Hines and CalPERS Form $1B Industrial Development JV

Blackstone Real Estate acquired a 1,200-unit multifamily portfolio spanning Dallas, Atlanta, and Phoenix for approximately $380M from Greystar.

Digital Realty Trust acquired a 200-megawatt hyperscale data center campus in Ashburn, Virginia for $1.2B, purchasing from QTS. The acquisition deepens Digital Realty's dominant Loudoun County footprint - the world's largest data center market - and secures scarce, power entitled capacity as utility interconnection queues stretch multi year. The campus is anchored by hyperscale cloud leases, and pricing reflects the premium institutional buyers now assign to shovel-ready, grid-connected compute in constrained Northern Virginia submarkets.

Brookfield acquired a 1.1M SF Midtown Manhattan office tower for $410M, roughly 45% below its 2019 valuation, in an all cash deal.

Kimco Realty acquired a 480,000 SF grocery anchored shopping center in suburban Boston for $165M at a 6.2% cap rate.

Rexford Industrial acquired a six-building infill logistics portfolio totaling 1.4M SF across the Inland Empire for $295M.

Starwood Capital acquired a 900-unit garden style apartment community in the Phoenix metro for $240M from a private seller.

GI Partners acquired a two-facility Seattle area data center portfolio totaling 48MW of critical IT load for $560M, buying from Sabey Data Centers. The deal expands GI's digital infrastructure platform into the Pacific Northwest, one of the fastest growing hyperscale markets, and reflects continued institutional appetite for stabilized, power secured data center assets amid the AI driven compute buildout. Both facilities are fully leased to investment grade cloud tenants on long term contracts.

KKR Real Estate Finance provided a $150M bridge loan to recapitalize a 42-story office tower in Chicago's Loop district.

Simon Property Group closed a $620M CMBS refinancing on its flagship Aventura Mall, reflecting a 5.1% cap rate.

Freddie Mac provided $310M in agency financing for a five property Dallas multifamily portfolio at a sub-6% fixed coupon.

Blackstone Real Estate Debt Strategies provided a $500M construction loan for a 90MW data center development in Northern Virginia.

Wells Fargo led a $280M CMBS financing package for a newly delivered logistics campus in the Seattle metro.

Apollo Global provided a $190M mezzanine loan supporting the recapitalization of a Manhattan office-to-residential conversion.

MF1 Capital closed a $225M floating rate bridge loan on a newly built Atlanta apartment community still in lease up.

EQT Exeter completed an off market sale of a 24-property industrial portfolio totaling 8.4M SF to Prologis for $900M.

Related Companies sold a 200,000 SF retail condominium at Hudson Yards to an institutional buyer for $340M.

Boston Properties sold a suburban Washington DC office campus for $118M, well below its acquisition basis, to a value-add investor.

AvalonBay Communities sold a 600-unit Class A apartment community in Denver for $205M, exiting a non core market.

A five building Atlanta distribution portfolio totaling 3.1M SF traded for $475M as industrial demand held firm in the Southeast.

Hines and CalPERS launched a $1B joint venture to develop and acquire Class A logistics assets across major U.S. distribution hubs including the Inland Empire, Dallas, Atlanta, and the New Jersey port markets. The programmatic venture targets build to core and value-add opportunities, with CalPERS supplying the majority of equity and Hines acting as operating partner. The commitment underscores institutional conviction in industrial fundamentals despite a moderating leasing environment, as investors position for the next supply-constrained cycle.

Greystar and Singapore's GIC expanded their Sunbelt multifamily development joint venture with an additional $750M equity commitment.

TA Realty and Investcorp formed a preferred equity partnership targeting $600M of build to suit data center projects.

Vornado recapitalized a downtown Chicago retail asset through a $210M joint venture with Oaktree Capital.

Amazon signed a 10-year lease for a 1.2 million square foot distribution facility in Edison, NJ for last mile delivery operations.

JPMorgan signed a 400,000 SF lease expansion at its Dallas regional campus, one of the largest office leases in the market this year.

Target signed a 180,000 SF anchor lease at a redeveloped Denver power center, backfilling a former big box vacancy.

Microsoft leased a full 60-megawatt data center block in the Phoenix metro to support Azure and AI compute expansion.

FedEx signed an 850,000 SF distribution center lease in Memphis, reinforcing its central logistics hub operations.