Wednesday, March 11, 2026
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AcquisitionsCaliforniaNevadaSeniors HousingTop StoriesWashingtonWestern

Aegis Living, Blue Moon Capital Buy Seniors Housing Portfolio in Western US from Healthpeak for $350M

by John Nelson

BELLEVUE, WASH. AND BOSTON — Aegis Living, a seniors housing owner and operator based in Bellevue, has acquired 10 properties from Healthpeak Properties Inc. (NYSE: PEAK). Aegis already operated the communities under a lease agreement with Healthpeak Properties, a Denver-based real estate investment trust (REIT). Aegis’ joint venture partner on the $350 million acquisition is Blue Moon Capital Partners LP, a Boston-based private equity investor in the seniors housing sector. The portfolio is located in Washington, California and Nevada, totaling 702 units of assisted living and memory care. The acquired communities include: • Aegis Living Callahan House (Shoreline, Wash.) • Aegis Living Shoreline (Shoreline, Wash.) • Aegis Living Kirkland (Kirkland, Wash.) • Aegis Living Las Vegas (Las Vegas) • Aegis Living Dana Point (Dana Point, Calif.) • Aegis Gardens Fremont (Fremont, Calif.) • Aegis Living Granada Hills (Granada Hills, Calif.) • Aegis Living San Francisco (San Francisco) • Aegis Living Pleasant Hill (Pleasant Hill, Calif.) • Aegis Living Ventura (Ventura, Calif.) The transaction is the largest in Aegis’ history. The acquisition is the next step in the company’s growth strategy, which includes doubling its ownership portfolio by 2030, according to Aegis’ founder and CEO Dwayne Clark. “At a time when …

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Company NewsDevelopmentNew JerseyNortheastRetailTop Stories

PREIT Receives Zoning Approval to Add Multifamily, Hotel Uses to New Jersey’s Moorestown Mall

by Taylor Williams

MOORESTOWN, N.J. — Pennsylvania Real Estate Investment Trust (PREIT) has received a zoning approval that will allow the Philadelphia-based mall owner to add up to 1,065 multifamily units and a hotel to its Moorestown Mall in Southern New Jersey. For PREIT (NYSE: PEI), which filed for Chapter 11 bankruptcy in early November, the move is part of a larger effort to diversify the real estate at several of its regional malls. Dubbed a “densification plan” by company executives, PREIT’s plan to sell parcels of land to multifamily developers is expected to generate as much as $150 million in proceeds that will be used to reduce its outstanding debt. The company is in the process of delivering 3,500 apartments across its properties as part of the initial phase of the plan, which could ultimately see as many as 7,000 multifamily units and several hotels added to PREIT’s properties. The first phase of the multifamily component at Moorestown Mall will consist of 375 units and a hotel with an unspecified number of rooms. “Our foresight has shaped a high-quality portfolio with a strong retail core that attracts a distinctive mix of new uses to redefine the future-ready retail and leisure district,” said …

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Company NewsRetailTop Stories

Loves Furniture & Mattresses Files for Chapter 11 Bankruptcy Protection

by Katie Sloan

WARREN, MICH. — Loves Furniture & Mattresses, owned by Dallas-based private equity firm U.S. Assets Inc., filed for Chapter 11 bankruptcy protection this week amid struggles brought on by the COVID-19 pandemic.  Loves was formed in April of this year and acquired 27 Art Van Furniture locations across Michigan, Pennsylvania, Ohio, Illinois, Virginia and Maryland in May. That deal did not include the stores’ underlying real estate, which had already been sold off, according to reports by the Detroit Free Press. The company also opened or acquired 13 additional locations between May and October of 2020 in Michigan, Ohio and Pennsylvania.  The board of directors for Loves attributes the continuing pandemic, government restrictions on business operations, the need for additional operational financing and creditor demands as reasoning for the Chapter 11 filing. The Warren-based company plans to pare down its store count to 13. The remaining stores will host going-out-of-business sales organized by Planning Furniture Promotions, which assists furniture stores with liquidation, according to reports by The Detroit News. A testament to these struggles is seen in a lawsuit recently filed by Mississippi-based furniture maker Southern Motion Inc. and its subsidiary Fusion Furniture Inc., which alleges a break of contract by Loves …

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AcquisitionsDevelopmentLife SciencesMassachusettsNortheastOfficeTop Stories

