By Rives Taylor, principal, global resilience research lead, Gensler Texas is experiencing rapid growth in data center development as part of a broader push to support artificial intelligence (AI) ventures that have transformed digital infrastructure into a magnet for capital. As noted in Gensler’s recent Design Forecast, these assets demand abundant land, power and connectivity, making the region a natural fit for long-term growth in digital and industrial real estate. However, these facilities also require reliable access to significant water resources to support cooling systems that are essential for maintaining uninterrupted operations. As development increases, so do the needs for resources, and Texas lacks a consistent policy requiring operators to report essential metrics such as water use, energy consumption or cooling loads. This lack of transparency limits the ability of policymakers, communities and design professionals to fully understand the environmental impact of one of the state’s fastest-growing industrial sectors. With rising pressure on water supplies and power systems, the need for clearer reporting standards and more forward‑looking design approaches is becoming increasingly urgent. A recent white paper by the Houston Area Research Center (HARC), found that “without modernized planning and policy updates, the state faces a collision between finite water …
Search results for
"stock"
HOUSTON, LAS VEGAS AND RENO, NEV. — Fertitta Entertainment Inc., a private holding company controlled by the NBA’s Houston Rockets governor (i.e. owner) Tilman Fertitta, has entered into a definitive agreement to acquire casino and gaming giant Caesars Entertainment (NASDAQ: CZR) for $17.6 billion. Fertitta Entertainment plans to finance the acquisition through a combination of equity, assumed Caesars’ outstanding debt (approximately $11.9 billion) and new committed debt financing arranged by a consortium of 10 banks. Under terms of the agreement, Caesars shareholders will receive $31 in cash for each outstanding share, which represents a 49 percent premium to the company’s unaffected stock price on Feb. 25 (the last trading day before rumors of a potential transaction were reported) — $20.77 per share. Upon completion of the transaction, shares of Caesars Entertainment common stock will no longer be listed on the NASDAQ stock exchange. Caesars operates several major Las Vegas Strip properties, such as Caesars Palace, Harrah’s, Paris Las Vegas, Planet Hollywood, Horseshoe, The LINQ Hotel, Flamingo and The Cromwell. Fertitta Entertainment owns Golden Nugget Hotels & Casinos and operates more than 450 full-service restaurants around the world, including Landry’s, Rainforest Café and Morton’s. According to the press releases issued by both companies, …
RENO, NEV. — Metcalf Builders has completed construction of East Building 6 at the Comstock Commerce Center, a $24 million project within the Tahoe Reno Industrial Center (TRIC) in Reno. Locus Development Group owns the building, which is ready to support tenant operations. Located at 2200 USA Parkway, East Building 6 features 475,880 square feet of bulk industrial space designed to meet logistics, warehousing and manufacturing needs. East Building 6 is part of the Comstock Commerce Center, a master-planned industrial development within TRIC.
Portman Acquires 73-Story Westin Peachtree Plaza Hotel in Downtown Atlanta from Marriott
by John Nelson
ATLANTA — Portman has acquired the Westin Peachtree Plaza, a 73-story, cylindrically shaped hotel in downtown Atlanta. Marriott International Inc. (NASDAQ: MAR) sold the 1,073-room, full-service hotel but will continue to operate it under Portman’s ownership. “Marriott International has maintained a strong, long-standing relationship with Portman, and we are confident in their ability to realize the full potential of the iconic Westin Peachtree Plaza in the years ahead,” says Cameron Read, CFO for the United States and Canada at Marriott International. “We look forward to continuing to work closely with Portman through our ongoing management of the hotel.” Portman, a real estate development, investment and management firm based in Atlanta, purchased the hotel via its Portman Hospitality Fund I LP. The sales price was not disclosed. The acquisition was a full-circle moment for Portman as Westin Peachtree Plaza was delivered in 1976 by John C. Portman Jr., founder of the Portman company and a world-renowned architect best known for designing high-end, futuristic hospitality properties. His work includes designing the Atlanta and New York Marriott Marquis hotels; Renaissance Center, Detroit; Hyatt Regency San Francisco; Portman Ritz-Carlton Shanghai; and the Westin Bonaventure Hotel & Suites Los Angeles, among others. “Hospitality is in Portman’s …
ARLINGTON, VA. AND CHICAGO — Multifamily owners and operators AvalonBay Communities (NYSE: AVB) and Equity Residential (NYSE: EQR) have announced a definitive, all-stock merger agreement. The new combined company will have a total enterprise value of $69 billion, with a market capitalization of $52 billion. Following the merger, the combined company’s portfolio will comprise more than 180,000 apartments. Together, AvalonBay and Equity Residential currently have 10,800 apartments under construction, totaling $4.4 billion in estimated value. Annual cash flow for the new company is estimated at $2 billion. The merger has been unanimously approved by the AvalonBay board of directors and Equity Residential board of trustees. Under the agreement, AvalonBay shareholders will receive roughly 2.8 shares of Equity Residential common stock for each owned share of AvalonBay common stock. Equity Residential shares closed at $66.28 on May 20, up from $65.97 a year prior. AvalonBay shares closed at $186.69 on May 20, down from $194.17 a year prior. According to the companies, the merger will enhance resident experience and expand margins across the multifamily portfolio by scaling operations. “This combination creates a new and fundamentally stronger company with differentiated capabilities that will drive structurally superior cash flow generation, earnings and dividend …
