Monday, February 9, 2026
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AcquisitionsMichiganMidwestOhioRetailTop Stories

Sherwin Williams to Sell, Lease Back More than 100 Stores for $150M

by David Cohen

BLOOMFIELD HILLS, MICH. — The Sherwin-Williams Co. (NYSE: SHW) has agreed to a sale-leaseback transaction with net lease REIT Agree Realty Corp. (NYSE: ADC) for more than 100 retail properties. Agree will pay more than $150 million for the portfolio. The transaction is expected to close on or before the end of December. The undisclosed properties are located in more than 25 states. The five states with the largest concentration of properties include Florida, New York, North Carolina, Texas and Georgia. “We are pleased to have entered into this agreement with Sherwin-Williams,” said Joey Agree, President of Agree Realty Corp. “This unique transaction is incremental to our operating strategy, demonstrates additional differentiated capabilities and further solidifies the strength of our first-class real estate portfolio.” Bloomfield Hills-based Agree Realty Corp. currently owns and operates a portfolio of 537 properties in 45 states for a total of 10.6 million square feet of gross leasable space. Cleveland, Ohio-based Sherwin-Williams was founded in 1866 and is a leader in the manufacture, development, distribution, and sale of paints, coatings and related products to professional, industrial, commercial, and retail customers. The company operates more than 4,900 retail stores across the United States. Sherwin Williams’ stock price closed …

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AcquisitionsCaliforniaOfficeTop StoriesWestern

CBS to Sell Television City Campus in Los Angeles to Hackman Capital for $750M

by John Nelson

LOS ANGELES — CBS Corp. (NYSE: CBS) has signed a definitive agreement for the sale of its landmark CBS Television City property and sound stage operation in Los Angeles. Hackman Capital Partners, a Los Angeles-based real estate developer, is purchasing the 25-acre campus from the mass media company for $750 million. As part of the agreement, Hackman Capital will have the rights to use the Television City trademark in connection with its operations on the property. CBS programs including “The Late Late Show With James Corden,” “The Price is Right” and “The Young and The Restless” will continue to be produced on the Television City campus for at least the next five years. CBS will also retain office space for CBS Studios International’s U.S. headquarters and other company departments currently housed on the site. The transaction is expected to close in early 2019. The Los Angeles Times reported that CBS has been considering selling its studio complex since 2017 to capture increased value for developers looking to build in the Fairfax area. The campus features surface parking that Hackman Capital could redevelop, according to the newspaper. Joseph Ianniello, president and acting CEO of CBS Corp. says the company will use …

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53-State-Street-Boston
AcquisitionsMassachusettsNortheastOfficeTop Stories

Joint Venture Acquires 1.2 MSF Boston Office Property for $845M

by Taylor Williams

BOSTON — A joint venture between Allianz Real Estate, Beacon Capital Partners and the Massachusetts Pension Reserves Investment Management (PRIM) Board has acquired 53 State Street, a 1.2 million-square-foot office property in Boston’s Financial District. The sales price was $845 million. The Class A property, known locally as Exchange Place, comprises the historic Boston Stock Exchange building that was completed in 1891 and a 40-story office tower that was built in 1985. The building also features ground-floor retail space. The seller of 53 State Street, which was 93 percent leased at the time of sale, was not disclosed. The property features a seven-story, glass-enclosed atrium and an outdoor arcade with seating areas along Congress Street. Amenities include a rooftop deck, fitness center and conferencing facilities. “Allianz recognizes this acquisition is a unique opportunity to expand into Boston and to continue to diversify our investors’ portfolio,” says Christoph Donner, CEO of Allianz Real Estate. “Our real estate portfolio includes some of the top office buildings in the U.S., and this investment is consistent with our overall strategy to generate strong returns from Class A properties,” adds Michael Trotsky, executive director and chief investment officer of Mass PRIM. Allianz Real Estate is …

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AcquisitionsFloridaHospitalitySoutheastTop Stories

