An optical cable dealer will benefit from the surge in data center development with a billion-dollar deal that will expand its North Carolina manufacturing. 

Corning Inc. will boost its optical cable manufacturing presence in North Carolina through a $6B data center deal with Meta Platforms Inc., the Charlotte Business Journal reported.

The multiyear deal, which spans through 2030, aims to provide specialized cable to facilitate data center development for Meta, which owns Facebook, Instagram and WhatsApp. 

Corning CEO and Chairman Wendell P. Weeks said in a press release that the investment will significantly expand the company’s footprint across North Carolina and boost its headcount in the state by 15% to 20%.

“Together with Meta, we’re strengthening domestic supply chains and helping ensure that advanced data centers are built using U.S. innovation and advanced manufacturing,” Weeks said.

In October 2025, Corning announced it would expand at its 378-acre cable plant at the Trivium Corporate Center in Hickory, an hour northwest of Charlotte in Catawba County. When Corning announced the Hickory expansion, it stated investment would total between $170M and $268M.

Corning’s plans will reportedly make its Hickory facility the largest fiber-optic plant in the world.

In addition to the Hickory plant, Corning has manufacturing plants in Newton, Concord, Wilmington and Winston-Salem.

Shares of Corning, which have reportedly risen more than 75% in the past year, rose 16% on Jan. 27th with news of the deal to close to reach a new 52-week high of  $110.

Meta announced in November it would commit to spending $600B on data centers and infrastructure in the U.S. by 2028. 

The company’s two largest data center clusters currently under construction are the 1-gigawatt Prometheus site in Ohio and the 5-gigawatt Hyperion site in Louisiana. Both will feature Corning fiber-optic cable, CNBC reported.

A Charlotte apartment developer is spearheading a mixed-use project next to a Wieuca Road Baptist church that includes plans for a new office building.

The monument sign for the Church at Wieuca in Buckhead

Crescent Communities applied for special administrative permits Jan. 9 with the city of Atlanta to develop a 300-unit apartment complex and a multistory office building at 3626 Peachtree Road, part of the Church at Wieuca campus.

The church’s lead pastor, Kevin Head, confirmed the nearly 2.5-acre parcel at the corner of Wieuca and Peachtree roads in Buckhead is under contract to Crescent but declined to disclose the pending purchase price. 

“We have finalized the purchase and sale agreement with them,” Head said. “It’s a significant step for us as a church.”

According to SAP applications filed by engineering firm Kimley-Horn, Crescent is looking to build 300 apartments with a parking deck, plus an office building with 6,500 SF of commercial space and a parking deck. 

Harvey Rudy, an Atlanta-area development vet and founder of HSR Development Services, is the development partner with Crescent, continuing his affiliation with the site that he first established while with Greenstone Properties. Rudy said Crescent is considering a 375K SF office building on the site.

Crescent Commercial Managing Director Sagar Rathie declined to comment further about the project.

“Crescent Communities is excited about our continued investment in Buckhead, and we look forward to sharing more details in the future,” Rathie said in an email.

This is the latest iteration of the redevelopment of the Church at Wieuca’s land. Greenstone previously partnered with the church in 2021 on redevelopment plans. Two years later, the firm announced it had partnered with Toll Brothers to build townhomes, 400 apartments, 500K SF of office space and 12K SF of retail space on the site, but the project ultimately failed to materialize. 

Rudy was previously Greenstone’s development head, responsible for such projects as HD Supply’s 220K SF headquarters near The Battery in Cobb County and the 14th + Spring office tower in Midtown. Rudy continued to do planning for the Church at Wieuca when he formed his own firm in 2024.

Developers have scaled back to historically low levels of new office construction.

Courtesy of Harvey Rudy

HSR Development Services founder Harvey Rudy

Portman Holdings delivered its 525K SF Ten Twenty Spring office building in Midtown in 2024, which snagged consulting firm EY as an anchor tenant last year. The only other office under construction in Atlanta is 1072 West Peachtree, the 60-story mixed-use skyscraper by Rockefeller that includes 224K SF of office space and is set to deliver this spring, according to a fourth-quarter CBRE office market report.

