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Office Properties Income Trust Agrees to Acquire Diversified Healthcare Trust in All-Share Transaction

by John Nelson April 11, 2023

NEWTON, MASS. — Office Properties Income Trust (NASDAQ: OPI) has entered into a definitive merger agreement whereby the office REIT will acquire all the outstanding common shares of Diversified Healthcare Trust (NASDAQ: DHC), a REIT that owns properties in the medical office, life sciences and seniors housing sectors. The combined company will have approximately $12.4 billion of total gross assets under management, representing 539 properties across 40 states and Washington, D.C. The portfolio comprises about 264 seniors housing communities, 10 triple-net-leased wellness centers and 265 medical office, traditional office and life sciences buildings. About 42 percent of the portfolio is located in the Sun Belt. The RMR Group (NASDAQ: RMR), an alternative asset management firm based in Newton, manages both REITs and acquires properties on behalf of the entities. RMR also makes acquisitions on behalf of Service Properties Trust and Industrial Logistics Properties Trust. RMR Group will continue to manage the new company, which will be rebranded as Diversified Properties Trust and trade publicly on the Nasdaq Stock Market exchange. OPI’s executive team will lead the new company and will keep the firm’s corporate headquarters in Newton. The boards of trustees for both REITs unanimously approved the merger, which is …

April 11, 2023

Features Industrial

Stashing Success: The Growth of Industrial Outdoor Storage

by Taylor Williams April 6, 2023

By Deborah Smith, co-founder and CEO, The CenterCap Group Industrial outdoor storage (IOS) may have once been an obscure abbreviation, but this subcategory of industrial real estate has now emerged as an intriguing and evolving niche product. Much like single-family rentals (SFR) and self-storage, the asset class still has some way to go before becoming fully institutionalized, but its increasing importance in last-mile distribution makes it a topic worth discussing and placing on investors’ radars. At a high level, IOS properties serve as essential storage facilities for large equipment, vehicles and materials and are often located near transportation hubs, highway corridors and ports of entry. Among other things, these facilities exist to provide secondary storage capacity for logistics operators. So What Is IOS?IOS properties are not the kinds of glamorous properties that commercial investors typically pay much attention to, as they are outdoors and not always aesthetically pleasing to look at. At a basic level, these sites are low-coverage industrial land, generally in the three- to 20-acre range. Buildings typically comprise zero to 20 percent of the site. The property type’s primary value comes from the outside storage capabilities of the excess yard. IOS facilities feature a significantly lower floor …

April 6, 2023

Acquisitions Multifamily Northmarq Texas

Northmarq Arranges Sale of 144-Unit Grand Seasons Apartments in North Dallas

by Taylor Williams April 4, 2023

DALLAS — Northmarq has arranged the sale of Grand Seasons Apartment Homes, a 144-unit multifamily complex in North Dallas. The property was built in 1978 and offers one- and two-bedroom units. Amenities include a pool, fitness center, outdoor grilling and dining areas and a dog park. Taylor Snoddy, Charles Hubbard and Eric Stockley of Northmarq brokered the deal. The buyer and seller were not disclosed. The new ownership plans to implement a value-add program.

April 4, 2023

Development Massachusetts Mixed-Use Northeast Top Stories

Skanska USA Receives Zoning Approval for 1.7 MSF Longwood Place Mixed-Use Redevelopment in Boston

by John Nelson April 4, 2023

BOSTON — Skanska USA has received approval from the Boston Zoning Commission for the redevelopment of a 5.8-acre site in Boston that currently houses Simmons University’s residential campus into a 1.7 million-square-foot mixed-use destination. The Boston Planning and Development Agency approved Skanska’s plans for the overall development, named Longwood Place, earlier this year. Global architecture firm Sasaki designed the transit-served development, which is slated to feature five buildings that will house life sciences, office, apartments, retail and restaurant space. In addition, Longwood Place will feature 2.6 acres of open green space and 15,000 square feet of indoor community space. Located at 305 Brookline Ave. in Boston’s Longwood neighborhood, Longwood Place will be situated a half-mile from Fenway Park, home ballpark of the Boston Red Sox. Nearby institutions include Simmons University, Emmanuel College, Northeastern University, Boston Children’s Hospital, Beth Israel Deaconess Medical Center, Harvard Medical School and the Museum of Fine Arts, Boston. “A focus on delivering diverse spaces inside and out that surround high-performing life sciences buildings and a vital residential program make Longwood Place a vibrant addition to one of Boston’s most innovative neighborhoods,” says Meredith McCarthy, senior associate architect at Sasaki. As part of the master plan of …

April 4, 2023

Company News Industrial New York Northeast Self-Storage Top Stories Utah Western

Extra Space Storage Agrees to Acquire Life Storage for $12.7B

by Taylor Williams April 3, 2023

SALT LAKE CITY AND BUFFALO, N.Y. — Extra Space Storage Inc. (NYSE: EXR), a Salt Lake City-based REIT, has entered into a definitive agreement to acquire Buffalo-based REIT Life Storage (NYSE: LSI) in an all-stock transaction. According to multiple news outlets including The Wall Street Journal and Reuters, the deal is valued at $12.7 billion. The combined portfolio will yield the largest self-storage operation in the country, with over 3,500 locations spanning over 264 million square feet that serve more than 2 million customers. In announcing the deal, executives of both REITs noted that combining their respective platforms creates opportunities to maximize value for shareholders via additional scaling of third-party management services and access to elevated levels of joint-venture equity and bridge-loan debt for future developments and acquisitions. Under the terms of the agreement, Life Storage shareholders will receive roughly nine-tenths of a share of Extra Space common stock for each share of Life Storage stock that they own. At closing, Extra Space and Life Storage shareholders are expected to own approximately 65 percent and 35 percent of the combined company, respectively. The boards of directors of both companies have unanimously approved the transaction, and the deal is expected to …

