Lincoln Property Co. has purchased Charlotte-based developer The Spectrum Cos. in a deal that Lincoln says will help it grow its footprint across the Carolinas.

Dallas-based Lincoln will combine its Carolinas platform with Spectrum and will also include Spectrum’s northern and central Florida multifamily business, Lincoln said in a Tuesday press release. The companies say the move will help boost the combined firm’s development and acquisition pipeline.

The companies’ portfolios will merge well because of Spectrum’s strong focus on multifamily development, executives from both firms told the Charlotte Business Journal, which first reported the news. Spectrum has developed almost 7,000 multifamily units since its founding, according to the release.

The sum of the sale was not disclosed.

“Lincoln has been focused on growing and investing in the Carolinas for many years, and Spectrum presented a unique opportunity to accelerate that strategy,” Johno Harris, senior executive vice president at Lincoln, told Bisnow.

He added that Spectrum’s “exceptional team” complements Lincoln’s existing platform well.

“As we looked at the next phase of growth in the region, it became clear that bringing our organizations together would create a stronger business, expand our capabilities and position us to better serve clients and pursue new opportunities across the Carolinas,” he said.

A spokesperson for Spectrum didn’t comment in time for publication.

Spectrum’s 43 employees will move from a 5K SF office into Lincoln’s two-floor, 200K SF headquarters at Piedmont Town Center in SouthPark, which already employs 260 people, CBJ reported. No job cuts are expected.

Executives told CBJ that Spectrum’s name will soon change to Lincoln.

Lincoln’s global portfolio spans 720M SF, according to the company’s website. It manages 27M SF in the Carolinas. The developer’s Charlotte-based work includes the 3M SF Legacy Union office tower complex.

Spectrum’s 4.4M SF portfolio will now become “a significant expansion of Lincoln’s regional footprint,” according to the press release. The company’s local assets previously included Vantage South End, a 635K SF mixed-use development that it sold to Cousins Properties in 2024.

Charlotte ranks among “the most attractive markets for investors” in the country, according to CBRE’s 2026 North America Investor Intentions Survey. Charlotte’s multifamily market is “maintaining stronger demand fundamentals than most peer markets,” a first-quarter Matthews report said, with a 6.2 percent vacancy rate a signal that demand has absorbed new supply.

BWE has secured $38.92 million to refinance 194 units of Woodland Park by the Lake, a 240-unit gated condominium community in the Bronzeville neighborhood of Chicago, Illinois.

Ryan Morris, vice president, and Max Miller, analyst, both in BWE’s Chicago office, originated the five-year Freddie Mac loan on behalf of the sponsor, a joint venture between a Chicago-based property management firm and a Chicago-based investor group. The joint venture originally acquired 170 units in the property in 2019 as part of a fractured condo deal, and since then, they have purchased more units and substantially renovated those homes. The refinancing accounts for 194 of the total 240 units.

“With its recent stabilization and the strong Chicago rental market, it was the ideal time to refinance so that our client can continue to acquire and renovate additional units in the property,” said Morris. Located at 3423 S Cottage Grove Avenue, Woodland Park by the Lake is a gated, seven-acre residential community.

MBK Senior Living announced that construction has officially begun on a comprehensive renovation of The Bellettini, a senior living community in the heart of downtown Bellevue, Washington. The transformation is expected to be completed in Summer 2026.

The transformation will enhance key shared spaces throughout the community, including the lobby, concierge and valet areas, and signature dining venues. “This renovation reflects a deep respect for what The Bellettini has always been, while thoughtfully enhancing how it feels to live here each day,” said Brian Prouty, Executive Director of The Bellettini.

“We’re creating an environment that feels both elevated and comfortable—where residents can continue to enjoy the connections, experiences, and sense of ease they value, now within beautifully refreshed surroundings.”

The Bellettini features 144 independent and assisted living apartments. MBK Senior Living is a provider of independent living, assisted living, and memory care communities across the Western United States.

The bifurcation we’re seeing in the office market between sought-after trophy properties and those with occupancy challenges extends to the realm of distressed real estate as well, said James Shevlin, president and COO of CWCapital. In the second part of a two-part Connect CRE Distressed Assets Update webinar, Shevlin noted that it’s not the Class A properties that have landed in special servicing.

