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Good morning. Welcome to CREalts! Every day, we cover the top stories in alternative CRE sectors. One scroll saves you hours. Today, we learn about Public Storage’s leadership shakeup and move to Texas and an executive order protecting BTR projects.
Today’s issue is sponsored by DealNav - the simple and affordable CRM and deal management tool with an easy interface and integrated map.
STORAGE SHAKEUP: Public Storage appoints 3 new co-presidents, moves HQ to Texas. PLAYERS: Natalia Johnson, Chris Sambar, Joe Fisher, Ayash Basu. Read more here.
BTR BONANZA: Build-to-rent operators expand as executive order exempts BTR projects from corporate single-family home ban. Read more here.
REFI THE RACKS: Blackstone’s QTS seeks $2.1B refinance for 3 major US data center campuses. Read more here.
WATTS UP: Portland General Electric, Manulife to buy PacifiCorp’s Washington state utility assets for $1.9B. Read more here.
LUXURY: Iconic Waldorf Astoria could go up for sale following $2B renovations. Read more here.
BOUTIQUE: Developers break ground on The Chambray hotel in Roswell, GA. Read more here.
EXTENDED STAY: AWH Partners buys Hotel Trio in Healdsburg, CA, for $38M. PLAYERS: Russell Flicker, Chad Cooley, Jon Rosenfeld. Read more here.
EXTENDED STAY: Level 3 Construction finishes $11M WoodSpring Suites in San Diego area. PLAYER: Ian Mahon. Read more here.
EXTENDED STAY: Marcus & Millichap brokers sale of Sonesta ES Suites in Charlotte, NC. PLAYERS: Chase Dewese, Jack Davis, Joce Messinger. Read more here.
CASINO: Bally’s executes sale-leaseback of Rhode Island casino for $700M. Read more here.
MARINAS: Developers pitch marina and mixed-use waterfront redevelopment in Riviera Beach, FL. Read more here.
MARINAS: TopSide Marinas buys Bay Harbor Marina in Bay City, MI. Read more here.
SPORTS CENTER: State of Delaware awards $2.3M toward construction of Game On Sports Complex near Millsboro. Read more here.
GOLF COURSE: Country’s oldest mini golf course — and 3 full-sized courses — may be forced to close after termination of lease with federal government. Read more here.
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Disclaimer: The authors of CREalts are not finance or tax experts. This email is for educational use and not financial advice. Do your own research and consult with professionals before making financial decisions. Our content, which may contain affiliate links and sponsor posts, is subjective and not to be used as the only basis for such decisions. We are not responsible for any losses from relying on this information. Past performance of any asset is not indicative of future results.
