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ElmTree-Funds
AcquisitionsCompany NewsMissouriNew YorkTop Stories

BlackRock to Acquire Net-Lease Industrial Investor ElmTree Funds

by Hayden Spiess

NEW YORK CITY AND ST. LOUIS — New York City-based investment manager BlackRock Inc. (NYSE: BLK) has announced plans to acquire net-lease real estate investment firm ElmTree Funds. BlackRock has entered into a definitive agreement with ElmTree, which has $7.3 billion in total assets under management as of March 31. The transaction is expected to close in the third quarter of 2025, subject to regulatory approvals and customary closing conditions. Established in 2011 and based in St. Louis, ElmTree owns and operates real estate properties, with a focus on single-tenant, build-to-suit industrial assets. ElmTree’s portfolio includes investments in 122 properties across 31 states.  Additionally, ElmTree’s portfolio includes six office locations. BlackRock’s upfront consideration will be paid primarily in stock, with the potential for additional consideration subject to ElmTree Funds’ performance over the next five years. Additional financial details were not disclosed. Upon closing of the deal, ElmTree will be integrated into Private Financing Solutions (PFS), a new platform created through BlackRock’s combination with HPS Investment Partners. (BlackRock completed its acquisition of investment firm HPS earlier this month.)  “The net lease market is estimated at $1 trillion, and our continued belief in the industrial build-to-suit model is rooted in the mission-critical …

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Greater-Valwood-Industrial-Portfolio-Dallas
AcquisitionsIndustrialTexas

Cushman & Wakefield Brokers Sale of 775,013 SF Industrial Portfolio in Metro Dallas

by Taylor Williams

DALLAS — Cushman & Wakefield has brokered the sale of the Greater Valwood Industrial Portfolio, a collection of seven buildings totaling 775,013 square feet in metro Dallas. The buildings are located in the Valwood/North Stemmons and Addison submarkets and were fully leased at the time of sale. Jim Carpenter, Jud Clements, Robby Rieke, Emily Brandt and Trevor Berry of Cushman & Wakefield represented the undisclosed seller in the transaction. John Alascio, T.J. Sullivan and Jason Blankfein, also with Cushman & Wakefield, arranged an undisclosed amount of acquisition financing through Lincoln Financial Group on behalf of the buyer, San Francisco-based investment firm Stockbridge Capital.

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AcquisitionsGeorgiaIndustrialSoutheast

JLL Negotiates Sale of 1 MSF Distribution Center in Rincon, Georgia Leased to NFI

by John Nelson

RINCON, GA. — JLL has negotiated the sale of NFI Distribution Center Savannah, a 1 million-square-foot distribution facility located at 1200 Logistics Parkway in Rincon. The distribution center is fully leased to National Distribution Centers LLC, a major subsidiary of New Jersey-based supply chains solutions provider NFI Industries. Britton Burdette, John Huguenard, Dennis Mitchell, Jim Freeman and Maggie Dominguez of JLL represented the seller, a joint venture between Becknell Industrial and Goldman Sachs Alternatives, in the transaction. Stockbridge purchased the Class A facility for an undisclosed price. Situated within Old Augusta Commerce Center, the cross-dock property is situated 10.7 miles from the Port of Savannah’s Garden City Terminal and within five miles of I-95. The property was completed in 2022 and features 40-foot clear heights, 190-foot truck courts, 270 trailer parking spaces (expandable to 307) and 102 dock levelers.

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290-Coles-Street-Jersey-City
DevelopmentMultifamilyNew JerseyNortheastTop Stories

