Harrison Street Asset Management (HSAM) has closed the $910-million sale of a 12-property U.S. student housing portfolio to affiliates of The Scion Group and an Ares Real Estate fund. It’s the largest student housing portfolio sale completed in 2026, according to HSAM.

Assembled over a 10-year period by five HSAM funds, the 7,578-bed portfolio serves leading university markets across the U.S., including those home to the University of Florida, Auburn University, the University of Notre Dame, The Ohio State University and James Madison University. Scion will serve as operating partner.

“This transaction represents important milestones for Scion,” said Robert Bronstein, Scion CEO. “We are beginning a partnership with Ares, one of the leading asset management firms globally, at the same time Scion’s owned portfolio now totals over 105,000 beds, making Scion the world’s largest owner of student housing. This sector continues to demonstrate resilient demand characteristics, and we are pleased to expand our platform alongside Ares.”

Although the deal represents a first-time partnership between Scion and Ares, buyer and seller have collaborated before. HSAM and Scion have completed multiple large-scale transactions together since 2017, including a nearly $900-million student housing portfolio sale in November 2024.

Global Net Lease, Inc. (GNL) and Modiv Industrial, Inc, announced on Monday a definitive merger agreement under which GNL will acquire Modiv in an all-stock transaction valued at an enterprise value of approximately $535 million. The transaction, once completed, will provide GNL with an attractive portfolio of high-quality mission-critical industrial properties across the U.S. GNL intends to fully repay all of Modiv’s existing balance sheet debt and pay off Modiv’s preferred stock using its revolving credit facility and cash on hand.

“We believe this transaction is a compelling opportunity for GNL to expedite our transition to earnings growth in 2026 following the completion of our deleveraging initiative while continuing to reduce our office exposure,” said Michael Weil, CEO of GNL. “Modiv has thoughtfully assembled a high-quality portfolio of industrial net-lease assets that provide durable and predictable cash flows that align well with our objectives of enhancing earnings and long-term portfolio quality.”

Aaron Halfacre, president and CEO of Modiv, added, “We have long believed that our portfolio’s quality was historically mispriced by the marketplace and that we would be receptive if someone sought to close the value gap sooner than we could. Over the past year, Modiv attracted substantial interest from a range of suitors, including multiple unsolicited offers, but GNL distinguished itself through the long-term opportunity this transaction creates.”

Pictured: A Modiv-owned cold storage facility in Yuma, AZ.

Sila Realty Trust, Inc. and Blue Owl Capital Inc. said Monday that certain affiliates of Blue Owl Real Estate Capital LLC will acquire all outstanding shares of Sila’s common stock for $30.38 per share in an all-cash transaction valued at approximately $2.4 billion. Based in Tampa, Sila owns 137 net-leased healthcare properties and three undeveloped land parcels, located in 65 markets nationwide.

“I am extremely proud of the company that we have built at Sila Realty Trust,” said Michael A. Seton, president and CEO of Tampa-based Sila. “Our success in curating a portfolio of high-quality net lease healthcare properties is a testament to the vision, skill, dedication, and culture to which all my colleagues have contributed.”

At New York City-based Blue Owl, Marc Zahr, co-president and global head of real assets, said, “This transaction provides us with a compelling opportunity to acquire a scaled portfolio with durable cash flows and attractive long‑term growth characteristics, while further expanding Blue Owl managed funds’ exposure to an asset class and sector we view as both resilient and essential given its critical role in both society and the economy.”

The transaction, which was unanimously approved by Sila’s board, is expected to close in the second or third quarter of 2026. Upon completion, Sila will no longer trade on the New York Stock Exchange.

BofA Securities is serving as Sila’s exclusive financial advisor. Hogan Lovells US LLP is serving as the Company’s legal counsel.

Citigroup Global Markets Inc. is acting as lead financial advisor to Blue Owl with Truist Securities, Inc. also acting as financial advisor and Newmark Group, Inc. serving as real estate advisor. Kirkland & Ellis LLP is serving as legal advisor to Blue Owl. Dechert LLP is serving as legal advisor to Citigroup Global Markets Inc. and Truist Securities, Inc.

GMH Communities and AEW Capital Management have acquired two student housing communities: Dockside at Clemson University in Clemson, SC and Flatiron at Louisiana State University in Baton Rouge, LA. Terms were not disclosed. Both properties are located near their respective campuses.

With the addition of the Clemson and LSU communities, the AEW-GMH partnership will now own and operate more than 2,000 beds across four universities in Power 4 markets.

“For 40-plus years, GMH has been a leader and innovator in the student housing industry,” said Gary Holloway, Jr., CEO and president. “The acquisition of Dockside and Flatiron underscores GMH’s commitment to investing in high-quality, well-located assets within fundamentally strong markets.”

The 633-bed Dockside community will be rebranded as The Cove at Clemson, offering a lakefront setting with direct access to Lake Hartwell. In Baton Rouge, the 293-bed Flatiron community is recognized as one of the market’s few pedestrian-oriented housing options.

A JLL student housing team led by senior director Mike Brady, managing director Jake Wisness and associates Bill Maloney and Jake Davidson arranged financing. Teddy Leatherman of JLL arranged the acquisition from Fountain Residential.

Blue Vista Capital Management, a Chicago-based real estate investment management firm, in partnership with Clarion Partners, announced the acquisition of a four-property student housing portfolio from Columbus Pacific Group.

