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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 how an attempt to purchase a classic department store may lead to a REIT formation and Prologis and GIC’s build-to-suit JV.
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DOING IT REIT: Failed $947M JCPenney sale could lead to creation of new REIT. Read more here.
LOGISTICS LOVE: Prologis and GIC form $1.6B joint venture to develop and own build-to-suit logistics facilities. PLAYER: Dan Letter. Read more here.
ALPHA SCALE: Madison Capital Group launches $200M car wash, C-store fund leveraging tax law. PLAYER: Ryan Hanks. Read more here.
RACK & RUIN?: Virginia lawmakers debate ending data center tax breaks, threatening growth in sector’s largest market. Read more here.
BTR: Bela Flor and TruVista Development sell Phoenix-area build-to-rent community for $30.1M. PLAYERS: Mark Forrester, Andrew Curtis, Ryan Boyle. Read more here.
BTR: Red Cedar Construction Services lands $75M investment to expand BTR platform. PLAYER: Jon Grabowski. Read more here.
STUDENT HOUSING: Person Street Partners makes first acquisition with purchase of N.C. State University portfolio for $26.5M. PLAYERS: Griffin Py, Jake Jatis, Poojan Mehta, Ryan Gavigan. Read more here.
STUDENT HOUSING: Franklin Street sells mixed-use property next to University of Wisconsin-Madison for $24.4M. PLAYERS: Patrick Mullowney, Joel Dumes. Read more here.
SENIOR HOUSING: Janus Living prices senior housing REIT IPO at $840M. Read more here.
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MED OFFICE: SSP Investments acquires 2 fully leased MOBs in Phoenix and San Rafael, CA, for $26.2M through 1031 exchange. Read more here.
MED OFFICE: Albany Road affiliate acquires 3-building MOB portfolio in Stamford, CT. PLAYERS: Jeff Dunne, Steve Bardsley, Travis Langer, Brannan Knott, Chris Bodnar. Read more here.
CO-WORKING: How DC’s co-working market is turning a corner. PLAYER: Nicholas DeMarinis. Read more here.
DISTRESSED: Irvine Co. bucks office slump with 90% occupancy. PLAYER: Roger DeWames. Read more here.
LIFE SCIENCE: Bank OZK takes over vacant Lincoln Yards project from Sterling Bay after loaning $125M. 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.
