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AcquisitionsBuild-to-RentIndianaMidwestSingle-Family Rental

Thompson Thrift Sells 242-Unit Slate at Fishers District Build-to-Rent Community in Indiana

by Kristin Harlow

FISHERS, IND. — Thompson Thrift has sold Slate at Fishers District, a 242-unit luxury build-to-rent community in the Indianapolis suburb of Fishers. Bonaventure Holding Co. purchased the property for an undisclosed price. George Tikijian, Hannah Ott, Ted Abramson, Cam Benz, Claire Hassfurther, Ryan Stockamp and Sean Pingel of CBRE brokered the sale. Slate at Fishers District features one-, two- and three-bedroom villas as well as three- and four-bedroom townhomes. Amenities include a clubhouse, fitness center, pool, bark park and dog spa. Construction wrapped in May 2024, and the property’s occupancy now exceeds 90 percent. Slate at Fishers District is one of five developments within the larger Fishers District. Once completed, the $750 million project will span 123 acres and include multifamily, hotel, office, dining, shopping and entertainment options.

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DevelopmentLeasing ActivityOregonRestaurantRetailTop StoriesWestern

Dutch Bros Coffee Aims to Double Store Count to 2,029 Locations by 2029

by John Nelson

GRANTS PASS, ORE. — A little over a month after unveiling its 1,000th retail location, drive-thru coffee chain Dutch Bros Inc. (NYSE: BROS) is expanding its operations with goals to reach 2,029 shops by 2029. Originating in 1992 as a pushcart by the railroad tracks in downtown Grants Pass, Dutch Bros opened its first franchise in 2000. Dutch Bros Coffee now has a significant presence in the Pacific Northwest and is expanding with more locations across the United States, moving eastward to Florida, Texas, Oklahoma and Georgia. Looking further out, Dutch Bros sees potential for 7,000-plus locations nationwide, up from its original estimate of 4,000 shops. In 2025 alone, the company expects to open “at least” 160 new stores. The company recently hired former YUM! Brands executive Brian Cahoe as chief development officer to oversee the expansion strategy. The Dutch Bros management team recently provided updates on the business and its long-term growth goals at its Investor Day meeting last week. “We are pleased to deliver quarter-to-date first-quarter same-shop sales above our expectations, supported by positive traffic and strong business momentum,” says Christine Barone, CEO and president of Dutch Bros. Through March 24, same-store sales increased 4.6 percent in the …

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AlabamaIndustrialMarket ReportsSoutheastSoutheast Market Reports

‘Clouds Are Clearing’ for Next Step of Birmingham’s Industrial Market

by John Nelson

The Birmingham industrial market is poised for an increase in absorption as the apex of higher interest rates seem to be settling down, not to mention the post-election certainty that now favors business expansion. Corporate America is waking up and the clouds are clearing.   For the past 24 months, the competitive set of investor-controlled warehouse space has been sitting on about 2 million square feet of inventory. About 550,000 square feet of that is still unleased speculative space in three different projects delivered at the back-end of the post-COVID development wave that did see about 700,000 square feet of absorption of new spec space before the music metaphorically stopped.  Then came the 2023/2024 wave of the “new spec space,” a byproduct of the mentioned interest rates and COVID over-correction. Several second-generation spaces are now being marketed as companies vacated or downsized for various reasons. For example, discount retailer Dollar General is vacating an entire 307,000-square-foot warehouse.  Broader, there have been two major announcements in Central Alabama for the closure of distribution centers, both as a result of retailers’ bankruptcies. JoAnn Fabric’s 700,000-square-foot distribution facility in Opelika at I-85 is now on the market as is the 1.2 million-square-foot former …

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Leasing ActivityNew YorkNortheastOffice

Novartis Renews, Extends 15,865 SF Office Lease at 10 Bryant Park in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Novartis has renewed and extended its 15,865-square-foot office lease at 10 Bryant Park in Midtown Manhattan. The deal keeps the Swiss pharmaceutical giant on the entire 12th floor of the building, which was originally constructed in 1902, via a five-year extension. David Stockel of CBRE represented Novartis in the lease negotiations. JLL represented the landlord, Property & Building Corp.