“We’re seeing B and C assets that have heavy capex needs, lower rates in the market, lower occupancy in the market,” he said. “Can we stabilize that asset? We can stabilize the asset, but it’s probably going to be at a much lower valuation.”

To stabilize properties that have become functionally obsolete, “Somebody’s going to have to find a different way to reposition those assets,” said Jenna Unell, VP, senior managing director – special servicing at Greystone. “I don’t think we’ve seen the bottom of those yet. I think there’s more to come on that.”

Not all troubled office properties are lost causes, though. Unell cited the owner of an office property in the Houston suburbs who was determined to make a go of it. The asset “just couldn’t get refinanced, but the borrower wanted to stick with it,” she said. “The borrower paid down principal, put money in reserves to do the TI work, and we put him on a pretty short string and then gave him another option down the road.”

Juan Cueto, managing director, head of real estate (REO) asset management at Rialto Capital Advisors, agreed. “We don’t want to foreclose en masse and take title on everything,” he said. So if you have a committed borrower, that bodes well for the long-term viability of that loan and hopefully it gets back to performing and ultimately pays off.”

Moderated by Sreve Pumper, executive managing partner, asset services and capital markets at Transwestern, the conversation also delved into engineering loan workouts, the challenges of selling at current pricing and how to proceed in a capital markets environment that hasn’t improved as rapidly as people had hoped two years ago. On-demand replays of Parts One and Two of the webinar can be accessed here.

Dallas-based Lincoln Property Co. is diving deeper into the brokerage business. 

Courtesy of AGpicture

Lincoln Property Group’s Executive Managing Director of National Brokerage Tyler Courtney.

The firm, known for development and property management, hired Tyler Courtney to to bulk up its leasing services. Courtney until recently led Cushman & Wakefield’s Atlanta office and will now be Lincoln’s executive managing director of national brokerage, a newly created role. 

“Lincoln already has a significant portfolio of assets that we lease throughout the country and our goal is to grow our third-party portfolio,” Lincoln co-CEO David Binswanger said in a statement. “Tyler will help strengthen Lincoln’s national brokerage platform and support the growth of our local leasing teams in markets that are aiming to expand and scale their service offerings.”

Courtney started the job Monday and will work out of Lincoln’s Atlanta office, CoStar reported. He told the publication that he planned to spend the next few weeks traveling to Lincoln’s major markets — Dallas; Washington, D.C.; Boston; Chicago and Charlotte, North Carolina — to meet with local executive leadership and begin recruiting brokers to the business. 

Courtney had been with Cushman & Wakefield since 2009. He began with a focus on tenant representation and climbed the corporate ladder to become the firm’s managing principal for Atlanta.

In that role, Courtney oversaw more than 500 staff and was responsible for Cushman & Wakefield’s strategic direction and business development in Atlanta. Courtney told CoStar that leaving the brokerage was the hardest decision of his career. 

“I was drawn to Lincoln because of the firm’s entrepreneurial spirit, which allows our teams to be nimble and respond efficiently to the current market conditions,” he said in a statement. 

Lincoln’s management and leasing portfolio spans 562M SF across the U.S., United Kingdom and Europe. The firm has built more than 164M SF of commercial space since its inception in 1965 and has another $19.5B in its active development pipeline. 

Courtney is especially interested in expanding Lincoln’s agency leasing services in the industrial sector, where the glut of pandemic-era construction has shifted the market more in tenants’ favor, he told CoStar. Lincoln could also explore building its presence in the office, healthcare, medical office, retail and data center sectors, Courtney said. 

Lincoln’s decision to expand its dedicated brokerage business comes as real estate services providers expect both the leasing and sales markets to accelerate through the back half of this year and into 2026. 

Top executives at brokerages are predicting that anemic activity over the last two years and the billions in capital sitting on the sidelines will translate into more activity. But those predictions largely came before President Donald Trump kicked off a bruising trade war, and it remains to be seen how corporate leaders will react to the newly injected economic uncertainty.

“We’re all experiencing this major whiplash,” Julie Workman, real estate attorney and partner at Chicago-based law firm Saul Ewing, told Bisnow in early March. “What’s true today might not be true tomorrow, and it might not even be true tonight.”