BioMed Realty Acquires Former John Hancock Building in Boston, Plans Life Sciences Conversion

by Alex Tostado

BOSTON — BioMed Realty has acquired the former headquarters of John Hancock Life Insurance Co. in Boston and plans to convert the 14-story building into a life sciences facility. The building, which is located at 601 Congress St. in the Seaport District, features floor plates ranging from 19,000 to 50,000 square feet, 11 elevators, 14-foot ceilings on the second and third floors, 12-foot ceilings on the fifth through 14th floors, a fitness center, six-story atrium, two rooftop decks, conference center and a café. The property has sat vacant since 2018 when John Hancock consolidated its Boston offices to its building in the Back Bay district. BioMed, a Blackstone subsidiary, acquired the 485,000-square-foot property from an affiliate of Manulife Investment Management for an undisclosed price. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark brokered the deal. BioMed says the building is ideal for the planned conversion due to its mechanical and structural infrastructure, collaborative meeting areas and strong visual identity. BioMed is yet to select a general contractor for the conversion project, which the San Diego-based company expects to deliver in the second half of 2022. The Seaport District is situated along the Boston Main Channel and is …

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Affordable HousingDevelopmentMultifamilySoutheastTennesseeTop StoriesVirginiaWashingtonWestern

Amazon Launches $2B Housing Equity Fund to Preserve, Create 20,000 Affordable Housing Units

by Kristin Harlow

SEATTLE — Amazon has launched its Housing Equity Fund, a more than $2 billion commitment to preserve and create over 20,000 affordable housing units in Washington State’s Puget Sound region; Arlington, Va.; and Nashville, Tenn. — three metro areas where the company has or expects to have at least 5,000 employees each in the coming years. Amazon’s first investments include $381.9 million in below-market loans and grants to the nonprofit organization Washington Housing Conservancy (WHC) to preserve and create up to 1,300 affordable units at the Crystal House multifamily property in Arlington. WHC purchased Crystal House recently using Amazon’s capital. Rents at the property will be significantly lowered to target households earning less than 80 percent of the area median income (AMI). The conversion of existing apartments to affordable units began on Jan. 1 and will continue over the next five years. A 99-year covenant ensures that Crystal House will remain affordable for the long term. Arlington County has lost approximately 14,400 privately owned, affordably priced housing units since 2000, according to the county’s government. In addition, the Seattle-based online retail giant has committed $185.5 million in below-market loans and grants to King County Housing Authority (KCHA) to preserve up …

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AcquisitionsDevelopmentMixed-UseNorth CarolinaOfficeRetailSoutheastTop Stories

Epic Games Acquires Metro Raleigh Mall for $95M, Plans New Headquarters Campus

by John Nelson

CARY, N.C. — Epic Games Inc., a global gaming company whose products include the hit video game “Fortnite,” has purchased a distressed mall in Cary for its new headquarters campus. The property, Cary Towne Center, spans 980,000 square feet and in recent years lost three of its five anchor tenants, with only Dave & Buster’s and Belk remaining. Epic purchased the 87-acre site from Turnbridge Equities and Denali Properties for $95 million. Stephen Porterfield of Capital Associates represented Epic in the transaction. Founded in 1991, Epic has had its headquarters in Cary for more than 20 years and will continue to operate from its offices at 620 Crossroads Blvd. until completion of the redevelopment, which is estimated to be in 2024. Epic plans to break ground on the adaptive reuse project this year, thanks in part to Turnbridge and Denali getting Cary Towne Center rezoned in late 2019. The developers purchased the distressed mall in January 2019 for $31 million, according to Triangle Business Journal. Turnbridge and Denali had planned to transform the mall into a 4 million-square-foot project dubbed Carolina Yards, but ultimately decided to sell the property to Epic. “Epic shares our vision for transforming Cary Towne Center …

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Company NewsTop Stories

Brookfield Asset Management Offers to Take Brookfield Property Partners Private for $5.9B

by Taylor Williams

NEW YORK CITY — Brookfield Asset Management (NYSE: BAM) has submitted a non-binding proposal to acquire all outstanding shares of common stock of Brookfield Property Partners (NASDAQ: BPY), which would effectively take its commercial real estate division private. Brookfield Property Partners has about 357.6 million outstanding shares. Brookfield Asset Management’s bid to acquire those shares from public investors at $16.50 per share gives the deal a total price tag of $5.9 billion. The $16.50 per share price represents premiums of 14.9 percent and 14 percent, respectively, over the closing price of the BPY units on the Toronto Stock Exchange and NASDAQ on Dec. 31. This price also reflects premiums of 8.9 percent and 29.4 percent, respectively, over the 30-day and 180-day volume-weighted average prices of the BPY shares on NASDAQ. Brookfield Asset Management’s proposal does not include the purchase of shares of preferred stock or other securities of Brookfield Property Partners or its subsidiaries. Under the terms of the deal, for each share they hold, BPY shareholders can elect to receive $16.50 in cash, 0.4 BAM Class A shares or 0.66 of BPY preferred shares. Should the proposed transaction go forward, Brookfield intends to file a transaction statement and other …