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AcquisitionsBuild-to-RentSingle-Family RentalTexas

ONM Living Sells 196-Unit Build-to-Rent Property in South Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Locally based developer ONM Living has sold Cottages at Summer Creek, a 196-unit build-to-rent residential property in South Fort Worth. Built on 18 acres in 2023, Cottages at Summer Creek offers studio, one-, two- and three-bedroom residences that range in size from 344 to more than 1,200 square feet. Homes offer private fenced yards, covered front porches, granite countertops, stainless steel appliances, walk-in showers, washers and dryers and smart technology features. Amenities include a pool, two pet parks, pickleball courts, walking trails and a conference room. ONM Living sold the property in partnership with All Pro Capital. Berkadia brokered the deal. The buyer was Stockbridge Capital Group.

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AcquisitionsNew YorkNortheastRetailSoutheastTop StoriesVirginia

Dollar Tree to Sell Family Dollar Business to Private Equity Firms for $1B

by Kristin Harlow

CHESAPEAKE, VA. AND NEW YORK CITY — Dollar Tree Inc. (NASDAQ: DLTR) has agreed to sell the Family Dollar business segment to Brigade Capital Management LP and Macellum Capital Management LLC for $1 billion. The sales price represents a fraction of the $8.5 billion that Dollar Tree paid for the discount brand in 2015. Family Dollar will remain headquartered in Chesapeake. Family Dollar, which caters to low-income customers with its roughly 8,000 U.S. stores, has struggled in recent years. In March 2024, Dollar Tree unveiled plans to close approximately 970 underperforming Family Dollar stores. After a review of potential alternatives for the Family Dollar business segment, the Dollar Tree leadership team and board of directors determined that a sale of Family Dollar to Brigade and Macellum best unlocks value for Dollar Tree shareholders and positions Family Dollar for future success. “This is a major milestone in our multi-year transformation journey to help us fully achieve our potential,” says Mike Creedon, CEO of Dollar Tree. “We will continue to grow and optimize our Dollar Tree business to maximize value for Dollar Tree associates, customers and shareholders with an enhanced focus on compelling initiatives, including our expanded assortment, significant planned new store …

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DevelopmentIndustrialLife SciencesNorth CarolinaSoutheastTop Stories

Johnson & Johnson Breaks Ground on $2B Pharmaceutical Manufacturing Facility in Wilson, North Carolina, As Part of $55B Investment

by John Nelson

WILSON, N.C. AND NEW BRUNSWICK, N.J. — Johnson & Johnson (NYSE: JNJ), has broken ground on a $2 billion pharmaceutical manufacturing facility in Wilson, about 50 miles east of Raleigh. The project is part of a larger, $55 billion investment in U.S. manufacturing, research-and-development (R&D) and technology initiatives that the global pharmaceutical, medical devices and consumer health products provider is planning over the next four years. “Today’s announcements accelerate our nearly 140-year legacy as an American innovation engine tackling the world’s toughest healthcare challenges,” says Joaquin Duato, chairman and CEO of Johnson & Johnson. “Our increased U.S. investment begins with the ground-breaking of a high-tech facility in North Carolina that will not only add U.S.-based jobs but manufacture cutting-edge medicines to treat patients in America and around the world.” The new manufacturing facility will span approximately 500,000 square feet and will create 5,000 construction jobs, as well as 500 specialized positions for employees and contractors, including process technicians, laboratory analysts, engineers and microbiologists. Upon completion, Johnson & Johnson plans to produce medicines for people with cancer, immune-mediated and neurological diseases at the Wilson plant. The company estimates that the facility will have an economic impact of $3 billion in North …

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Aggie-Square-Sacramento-CA
CaliforniaDevelopmentLife SciencesMultifamilyOfficeRetailWestern