April 3, 2023

Company News North Carolina Southeast Top Stories

First Citizens Bank Agrees to Acquire Failed Silicon Valley Bank From FDIC

by Taylor Williams March 27, 2023

RALEIGH, N.C. — First Citizens Bank has entered into an agreement with the Federal Deposit Insurance Corp. (FIDC) to acquire Silicon Valley Bank following the California-based regional lender’s collapse earlier this month. Under the terms of the deal, First Citizens Bank will purchase all loans and certain other assets and assume all customer deposits and certain other liabilities out of receivership from the FDIC. This assumption includes approximately $110 billion in assets, $56 billion in consumer and business deposits and $72 billion in outstanding loans. In addition, First Citizens Bank will receive a line of credit from the FDIC to ensure its own liquidity throughout the purchase process. First Citizens Bank has also entered into a loss-share agreement with the FDIC to provide further downside protection against potential credit losses. First Citizens Bank will not acquire any assets, common stock, preferred stock or debt of SVB Financial Group, the former holding company of Silicon Valley Bank. Frank Holding Jr., chairman and CEO of First Citizens Bank, said in a prepared statement that at the most fundamental level, the acquisition allows his company to scale its platform by adding new lines of business in new markets. He specifically cited the appeal …

March 27, 2023

Development Industrial Texas Top Stories

Sempra Releases Final Plans for $13B Liquid Natural Gas Export Terminal in Port Arthur, Texas

by Katie Sloan March 23, 2023

PORT ARTHUR, TEXAS — Sempra Infrastructure Partners, a subsidiary of energy infrastructure firm Sempra (NYSE: SRE), has released plans for Phase I of Port Arthur LNG, a $13 billion natural gas liquefaction and export terminal in Port Arthur. Phase I of the project will include two liquefaction trains capable of producing up to 13.5 million metric tons per annum (MTPA) of liquefied natural gas (LNG); up to three LNG storage tanks; marine facilities, including two marine berths for LNG vessel berthing and loading; natural gas liquids and refrigerant storage; feed gas pre-treatment and truck loading areas; and combustion turbine generators for on-site generation of electrical power. A three-mile portion of State Highway 87 between the Intracoastal Waterway and Keith Lake Pass will also be relocated to accommodate the development of Phase I, which is located along the Sabine-Neches ship channel, offering direct access to the Gulf of Mexico. Sempra has closed a joint venture with an affiliate of ConocoPhillips for Phase I of the project, which has been approved by the Federal Energy Regulatory Commission (FERC). The firm has also agreed to sell an indirect, non-controlling interest in the development to an infrastructure fund managed by KKR, and has closed …

March 23, 2023

Acquisitions Georgia Multifamily Southeast

RADCO Sells Two Metro Atlanta Apartment Communities to Viking Capital for $96.5M

by John Nelson March 21, 2023

MCDONOUGH AND STOCKBRIDGE, GA. — The RADCO Cos. has sold two apartment communities in metro Atlanta to Viking Capital in two transactions totaling $96.5 million. The properties include Crossings at McDonough in McDonough and Crossings at Eagle’s Landing in Stockbridge and total 419 one-, two- and three-bedroom apartments. Shea Campbell, Colleen Hendrix and Ashish Cholia of CBRE represented RADCO in both transactions. The Atlanta-based owner and operator has completed over 100 deals in the last decade totaling more than $3.3 billion, according to RADCO CEO Norman Radow.

March 21, 2023

Loans Multifamily New Hampshire Northeast Seniors Housing Vermont Walker & Dunlop

Walker & Dunlop Provides $46M HUD Loan for Assisted Living Portfolio in Vermont, New Hampshire

by Taylor Williams March 20, 2023

BETHESDA, MD. — Walker & Dunlop has provided a $46 million HUD-insured loan for the refinancing of a portfolio of four assisted living facilities totaling 244 beds that are located throughout Vermont and New Hampshire. Woodstock Terrace and Valley Terrace respectively comprise 42 and 61 beds and are located in Woodstock and White River Junction, Vt. Wheelock Terrace and Windham Terrace respectively total 70 and 71 beds and are located in Hanover and Windham, N.H. Frank Cassidy of Walker & Dunlop originated the financing through HUD’s 232/223(f) program on behalf of the locally based borrower, Terrace Communities.

March 20, 2023

Acquisitions Hospitality Texas

Excel Commercial Real Estate Acquires 114-Site RV Park in Southeast Houston

by Taylor Williams March 17, 2023

HOUSTON — Excel Commercial Real Estate has acquired Eric & Jay’s RV Resort, a 114-site property in southeast Houston. The park sits on a 10-acre site with a stocked lake and offers both back-in and luxury pull-through slips. Amenities include a pool, fitness center, game room, outdoor grilling and dining stations and onsite laundry facilities. The seller and sales price were not disclosed. Jetstream Communities, an affiliate of CityStreet Residential Partners, will manage the property.

March 17, 2023

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