Trinity Capital Advisors plans $1B development; CBRE acquires logistics assets

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

At 40.6%, the farmland real estate investment trust sector traded at the largest premium to consensus S&P Global Market Intelligence net asset value per-share estimates as of Jan. 3. This owed to Gladstone Land Corp., which had the second-largest premium among all U.S. equity REITs above $200 million market capitalization at 91.4%.

Communications was in second place, with a median premium of 31.7%, followed by the data center and self-storage sectors at 24.7% and 14.3%, respectively.

Find out which REITs traded at the largest discount to NAV in this article.

DEVELOPMENT

* Trinity Capital Advisors Inc. and Starwood Capital Group plan to develop a $1 billion life sciences property in Morrisville, N.C., Commercial Property Executive reported. The Spark LS laboratory and biomanufacturing project will span 1.5 million square feet of life sciences, retail and recreational space.

RESIDENTIAL

* An entity related to real estate investment company PCCP LLC paid $179 million for the Alexandria Parc Vue apartment community in Orlando, Fla., the Orlando Business Journal reported Jan. 5, citing an Orange County deed. Atlas Alexandria & Parc Vue LLC, a company affiliated with Galaxy Realty Capital LLC, sold the 672-unit community at 10649 Bastille Lane.

* Entities associated with WeWork Inc. co-founder Adam Neumann are buying majority stakes in over 4,000 apartments valued at more than $1 billion, Dow Jones Newswires reported, citing court, property and corporate records and people familiar with the transactions. The properties are in Miami; Atlanta; Nashville, Tenn.; Fort Lauderdale, Fla.; and other U.S. cities, according to the report. Most of the transactions were said to have occurred in 2021.

ACQUISITIONS

* CBRE Investment Management LLC is acquiring a portfolio of logistics assets valued at $4.9 billion, Dow Jones Newswires reported. The properties include more than 28 million square feet of warehouses, distribution centers and other logistics facilities spread across the U.S., U.K., Germany and Poland, according to the report.

* Digital Realty Trust Inc. agreed to buy a majority interest in Teraco Data Environments (Pty) Ltd. from an investor consortium in a deal that values the Africa-based carrier-neutral colocation provider at about $3.5 billion. The data center real estate investment trust will hold about 55% of the total equity interests in Teraco.

* A Starwood Capital Group Management LLC affiliate acquired four apartment properties in Palm Beach County, Fla., for $176.4 million, the South Florida Business Journal reported. The purchased properties include the 288-unit first phase and the 112-unit second phase of San Marco Villas, the 210-unit Greenacres apartment complex at 101 Pine Circle and the 130-unit Colony Park apartments, according to the report.

US REIT stocks outperform broader market in 2021