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Company NewsIllinoisMidwestOfficeTop Stories

Equity Commonwealth to Wind Down Operations, Liquidate Four Remaining Office Assets

by John Nelson

CHICAGO — During a conference call held yesterday, executives of Equity Commonwealth (NYSE: EQC) announced that the Chicago-based office REIT is going to wind down its operations and liquidate its four remaining office assets. David Helfand, president and CEO of Equity Commonwealth, cited “uniquely challenging market conditions” as the impetus behind the move as the company was previously pursuing a major acquisition that ultimately wasn’t executed. “After working through our pipeline, we have been unable to consummate a compelling transaction,” said Helfand, who noted that the firm had also been trying to sell three of its remaining office properties as discussed in the first-quarter earnings call. “As a result, our board of trustees has determined that it’s advisable and in the best interest of our shareholders to proceed with the wind down of our operations and the liquidation of our assets in order to maximize value for shareholders.” Equity Commonwealth was founded in 1986 by Barry Portnoy under the name CommonWealth REIT. In 2014, the late REIT champion and billionaire investor Sam Zell took over operations of the company alongside a new board of directors, including Helfand. The REIT was rebranded to Equity Commonwealth and began trading on the New …

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Market ReportsMultifamilyTexasTexas Market Reports

Texas Multifamily Brokers Grapple With Declining Deal Volume, New Market Realities

by Taylor Williams

Newton’s second law of physics holds that what goes up must come down, but unlike objects in freefall, retractions in real estate cycles tend to unfold with varying degrees of pace and severity.   In the case of multifamily investment sales in Texas, it’s been clear for some time that the market is in a much different place than it was in late 2021 and early 2022, the latter period being when rate hikes began. In that golden era of multifamily investment sales, owners routinely achieved record highs of rent growth and brokers closed deals at legendarily high prices and low cap rates.  What isn’t so clear is whether the market has bottomed out yet with regard to those metrics. Attaining clarity on that subject will remain difficult until deal volume rebounds and gives owners and brokers enough data to accurately establish trendlines.  Like everything else in commercial real estate, the question of when deal volume will rebound is tied to movement in interest rates — unless maybe it isn’t. For as the world has seen over the past six months, what the Federal Reserve implies it will do and what it actually does aren’t always in sync. Some brokers …

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DevelopmentFeaturesMultifamily

Savvy Seniors Housing Developers Seize Window of Opportunity

by Taylor Williams

By Jane Adler Post-pandemic, senior living owners and operators are rightfully focused on regaining occupancy and stabilizing their assets. Expansion opportunities have mostly been limited to acquisitions of troubled properties purchased at a discount. Inflation, relatively high interest rates, a tight labor market and even tighter capital markets have largely sidelined ground-up development.   But contrarian players believe now is the right time to build. Much of the existing stock of seniors housing is 20-plus years old, and baby boomers are just over the horizon. A development that breaks ground today will be ready to welcome the first wave of boomers who turn 80 in two years. New projects will face less competition too because of today’s difficult development environment.  “This is the perfect time to put a shovel in the ground,” says Anders Pesavento, senior vice president of capital markets at Ryan Cos. The Minneapolis-based development and investment firm has four seniors housing projects slated to break ground this year that are valued at approximately $385 million.  The lack of new supply and strong demand supports the case for building now, emphasizes Pesavento. “We believe we will be rewarded.” The volume of seniors housing units under construction is at …

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IndustrialMichiganMidwest

Lineage Cold Storage REIT Launches IPO at $19B Valuation

by Kristin Harlow

NOVI, MICH. — Novi-based cold storage REIT Lineage Inc. has launched its initial public offering (IPO) of 47 million shares of its common stock, valuing the company at around $19 billion. In addition, the underwriters of the offering will have a 30-day option to purchase from the company up to 7 million additional shares of its common stock at the IPO price, which is expected to be between $70 and $82 per share. The company expects its stock to be listed on the Nasdaq under the ticker symbol “LINE.” Morgan Stanley, Goldman Sachs & Co. LLC, BofA Securities, J.P. Morgan and Wells Fargo Securities are acting as joint lead book-running managers for the proposed offering. Lineage claims to be the world’s largest global temperature-controlled warehouse REIT with a network of more than 480 facilities totaling over 84 million square feet and 3 billion cubic feet of capacity across North America, Europe and Asia-Pacific.

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AcquisitionsCompany NewsFloridaRestaurantRetailSoutheastTexasTop Stories

Darden Restaurants Agrees to Acquire Tex-Mex Chain Chuy’s for $605M

by Katie Sloan

AUSTIN, TEXAS AND ORLANDO, FLA. — Darden Restaurants (NYSE: DRI) has agreed to acquire Chuy’s Holdings (NASDAQ: CHUY) for $605 million in an all-cash transaction.  The Tex-Mex restaurant chain — which owns and operates 101 full-service restaurants across 15 states — will join Darden’s existing restaurant portfolio, which includes Olive Garden, LongHorn Steakhouse and Ruth’s Chris Steak House, among others.  Under terms of the merger agreement, Orlando-based Darden will acquire all outstanding shares of Chuy’s at $37.50 per share. The purchase price represents a 40 percent premium to the Austin-based company’s 60-day volume weighted price. Chuy’s board of directors unanimously approved the merger agreement, which includes a 30-day “go-shop” period that will allow the company to solicit alternative proposals from interested parties. The transaction is expected to close during the second quarter of 2025, subject to a number of closing conditions, including approval by a majority of Chuy’s stockholders.  Darden acquired Ruth’s Chris in summer 2023 for $715 million. The company’s portfolio of restaurant brands also includes Yard House, Cheddar’s Scratch Kitchen, The Capital Grille, Seasons 52, Eddie V’s and Bahama Breeze. Darden’s stock price closed at $147.35 per share on Thursday, July 17, down from $163.31 one year ago.  …