Trinity Investments, Elliott Management Acquire Grande Lakes Orlando Resort for $900M

by Kristin Harlow

ORLANDO, FLA. — A joint venture between funds managed by Trinity Real Estate Investments LLC and Elliott Management Corp. has acquired the Grande Lakes Orlando Resort. Blackstone Group sold the property for $900 million, according to local media reports. The 409-acre development includes two hotels, a 582-room Ritz-Carlton and a 998-room JW Marriott. The resort also features an 18-hole golf course designed by Greg Norman, an Australian professional golfer and entrepreneur. The Grande Lakes Orlando Resort includes 278,000 square feet of indoor and outdoor meeting space, 15 food and beverage outlets, swimming pools, sporting facilities and a 40,000-square-foot spa. Since 2015, both hotels have undergone multi-million-dollar renovation projects. Trinity and Elliott plan to implement a multi-year capital improvement plan to further enhance the resort’s offerings. In addition to guestroom renovations, plans call for upgrades to the resort’s ballroom, meeting spaces, water features and food offerings. The buyers are hoping to capitalize on Orlando’s booming tourism industry. In 2017, Orlando set a record and became the first ever U.S. destination to surpass 70 million visitors in a year, according to the city’s tourism association, Visit Orlando. Honolulu-based Trinity is a private real estate investment firm that has completed more than $4 …

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Senior Care of Jacksonville in Jacksonville, Texas
MultifamilySeniors HousingTexasTop Stories

Largest Skilled Nursing Operator in Texas, Senior Care Centers, Declares Bankruptcy

by Jeff Shaw

DALLAS — Senior Care Centers, a Dallas-based operator of more than 100 seniors housing communities in Texas and Louisiana, has filed for Chapter 11 bankruptcy protection in U.S. bankruptcy court for the Northern District of Texas. The company is the largest skilled nursing provider in Texas, but has struggled to pay its rent. Sabra Health Care REIT (NASDAQ: SBRA) and LTC Properties (NYSE: LTC) — two publicly traded real estate investment trusts that combined own 49 Senior Care Centers locations — both reported that they have not been paid in months. Senior Care Centers also received a slew of bad press last year after not evacuating residents in advance of Hurricane Harvey, which resulted in state citations and dozens of care violations. (The Category 4 hurricane made landfall along the Texas coast in August 2017.) The company reported “burdensome debt levels and expensive leases” as reasons for its bankruptcy filing. All facilities will remain open during the restructuring, and the company claims it will continue to pay all vendors and its 11,000 employees during the process. “As the entire industry has seen, the leases associated with the communities have become cost-prohibitive,” says Michael Beal, chief operating officer. “This kind of action …

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AcquisitionsMultifamilySoutheastTop StoriesVirginia

Harbor Group International Sells Three Apartment Portfolios for $700M

by David Cohen

NORFOLK, VA. — Harbor Group International (HGI) has sold three apartment portfolios in Florida, Connecticut and Texas for a total of $700 million. The portfolios included seven properties totaling 2,284 units in Central Florida; two properties totaling 568 units in Connecticut; and 12 properties in Dallas and Houston totaling 3,100 units. The specific names and locations were not released. “These transactions are great examples of HGI’s ‘buy wholesale, sell retail’ investment strategy,” says T. Richard Litton Jr., president of HGI. “For all three of these portfolios, we developed individual business plans on a property-by-property basis and then sold the properties to a wide variety of buyers as each property’s investment goals were achieved.” The 21 properties were sold to a total of 15 different buyers. HGI claims the combined sales prices were $140 million higher than the company’s original acquisition price. Based in Norfolk, Harbor Group International is a private real estate investment and management firm that controls a portfolio of worldwide assets valued at $8.2 billion. The company’s real estate holdings include 3.7 million square feet of commercial properties and 30,400 apartment units. — David Cohen

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AcquisitionsCaliforniaOfficeTop StoriesWestern

TMG Partners, KKR Acquire Office Building in Downtown Oakland for $255M

by John Nelson

OAKLAND, CALIF. — TMG Partners and KKR have purchased 1221 City Center, an office tower in downtown Oakland that houses the global headquarters of Clorox. The sales price was not disclosed, but the San Francisco Business Times reports the Swiss financial giant UBS AG (NYSE: UBS) sold the office tower for $255 million. The business publication also reports that this is the third time that the 24-story building has traded in the past six years. In 2012, Clorox Co. sold the asset for $110 million. Located at the intersection of Broadway and 12th Street, the 522,000-square-foot office building was 99 percent leased at the time of sale to various tenants, including Union Bank, Stanford Health Care, Wells Fargo Bank and Parsons Brinkeroff. The LEED-Platinum certified building offers direct access to Bay Area Rapid Transit (BART) in its lobby, one of only three Oakland office buildings with that amenity. The property also features panoramic views of the Oakland skyline and the Bay, as well as onsite retail amenities, bike lockers, showers and parking. This acquisition is the second transaction by TMG and KKR in Oakland this year, following the purchase of 1330 Broadway in July. KKR is making the investment through …

