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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 the $6B plan to build a data center campus in Central Arkansas and a decrease in IRS audits of real estate funds.
Today’s issue is sponsored by DealNav - the simple and affordable CRM and deal management tool with an easy interface and integrated map.
DOWNTOWN DISTRESS: Office development in Raleigh, NC, sells for $120M discount from 2021 purchase price. Read more here.
AR AI: Avaio Digital plans $6B ‘AI-ready’ data center near Little Rock, AR. Read more here.
AUDIT ADIOS: IRS audits of real estate funds grind to a near-halt following tech staff layoffs. Read more here.
BORDER BUSINESS: Realty Income, GIC form $1.5B logistics partnership, expand net-lease strategy into US and Mexico. Read more here.
BOUTIQUE: Ace Hotel Brooklyn refinanced for $112.5M by Torchlight Investors. PLAYERS: Michael Brown, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Sean Bastian, Cole Grims. Read more here.
BOUTIQUE: Optimum Bank lends $25M for acquisition of World of Blue near MetLife Stadium. PLAYERS: Moishe Gubin, Rael Gervis. Read more here.
BOUTIQUE: LuxUrban founder Brian Ferdinand files for personal bankruptcy after hotel chain collapse. Read more here.
BOUTIQUE: Saddlebrook acquires St. Regis Houston, plans luxury relaunch as Houston Grand Hotel River Oaks. PLAYER: Brian McConn. Read more here.
EXTENDED STAY: Marriott’s Apiary Hotel extended stay concept to open new location in south Denver. Read more here.
EXTENDED STAY: CIM Group closes $167.7M loan to recapitalize 15 WoodSpring Suites hotels across 4 states. Read more here.
GOLF COURSE: Fairway Advisors brokers sale of Blackstone National Golf Club to Walden Golf. PLAYERS: Michael Gordon, Jeffrey Davis. Read more here.
GOLF COURSE: Architects Brian Silva and Brian Johnson launch new golf course design firm. Read more here.
ARENA: Rancho Cordova approves $940K subsidy for indoor soccer arena. PLAYERS: Joshua Wood, Charanjeet Kaur Tiwana-Purewal. Read more here.
CASINO: Churchill Downs to develop $180-200M Rockingham Grand Casino in Salem, NH. 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.