A recent upswing in Atlanta’s office fundamentals, especially among landlords that own the city’s collection of trophy towers, could be encouraging developers to consider planning for new office development once again, said Sara Barnes, Avison Young Southeast market intelligence manager.

“I have a feeling some developers are going to start considering it,” Barnes said. 

Office tenants inked more than 7M SF in 2025, focused mainly on Class-A and trophy properties, according to a Q4 Avison Young report. In fact, nearly three-quarters of all new leasing activity in 2025 was among Class-A and trophy office properties as tenants vied for high-caliber office spaces amid back-to-office initiatives, according to Avison Young.

Metro Atlanta office landlords tallied negative net absorption of more than 475K SF last year, but trophy tower owners saw nearly 468K SF of positive absorption, demonstrating the growing bifurcation in the office market.

Still, Barnes said she doubts any developer will break ground on office in the next 12 months, especially as they must pencil in elevated construction costs. The average price to develop a new urban office building is around $750 per SF, up $200 from five years ago, according to data compiled by Avison Young senior associate Nick Steen. 

Further interest rate cuts and further cooling of the trade wars, however, could help push construction pricing downward, but most developers will likely sit on the sidelines in the near term rather than risk building new office space, Barnes said.

“Spec development, I still think we have a little bit to go before we see that break ground,” she said.

An Atlanta firm run by former Jamestown executives has acquired a landmark portfolio along the Atlanta BeltLine Eastside Trail.

Asana Partners sold Krog Street Market, part of the Krog District.

26th Street Partners purchased The Krog District, a 180K SF portfolio that includes Krog Street Market, for $210M from Charlotte-based Asana Partners, according to records in the Georgia Superior Court Clerks’ Cooperative Authority database.

The properties include Atlanta Stove Works, SPX Alley and the Butler and Gravel buildings, according to the Atlanta Business Chronicle. It has a mix of more than 40 tenants in the Inman Park neighborhood, The Atlanta Journal-Constitution reported.

The sale comes seven years after Asana paid $45M for Krog Street Market and Atlanta Stove Works, according to the AJC. Asana subsequently bought SPX Alley for $19M, according to the publication. 

This isn’t 26th Street’s first purchase from Asana Partners. In January, the firm bought both Plaza on Ponce, which is home to Majestic Diner and Plaza Theatre, and Morningside Village for $67.5M.

26th Street Partners is run by CEO Shak Presswala, Chief Investment Officer Andrew Shaw and Chief Operating Officer Noah Peeters, who are Jamestown alums.

SALES

Greenwood Star Holdings purchased the 281-unit Parkside Apartments and the 96-unit Creekside Apartments in Doraville for a total of $47M, according to a press release. 

LHNH Parkside Apartments LLC sold Parkside Apartments, and LHNH Creekside sold Creekside Apartments. Both entities are tied to the same New Jersey address, according to records in the Georgia Superior Court Clerks’ Cooperative Authority database.

LHNH Creekside purchased the Creekside Apartments in 2019 for $12.3M. Bisnow couldn’t locate property records for Parkside Apartments.

Greenwood Star bought both properties through its Greenwood Star Income and Growth Trust fund, according to a press release. Greenwood assumed a 3.6% Fannie Mae loan that is set to mature in August 2029, according to the release. 

***

Atlanta-based Penler purchased Trace Midtown, a 290-unit apartment tower off Peachtree Street, for $94.3M in August, according to records in the Georgia Superior Court Clerks’ Cooperative Authority database. Bisnow previously reported Penler’s acquisition spree in the Southeast, which included Trace, but the price wasn’t disclosed at the time. 

***

GSL Properties picked up the 347-unit Manor Barrett apartment complex in Kennesaw for $106M and the 360-unit Town Laurel Crossing apartments in Buford for $110M. 

Both properties were developed and sold by Miami-based Related Group. The sale included a $137M Freddie Mac loan.

