Friday, November 14, 2025
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GIC, Oak Street Agree to Acquire STORE Capital in $14B Transaction

by Jeff Shaw

SCOTTSDALE, ARIZ. — GIC, a global institutional investor based out of Singapore, and Oak Street, a Chicago-based division of global alternative asset manager Blue Owl Capital, have agreed to acquire STORE Capital Corp. (NYSE: STOR) in an all-cash transaction valued at approximately $14 billion. STORE is a Scottsdale-based net-lease real estate investment trust that invests in single-tenant operational real estate. As of June 30, the company’s portfolio consisted of investments in 3,012 property locations, including restaurants, early childhood education, metal fabrication, automotive repair and maintenance facilities and health clubs. Under the terms of the definitive merger agreement, STORE Capital stockholders will receive $32.25 per share in cash, a premium of 17.8 percent to the 90-day volume weighted average stock price through that date and 20.4 percent to its closing price on Wednesday, the day before the announcement. STORE will become private following the transaction. The transaction was unanimously approved by STORE Capital’s board of directors and is expected to close in the first quarter of 2023. The closing of the transaction is not subject to any financing conditions. “This opportunity is an endorsement, by two leading real estate investors with significant access to capital, of the strength of our platform, …

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Company NewsDevelopmentRetailTop StoriesWashingtonWestern

Starbucks Plans to Open 2,000 New Stores by 2025, Invest $450M in Existing US Locations

by Katie Sloan

SEATTLE — Starbucks Coffee (NASDAQ: SBUX) has announced plans to open 2,000 stores by 2025 and invest $450 million in its North American real estate, which will include the modernization of existing locations across the United States.  The announcement took place during the company’s 2022 Investor Day conference in Starbucks’ hometown of Seattle. The company’s reinvention plan includes the implementation of a store design that streamlines work behind the counter, enabling better connection with the customer. Starbucks also plans to reorganize its real estate portfolio to include a greater number of pick-up stores and drive-thru-only and delivery-only locations. “When we think about our existing store portfolio and our investments, they must deliver in a few critical areas,” said John Culver, group president for North America and chief operating officer. “Reducing the level of complexity and making work easier for our partners; enabling stronger engagement and connection between our partners and the customers they serve; and delivering experiential convenience.” Starbucks also plans to expand its mobile order offerings via the company’s app, allowing customers to know when their order is ready and making the process of mobile ordering easier and more efficient during peak hours. Mobile ordering will also be extended to the …

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DevelopmentIndustrialSoutheastTop Stories

Capital Development Begins Construction of 5.4 MSF Central Port Logistics Center in Savannah, Georgia

by Taylor Williams

SAVANNAH, GA. — Atlanta-based Capital Development Partners has started construction of Central Port Logistics Center at Rockingham, a 5.4 million-square-foot speculative industrial development in the coastal Georgia city of Savannah. Central Port Logistics Center at Rockingham will consist of seven buildings, with Phase I of the project comprising a roughly 1.1 million-square-foot cross-dock warehouse. According to the development team, that building will be the largest warehouse ever constructed on a speculative basis in Savannah. Completion of Phase I is slated for 2023. Phase II of the project will feature a 982,000-square-foot, rail-served building, a construction timeline for which was not disclosed. Subsequent phases of the project will deliver both cross-dock and rear-load storage and distribution facilities. “Central Port Logistics Center at Rockingham is the last large-scale industrial infill site in Savannah with unmatched access to the port, excellent rail service and immediate connectivity to major highways,” says John Knox Porter Jr., CEO of Capital Development Partners. “These facilities will provide a significant location advantage for our customers.” Bill Sparks, executive vice president of CBRE’s Savannah office, which is marketing the development for lease, also said that the proximity and access to various pieces of major infrastructure would be a game-changer …

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AlabamaDevelopmentMixed-UseMultifamilyOfficeRetailSoutheastTop Stories

