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Good morning. The real estate giant Related Companies is expanding into data centers with a new platform targeting the AI and cloud computing boom.

Today’s issue is brought to you by BOXABL—revolutionizing factory-built, foldable homes for a smarter, more efficient future.

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Market Snapshot

*Data as of 03/26/2024 market close.

digital expansion

TOGETHER WITH BOXABL

BOXABL officially reserved NASDAQ stock ticker symbol BXBL…

BOXABL is the home construction company bringing assembly line automation to the home industry. With their patented technology and 53 patent filings, BOXABL believes they have the potential to disrupt a massive and outdated trillion dollar building construction market. And they just reserved the ticker symbol BXBL on Nasdaq*!

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Time is running out the closing date 3/29 is the last day to invest in BOXABL on StartEngine. 

Disclosure: This is a paid advertisement for Boxabl’s Regulation A offering. Please read the offering circular here. This is a message from Boxabl. *Reserving a Nasdaq ticker does not guarantee a future listing on Nasdaq or indicate that BOXABL meets any of Nasdaq’s listing criteria to do so.

• Tax relief grows: Recent budget resolutions could broaden Section 179D and R&D tax credits, offering larger deductions for property owners investing in efficiency and innovation. (sponsored)

• Tariff tailwind: Tariffs and high construction costs are cooling new multifamily development, but investors see opportunity as shrinking supply sets the stage for future rent growth and property value appreciation.

• Beacon buyout: Brad Jacobs is spending $11B to acquire Beacon Roofing through his new venture QXO, betting that his logistics playbook can transform the building supply sector just as it did with trucking and freight.

• Madison mania: A five-block stretch of Madison Ave is drawing billions from NYC’s top developers and luxury brands, igniting a high-stakes race to reshape one of Manhattan’s most iconic corridors. 

• Resilient economy: The US economy grew at a 2.4% annualized pace in Q424, powered by the biggest corporate profit jump in over two years, even as concerns loom over tariffs and trade policy.

• Flame resistance: KB Home is building the nation’s first wildfire-resistant neighborhood near San Diego, setting a new standard for home resilience amid escalating climate risks.

• Housing first: Brookfield is flipping the script in Northbrook, prioritizing residential construction over retail in its mall redevelopment strategy to meet surging demand for suburban apartments.

• Demand dip: After a banner year of multifamily absorption in 2024, demand is expected to cool slightly in 2025, but still remain well above historical norms as high mortgage rates continue to sideline buyers.

• Amenity arms race: Middle Street Partners is betting on top-tier amenities and prime locations to cut through Atlanta’s record apartment oversupply, bringing 750 new units online just as rents fall and concessions spike. 

• Downtown deal: Hamilton Lane has acquired an 85% stake in a $74M multifamily and retail portfolio in SoHo and the West Village, betting on strong tenant demand and discounted asset values in Manhattan’s core.

• Affordable push: Community Preservation Partners has acquired its fourth LA-area affordable housing property in a year, buying the 49-unit Ramona Park complex in Baldwin Park for $23.3M.

• Material spike: Softwood lumber prices have hit their highest levels since the pandemic, driven by Canadian supply cuts, seasonal construction demand, and looming US tariff uncertainty.

• Industrial reset: Trammell Crow has locked in over $70M to refinance its 606K SF Tracy 205 Logistics Center, signaling renewed investor confidence in Northern California’s cooling industrial market. 

• Turbine trouble: A growing reliance on natural gas to power data centers is hitting a major snag as gas turbine shortages and multi-year backlogs threaten to derail short-term energy solutions.

• Prologis pickup: Prologis has acquired a fully leased, Class A flex industrial facility near Dulles Airport for $76.5M, expanding its Northern Virginia footprint amid sustained demand for high-quality logistics space.

• Changing the game: GameStop plans to close more US locations and offload international operations in 2025, continuing its aggressive real estate downsizing to regain profitability.

• Retail re-entry: Acadia Realty Trust is re-entering South Florida’s retail scene with a $68M purchase of Pinewood Square in Lake Worth Beach, betting on strong national tenants and open-air shopping demand.

• Exit strategy: The federal government’s 6M SF office presence in Massachusetts is facing widespread uncertainty, with dozens of lease terminations, agency relocations, and potential property dispositions.

• Digital shrink: BuzzFeed has slashed its office footprint by more than half, leasing 42K SF in Two Trees’ Flatiron District building as it continues rightsizing amid media cutbacks and newsroom layoffs.

• Foreclosure fight: Rialto Capital has filed a foreclosure suit against Daryl Hagler over a $20M default tied to Astoria’s Cigar Factory.

• Property battle: A heated legal dispute is unfolding over Miami Beach’s Kimpton Surfcomber Hotel, where the Mirmelli family is seeking to cancel a decades-old ground lease and oust operator Chisholm Properties.

• DoubleTree distress: The DoubleTree Berkeley Marina, the city’s largest hotel and key waterfront tenant, is headed for default on a $48.3M CMBS loan.

A MESSAGE FROM JBREC & CRE DAILY

Q125 Burns + CRE Daily Fear and Greed Index

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*Please see the advertising disclosure at the bottom of this newsletter.

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