FINANCING

Courtesy of JLL

Highlands at Sweetwater Creek apartments in Duluth

Greystar refinanced a three-property multifamily portfolio owned in a joint venture between Myers Apartment Group and Torchlight Investors. The properties include the 290-unit Highlands at Sweetwater Creek off Satellite Boulevard in Duluth and the 200-unit Symphony at Suwanee Creek off Peachtree Industrial Boulevard in Suwanee. 

A third apartment complex in Austin was part of the $125.5M floating-rate loan.

JLL’s Gerard Sansosti, Peter Rotchford, Nicco Lupo and Clayton Ross arranged the financing on behalf of the owners. 

PERSONNEL

Retail brokerage firm TSCG tapped Kris Murphy as vice president of landlord services in Atlanta. She had been working for Columbia Properties, where she served as director of leasing and totaled more than $75M in transactions during her career. 

***

Duke Realty alumnus Chris Brown has joined the industrial developer Dermody as senior vice president, tasked with hunting for new investments in the Southeast. Brown, who spent more than 26 years at Duke before joining Constellation Real Estate Partners in 2023, will also assist in leasing and asset management for Dermody.

***

Avison Young tapped Jay Johnson as principal and executive managing director of the firm’s healthcare services. A 30-year CRE vet, Johnson will lead Avison Young’s healthcare division and is tasked with growing its market share across the U.S.

Johnson was formerly the national director of healthcare markets for JLL. 

DEVELOPMENT

Thompson Thrift is developing Autry at Tulip Grove, a 300-unit apartment community in Buford. The 10-acre property at 1325 Laurel Crossing Parkway will include two fitness centers, a heated swimming pool, an outdoor pavilion with a gas fireplace, a golf simulator, a pet spa and a 24-hour social club, according to a press release. 

The developer expects to open units to residents in January.

***

Underwood Ammo plans to develop a $41M manufacturing facility in Effingham County, a development that could create 120 new jobs, Georgia Gov. Brian Kemp announced this week. 

The rifle- and handgun-ammunition maker will break ground next year and develop the facility at the Savannah Portside International Park. The size of the facility wasn’t disclosed. 

Georgia Department of Economic Development Project Manager Connor Hall led incentive negotiations on behalf of the state.

***

Atlanta-based RangeWater Real Estate broke ground this month on The Greene, a 300-unit apartment complex in Downtown Lawrenceville. The 21-acre site at 1032 Buford Drive is just north of the Gwinnett County Jail complex.

RangeWater is partnering with Brazil-based Kinea on the project. The Greene will offer one-, two- and three-bedroom units and will feature a resort-style pool, biergarten, coworking spaces and a dog park, among other amenities, according to a press release.

The Greene is scheduled to open in the first quarter of 2027.

LEASES

Global pediatric healthcare system Shriners Children’s has leased 159K SF at Science Square Labs in Midtown, the Atlanta Business Chronicle reported. The nonprofit healthcare operator will manage its research institute and occupy several floors of the facility, according to a press release.

Shriners will bring more than 470 jobs to the facility.

The deal brings the 368K SF lab and office tower to 83% leased. The facility, developed in 2024 by Trammell Crow Co., is part of Georgia Tech’s Science Square innovation district. At full build-out, the district can house 1.6M SF of lab and office space. 

CBRE’s Eric Ross, Jessica Doyle and Graham Little brokered the deal for Trammell Crow. 

***

Burger purveyor Shake Shack leased 3K SF with CIM Group for space at Centennial Yards, the $5B, 50-acre mixed-use development rising on the former Gulch site in Downtown Atlanta. The eatery is expected to open in 2026 at Centennial Yards’ 470K SF entertainment district. 

CORRECTION, OCT. 9, 5:30 P.M. ET: A previous version of this story contained an incomplete sales price for the Krog District. The story has been updated.

Mill Creek Residential secured construction financing for a housing project in Medford.

A rendering of Mill Creek Residential’s 4000 Mystic Valley Parkway in Medford.

The Boca Raton, Florida-based multifamily developer closed on a $98M construction loan, the Banker & Tradesman reported. The loan comes after the company acquired the Medford industrial site Sept. 4 for $20.5M.

The site at 4000 Mystic Valley Parkway is approved for a 380-unit apartment complex. The company secured the loan from Charlotte, North Carolina-based Truist Bank.

