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AcquisitionsGeorgiaSoutheastStudent HousingTennesseeTexasTop Stories

Scion Group, Ares Acquire Student Housing Portfolio in Sun Belt for $435M

by John Nelson

CHICAGO — A partnership between The Scion Group and funds managed by Ares Real Estate has acquired a portfolio of four student housing properties in Sun Belt markets. The aggregate purchase price for the 2,315-bed portfolio was approximately $435 million. The seller, Chicago-based SCHENK+, developed three of the properties and acquired and repositioned the fourth. The portfolio includes two communities serving students attending Texas State University in San Marcos, Texas: The Parlor and Hillside San Marcos. The other two properties are Tenn near University of Tennessee in Knoxville and Georgia Heights near the University of Georgia in Athens. Chicago-based Scion currently operates in all three student housing markets. The company says this acquisition represents a “comprehensive exit” for SCHENK+’s founder, Jared Schenk. “Jared Schenk is one of the true pioneers of off-campus student housing, and he has built an incredible portfolio of high-quality communities,” says Robert Bronstein, CEO of Scion. “Scion is pleased to add another successful portfolio execution to our track record, and we are even more excited to welcome these communities to our portfolio.” Founded in 1999, Scion is the world’s largest owner of off-campus student housing. Following this transaction, Scion will operate nearly 117,000 beds across 187 …

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DevelopmentIndustrialLouisianaSoutheastTop Stories

SpaceX to Invest $100B in Spaceport Campus in Vermilion Parish, Louisiana 

by Matthew Auchincloss

VERMILION PARISH, LA. — Space Exploration Technologies Corp. (SpaceX) (NASDAQ:SPCX) plans to invest at least $100 billion to build a spaceport facility in Vermilion Parish, located southwest of Lafayette in coastal Louisiana. The site, which will be named Starbase, Louisiana, is located on an 18-mile strip of Pecan Island. At full build-out, the site will feature five launch complexes with two launchpads, each facilitating thousands of space launches annually, as well as propellant production facilities. SpaceX intends to begin construction in 2027 and launch its first rocket from the location by 2029. Starbase, Louisiana will eventually be the company’s largest launch site, per SpaceX.  “We’re preparing to build a spaceport that, until now, has only existed in science fiction,” Founder and CEO of SpaceX Elon Musk said. “SpaceX was founded to bring about a future where humans are out exploring amongst the stars, which will only be possible when we make going to space as routine as flying on an airplane. Starbase, Louisiana will unlock that future.” The company brokered a Payment in Lieu of Taxes (PILOT) agreement with Vermilion Parish that will see the parish receive a $20 million upfront payment as well as $25 million each year for …

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AcquisitionsData CentersDevelopmentIndustrialTexasTop Stories

Soluna Acquires 397 Acres in West Texas for Wind-Powered AI Data Center Campus

by John Nelson

BRISCOE COUNTY, TEXAS — Soluna Holdings Inc. (NASDAQ: SLNH), a developer of renewable data centers for heavy computing industries such as artificial intelligence (AI) and Bitcoin mining, has closed on the purchase of 397 acres in West Texas’ Briscoe County. The site is located adjacent to Briscoe Wind Farm, a 150-megawatt (MW) wind farm that Soluna purchased in April for $53 million. The land is also situated adjacent to Dorothy 1 and Dorothy 2, Soluna’s modular, co-located data center campus that has capacity totaling 50 MW and 48 MW, respectively. The new land will host Dorothy 3, an AI data center computing campus with a potential capacity of 300 MW. All phases of the Project Dorothy campus, which is named after NASA mathematician Dorothy Vaughan, will be powered by the Briscoe Wind Farm substation. “Customers evaluating AI sites want to know how quickly we can get them to power,” says John Belizaire, CEO of Soluna. “Owning this land takes one more variable out of that answer. Dorothy 3 is a site we control end to end, and that is what turns a development project into something a customer can plan around.” The land acquisition exceeds the 300 acres Soluna originally …

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2756 South Riverside Ave Bloomington CA
AcquisitionsConnecticutIndustrialLoansMarylandTop Stories