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DevelopmentLeasing ActivityRetailSoutheastVirginia

The Fresh Market to Open Two Grocery Stores in Metro DC Totaling 56,000 SF

by John Nelson

RESTON AND FALLS CHURCH, VA. — The Fresh Market plans to anchor two mixed-use developments in the Northern Virginia region of metropolitan Washington, D.C. The Greensboro, N.C.-based grocer has committed to approximately 27,000 square feet of space at Reston Station, a mixed-use development in Reston by Comstock Cos., and 29,000 square feet at West Falls, a 10-acre mixed-use development in Falls Church by Hoffman & Associates. The Reston Station grocery store will be situated within Midline at Reston Station, and the West Falls store will be located at the ground level of an upcoming residential development. Both new stores are expected to open within the next three years, with the West Falls store set to open by mid-2026. The Fresh Market has two existing locations in nearby Alexandria and Vienna, Va.

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AcquisitionsCaliforniaIndustrialNet LeaseWestern

Marcus & Millichap Negotiates Sale of 43,996 SF Industrial Property in Sacramento

by Amy Works

SACRAMENTO, CALIF. — Marcus & Millichap has arranged the sale of a net-leased property located at 6401 Stockton Blvd. and 6050 Elder Creek Road in Sacramento. The asset sold for $1.6 million. The undisclosed buyer intends to lease the 43,996-square-foot property to a suitable tenant, according to Marcus & Millichap. Although the use of the property was not disclosed, the address is for a used car dealership in an industrial area. Christopher Hurd of Marcus & Millichap represented the seller, an individual/personal trust, in the deal.

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AcquisitionsIndustrialTexasTop Stories

KKR Acquires 1.8 MSF Industrial Park in Southwest Houston for $234.2M

by John Nelson

HOUSTON — KKR & Co. Inc. (NYSE: KKR), a global alternative asset management investor based in New York City, has purchased Park 8Ninety, a 1.8 million-square-foot industrial park in southwest Houston. Artis Real Estate Investment Trust, a REIT based in Winnipeg, Canada, sold the 12-building park to KKR for $234.2 million. Artis REIT and Trammell Crow Co. (TCC) developed Park 8Ninety in five phases between 2017 and 2022. The 127-acre park features a mix of single-tenant and multi-tenant logistics buildings with clear heights ranging from 24 to 36 feet. Park 8Ninety is situated along Beltway 8 (Sam Houston Parkway) and U.S. Route 90A and features multiple access points to both roads. The park is situated about 20 miles southwest of downtown Houston and 19 miles west of William P. Hobby Airport. “Park 8Ninety is a great addition to our national logistics portfolio and expands our footprint in Houston, which continues to benefit from strong demand fundamentals and comparatively lower supply than many other markets in the United States,” says Ben Brudney, a managing director in the real estate group at KKR who oversees the firm’s U.S. industrial investments. “Park 8Ninety is a high-quality, well-designed, multi-tenant park with a diverse and …

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DevelopmentMidwestMissouriRetail

Keystone Construction to Build $60M CarShield Sportsplex in Chesterfield, Missouri

by Kristin Harlow

CHESTERFIELD, MO. — Keystone Construction Co. will build the new $60 million CarShield Sportsplex AAA Hockey & Futbol facility in the St. Louis suburb of Chesterfield. The development will accommodate the growing CarShield AAA Hockey & Futbol clubs, which serve more than 500 children and 45 teams in metro St. Louis. The 325,000-square-foot facility will offer four indoor turf soccer fields, two indoor ice rinks, team locker rooms, a pro shop, training and fitness spaces, a restaurant, bar, concessions and classrooms. Outside, there will be three turf soccer fields, concessions, a dining patio and children’s playground. Construction is scheduled to begin in October and wrap up in January 2026. The project team includes civil engineer Stock & Associates and architect Gray Design Group.

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AcquisitionsMidwestMissouriMultifamily

CBRE Brokers Sale of 316-Unit Apartment Complex in Suburban St. Louis

by Kristin Harlow

O’FALLON, MO. — CBRE has brokered the sale of Avenue64, a 316-unit apartment complex in the St. Louis suburb of O’Fallon. The sales price was undisclosed. Built in 2022, the Class A property features a range of floor plans averaging 993 square feet. Amenities include a pool, hot tub, courtyard, coffee bar, fitness center, conference room, community grilling areas and outdoor game area. Hannah Ott, George Tikijian, Matt Bukhshtaber, Cam Benz, Claire Bullard and Ryan Stockamp of CBRE represented the seller, Thompson Thrift. Oregon-based Bonaventure was the buyer.

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