The project includes two buildings containing 350 units and 2K SF of ground-floor retail. The complex will set aside 88 units as income-restricted.

Mill Creek has developed over 4,000 apartments across 15 projects in Massachusetts. 

This summer, the company filed plans for a 321-unit apartment complex at 42 Beale St. in Quincy’s Wollaston neighborhood. In April, the company broke ground on a 172-unit apartment complex at 751 Boston Post Road in Weston.

SALES

Massachusetts sold five vacant parcels at an auction for a total of $2.9M, the Boston Business Journal reported. The properties are located in Westborough, Northborough, Templeton and Phillipston and total 25 acres. 

The state is now seeking bids for properties in Bedford, Bridgewater, Fitchburg and Lowell. The Healey administration said in June it identified 450 acres of state-owned land that could be developed with up to 3,500 housing units.

LEASES

Security and defense manufacturing company Qinetiq signed a 49K SF lease at an office and industrial property at 358 2nd Ave. in Waltham. R.W. Holmes’ Arthur Amadei represented the landlord, Hillside Associates, and the tenant was represented by Colliers’ Adam Schindler and Jason Rexinis.

***

Medical equipment company XRHealth signed a 4K SF office lease at 300 First Ave. in Needham. Freudenheim Partners’ Ellie Cullinan represented the tenant, and Commonwealth Commercial Advisors’ Tim Coyle represented the landlord in the transaction. The property is located in Needham Crossing and is adjacent to I-95.

PERSONNEL

Patrick Shields has joined JLL’s Boston Capital Markets team as a managing director. Shields will relocate from the company’s Chicago office. In this new role, he will run the capital markets team alongside Scott Carpenter. Shields has 15 years of experience in real estate and finance. He joined JLL in 2019. 

CONSTRUCTION & DEVELOPMENT

A rendering of Burbank Terrace in the Fenway.

The Fenway Community Development Corp. celebrated the opening of its Burbank Terrace project, a 100% affordable rental property in Boston. The project brings 27 affordable housing units to the site of a former surface parking lot at 72 Burbank St. in Boston’s Fenway neighborhood. The residential project is the first the nonprofit has completed in 20 years.

***

A 234-unit affordable housing project was proposed in Newtonville under the state’s 40B housing law, the Banker & Tradesman reported. Atlanta-based Wood Partners proposed the project and estimates it will require a $73M construction loan and $60M in equity.

Gwinnett County’s redevelopment agency is slated to buy the shuttered Sears store at Gwinnett Place Mall as it pushes forward on the defunct retail center’s rebirth. 

Gwinnett County is purchasing the former Sears store at Gwinnett Place Mall.

The Urban Redevelopment Agency of Gwinnett County unanimously approved the purchase of the 11.5-acre vacant Sears store and adjacent parking lot for $11.5M during the agency’s special meeting on Tuesday. 

The empty department store is owned by Northwood Ravin, which purchased it in 2018 from Sears for $11M, according to Gwinnett County records.

The acquisition brings the county one step closer to its longtime goal of redeveloping the ailing mall. Later this month, Gwinnett officials plan to issue a request for proposals from developers for their vision on the mall’s rebirth, Nicole Love Hendrickson, who heads the URA and is chairwoman of the Gwinnett County Board of Commissioners, told Bisnow on Wednesday.

Those visions would likely involve developers razing parts of the existing mall, Hendrickson said. The main 562K SF enclosed portion of the mall — which the county purchased from Moonbeam Capital in 2021 for $23M — was used as a set for Netflix’s Stranger Things in 2019.

“It’s likely some parts of it will have to be torn down, but we have to wait for those proposals to come back to see what needs to stay, what needs to go,” she said. 

The Sears deal is expected to close by the end of October, after which point the county will command 87.5 acres of the mall property, including the former Macy’s department store that Gwinnett purchased in 2024 for $16.5M. 

The sale officially ends any ambition Northwood Ravin, which is primarily a multifamily developer, had for the former Sears store. Hendrickson said talks about the county buying its portion of Gwinnett Place Mall had been evolving for some time but became more realistic after Gwinnett bought the Macy’s anchor last year. 