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Salesforce-Tower-Chicago
DevelopmentIllinoisMidwestOfficeTop Stories

Hines to Develop 57-Story Office Tower in Chicago for Salesforce’s Regional Headquarters

by Taylor Williams

CHICAGO — A partnership led by national development firm Hines has released plans for Salesforce Tower Chicago, a 57-story office tower that will serve as the new regional headquarters for Salesforce (NYSE: CRM). The San Francisco-based software firm is expected to bring 1,000 jobs to Chicago in connection with the project. Salesforce Tower Chicago will be located in the city’s River North area at the site formerly known as Wolf Point South, which houses several other office skyscrapers. Designed by Pelli Clarke Pelli, the project is slated for completion by 2023. Salesforce, one of the nation’s fastest-growing software companies that employs more than 32,000 people, will occupy about 500,000 square feet at the property, according to The Chicago Tribune. Salesforce opened in Chicago in 2012 and currently employs about 1,400 people in the Windy City. The total price of the project was not disclosed, but the newspaper also reported that Salesforce could receive as much as $41.5 million in tax credits if the company meets certain job creation and capital investment criteria. “Chicago is the Midwest’s largest city with a global and economic force that attracts a wealth of talent and international business,” said Tyler Prince, executive vice president at Salesforce. “We …

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DevelopmentGeorgiaMixed-UseSoutheastTop Stories

GID, North American Properties to Develop 8 MSF Mixed-Use Project in Atlanta

by Kristin Harlow

ATLANTA — GID and North American Properties (NAP) have formed a joint venture to develop High Street Atlanta, an 8 million-square-foot mixed-use project in Atlanta’s Dunwoody neighborhood. At full buildout, the development will include approximately 1,500 apartment units, 1,500 condominiums, 400 hotel rooms, 400,000 square feet of retail space and 400,000 square feet of office space. The transit-oriented project will encompass 10 city blocks with open spaces for events. “By investing in the space between the buildings, the street-level gathering places where community and social collisions happen organically, we create a fundamentally different shopping experience than e-commerce,” says Mark Toro, managing partner of NAP. GID will serve as master developer, while NAP will lead retail leasing, marketing, community engagement and retail property management. Construction on the project’s first phase is expected to begin in late 2019. GID is a privately held and fully integrated real estate organization that develops, owns and operates a portfolio of properties valued at more than $15 billion. Cincinnati-based NAP is a privately held real estate operating and development company that has acquired, developed and managed more than $7 billion of properties nationwide. In Atlanta, NAP developed the $1 billion Avalon in Alpharetta and is currently underway …

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AcquisitionsMultifamilyTop Stories

Investcorp Acquires National Multifamily Portfolio for $311M

by Alex Tostado

HOUSTON, SALT LAKE CITY AND TAMPA, FLA. — Investcorp’s New York City office has acquired six multifamily properties for a total of $311 million. Three of the properties are in Houston and comprise 1,392 units; one property is in Salt Lake City featuring 253 units; and two properties are in Tampa, comprising 1,231 units. All six properties are garden-style apartment communities. Investcorp did not release the specific names of the communities. “The U.S. multifamily sector continues to present attractive opportunities, and we are pleased to announce the addition of these six properties to our U.S. real estate portfolio,” says Rishi Kapoor, co-CEO of Investcorp. “These investments underscore our commitment to increasing Investcorp’s footprint in the U.S. market, a key driver of the firm’s overall growth strategy and a market on which we will be incredibly focused in 2019.” Investcorp now owns more than 13,000 multifamily units in the U.S. “Multifamily has always been a strong area of focus for Investcorp, and this portfolio is fully aligned with our strategy of investing in core-plus U.S. real estate,” says Michael Moriarty, principal in real estate investment at Investcorp. Investcorp is an international alternative investment firm based in Bahrain. The company employs approximately 390 people …

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