CORRECTION, APRIL 14, 3 P.M. ET: Lincoln Property Co. hired Tyler Courtney to expand its existing leasing business. 

Newmark facilitated the sale of 359 Allston St., a life science property in the East Cambridge submarket of Cambridge, MA. A team of Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell and William Sleeper, in conjunction with Joseph Alvarado and Casey Valente, represented the undisclosed seller and procured the buyer, King Street Properties.

“359 Allston St. is occupied by a well-funded, fast-growing biotechnology tenant,” said Sleeper. “The asset is set on a quarter-acre lot with a highly efficient floor plate and exclusive outdoor spaces that make it an ideal Cambridge flagship for a tenant of this size.”

359 Allston was completely renovated in 2022. The building is fully leased, serving as the headquarters of Vaxess Technologies.

“Acquiring 359 Allston St. was a strategic decision that aligns with our long-term vision and we appreciate Newmark’s assistance with the transaction,” said Tyson Reynoso, managing director/partner at King Street. “This building offers dynamic space for early-stage companies in East Cambridge, the premier life science location in the country.”

Inland Real Estate Investment Corporation and Devon Self Storage have completed the construction of a 59,837-square-foot Class-A self-storage facility located in Springfield, Massachusetts.

Located at 2155 East Columbus Avenue near a major downtown thoroughfare and the I-91 overpass along the Connecticut River, the property previously served as a historic factory building. The redeveloped facility is comprised of three interconnected buildings encompassing 601 climate-controlled self-storage units, drive-thru unit capability and a 24-hour security system.

“Considered a top underserved market for self-storage in 2024, we are pleased to help close the market’s supply and demand gap and continue our collaboration with Devon to bring top-tier self-storage properties to markets nationwide,” said Keith Lampi, CEO and president of Inland Investments. Inland Investments’ current self-storage portfolio spans more than $1.7 billion in assets under management. Devon currently manages 188 properties with a footprint in 32 states across the country.

Sellers of a 65-acre site on the Cumberland River set the price at $200 million. Ewing Properties, the property owner, has hired Stream Realty to market the property.

The parcel, called “The Riverside,” was once slated for 5 million square feet of residential, office and retail space. Ewing paid $7.6 million for the property and assembled the 65 acres starting in 2015.

The Nashville Business Journal reports the price is comparable to the number Carl Icahn is seeking for his East Bank scrapyard property, located just a few miles down the river. Oracle Corp. paid $253.7 million for more than 65 acres of East Bank land across the river from Germantown for its future campus in 2021, and Southwest Value Partners paid $125 million for the 15-acre former Lifeway Christian Resources campus in 2015.

Homebuilder Taylor Morrison paid $58 million for lakefront property outside of Charlotte.

Taylor Morrison says it will deliver a mix of townhomes, single-family homes and lakefront options in The Palisades neighborhood at Lake Wylie. The company is permitted to build 499 units on 162 acres. The Coves at Lake Wylie will be part of a master-planned community that will include retailers, grocers and a variety of restaurants 30 minutes from Charlotte’s city center.

Alex Phillips, Andy Slowik, Battle Smith and Sparling Davis of Cushman & Wakefield represented the seller, Drapac Capital. Phillips added, “What really set the Coves at Lake Wylie apart is the years of effort put in by Drapac Capital Partners to mitigate all controllable risk and deliver a fully approved site.” The developer is expected to begin work immediately.

Lincoln Property Company and joint venture partner Brasa Capital Management acquired a specialized life science facility at 10165 McKellar Ct. in San Diego for an undisclosed amount. The 79,313-square-foot property was sold by QuidelOrtho Corporation, which currently occupies the entire building and plans to vacate and relocate operations to other facilities in San Diego in 2025.

10165 McKellar Ct. is a two-story facility located in the western Sorrento Mesa submarket, a Southern California hub for life science activity. The property comprises a well-proportioned mix of purposefully built lab, warehouse and corporate office space.

“The opportunity to own a versatile asset in this market was appealing to our team and Brasa,” said Scott Moffatt, EVP of Lincoln. “Our next step will be to assess the market and the needs of current and future tenants to determine the best use-case for 10165 McKellar Court moving forward.”

Kurt Luedtke and Zac Saloff of JLL represented the seller in the negotiations.