“It signaled to them that it was time to let go of the property,” she said. 

Charlotte-based Northwood Ravin didn’t respond to a request for comment.

The Board of Commissioners approved a plan in 2023 to redevelop the mall with up to 3,800 new housing units set in seven different villages, 55K SF of retail centered around a 4.4-acre central park, 50K SF of office, and a 52K SF international community cultural center and a public parking garage. 

The county is also proposing turning the current ring road around the mall into a 1.25-mile greenway with sidewalks and a cycle track.

The two open mall anchors, Asian department store Mega Mart and beauty supply retailer Beauty Master, own their own spaces. Hendrickson said the county has reached out in the past about acquiring their real estate so Gwinnett can have complete control over the property, but those talks have gone nowhere. 

“I think ultimately having 100% of the property would give us prime opportunity to redevelop it,” she said. “Having the existing anchor tenants there will make it a challenge but won’t make it impossible. We are not pressuring any of the anchor owners to give up their properties.”

The redevelopment will also include a new multimodal hub for rapid bus, microtransit and vehicles, called the Gwinnett Place Transit Center, a project largely funded by the Federal Transit Administration. The transit center, located on a county-owned parcel across from the former Macy’s department store, is expected to finish in 2032.

The actual redevelopment of the mall, though, will likely take much longer. Hendrickson said the eventual developer and its vision for the project will determine the timeline for redevelopment.

“Commercial mall redevelopment typically takes 25 to 30 years,” Hendrickson said. “It’s a legacy project. I probably won’t be in office by the time this is complete. But I can say I had a hand in getting it off the ground.”

JLL Capital Markets arranged $107.8M in financing for Adler Real Estate Partners’ acquisition of industrial assets in Denver, Charlotte and Houston.

The package included $61.5M for the SE Denver Light Industrial Portfolio, which spans 484K SF across Arapahoe Business Park I & II and 345 Inverness in the southeast submarket.

The broader financing covered two other Adler buys: $16.8M for Harris Ridge Business Center, a 160K SF light industrial property in Charlotte and $29.6M for the Houston Prime Shallow Bay Portfolio, an eight-building, 276K SF group of assets in Houston’s Energy Corridor and The Woodlands.

The deal comes as large financing packages crop up in Denver. Last week, PMG secured $107.5M in construction financing for Waldorf Astoria Residences Denver Cherry Creek, a 37-unit luxury condo project at 185 N. Steele St. 

SALES

Pinnacle Real Estate Advisors brokered the $2.9M sale of a 15.5K SF industrial building at 4571 Ivy St. in Denver. Mark Alley handled both sides of the transaction.

CONSTRUCTION AND DEVELOPMENT

AdventHealth Littleton opened its new Heart & Vascular Institute, a 143K SF, five-story tower on its campus. The center includes three cardiovascular operating rooms, three cardiac catheterization and electrophysiology labs, and a hybrid operating room. It was developed in partnership with South Denver Cardiology.

THIS AND THAT

The City and County of Denver cut 835 positions, or about 7.6% of its workforce, on Aug. 20 to close a $250M budget gap. Nearly 700 of the jobs were unfilled, but an Axios analysis found 46.9% of the cuts could affect commercial and residential real estate. 

That includes 27.8% of staff at the Climate Action, Sustainability and Resiliency department, which oversees the Energize Denver ordinance, and 19.1% at Community Planning and Development. The move comes months after Mayor Mike Johnston signed an executive order creating a new permitting office with a 180-day review goal.

***

Urban Egg opened its third Denver location on Aug. 25 at 1550 Wewatta St. in the Triangle Building. It is its 11th overall location. The downtown spot seats 119 people inside and 44 on the patio, and it is the second to feature the brand’s new prototype design.

***

Despite two-bedroom rents falling 9.3% year-over-year, Denver remains the 25th most expensive rental market in the U.S., according to Zumper. Median rents in August were $1,680 for a one-bedroom and $2,240 for a two-bedroom.

