Store rooftops could generate power; BREIT to pay $3.7B for Resource REIT

S&P Global Market Intelligence offers our top picks of real estate news stories published throughout the week.

The rooftops of major retail shops across the U.S. have the potential to produce solar energy enough to power nearly 8 million average homes and reduce global warming pollution by more than 52 million metric tons of carbon dioxide each year, according to the "Solar on Superstores" report by the Environment America Research and Policy Center.

The study estimates retailers could save on half of their yearly electricity use by fully building out their rooftop solar potential.

Across the country, there are over 100,000 big-box retail stores, supercenters, large grocery stores and malls with a combined nearly 7.2 billion square feet of rooftop space, the report said. These stores account for nearly 4.5% of total electricity used in the U.S.

Producing energy closer to where it will be used could reduce energy losses from transmission and distribution, the report added.

Solar panels could be installed in parking lots and distribution warehouses, according to the report.

Among the major retail real estate investment trusts that have started solar installation at their properties are Simon Property Group Inc. and Kimco Realty Corp.

Read more about the report's findings here.

Expansion stories

* Blackstone Real Estate Income Trust Inc. agreed to buy Resource REIT Inc. for $3.7 billion in an all-cash deal, including assumed debt. The Blackstone Inc. unit will pay $14.75 for every Resource REIT common share, reflecting a 63% premium to the target company's most recently published net asset value of $9.06 per share.

* Iron Mountain Inc. acquired an 80% stake in data center life cycle management solutions provider ITRenew Inc. for roughly $725 million in cash. The remaining 20% of outstanding shares of ITRenew will be bought within three years of deal closing for an enterprise value of at least $925 million.

* WeWork Inc. agreed to buy Common Desk LLC, a flexible workspace provider based in Dallas. The transaction is expected to close in March.

* Colliers International Group Inc. will buy a 75% stake in Basalt Infrastructure Partners LLP. The infrastructure investment management firm will be purchased from Basalt's founders and an unnamed financial investor.

Property moves

* Rockpoint Group LLC is auctioning off two luxury apartment properties in Massachusetts, Green Street's Real Estate Alert reported Jan. 25. The 722-unit Alterra at Overlook Ridge in Revere, Ma., and the 664-unit Chase at Overlook Ridge in Malden, Mass., are expected to receive bids totaling more than $575 million, according to the report.

* Corporate Office Properties Trust sold the only multitenant data center in its portfolio for $222.5 million. A fund managed by CloudHQ affiliate Cloud Capital acquired the COPT DC-6 property in Northern Virginia.

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