The latest commercial real estate news and developments.
A private family trust has successfully divested a two-property self-storage portfolio in Corning, California, transferring fully occupied assets to a local investment group. The transaction encompasses 315 units totaling nearly 52,000 net rentable square feet.
A fully occupied, 315-unit self-storage portfolio in Corning, California has successfully traded from a private family trust to a local investment group. Dean Keller of Bancap Self Storage Group spearheaded the marketing and disposition of the two combined facilities, which comprise roughly 52,000 net rentable square feet.
A new JLL benchmarking survey reveals that higher education institutions are bleeding operational efficiency due to underutilized campus footprints. The findings point to a massive opportunity for institutions to monetize excess real estate in an era of tightening budgets and shifting enrollment metrics.
A Wawa-occupied retail property at the entrance of a major Charlottesville power center has sold for $9.1 million. Cushman & Wakefield | Thalhimer brokered the ground lease transaction at the Wegmans-anchored Fifth Street Station.
In a $300 million joint venture, Bain Capital and 11North Partners have acquired a 757,000-square-foot portfolio of open-air retail centers spanning four high-growth U.S. states. The strategic transaction highlights the sustained institutional appetite for grocery-anchored and necessity-based commercial real estate assets.
A 2,325-square-foot restaurant property in Palmdale, California, has traded hands for $4.4 million, with fast-casual giant Chipotle set to occupy the space. The transaction highlights sustained investor appetite for net-leased restaurant assets in secondary Southern California markets.
Toronto-based asset manager Dream Unlimited is nearing a deal to purchase Chancerygate, one of the UK's largest industrial developers, in a move that signals continued North American appetite for British logistics assets. The acquisition would see founder Andrew Johnson exit while the existing management team remains in place.
JLL Capital Markets has successfully facilitated the sale of The Legacy, a sprawling 353,000-square-foot lifestyle center in San Antonio. The high-profile transaction underscores ongoing investor interest in large-format, experiential retail assets in high-growth Texas metros.
A newly constructed, corporate-guaranteed Mister Car Wash in Kemah, Texas, has traded hands for $5.4 million, highlighting sustained investor appetite for service-oriented, single-tenant net leased retail. The deal underscores the premium placed on recently built assets backed by publicly traded tenants in the greater Houston metropolitan area.
An 83,000-square-foot retail development in West Houston has secured $8 million in C-PACE financing to fund major sustainability improvements. Ashford Beer Garden will anchor the newly upgraded Ashford Yard project, reflecting a broader push for green construction financing in commercial real estate.
Walmart has secured full ownership of a 507,000-square-foot temperature-controlled distribution center in Riverside, California, for $223 million. The acquisition transitions the property from a long-term lease agreement into a permanent owned asset for the retailer's supply chain network.
Tratt Properties has purchased a massive 1.6 million-square-foot fulfillment center in Cookeville, Tennessee, for $140 million from Middleton Partners. The Colliers-brokered deal highlights the continued institutional demand for single-tenant industrial assets in growing secondary logistics markets.