Fairstead closed on a $20M investment to acquire and rehabilitate Sunflower Terrace Apartments at 5050 Sunflower St. in Houston’s southern Sunnyside neighborhood. 

Sunflower Terrace Apartments

Fairstead will work with R4 Capital, its mortgage lending affiliate R4 Capital Funding and the Houston Housing Finance Corp. The project will be reserved for low- and very low-income families.

The property consists of 160 affordable housing units under a project-based Section 8 contract. Rents will be capped at 50% of the area median income for half of the units and 60% of AMI for the remaining units.

Fairstead, a national affordable housing real estate company, will own the property with HHFC. Fairstead will also serve as developer and property manager.

The complex was originally built in 1971. Renovations will begin this summer and are slated for completion in August 2026. 

SALES

Houston-based real estate investment and development firm Griffin Partners acquired a 39K SF, two-building industrial park at 4901 Milwee St. in Northwest Houston. Colliers’ Todd Moore, Connor Duffy and Zack Martin represented the seller, Wolf Capital Partners. The park is 91% leased. 

***

Colliers’ Tom Condon Jr., Greg Cizik and Edward Edson represented the seller of a 53K SF light industrial building at 9201 Winkler Drive near Hobby Airport. The buyer was a private investment group represented by Zane Carman of Partners Real Estate. Closing was coordinated by Charlotte Sanders and her team at Alamo Title Houston.

***

Partners Real Estate’s Wyatt Huff and Hunter Stockard represented Harbor Hill Holdings in the sale of a 25K SF manufacturing facility on 7 acres at 1302 S. Cherry St. in Tomball. The property was acquired by a local private investor. 

***

Ameritex Machine & Fabrication purchased a 145K SF property at 915 Conroe Park West Drive. Garret Geaccone with Stream Realty Partners represented the seller, TradeLane Properties. Tim ONeill with TSO Properties represented the buyer.

***

Courtesy of Apricus Realty Capital

An 11-acre industrial outdoor storage site at 6003 Cunningham Road in Northwest Houston.

Apricus Realty Capital acquired an 11-acre industrial outdoor storage property with 32K SF of warehouse and office space across multiple buildings. The property in Northwest Houston, near Highway 290 and Beltway 8, is fully leased to Knight Oil Tools.

JLL Capital Markets worked on behalf of Apricus Realty Capital to secure acquisition financing, a three-year, fixed-rate, interest-only loan with one 24-month extension option.

CW Sheehan, Jack Britton, Peyton Ackerman and Nate Henderson led the JLL debt advisory team.

***

Shawn Ackerman of Henry S. Miller Brokerage represented the seller of the 197K SF Woodforest Shopping Center in East Houston. Ackerman grew occupancy at the property from 37% to 96% over several years and sold it to a local buyer in a direct deal. 

LEASES

World Emblem, a Fort Lauderdale, Florida-based emblem and patch manufacturer, signed a 72K SF lease for a manufacturing facility at 6740 Signat Drive. The company is moving its regional operations from 35K SF in Northwest Houston into the larger space, which will initially produce up to 500,000 emblems and patches per week.

***

Stream Realty Partners announced the following leases: 

• Marquis Distributors LLC expanded to a total of 23K SF at 525 Julie Rivers Drive in Sugar Land. Will Mason and Tyler Maner with Stream Realty Partners represented the tenant, and Boone Smith, Garret Geaccone and Natalie Gilbert, also with Stream, represented the landlord, Oxford Properties. 
• Vasa Tech North America LLC leased 35K SF at 8700 Clay Road. Jack Rathe and Brandon Preece with Stream Realty Partners represented the landlord, Entrada Partners. Jackie Chang with Forever Realty represented the tenant.

***

Tri Pointe Homes renewed its 24K SF lease at Atrium at Park Ten, a 140K SF West Houston office building owned by Accesso. The homebuilder plans to upgrade its finishes and reconfigure its office layout over its new lease term.

CONSTRUCTION AND DEVELOPMENT

Griffin Partners Income & Value Fund IV and Peakline Real Estate Funds are expanding the Griffin 288/West Airport industrial project in Houston to three buildings with a combined 569K SF across 41 acres, CBRE announced. 