BRANFORD, CONN. AND LOS ANGELES — Sachem Capital Corp. (NYSE: SACH), a Connecticut-based real estate finance company, and Los Angeles-based Industrial Realty Group (IRG) have entered into a definitive contribution agreement to form a new industrial REIT with a market value of $3.4 billion. The deal is expected to close by the end of the year. Under the terms of the agreement, IRG will contribute 98 industrial properties from its portfolio of 200 assets to Sachem. Once complete, the newly formed company will operate as IRG Realty Trust Inc. (IRGT) and is expected to have an industrial portfolio with a gross real estate asset value of $2.9 billion. In addition, the new company will carry Sachem’s approximately $470 million (as of March 31, 2026) in direct and indirect mortgage loans, investments in developmental and owned real estate and other assets. The transaction values Sachem’s common shares at $2 per share, representing a 90 percent premium to the company’s 30‑day volume weighted average price. Upon closing, IRGT Inc. will focus on mission‑critical industrial infrastructure that supports manufacturing and distribution users. Assets that are not being contributed will continue to be owned and operated by IRG’s existing private business. “This accretive transaction …
Hanley Investment Group Negotiates $12.2M Sale of Single-Tenant Retail Property in Madera, California
by Amy Works
MADERA, CALIF. — Hanley Investment Group Real Estate Advisors has negotiated the $12.2 million sale of a newly constructed, single-tenant retail property located in the San Joaquin Valley city of Madera. The property spans 4,644 square feet and is occupied by a 7-Eleven convenience store and gas station, with commercial diesel fueling lanes. This transaction marks the highest‑priced, single‑tenant 7‑Eleven property ever sold in California and the first and only 7‑Eleven location in the city, according to Hanley Investment Group. Sean Cox and Bill Asher of Hanley Investment Group represented the seller and developer, Clovis, Calif.-based Stock Five Development Inc. Dev Patel of Kidder Mathews represented the buyer, a private investor from the San Francisco Bay Area.
ANNAPOLIS, MD. — Centennial, along with investment partners Kildare Partners and Atlas Hill Real Estate, has sold Annapolis Mall. Macerich (NYSE: MAC) acquired the 1.6 million-square-foot retail center for $260 million. The Santa Monica, Calif.-based REIT also purchased an adjacent, vacant parcel that was formerly occupied by Sears for an additional $12 million. Centennial acquired Annapolis Mall, which is located roughly 30 miles east of Washington, D.C., in September 2024. Unibail-Rodamco-Westfield (URW) previously owned the property and reported the 2024 sales price as $160 million. Originally opened in 1980, the mall comprises approximately 200 shops and restaurants. During Centennial’s ownership, more than 500,000 square feet of new leases and lease renewals were executed. New tenants at the property include Dick’s House of Sport, UNIQLO, Offline by Aerie, Tesla, Swarovski, Jack & Jones, Abercrombie & Fitch and Dave & Buster’s. Existing tenants Talbots and lululemon also expanded their footprint at the mall following Centennial’s acquisition. According to Macerich, 353,000 square feet of signed-not-open (SNO) leases are expected to commence throughout the remainder of 2026 and 2027. Macerich funded the acquisition with cash on hand and $150 million from its revolving line of credit. The acquisition excluded a space occupied by anchor store Macy’s, which …
CEDAR PARK, TEXAS — JLL has brokered the sale of a three-building, 271,689-square-foot industrial campus in Cedar Park, a northern suburb of Austin. Built in 2024 and known as New Hope, the campus spans 28.5 acres and houses shallow-bay, rear-load buildings that feature 32-foot clear heights, 200-foot truck court depths, 17 percent office finishes and a combined 82 dock-high doors and 579 parking spaces. Trent Agnew, Witt Westbrook, Kyle Mueller, Rob Ellwood and Patrick McCord of JLL represented the seller, a joint venture between three Central Texas investment firms, Riverside, Live Oak Group and Cordova Real Estate Ventures, in the transaction. The buyer was San Francisco-based Stockbridge.
NEW YORK CITY AND DENVER — Global Net Lease Inc. (NYSE: GNL), a New York City-based net lease REIT, has entered into a definitive merger agreement to acquire Modiv Industrial Inc. (NYSE: MDV), an industrial REIT based in Denver. The acquisition, which has been approved by the boards of directors for both companies, is valued at $535 million. Modiv Industrial owns and operates single-tenant industrial properties that are occupied by manufacturers on long-term net leases. According to the company, it is the only publicly traded REIT that exclusively focuses on ownership of manufacturing facilities. Recently announced transactions include Modiv acquiring a Fujifilm-occupied facility in Santa Clara, Calif., and agreeing to sell a facility in Melbourne, Fla., that is leased to Northrop Grumman. The merger deal will grow Global Net Lease’s holdings of mission-critical industrial properties. Though the number of properties involved was not released, multiple media outlets report that Modiv owned 39 industrial facilities at the time of sale. For Modiv, the transaction is expected to increase annual dividend payments by 25 percent for the combined company. No senior level executive changes are expected to occur as a result of the merger. Under terms of the all-stock transaction, holders of …