Realterm, Starwood Provide $672M in Financing for 78-Property Industrial Outdoor Storage Portfolio

by Abby Cox

GREENWICH, CONN. AND ANNAPOLIS, MD. — Realterm and Starwood Property Trust (NYSE: STWD) have provided a $672 million loan for an industrial outdoor storage (IOS) portfolio spanning 33 markets. The 78-property portfolio, which is owned by affiliates of Atlanta-based Stonemont and New York City-based Cerberus Capital Management, stretches 830 acres. Stonemont and Cerberus will continue to own and operate the properties. The proceeds will refinance an existing $486 million mortgage, return a portion of the money to primary investors and fund closing costs. Eastdil Secured Savills arranged the transaction. Additional details of the deal, including the portfolio’s tenant information, were not disclosed. Top markets in the portfolio include: The IOS sites support fleet parking, equipment storage and other logistics activities. According to the press release, the loan is recognized as the largest financing deal of its kind in the IOS sector. “This financing marks a significant milestone for our credit platform and underscores our ability to execute sophisticated solutions that drive industry-making deals,” says Paul Sisson, head of credit at Realterm. “Borrowers are continuing to seek lenders with a deep understanding of the industrial real estate and logistics sectors.” Realterm acquires, develops, finances and manages differentiated real estate and infrastructure assets …

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Market ReportsOregonRetailWesternWestern Market Reports

Portland Retail Finds Strength in Experience-Driven Tenants

by John Nelson

— By Austin McElroy of Colliers — Portland’s retail market is performing better than the headlines suggest. With vacancy sitting at 4.6 percent and triple-net rents averaging $24.45 per square foot — a 10 percent increase over just two years — the market reflects a quiet resilience built on selectivity rather than volume.  The concepts and submarkets gaining traction share a common thread: they actively engage visitors, drawing people in and consistently driving repeat visits. Meanwhile, structural forces are reshaping the playing field. A suspension of the ground-floor retail mandate, a proposed vacancy tax, and a dramatic split in performance between suburban and urban submarkets are defining a leasing environment where quality of space matters more than quantity of options. Experience Outpaces Transactions The clearest trend reshaping Portland retail is the primacy of experience over pure transaction. Concepts that draw repeat visits, create community and deliver something beyond a simple purchase are generating foot traffic that traditional transactional retail cannot match. Nowhere is this more evident than at Bridgeport Village in Tualatin where the opening of a LEGO store drove a 19 percent year-over-year surge in foot traffic — a striking result for a single tenant addition. LaVerne’s Restaurant and Bar …

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Data CentersDevelopmentIndustrialLeasing ActivityMidwestOhioTop Stories

OpenAI Signs 20-Year Lease at Nvidia-Backed Data Center Development in Pike County, Ohio

by John Nelson

PIKE COUNTY, OHIO — OpenAI, the artificial intelligence (AI) platform best known for ChatGPT, has signed a 20-year lease agreement to be the customer at the PORTS-Pike Technology Campus, an AI data center redevelopment of the decommissioned Portsmouth Gaseous Diffusion Plant in Pike County, located in southern Ohio’s Appalachian region. The size and cost of the campus has not been released, but The New York Times reports that it will be among the world’s largest data centers and that the build-out could cost as much as $500 billion. SB Energy, a data center and power infrastructure company backed by Tokyo-based SoftBank Group Corp., will build, own and operate the campus. Nvidia (NASDAQ: NVDA), a hardware manufacturer of semiconductors and networking systems for AI data centers, will provide the full build-out at PORTS-Pike Technology Campus using its DSX AI factory platform — encompassing all aspects typical to an AI-ready data center, including GPUs (graphics processing units), CPUs (central processing units), servers and infrastructure software. Nvidia has secured land, power and shell (LPS) rights at the Pike County project through a partnership with SB Energy. Nvidia will immediately invest $1.5 billion in SB Energy to support the project’s build-out. SB Energy and …

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SparrowHawk-Almanac
AcquisitionsIllinoisIndustrialKentuckyMidwestMissouriOhioTop Stories

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

by Abby Cox

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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AcquisitionsIndustrialLeasing ActivitySoutheastVirginia

DWG Capital Partners Acquires Manufacturing Facility in Dublin, Virginia Via Sale-Leaseback

by John Nelson

DUBLIN, VA. — DWG Capital Partners has purchased an 83,683-square-foot manufacturing facility located at 320 Newbern Road in Dublin, a city in southwest Virginia’s I-81 Corridor. The publicly traded seller, Commercial Vehicle Group (CVG), sold the property to DWG Capital and leased back the facility on a 20-year absolute triple-net lease. The facility is situated on 4.7 acres and features 14- to 16-foot clear heights, six dock-high doors, one drive-in door and outdoor storage. Albert Hernandez and Rob Stockhausen of Colliers represented CVG in the sale-leaseback. According to Judd Dunning, founder and principal of DWG Capital, Skyline National Bank provided acquisition financing for the deal. The sales price and loan amount were not disclosed.

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DevelopmentIndustrialLife SciencesTexasTop Stories

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

by John Nelson

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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DevelopmentIndustrialTexasTop Stories

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

by Taylor Williams

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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