Griffin Partners and Peakline originally acquired about 18 acres in December and announced plans for a 225K SF industrial building. They acquired 23 more acres in May and announced plans for two more buildings. They have now combined those plans into a single phase with construction slated to begin this month.

CBRE’s Faron Wiley and Billy Gold will handle leasing efforts. Delivery is expected between April and June. 

***

Chicago-based RSK Real Estate Partners has begun developing a 156-duplex build-to-rent community near the Market at Katy Park in Harris County. The to-be-named project will front the under-construction Galileo Way, which will create access to Morton Road in Northwest Katy.

RSK’s project will include 103 three-bedroom units and 53 two-bedroom designs, averaging 1,600 SF. The developer anticipates the buildings will start to deliver in the late second quarter of 2026.

NewQuest’s Rick Ragan and Glenn Dickerson represented RSK Real Estate Partners in the acquisition of the 9-acre development site. Matthew Davis and Kristen McDade of Cushman & Wakefield represented Morton Ranch Development LLC, the seller and developer of the Market at Katy Park, a 158K SF H-E-B-anchored retail center. 

FINANCING

Courtesy of Newmark

Layne Crossing

Crow Holdings completed a recapitalization of a 6M SF industrial portfolio that included seven buildings totaling nearly 900K SF in the Houston area. Blackstone Real Estate acquired a 95% stake in the portfolio, which also includes 18 other buildings in Dallas-Fort Worth and Chicago.

The properties in Houston include Layne Crossing, with six buildings totaling 529K SF in Houston, and Victory Commerce Center, with one 349K SF building in Deer Park. 

Newmark’s Dom Espinosa, Jack Fraker, Dustin Volz and Kevin Donner advised Crow Holdings in the transaction, while the company’s Adam Spies, Marcella Fasulo and Josh King supported negotiations. Fried Frank was legal counsel for Crow Holdings.

A mystery buyer has apparently agreed to buy $725 million in debt on two of San Francisco’s largest hotels, reported the San Francisco Business Times. The 1,921-key Hilton San Francisco Union Square and 1,024-key Parc 55 San Francisco have been under court-appointed receivership since the fall of 2023, after owner Park Hotels & Resorts handed back the keys.

Eastdil Secured began marketing the debt on the two connected properties this past July. At that time, the two properties were appraised at roughly $554 million by Kroll Bond Rating Agency, a drop of more than $1 billion from their appraised value when the debt was originated.

The Business Times reported that the terms of the sale were still under discussion and the deal has not been finalized. The receiver is under a March 31 deadline to complete the deal or the debt will go back to lender JPMorgan for foreclosure.

Skanska has signed a contract with the Texas A&M University System to construct the new Meat Science and Technology Center on their campus. The contract is worth $91 million. 

The new building will be a 73,500 gross square-foot facility that will provide AgriLife, a research and educational agency within the Texas A&M University System, with modern, state-of-the-art processing capabilities. 

The facility will support the next generation of food safety and nutritional quality research in meat science. It will feature an auditorium, laboratories, training classrooms, seminar spaces, and offices designed for graduate students and faculty.

Work is slated to begin in December 2025 and is expected to reach completion in January 2028.

SRS Real Estate Partners closed the $6.84-million ground lease sale of a Raising Cane’s property located at 4100 Central Ave. in Riverside. Situated on 1.29 acres, the 3,267-square-foot restaurant property was built in 2024 and has a corporate-guaranteed, absolute triple net 15-year ground lease in place.

SRS Capital Markets senior managing principals Patrick Luther and Matthew Mousavi represented the seller, a Southern California-based developer. The 1031 exchange buyer, a private investor from Washington, was represented by Brian Quinn and Bryan Cunningham of JLL. The closing cap rate was 4.75%.

“Acquiring this Inland Empire Raising Cane’s property provided the passive buyer with a strategic investment opportunity due to its prime location, strong brand presence, and consistent consumer demand,” said Mousavi. “Situated in a high-traffic area with excellent visibility and accessibility, the property benefits from the fast-casual dining sector’s resilience and growth.”