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Possible $40B IPO Could Mark Data Center Shift Toward Wall Street
A potential initial public offering from data center firm Switch may mark the start of a shift back toward Wall Street that some industry leaders believe is inevitable. Switch’s owners are considering returning the Las Vegas-based data center operator to public markets with an initial public offering that would value the company around $40B, Reuters reported earlier this month.
This Week's Boston Deal Sheet
Greystar broke ground on a new student housing development north of Boston in partnership with Merrimack College. The development firm began construction on a new 540-bed, two-building student housing project in North Andover. The residence halls are the largest increase to Merrimack's on-campus housing stock since 2015. “For many, communal...
Inland Exploring Sale Of $1.4B Shopping Center REIT
Inland Real Estate Income Trust, a nontraded real estate investment trust that owns more than 7M SF of U.S. shopping centers, is evaluating its next steps, which could result in a sale. Inland REIT has a portfolio of 52 shopping centers across 24 states worth approximately $1.4B. As part of...
Oyo Buys Motel 6 From Blackstone, Ramping Up U.S. Expansion
Indian travel technology company Oyo will increase its North American hotel presence fivefold with the $525M purchase of the Motel 6 franchise from Blackstone Real Estate, the companies announced. New York-based private equity firm Blackstone acquired the motel chain famous for keeping the lights on in 2012 from French hotel...
Feds Put Abandoned School Building Across From CityCenter Up For Auction
A historic school building that has been vacant since the 1980s is up for grabs, paving the way for new life on a prime downtown D.C. block. The federal government launched an online auction last week for the Webster School building at 940 H St. NW, directly across from the CityCenterDC mixed-use development. The government has owned the property for more than two decades but has left it empty and boarded up.
This Week’s South Florida Deal Sheet: River District Condos Get $78M Loan
Alta Development locked in a $78M construction loan for a short-term rental condo project called River District 14 at 1420 NW 14th Ave., a block north of the River Landing Shops & Residences. Boynton Beach, Florida-based Forman Capital provided the financing for 283 fully furnished condos spread across two 16-story...
Silver Spring Passive House Development Lands $303M To Start Construction
A 463-unit mixed-income project in Silver Spring designed to reach the highest level of sustainable development has closed on a major financing package and broken ground. Hillandale Gateway, which is being developed via a partnership between the Housing Opportunities Commission of Montgomery County, The Duffie Cos. and PS Ventures, broke ground last week after it secured $303M in financing, HOC announced in a press release.
Flex Operators Look To Expand As Occupancy And Lease Lengths Hold Up
More than three-quarters of flexible office operators across the globe are looking to expand in the next two years, Bisnow can reveal, with the sector confident of growth despite well-documented troubles in the overall office sector. About 80% of flex operators are looking to expand, according to a survey of...
REBNY, Durst Debut Greener HQ For Climate Week, Not Backing Down From Emissions Law Critiques
Building emissions are top of mind as New York City kicks off Climate Week, with some of the city’s biggest real estate owners on the hook for millions in penalties in a year if they can’t find a way to reduce their buildings’ carbon footprints. That's why...
This Week's LA Deal Sheet
GPI Cos. acquired The Lofts at NoHo Commons, a 292-unit, Class-A apartment complex in North Hollywood. The property was built in 2006 and renovated in 2017. The apartment block sits at Lankershim and Chandler Boulevards in the North Hollywood Arts District. The complex features a large amenity deck and has averaged 94% occupancy since opening, according to a release.
JBG Smith Sells Walmart-Anchored Fort Totten Apartments For $87M
JBG Smith has sold Fort Totten Square, a 345-unit mixed-use property it developed with Lowe Enterprises in 2015. LBX Investments paid $86.8M for the property at 5661 Third St. NE, according to documents posted Friday in the D.C. Recorder of Deeds. The Atlanta-based investment company secured a $60.9M loan from Greystone Servicing Co. for the acquisition.
'Mercury Is No Longer In Retrograde': Brokers Ready For A Post-Rate Cut World
In the hours and days since the Federal Reserve cut interest rates by 50 basis points, commercial real estate brokers have been inseparable from their phones, even more so than usual. The announcement led to an immediate vibe shift from a slice of the industry that had been suffering from...
‘The Plans Are Big’: Chicago State University Sets Its Sights On Revitalizing The 95th Street Corridor
Ten years from now, Hubert Morgan envisions Roseland’s 95th Street Corridor as a vibrant hub for shopping, living and getting an education. But for that vision to become a reality, Morgan, who is the founder of Stanhope Consulting and partner with Chicago State University on the corridor’s revitalization efforts, urged audience members at Bisnow’s South of Roosevelt event and the wider CRE community to help execute the development plan.
The Spigot Is Turning On Again For Philadelphia Investment
Philadelphia is back on the map of big commercial real estate investment cities. And despite a glut of multifamily development that could bog down that sector for a year or so, other asset classes have begun to shine and are primed for investment, panelists said at a Bisnow event last week.
This Week's Bay Area Deal Sheet
OpenAI is betting big on San Francisco. The company signed another lease in the city, this time for the entire 315K SF 550 Terry Francois Blvd. in Mission Bay, according to the San Francisco Business Times. The six-story property was once the headquarters of fashion retailer Old Navy. Last year,...
Shopoff Turning Huntington Beach Oil Storage Site Into Housing, Hotel
A plan by Shopoff Realty to build 250 homes and a 215-room hotel on a former oil storage tank site in Huntington Beach has been unanimously approved by the city council. “We are grateful to the city of Huntington Beach for their support of this project, which we believe will be a fantastic addition to the city, brightening this historically blighted stretch of the coast,” Shopoff Realty CEO Bill Shopoff said in a statement to the Orange County Register, which reported the news.
This Week’s D.C. Deal Sheet: Ballston Office Building Sells For A Third Of 2019 Price
Ballston's Two Liberty Center office building has traded hands for $27.6M, well below its previous sale price. Brookfield and Hines sold the nearly half-empty building at 4075 Wilson Blvd. to Rithm Capital, the Washington Business Journal reported. FarmViewVentures and GreenBarn Management LLC are also partners in the deal, but Rithm...
$350M Revamp Planned For Bank Of America Plaza In Dallas
The tallest tower in Dallas will soon be under new ownership. The 1.85M SF Bank of America Plaza and the four blocks surrounding it are under contract to be sold to Mike Ablon of PegasusAblon and Mike Hoque of Hoque Global, according to a report from D CEO. The Dallas-based...
A Fight Between Big Tech And An Ohio Utility May Preview Turmoil Ahead For Data Centers
A growing fight over how data centers — and the tech giants that occupy them — will pay for expanded power access in Ohio could be a sign of more challenges lurking ahead in the industry's fastest-growing markets. Like many electric utilities in emerging data center development hotbeds...
This Week's Atlanta Deal Sheet: Ben Hautt Planning New Westside Market Hall
A former executive with Stream Realty who established his own development firm earlier this year has unveiled his first adaptive reuse project, which is being pitched as akin to Seattle’s famed Pike Place Market or London’s Borough Market. Ben Hautt is redeveloping 1385 Collier Road, a two-building, 97K...
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