The portfolio consists of four well-located, Class-A student housing communities totaling 855 units, serving students at Pennsylvania State University, College of Charleston, and Texas A&M University. Blue Vista affiliate PeakMade Real Estate will manage the properties.

“This portfolio reflects Blue Vista’s student housing strategy of pursuing high-quality, in-demand accommodations at top-tier universities with growing student populations,” said Jason Schwartz, Managing Principal and Co-Head of Blue Vista’s Equity Group. “We are pleased to partner with Clarion, a proven leader in U.S. residential real estate, to deliver modern, purpose-built residences well-suited for student living.”

The portfolio transaction was brokered by TSB Realty, with debt placement services provided by TSB Capital Advisors.

San Clemente-based CareTrust REIT, Inc. and a joint venture partner have entered into a binding agreement to acquire a portfolio of skilled nursing facilities for approximately $500 million. The portfolio consists of 31 skilled nursing facilities totaling 3,290 licensed beds, with 30 facilities located in Tennessee and one in Alabama.

PACS Group has agreed to operate 12 facilities, while affiliates of The Ensign Group will operate nine and Links Healthcare Group will operate seven. Three facilities will be master-leased to a regional operator, a new tenant relationship for CareTrust.

CareTrust president and CEO Dave Sedgwick said, “The successful closing of this transaction in the fourth quarter will, not including other opportunities we continue to pursue, bring our annual investment total to approximately $1.4 billion. Combining the full-year impact of this year’s investments with a reloading pipeline, the table is set for 2025 to be another tremendous year for CareTrust and the many operators we support.”

Pictured: A PACS Group facility.

NOVEMBER 6, 2024: Next Wednesday, the most active retail investors, owners, developers, forecasters, managers, brokers, lenders, and others will be at the Luxe Sunset Blvd Hotel for this year’s Connect Retail West conference. Don’t miss the leading retail CRE event happening next week on Wednesday, Nov 6 – Be sure to register in advance, registration pricing increases on event day. 

Remedy Medical Properties and Kayne Anderson Real Estate today announced the acquisition of the Bozeman Health Cottonwood Clinic + Surgery Center from a joint venture between United Surgical Partners International (USPI) and Bozeman Health.

JLL served as the broker for the transaction. The three-story, 58,872-square-foot medical office building and ambulatory surgery center, located at 875 S. Cottonwood Rd., was built in 2021 and sits on 5.02 acres. It is 100% occupied by three tenants: the West Bozeman Surgery Center, Deaconess Intercity Imaging Center and Bozeman Deaconess Health Services.

“This transaction was a great opportunity to work with USPI, with whom we have a long-standing relationship, and with Bozeman Health for the first time,” said Joe Magliochetti, chief investment officer for Remedy. “USPI and Bozeman Health are strong health systems, and we look forward to growing our relationships with both in the future.”

Bozeman Health Cottonwood Clinic + Surgery Center was part of a portfolio of six USPI properties totaling 195,466 square feet acquired by Remedy over several months.

Harrison Street has acquired five senior living properties in a joint venture with Brightview Senior Living. The transaction reinforces the partnership’s commitment to deliver premier senior housing to the growing pools of demand in strategic, high barrier-to-entry micro-markets throughout the Northeast.

The five-property portfolio comprises 743 units across newly constructed communities located in Massachusetts, Maryland, New Jersey, Pennsylvania, and Virginia. With an average 94% occupancy rate, the properties demonstrate the continued and robust demand for high-quality senior living communities.

The communities will continue to be operated by Brightview Senior Living, which has been a Harrison Street partner for over 10 years. Harrison Street and Brightview’s shared portfolio will consist of 26 assets totaling over 3,600 units, including a development in Fairfax, Virginia that is under-construction. Since inception, Harrison Street has invested over $14.1 billion in senior housing, and currently ranks as one of the top five owners in the United States.

MCB Real Estate, based in Baltimore with nationwide holdings, completed the $64.7-million purchase of the Falcon Ridge Town Center in Fontana. The acquisition was made through a joint venture with a fund managed by DRA Advisors.

The acquisition marks the JV’s first transaction. Located at 15218-15320 Summit Ave., the fully leased 273,424-square-foot center is anchored by one of the most visited locations of regional grocery chain Stater Bros. Markets, and shadow anchored by Target.

“The area in and around Fontana is rapidly growing with more affluent residents moving in every year, and Falcon Ridge sits right in the middle of that growth, offering an all-encompassing shopping experience that’s unmatched in the region,” said MCB managing partner and co-founder P. David Bramble. “In turn, retailers are not only eager to be there, but they want to stay. Falcon Ridge is going to be successful for many years to come.”   

Vornado Realty Trust said its 52% owned street retail joint venture has entered into an agreement to sell Japanese apparel brand Uniqlo the portion of its U.S. flagship store at 666 Fifth Ave. owned by the retail JV for $350 million. Separately, Uniqlo will acquire the remainder of the store from Brookfield Properties, the owner of an office condominium branded as 660 Fifth Ave.

The JV owns the fee condo interest in 17,295 square feet of Uniqlo’s 90,732-square-foot store. In conjunction with the closing of the sale of both portions of the store, which is expected to occur in the first quarter of 2025, the pass-through leases between the office condo owner and the retail JV will be terminated.

Eastdil Secured acted as an advisor to Vornado’s street retail JV. Vornado said the JV will continue to own 23,832 square feet of retail space at 666 Fifth Ave., consisting of the Abercrombie & Fitch and Tissot stores.