Partnership to Open 808,000 SF First Phase of Aggie Square on UC Davis Health Campus in Sacramento

by Amy Works

SACRAMENTO, CALIF. — Baltimore-based Wexford Science + Technology, in partnership with The University of California, Davis and the City of Sacramento, has announced the groundbreaking of Aggie Square, a mixed-use development at UC Davis Health Campus in Sacramento. Located at the corner of Stockton Boulevard and 2nd Avenue, Aggie Square’s first phase will offer 808,000 square feet of upscale Class A life sciences research labs, technology and office space, plus housing and retail space. The ribbon-cutting ceremony is scheduled for May 2. Situated on 8.2 acres, Phase I consists of a 313,000-square-foot lab and life sciences building, a 255,000-square-foot Lifelong Learning office and classroom building, a 35,000-square-foot UC Veterinary Genetics Lab, and Anova Aggie Square, a 190-unit residential development with 15,000 square feet of retail space. The first phase also offers community serving uses, a parking structure and indoor/outdoor public spaces. Each building is anchored by UC Davis programs and configured to co-locate private industry investment and innovation infrastructure for startups, as well as community-based partnerships. The project team is also marketing another 313,000-square-foot lab and life sciences building with ground-floor retail located at 100 Aggie Square. The building offers flexible design, and construction will commence once preleasing thresholds are met. …

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DevelopmentLeasing ActivityMultifamilyNew YorkNortheastRetailTop Stories

Life Time to Open 80,000 SF Athletic Club at Brooklyn Tower  

by Kristin Harlow

NEW YORK CITY — Life Time (NYSE: LTH) has announced an agreement with Silverstein Properties to open an athletic country club at Brooklyn Tower, a 74-story residential skyscraper located at 9 Dekalb Ave. in downtown Brooklyn. The health and wellness experience will mark Life Time’s largest location in Brooklyn at approximately 80,000 square feet. Life Time Brooklyn Tower will span seven floors throughout the 1,066-foot-tall building. Life Time’s programming will include studio classes, personal training, strength and fitness offerings and amenities. Highlights of the new club will include: Life Time Brooklyn Tower is expected to open in the second half of 2026. Additional information will be provided as the project progresses, and a waitlist for members has been established. Brooklyn Tower integrates the historic Dime Savings Bank of Brooklyn into its design and features 143 luxury condominiums and 398 rental units. Silverstein gained full control of the project in a $672 million deal last year and is expected to relaunch condo sales in April, according to the Brooklyn Daily Eagle, which reports that only 20 of the tower’s condos have sold since its 2022 launch. “As the new owner of Brooklyn Tower, Silverstein Properties is committed to a successful completion …

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AcquisitionsAffordable HousingCompany NewsLoansMultifamilyNew YorkNortheastSeniors HousingTexasTop Stories

Franklin BSP Realty Trust Agrees to Acquire Multifamily Mortgage Originator NewPoint Holdings

by John Nelson

NEW YORK CITY AND PLANO, TEXAS — Franklin BSP Realty Trust Inc. (NYSE: FBRT), a REIT based in New York City, has entered into a definitive agreement to acquire NewPoint Holdings JV LLC, a multifamily loan originator headquartered in Plano. The transaction is expected to close in the third quarter of 2025, subject to customary closing conditions, including regulatory approvals. Terms of the transaction were not released. Launched in 2021, NewPoint has an existing servicing portfolio of $54.7 billion, including mortgages for market-rate multifamily, affordable housing, seniors housing, healthcare and manufactured housing properties nationwide. The company operates as both a direct lender and third-party placement provider. NewPoint, through its wholly owned subsidiary NewPoint Real Estate Capital LLC, is one of 19 multifamily originators and servicers approved to make loans on behalf of Fannie Mae, Freddie Mac and the U.S. Department of Housing and Urban Development (HUD). The acquisition will now allow Franklin BSP Realty Trust to originate agency mortgage loans. “For years we have been looking to add agency capabilities to the platform,” says Michael Comparato, president of Franklin BSP Realty Trust. “We believe this transaction is the final piece to complete our ‘one stop shop’ puzzle.” The acquisition will …

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