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DevelopmentMixed-UseOklahomaTexasTop Stories

Gardner Tanenbaum, Robinson Park to Develop 400,000 SF Mixed-Use Project in Oklahoma City’s Innovation District

by Kristin Harlow

OKLAHOMA CITY — Gardner Tanenbaum and Robinson Park Investments have unveiled plans to develop a 400,000-square-foot mixed-use project within Oklahoma City’s Innovation District. The developers secured 2.7 acres of land for the project and expect to break ground in late 2021. Plans call for research labs, office space, a hotel, retail space and a public area. FSB Architects designed the project. Expected development costs were undisclosed. According to the developers, the goal is to “build an environment that promotes cross-sector collaboration among Oklahoma’s key industries, including aviation, aerospace, bioscience and energy.” The facilities will feature shared technology for 3D imaging and printing, as well as biomedical research and laboratories. Wheeler Labs, the first portfolio company of Echo Investment Capital’s venture capital fund in biotech, is slated to be the project’s anchor tenant. Wheeler is a clinical laboratory with plans to expand into the bio-manufacturing industry. In addition, the University of Oklahoma is committed as an educational and research partner. “This project ushers in a new era for our ever-growing city,” says Richard Tanenbaum, CEO of Gardner Tanenbaum. “Researchers, engineers, universities and industry leaders are pioneering Oklahoma-born advances in bioscience, aerospace, energy and health.” The Oklahoma City Innovation District encompasses 1.3 …

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AcquisitionsMixed-UseOfficeRestaurantRetailTop StoriesWashingtonWestern

Skanska Sells Majority Stake in Seattle Mixed-Use Tower for $669M, Nation’s Largest Single-Property Trade Since Pandemic

by John Nelson

SEATTLE — Skanska has sold a 95 percent stake of 2+U, a 38-story mixed-use tower in downtown Seattle. South Korea-based Hana Alternative Asset Management and parent firm Hana Financial Group purchased the majority interest from the Swedish developer for $669 million. According to Skanska, the sale of 2+U is the largest single-property commercial real estate transaction in the United States since the pandemic began. Office tenants at 2+U include job search giant Indeed.com, tech firm Dropbox, coworking operator Spaces and customer experience firm Qualtrics. Retail tenants include Italian eatery Ethan Stowell Tavolàta and Seattle-based specialty coffeeshop Caffe Ladro. Hana has hired Houston-based Hines to manage 2+U. The development is situated near Seattle Art Museum, Waterfront Park, Benaroya Hall, Pike Place Market and downtown’s Pioneer Square neighborhood. Skanska delivered the 701,000-square-foot office component of 2+U, which is named after its location at Second Avenue between Union and University streets, in late 2019. The office tower is raised 85 feet off the ground and the retail component, which is still under development, is tucked underneath the podium. 2+U also includes nearly a half-acre of open space for tenant and community gatherings. Skanska will retain a 5 percent interest in 2+U and is …

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AcquisitionsArizonaMultifamilyTop StoriesWestern

IPA Negotiates $90M Sale of 560-Unit Multifamily Portfolio in Tucson, Arizona

by Taylor Williams

TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), has negotiated the $90 million sale of a two-property, 560-unit multifamily portfolio in Tucson. The Equestrian is a 288-unit complex that sold for $47.7 million, or $165,625 per unit. Ridgeline is a 272-unit property that traded for $42.5 million, or $156,250 per unit. The Equestrian and Ridgeline were built in 2008 and 2002, respectively, and are located one mile apart from each other on West Linda Vista Boulevard on the city’s northwest side. Equestrian consists of 18 residential buildings housing one-, two- and three-bedroom apartments. Units feature an average size of 900 square feet, as well as individual washers and dryers and private balconies/patios. Amenities at Equestrian include a pool, grilling stations, fitness center, business center and a spa. Ridgeline consists of 17 residential buildings on a 13-acre site. Units also come in one-, two- and three-bedroom formats and have an average size of 821 square feet. Communal amenities include two pools and spas, a fitness center and a resident clubhouse. Hamid Panahi, Steve Gebing and Cliff David of IPA represented the seller, Bascom Arizona Ventures, in the transaction. The trio also procured the buyer, …

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