RCP Plans $110M Anthem House Mixed-Use Development in Huntsville, Alabama

by Jeff Shaw

HUNTSVILLE, ALA. — RCP Cos. has announced plans for Anthem House, a $110 million mixed-use development in Huntsville’s new MidCity district. The property will feature 330 apartment units, 35,000 square feet of creative office space and 32,000 square feet of street-level retail space. Named for MidCity’s music theme, Anthem House will offer a “residential-meets-hospitality housing solution” with furnished units, shorter lease contracts and hotel-like surroundings and amenities. Most of the major aerospace companies have a presence in Huntsville, which is home to regional employers including U.S. Army post Redstone Arsenal and Cummings Research Park. Additionally, the city offers twice the amount of government jobs per capita than any other city in the country. Huntsville’s workforce demographics feature many remote and contract workers who greatly prefer the multifamily-hospitality niche for their housing. “Currently, Huntsville has a housing deficit that is accentuated by the continued job growth in the market,” says RCP co-founder Max Grelier. “The shift in consumer preferences, particularly among millennials, is driving demand for more hospitality features within real estate projects, including more amenities, hosting events and activities which bring residents together.” U.S. News & World Report named Huntsville as the best place to live in the United States …

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AcquisitionsDelawareNew HampshireNew JerseyNortheastProperty TypeRetailTop Stories

Copper Property Trust Sells Seven East Coast JCPenney Stores for $65.2M

by John Nelson

JERSEY CITY, N.J. — Copper Property CTL Pass Through Trust has sold seven JCPenney retail locations on the East Coast in three transactions totaling $65.2 million. The assets include stores in Delaware, Maryland, New Hampshire and Virginia. The buyers were not disclosed. Copper Property is a New York common law trust that was established to acquire 160 retail properties and six warehouse distribution centers from department store chain JCPenney as part of the retailer’s Chapter 11 reorganization plan. The stores are located at the following malls and shopping centers: Christiana Mall in Newark, Del.; The Mall in Columbia in Columbia, Md.; Westfield Annapolis in Annapolis, Md.; Fair Oaks Mall in Fairfax, Va.; Springfield Town Center in Springfield, Va.; Pheasant Lane Mall in Nashua, N.H.; and Dulles Town Centre in Sterling, Va. The assets traded at a blended implied cap rate of 7.28 percent across three all-cash deals. Hilco JCP LLC, an affiliate of Hilco Real Estate LLC and manager of the trust, and an affiliate of Newmark represented the seller in these transactions. “We believe these sales reflect current market conditions and the market’s recognition of the solid performance of JCPenney post-reorganization,” says Neil Aaronson, principal executive officer of the …

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DevelopmentMarylandMixed-UseMultifamilySeniors HousingSoutheastTop Stories

Experience Senior Living Plans 26-Story Community Within Strathmore Square Mixed-Use Development in Bethesda, Maryland

by Jeff Shaw

BETHESDA, MD. — Experience Senior Living, a seniors housing developer, has unveiled plans for The Reserve at Strathmore Square. The project will be part of Strathmore Square, a planned arts-centric mixed-use community located in north Bethesda above the Grosvenor-Strathmore Red Line Metro station and adjacent to the Strathmore Music Center. The seniors housing community will rise 26 stories and span 300,000 square feet, featuring 240 units of independent living, assisted living and memory care. Experience plans to break ground on the project in the fourth quarter of 2023. Amenities at the community will include a swimming pool, pickleball court, wellness suite with a fitness room, salon, massage, sky lounge, outdoor spaces including a private memory care courtyard, multiple dining venues and a bar. The plan calls for The Reserve to be part of an intergenerational housing development with programs and activities for engagement between residents of the seniors housing community and the other residential properties in Strathmore Square. The larger Strathmore Square project comprises eight acres of developable space. The master-plan developer, Fivesquares Development, expects the full build-out to include 2,000 residential units, approximately 35,000 square feet of retail, walking paths to the Metro station and a 1.3-acre central park. …

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Company NewsRetailTop Stories

Regal Cinemas’ Parent Company Cineworld Group Files for Chapter 11 Bankruptcy Protection

by Katie Sloan

BRENTFORD, U.K. — Cineworld Group, parent company to Regal Cinemas among other international theater brands, has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas.  While a specific plan regarding the company’s real estate was not announced, Cineworld expects to pursue an “optimization strategy” regarding its locations across the U.S. as part of its bankruptcy proceedings. The company is engaging in discussions with its landlords on improving cinema lease terms in hopes of further positioning Cineworld for long-term growth in the U.S., the company says. The Brentford, U.K.-based company was founded in 1995 and has over 747 theaters open across 10 countries, with 511 located in the U.S. As part of its Chapter 11 proceedings, Cineworld is seeking to reduce debt and strengthen its balance sheet in order to accelerate growth. The company has nearly $2 billion in financial commitments from existing lenders to keep operating.  The company expects to operate its global business and cinemas as usual throughout the Chapter 11 process. Cineworld’s subsidiaries and affiliates not engaged in the U.S. or U.K. businesses were not included in the filing and are not part of the Chapter 11 process. Cineworld made …