Partnership Breaks Ground on $400M Multifamily Development in Jersey City

by Taylor Williams

JERSEY CITY, N.J. — A partnership between New York-based developer The Albanese Organization, BXP (NYSE: BXP) and Boston-based investment manager CrossHarbor Capital Partners has broken ground on 290 Coles Street, a $400 million multifamily development in Jersey City. Completion is slated for spring 2028. In addition to its namesake thoroughfare, the 1.7-acre site in the West SoHo neighborhood, which spans a full city block, is bounded by Jersey Avenue and 16th and 17th streets. Plans call for 670 apartments, 60,000 square feet of indoor and outdoor amenity space and 13,000 square feet of retail space. More specifically, 290 Coles will consist of two buildings that will rise 14 and 21 stories that will be constructed above a six-level podium. Floor plans were not disclosed. Amenities will include coworking areas, a fitness center, rooftop sky lounge and sundeck, outdoor pool, golf simulator, chef’s kitchen, children’s playroom and a pet spa. MHS Architecture designed the development, with Brooklyn-based Meshberg Group handling interior design. K L Masters Construction Co. is serving as the general contractor and construction manager. Additional project partners include ICOR Consulting Engineers, DeSimone Consulting Engineering and Dresdner Robin. “With its continued population growth, Jersey City is an attractive market for …

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ANOVA-Aggie-Square-Sacramento-CA
CaliforniaDevelopmentMultifamilyStudent HousingWestern

GMH, Wexford Complete 252-Bed Student Housing Project Near UC Davis, Sacramento Campus

by Amy Works

SACRAMENTO, CALIF. — A joint venture between GMH Communities and Wexford Science & Technology has completed ANOVA Aggie Square, a 252-bed development located on Stockton Boulevard near the University of California, Davis (UC Davis) campus in Sacramento. The community offers 190 units in a mix of studio, one-, two- and four-bedroom configurations. Shared amenities include a 2,500-square-foot fitness center with yoga and spin studios; soundproof office pods and private conference rooms; a coffee bar; wellness lounge with a sauna and massage chairs; 24-hour package system; game room with billiards; and an amenity patio with grilling stations. UC Davis Student Housing and Dining Services master leases 49 of the units and leases them at below-market rates. Priority for occupancy of these units is given to first-year medical, nursing and graduate students studying on the Sacramento campus. The remaining units are available for lease via GMH Communities, which operates the property, with priority given to university students, faculty and staff. The community was constructed during Phase I of Aggie Square, a larger mixed-use project that is set to include state-of-the-art research facilities and office space. 

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Bay-Bridge-Center-San-Diego-CA
AcquisitionsCaliforniaIndustrialMixed-UseOfficeWestern

Juniper Ridge Partners Buys Five-Building Flex Property in San Diego for $10.4M

by Amy Works

SAN DIEGO — Juniper Ridge Partners has acquired Bay Bridge Center in San Diego from Jon and Donna Stockholm Trust for $10.4 million. Located at 1943-1995 Main St., Bay Bridge Center offers 38,300 square feet of mixed-use flex space. The five-building, multi-tenant asset is situated on 2.1 acres in San Diego’s Harbor/Downtown submarket. At the time of sale, Bay Bridge Center was fully leased to six tenants, including San Diego County Schools and Wrensilva, a high-end audio manufacturer. The property features 400 feet of frontage on Main Street and Harbor Drive, secure yard areas and proximity to a San Diego Trolley stop with immediate access to Interstate 5. Chris Holder, Mark Lewkowitz and Will Holder of Colliers represented the buyer and seller in the deal.

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IllinoisIndianaMarket ReportsMidwestMidwest Market ReportsMinnesotaMultifamilyWisconsin

Why Invest in Midwest Multifamily in 2025?

by Kristin Harlow

By Lee Kiser, Kiser Group Multifamily real estate investment in the Midwest in 2025 presents a compelling opportunity, driven by strong fundamentals, favorable market dynamics and emerging trends. Here’s an overview of the key trends and outlook. Strong rent growth Midwestern cities are experiencing some of the fastest rent increases in the nation. Cleveland leads with a 5.1 percent year-over-year rent growth, while other metros like Chicago, Kansas City and Detroit rank among the top 10 for rent gains, outperforming the national average. This surge is attributed to steady demand and limited new supply, allowing landlords to continue raising rents.  Much of the rent growth is due to declining construction activity. Nationally, multifamily construction is expected to decline by 11 percent in 2025, with completions projected to fall to 317,000 units. The Midwest has a significantly smaller pipeline than the national statistics, with only 3.4 percent of inventory currently under construction versus 6 percent nationally. Workforce housing stock The Midwest is recognized for its affordability, with monthly multifamily rents averaging $1,405, which is lower than the national average of $1,823 and more than 10 percent less than the Sun Belt average. Midwest transaction velocity is shifting toward Class B and …

