merck, global head of real estate and agriculture at MetLife Investment …

Continue Reading
FacebookTwitterLinkedinEmail
CRG-Portfolio-Sale
IndustrialNew JerseyNortheastTop Stories

CRG Sells Two-Property Industrial Portfolio in New Jersey for $107.7M

by Katie Sloan

EAST GREENWICH, N.J. — CRG, the real estate development and investment arm of Clayco, has sold two speculative industrial facilities located in East Greenwich for $107.7 million.  The portfolio includes The Cubes at Huff Lane, a 283,040-square-foot building, and The Cubes at Harmony Road, a 252,750-square-foot building, both located in the East Greenwich Logistics Center about 20 miles southwest of Philadelphia.  The buyer was Carson, Calif.-based Watson Land Co. JLL both brokered the sale and the leasing process for both fully occupied facilities. John Plower, Ryan Cottone, Zach Maguire, Paul Torosian, Dean Torosian and Nate Demetsky of JLL represented the seller in the transaction. CRG developed both buildings in a joint venture partnership with Pacific Coast Capital Partners LLC, completing them in September 2020. Lamar Johnson Collaborative designed the facilities, which feature 36-foot clear heights and early suppression fast response fire sprinkler systems.  The Cubes at Huff Lane features 43 loading doors, 187 parking spaces and 60 trailer stalls, while The Cubes at Harmony Road — which is leased to a global e-commerce fulfillment company — includes 38 loading doors, 208 parking spaces and 79 trailer stalls. CRG develops its industrial buildings under The Cubes brand, which prioritizes core national markets …

Continue Reading
FacebookTwitterLinkedinEmail
AlabamaDevelopmentMixed-UseSoutheastTop Stories

Nicol Investment Starts Construction of $200M Upland Park Mixed-Use Project in Huntsville, Alabama

by Kristin Harlow

HUNTSVILLE, ALA. — Nicol Investment Co. has started construction of Upland Park, a $200 million mixed-use project in Huntsville. The 60-acre project will include multifamily and senior living residences, restaurants, retail, office, entertainment and green space. Located on Enterprise Way at Cummings Research Park, Upland Park will be anchored by HQ, a creative office and retail project being co-developed with Nashville-based Vintage South. The master plan includes The Kelvin, a 301-unit apartment community; Vitality at Upland Park, a 189-unit senior living property; and The Collins, a 334-unit multifamily project featuring 150 Big House units designed by Humphreys & Partners. Big House units offer private garages and entrances. “Huntsville is a dynamic, growing city driven by the defense and aerospace industries, research and education,” says Mark Nicol, president of Nicol Investment. “The migration of national corporations and agencies flocking to this vibrant city as well as the organic growth of local businesses is remarkable, and we are eager to help facilitate Huntsville’s continued success,” adds Nathan Lyons, founder and CEO of Vintage South. Nicol is partnering with independent living, assisted living and memory care provider Vitality Living for the development and management of Vitality at Upland Park. Nashville-based Centric Architecture is …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsCompany NewsData CentersDistrict of ColumbiaIndustrialLife SciencesMarylandOfficeSoutheastTexasTop StoriesVirginia

PRP Sells Four Office Campuses for $1B, Makes $2B Commitment for Logistics and Data Center Acquisitions

by John Nelson

WASHINGTON, D.C. — PRP, a privately held real estate investment and management firm based in Washington, D.C., is making a sea change as it looks to bolster its logistics and data center portfolio and churn its office assets. The company is in the process of selling four office campuses in separate deals totaling more than $1 billion. At the same time, PRP is allocating $2 billion to acquire logistics facilities leased to credit-worthy companies in primary and secondary markets, as well as data centers and land zoned for future data centers. The specific locations of the assets were not disclosed. “The assets that we are acquiring are located in attractive markets backed by solid demographics, high barriers to entry and historically high industrial occupancy rates,” says Joe Neckles, managing director of net lease acquisitions at PRP. “The logistics and data center sectors remained highly resilient throughout the pandemic and continue to grow at rates well in excess of inflation.” The office assets that PRP is selling include Sequoia Plaza, a 370,000-square-foot campus spanning three buildings in Northern Virginia’s Arlington County. The property houses the headquarters of Arlington County’s Department of Human Services and the Arlington County Public School System. An …

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts