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AcquisitionsCompany NewsIllinoisMidwestNew YorkNortheastTop Stories

Sycamore Partners Agrees to Acquire, Privatize Drugstore Giant Walgreens in Multibillion-Dollar Deal

by Channing Hamilton

DEERFIELD, ILL. AND NEW YORK CITY — Walgreens Boots Alliance (Nasdaq: WBA) has entered into a definitive agreement to be acquired by an entity affiliated with private equity firm Sycamore Partners. The total value of the transaction is $23.7 billion, according to WBA, including an equity value of $10 billion, as well as debt, capital leases and potential future payouts from the opioid and Everly Health Solutions COVID-19 testing settlements. Upon completion of the transaction, which is expected to close in the fourth quarter of 2025, WBA common stock will be delisted from the Nasdaq Stock Market. WBA will continue to operate as a private company under Walgreens, Boots and its portfolio of consumer brands, and also will maintain its headquarters in Deerfield.  The per-share price is valued at $11.45, which represents a premium of up to 63 percent over the WBA closing share price of $8.85 on Dec. 9, 2024, the day before reports came out about a potential sale. Under the terms of the agreement, WBA shareholders will also receive one non-transferable divested asset proceed right (i.e. DAP right) to receive up to $3.00 per WBA share from the future monetization of WBA’s debt and equity interests in …

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AcquisitionsIndianaMidwestMultifamily

CBRE Brokers $59.5M Sale of Apartment Property in Noblesville, Indiana

by Kristin Harlow

NOBLESVILLE, IND. — CBRE has brokered the $59.5 million sale of Autum Breeze, a 280-unit apartment property in the Indianapolis suburb of Noblesville. Built in 2009, the community features a range of one-, two- and three-bedroom floor plans averaging 1,066 square feet. Amenities include a fitness center, pet spa, coffee bar, game room and outdoor pavilion. Autumn Breeze is located at 14901 Beauty Berry Lane proximate to Hamilton Town Center, IU Health Saxony Hospital and Ascension St. Vincent Fishers Hospital and within walking distance of the Ruoff Home Mortgage Music Center. Hannah Ott, George Tikijian, Cam Benz, Clair Hassfurther, Ryan Stockamp and Sean Pingel of CBRE represented the seller, Lightstone Group. IRT was the buyer.

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ArizonaDevelopmentIndustrialLife SciencesTop StoriesWestern

Semiconductor Manufacturer TSMC to Invest $100B in US, Including Development of Six New Facilities

by John Nelson

HSINCHU, TAIWAN —TSMC (NYSE: TSM), a Taiwanese manufacturer of semiconductors, has announced plans to invest at least $100 billion in the United States, which would bring the company’s total investment in its U.S. manufacturing base to $165 billion. As part of the new round of investment, TSMC plans to develop three more fabs (i.e. manufacturing plants), two advanced packaging facilities and a major research-and-development (R&D) center in Arizona. Once fully realized, the project will be solidified as the “largest single foreign direct investment in U.S. history,” according to TSMC. The construction timeline was not disclosed, but U.S. President Donald Trump and TSMC CEO C.C. Wei announced the investment at a press conference on Monday, with Trump saying the investment will be made “over the next short period of time.” TSMC’s expanded investment is expected to support 40,000 construction jobs over the next four years and create tens of thousands of high-tech jobs in advanced chip manufacturing and R&D, which Trump said would range between 20,000 and 25,000 jobs. Yahoo! Finance reported that Intel is currently the only computer chip manufacturer with a dedicated R&D center in the United States. TSMC is currently building out its 1,100-acre campus in north Phoenix, …

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Market ReportsMarylandOfficeSoutheastSoutheast Market Reports

Green Shoots Are Emerging for Baltimore’s Office Market

by John Nelson

The national office market continues to face headwinds in the wake of the COVID-19 pandemic, and Baltimore is no exception. Shifting tenant preferences and the city’s evolving economic landscape have created challenges, with rising vacancy rates in some submarkets. However, recent trends suggest that Baltimore’s office sector is stabilizing, with positive momentum in key areas. Changing office landscape For decades, Baltimore’s office market was defined by two primary submarkets: the traditional central business district (CBD) that is centered around Charles, Saint Paul/Light and Baltimore streets, and the Inner Harbor. The CBD was home to corporate giants such as Alex. Brown & Sons (now part of Deutsche Bank), USF&G (now part of St Paul Insurance), T. Rowe Price and Maryland National Bank (now part of Bank of America). In the 1980s, the Inner Harbor emerged as a national model for waterfront redevelopment, attracting major tenants and commanding some of the city’s highest occupancy rates. The early 2000s saw another shift with the rise of Harbor East and later Harbor Point, both of which drew high-end office tenants and further pulled demand toward the waterfront. More recently, Baltimore Peninsula has emerged as the next major office and mixed-use submarket.  Historically, vacancies created …

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AcquisitionsRetailSoutheastTop Stories

JLL Arranges $467M Sale-Leaseback of SouthState Bank Retail Branches Throughout Southeast US

by Taylor Williams

WINTER HAVEN, FLA. AND NEW YORK CITY — JLL has arranged the sale-leaseback of 165 retail branches in six states that are occupied by SouthState Bank, a regional lender based in the Tampa area, in a transaction valued at approximately $467 million. The buyer is Blue Owl Capital (NYSE: OWL), and the transaction was executed through various funds managed by the New York City-based asset management firm. The bank branches are located throughout Alabama, Georgia, Florida, North Carolina, South Carolina and Virginia and total approximately 1.2 million square feet. Terms of the sale-leaseback call for SouthState Bank to continue to occupy the branches on 15-year, triple-net leases with 2 percent annual rent increases. SouthState Bank will also continue to operate the branches without any changes to its product or service offerings. Alex Sharrin, Coler Yoakam, Brian Shanfeld, Jeffrey Cicurel, Josh Katlin, Michael Roberts, Josh Hirsch and Andrew Weir of JLL structured the transaction on behalf of SouthState Bank. The lender did not specify what the proceeds from the sale might be allocated toward, saying only that funds would “enhance its balance sheet.” Others involved in the deal commented on the appeal of the structure itself in today’s market. “Sale-leaseback transactions continue …

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HospitalityIndianaLoansMidwest

Cronheim Hotel Capital Provides $30M in Financing for Aloft Property in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Cronheim Hotel Capital has provided a $30 million loan to finance the recently converted 128-room Aloft Indianapolis Downtown hotel. The borrower, Everwood Hospitality Partners, converted the historic Stock Yards Bank & Trust Co. office building into the hotel. Beau Williams of Cronheim originated the loan. The asset is within walking distance of the Indiana Convention Center, Lucas Oil Stadium, Gainbridge Field and Monument Circle.

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Features

Commercial Lenders Sharpen Their Pencils

by Taylor Williams

By Taylor Williams Sometimes, you just know when it’s time.  For all the number crunching, quantitative analysis and formulaic modeling that their job demands, commercial real estate lenders are harnessing the qualitative and intangible factors as they prepare to boost deal volume in 2025.  Vibe, sentiment, intuition — call it what you want, but there’s an emerging sense within the commercial lending community that the new year holds strong opportunity to deploy capital and deliver financing solutions. And that’s great news for an industry that has spent the last two years wallowing in a sort of interest-rate purgatory.  Recent reports from the CRE Finance Council (CREFC) and Mortgage Bankers Association (MBA) substantiate this notion. Earlier this year, CREFC released its Fourth-Quarter 2024 Board of Governors Sentiment Index survey results, which found that “while higher-for-longer interest rates remain the primary concern, the industry appears to be adapting to this new environment.”  In addition, the report stated that “an overwhelming 95 percent of respondents expect CRE transaction volume to increase by at least 10 percent in 2025, suggesting growing confidence in market activity despite rate challenges.”  The MBA released a statement on Feb. 10 that forecasts total commercial and multifamily mortgage lending …

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CivicDistrict of ColumbiaLeasing ActivityOfficeSoutheast

Easterly Government ‘Remains Committed’ to Public-Private Partnership With Federal Government Amid DOGE Activity

by John Nelson

WASHINGTON, D.C. — Easterly Government Properties (NYSE: DEA), an office REIT that owns assets leased to the U.S. government and affiliates, has released its fourth-quarter 2024 results. The company exceeded its initial full-year guidance and achieved results at the upper end of raised guidance, with a net income of $20.6 million. In 2024 alone, Easterly purchased 10 properties either solely or in joint venture arrangements totaling $230 million. The company also expanded its investment strategy to include office properties leased to private sector government contractors and reduced its total portfolio energy consumption by 4 percent year-over-year.  “We are pleased with the position of our portfolio,” said Darrell Crate, president and CEO of Easterly. Easterly has been directly affected by the recent activities of the Department of Government Efficiency (DOGE), a newly created federal department championed by Elon Musk, owner of Tesla, X (formerly Twitter) and SpaceX. According to multiple media outlets, DOGE has announced that it has terminated 2.3 million square feet of federal office leases and saved $145 million. DOGE is now targeting the termination or consolidation of nearly 100 more leases at government offices in several markets, most notably in the nation’s capital, according to The Wall Street Journal. …

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AcquisitionsGeorgiaNew YorkNortheastRetailSoutheastTop Stories

Global Net Lease Agrees to Sell 100-Property Multi-Tenant Retail Portfolio for $1.8B

by Kristin Harlow

NEW YORK CITY AND ATLANTA — Global Net Lease Inc. (NYSE: GNL) has entered into a binding agreement to sell its multi-tenant retail portfolio of 100 non-core properties to a subsidiary of RCG Ventures Holdings LLC for approximately $1.8 billion. The transaction represents an 8.4 percent cash cap rate. GNL says the transaction would accelerate its deleveraging initiative and position the company as a pure-play, single-tenant net lease (STNL) company. GNL launched its disposition initiative in 2024, with the objectives of significantly reducing debt, enhancing financial flexibility and lowering its cost of capital. Following the completion of the multi-tenant portfolio sale, which would represent the most significant step in this initiative to date, GNL expects to have completed nearly $3 billion in dispositions between the start of 2024 and the end of 2025, inclusive of properties in its disposition pipeline. The company expects to use the net proceeds from the multi-tenant portfolio sale to significantly reduce the outstanding balance on its revolving credit facility. The board of directors has concurrently approved a share repurchase program authorizing the company to opportunistically repurchase up to $300 million of its outstanding common stock in accordance with typical practice for such programs. “We believe …

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ArizonaBuild-to-RentColoradoLoansMultifamilySingle-Family RentalWestern

JLL Arranges $271.9M Recapitalization of Build-to-Rent Portfolio for NexMetro

by John Nelson

PHOENIX — JLL has arranged a $271.9 million recapitalization of an eight-property build-to-rent (BTR) residential portfolio in Arizona, Colorado and Texas. Kevin MacKenzie, Michael Joseph, Brad Miner, Matthew Putterman, Chris Shea, Caroline Novak and Weston Nearon of JLL arranged the debt and equity financing placements on behalf of the borrower, NexMetro, a Phoenix-based BTR developer behind the Avilla Homes brand. The new financing infusions include the assumption of $206 million in agency financing and $65.9 million of preferred equity from Stockbridge. The properties were developed between 2018 and 2019 and include Avilla Camelback Ranch, Avilla Centerra Crossing, Avilla Deer Valley, Avilla Lehi Crossing and Avilla Meadows in Arizona; Avilla Buffalo Run in Commerce City, Colo.; and Avilla Northside and Avilla Heritage in the Dallas-Forth metroplex markets of McKinney and Grand Prairie, respectively. The eight properties total 1,061 units. The most recent recapitalization allows NexMetro to return capital to investors while continuing to tackle its development pipeline, which comprises 60 projects across the Sun Belt in various stages of completion. JLL also closed a previously announced round of financing that included a $78.7 million equity investment from Artemis and $160 million of debt from Blackstone for four NexMetro BTR properties in Arizona …

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