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AcquisitionsNorth CarolinaRetailSoutheastTop Stories

Macerich Acquires Crabtree Valley Mall in Raleigh for $290M, Plans $60M Capital Improvement Program

by Kristin Harlow

RALEIGH, N.C. — The Macerich Co. (NYSE: MAC) has acquired Crabtree Valley Mall, a Class A retail property totaling approximately 1.3 million square feet in Raleigh, for $290 million. The seller was an entity doing business as CVM Holdings LLC, according to local news outlet WRAL. The largest mall in North Carolina’s Research Triangle area, Crabtree opened in 1972 and is home to more than 200 stores and restaurants. Anchor tenants at the property include Belk and Macy’s. Additional retailers include Apple, Banana Republic, Brahmin, Brooks Brothers, Build-A-Bear Workshop, Chubbies, Coach, H&M, The LEGO Store, Michael Kors, TAG Heuer and Tommy Bahama. Kanki Japanese House of Steaks & Sushi, P.F. Chang’s China Bistro, The Cheesecake Factory, Seasons 52, Brio Italian Grill and Fleming’s Prime Steakhouse & Wine Bar are some of the mall’s restaurant tenants. According to Macerich, Crabtree generates $429 million in annual sales, $951 in sales per square foot and over 8.7 million annual visitors. “Crabtree checks all the boxes for pursuing opportunistic external growth,” says Jack Hsieh, president and CEO of Macerich. Over the course of 2025 through 2028, Macerich plans to invest roughly $60 million of redevelopment and leasing capital to maximize the center’s performance. Enhancements …

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MidwestOhioRetail

Kroger Plans to Close 60 Stores Over Next 18 Months

by Kristin Harlow

CINCINNATI — In its first-quarter results, The Kroger Co. (NYSE: KR) unveiled plans to close approximately 60 stores over the next 18 months. The closures represent about 5 percent of the Cincinnati-based grocer’s stores, and come after Kroger’s attempt to acquire Albertsons was blocked. Kroger says it is taking a $100 million impairment charge related to the store closings and is committed to reinvesting the savings back into the customer experience. As a result, Kroger says the closures will not impact full-year guidance. The retailer will offer roles in other stores to all associates currently employed at affected stores. Total company sales were $45.1 billion in the first quarter, compared with $45.3 billion the same period last year. Excluding fuel, Kroger specialty pharmacy and adjustment items, sales increased 3.7 percent compared with the same period last year. Kroger’s first quarter ended on May 24. The grocer maintains roughly 1,200 stores across 16 states. The company’s stock price opened at $72 per share Monday, June 23, up from $50.02 per share one year ago.

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Sarsam-Pull-Quote
Company NewsMichiganMidwestNew HampshireNortheastRetailTop Stories

C&S Wholesale Agrees to Acquire SpartanNash in $1.8B Grocery Merger

by Taylor Williams

KEENE, N.H. AND GRAND RAPIDS, MICH. — C&S Wholesale Grocers, a New Hampshire-based food supplier whose brands include Piggly Wiggly and Grand Union, has agreed to acquire Michigan-based SpartanNash (NASDAQ: SPTN), owner of brands such as Our Family and Full Circle Market, in a merger valued at nearly $1.8 billion. The figure represents a purchase price of $26.90 per share of SpartanNash common stock in cash and includes the assumption of SpartanNash’s existing debt. The price marks a 52.5 percent premium over the company’s closing price of $17.64 per share on June 20 and a premium of 42 percent over the company’s 30-day volume-weighted average stock price as of that date. The merger, which has been unanimously approved by both companies’ boards of directors, is expected to close before the end of the year. Upon closing, the new company will operate more than 200 corporate-run grocery stores and almost 60 complementary distribution centers throughout the country. The distribution centers will supply more than 10,000 independent retail locations. “For our customers, this transaction creates the necessary scale, efficiency and purchasing power needed to enable independent retailers to compete more effectively with larger big box chains,” says Tony Sarsam, president and CEO …

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