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ConnecticutDevelopmentMultifamilyNortheastTop Stories

Flaherty & Collins Plans $200M Waterfront Apartment Community in Bridgeport, Connecticut

by Kristin Harlow

BRIDGEPORT, CONN. — Flaherty & Collins Properties (F&C), in partnership with RCI Group and the City of Bridgeport, has unveiled plans for a $200 million waterfront apartment community at Steelepointe Harbor, a mixed-use development along Long Island Sound. Plans call for 420 units and 10,000 square feet of retail space. Amenities will include a pool, outdoor kitchens, gathering spaces, secure parking and a dedicated dog park and pet spa. A water taxi will provide residents with service to nearby beach areas. A fitness center will offer fitness classes, a spin studio, sauna and jacuzzi. Residents will also have access to a pickleball court. Bridgeport is located 50 miles northwest of New York City. Steelepointe Harbor is accessible along the I-95 corridor and a short walk to the Bridgeport Transportation Center, which features access to the train station and the Bridgeport & Port Jefferson Ferry to Long Island. The Hartford Healthcare Amphitheatre live event venue, which opened in 2021, is less than a mile away. Previous development phases of Steelepointe Harbor included a Bass Pro Shops, Chipotle and Starbucks in late 2015, followed by the addition of Bridgeport Harbor Marina. The 220-slip marina is approaching full occupancy in its third year. …

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AcquisitionsDistrict of ColumbiaOfficeSoutheastTop Stories

Boston Properties Sells 601 Massachusetts Avenue Office Building in D.C. for $531M

by John Nelson

WASHINGTON, D.C. — Boston Properties Inc. (NYSE: BXP) has sold 601 Massachusetts Avenue, an approximately 480,000-square-foot office building in Washington, D.C., for $531 million. The buyer was not disclosed, but the Washington Business Journal reports that it was an affiliate of Mori Trust Co., a real estate development and investment firm based in Tokyo. Boston Properties originally developed the 11-story property in 2015. The firm will continue to provide property management services at 601 Massachusetts, which was 98 percent leased at the time of sale. 601 Massachusetts Avenue is situated in Washington, D.C.’s Mount Vernon Triangle neighborhood. Nearby attractions include the White House, Capital One Arena, Metro stations and the Walter E. Washington Convention Center. According to online property listings, the property includes a nine-story glass atrium, onsite fitness center, roof terrace and retail space leased to RPM Italian, Soul Cycle and lunch restaurant Devon & Blakely. Boston Properties structured the disposition as part of a reverse like-kind exchange under Section 1031 of the Internal Revenue Code with its $730 million acquisition in May of Madison Centre, a 37-story office tower in Seattle. “This disposition demonstrates continued investor demand for premier, well-leased office properties,” says Owen Thomas, chairman and CEO …

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ColoradoDevelopmentLife SciencesTop StoriesWestern

PMB, Montgomery Street Partners Plan $280M Coal Creek Innovation Park Life Sciences Development in Superior, Colorado

by Jeff Shaw

SUPERIOR, COLO. — PMB, in partnership with Montgomery Street Partners, has unveiled plans for Coal Creek Innovation Park, a $280 million speculative life sciences development in downtown Superior. Totaling 365,000 square feet between Denver and Boulder, the park will be the first speculative purpose-built life sciences project in Boulder County, according to the developers. Initial plans for the project include three office/lab buildings ranging in size from 85,000 square feet to 150,000 square feet, and a fourth building with ground-floor retail space, amenities and structured parking. The buildings will offer 16-foot floor-to-floor heights and flexible infrastructure to accommodate office, lab and R&D uses. Shared lab services, including RODI (reverse osmosis deionized) water, dedicated laboratory water, compressed air, glass wash and a lab waste system, will be available to all tenants. Additionally, the project will have a gym with showers, bike rooms and shared conference facilities. “Life sciences companies are looking to the Boulder/Denver region as a place where they can plant their flag or grow their operations,” says Erik Abrahamson, senior vice president at CBRE. “They are attracted to Colorado’s highly educated and skilled workforce and ecosystem of educational and research institutions. While historically it has been difficult to find available lab space in Boulder County, projects like …

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