The Brick Breakdown
Hello Brick Brief readers,
Good Morning. In today’s news,
U.S. apartment occupancy rose to 95.5% in Q2 as annual new supply fell below the decade average for the first time in three years.
U.S. industrial leasing volume rose 27.1% YoY to 490.6M SF in H1 2026. Net absorption increased 28% while vacancy held flat at 8.2% as new supply continued to moderate.
Brookfield-backed data center operator Csquare filed for a U.S. IPO seeking to raise up to $1.35B at a $4.2B valuation.
TeraWulf signed a 20-year, $19B lease with Anthropic for its 401 MW data center campus in Hawesville, KY.
Maxim Capital Group, Skylight Real Estate Advisors, GreenBarn Investment Group, Axonic Capital and Meadow Partners agreed to provide a $377M construction loan for Grubb Properties' 462-unit apartment tower in New York, NY.
The DHS agreed to acquire two California detention facilities from CoreCivic for $1.5B.
Kinect Real Estate Partners closed its second apartment fund at $126.5M, exceeding its $100M fundraising target.
S2 Capital wound down its first $400M apartment fund without returning capital to investors.
This Week in Real Estate: Key Events & Data
Quick Markets
30Y Mortgage: 6.59%
10Y Treasury Yield: 4.49% (+2 bps)
WSJ Prime Rate: 6.75%
FTSE NAREIT Index: 853.62
30-day SOFR Average: 3.63%
Market Pulse & Rate Watch
U.S. services PMI slips to 54.0 in June from 54.5 in May – Employment returns to expansion while easing oil prices moderate services inflation despite persistent underlying price pressures (Reuters)
Fed's Waller says inflation is now the Fed's primary risk – Stable labor market conditions shift the policy focus toward containing persistent price pressures and keep another rate hike on the table (Reuters)
Walmart cuts prices on thousands of grocery and household items – The move drew praise from Trump amid the administration's push to lower consumer prices (WSJ)
Residential
U.S. apartment occupancy rises to 95.5% in Q2 as demand strengthens – Annual supply falls below the decade average for the first time in three years, supporting a gradual market recovery (RealPage)
Industrial
U.S. industrial leasing volume rises 27.1% YoY to 490.6M SF in H1 2026 – Net absorption increased 28% while vacancy held flat at 8.2% as new supply continues to moderate (ConnectCRE)
Toyota to build a $3.6B, 2.5M SF truck plant in San Antonio, TX – The automaker will shift some Tacoma production from Mexico to the U.S., creating 2,000 jobs by 2030 (Reuters)
Data Centers
Brookfield-backed Csquare seeks to raise up to $1.35B in a U.S. IPO at a $4.2B valuation – Brookfield will retain voting control while using the proceeds to repay debt (Bloomberg)
Csquare owns and operates 64 colocation data centers across 21 markets with 389 MW of sellable power capacity, including significant concentrations in Northern Virginia, Silicon Valley, Dallas/Fort Worth, Chicago, New York/New Jersey, and Seattle.
TeraWulf signs a 20-year, $19B lease for its 401 MW data center campus in Hawesville, KY with Anthropic – The agreement secures long-term AI infrastructure revenue as the company shifts away from bitcoin mining (Reuters)
Financings
Loans
Maxim Capital Group, Skylight Real Estate Advisors, GreenBarn Investment Group, Axonic Capital and Meadow Partners provide a $377M construction loan for Grubb Properties' 462-unit apartment tower in New York, NY – The 64-story project at 8 Carlisle Street is expected to become one of Lower Manhattan's tallest residential buildings (TheRealDeal)
AllianceBernstein provides a $75M development loan for Rechler Equity Partners' master-planned industrial business park in Medford, NY – The financing supports the Rechler Business District, which includes a fully leased 141K SF logistics facility and future development land (ConnectCRE)
Refinancings
Fannie Mae provides a $232.4M refinancing for Aspen Square Management's 1,585-unit apartment portfolio across Florida and Arkansas – The loan restructures debt on five workforce housing communities (CoStar)
Affinius Capital provides a $180M refinancing for Namdar Group's 564-unit apartment tower in Jersey City, NJ – The loan refinances the 27-story 35 Cottage Street development in Journal Square (CommercialObserver)
M&A
Building & Portfolio M&A
Multifamily
RPM Living acquires the 324-unit SoNo East apartments in Chicago, IL from PGIM for $125.2M – PGIM has owned the Lincoln Park high-rise since 2012 (TheRealDeal)
Waypoint Residential acquires the 482-unit Mason Augusta apartments in Augusta, GA from Southwood Realty for $87M – The community was completed in 2024 and was 95% leased at the time of sale (ConnectCRE)
Prometheus acquires the 173-unit Highlander apartments in Sunnyvale, CA from JV between Northwest Investments and Central Investments for $69.5M – The acquisition reflects growing investor demand for Silicon Valley apartments amid the AI-driven tech expansion (TheRealDeal)
Industrial
DHS acquires two California detention facilities from CoreCivic for $1.5B – CoreCivic will continue operating the properties under its existing contract with ICE (Bisnow)
Waste Connections acquires a 12-acre trucking terminal in Miami Gardens, FL from CenterPoint Properties for $51M – The site includes 370 truck parking spaces and a 3.8K SF building (CommercialObserver)
The property was previously leased to Miami Truck Parking, which provided secure parking and fleet services for commercial trucks. Waste Connections will likely use the site to support its South Florida collection network by parking, dispatching, fueling, and servicing its waste collection vehicles.
Office
Intalex, Itero, Greenwall Capital Management and the Carl DeSantis family office acquire the 718K SF Ponce office complex in Coral Gables, FL from PGIM for $97.8M – ACORE Capital provided a $105M acquisition loan (CommercialObserver)
Retail
Panattoni and Redwood West acquire the 395K SF Pike Outlets in Long Beach, CA from Site Centers for $50M – The buyers plan to invest $20M into the waterfront retail property (TheRealDeal)
Land
Lennar and TPG acquire an entitled 11.6-acre residential development site in Saratoga, CA from Vineyard One Holdings for $109.7M – The project includes 52 single-family homes and 12 affordable ADUs with construction beginning this week (TheRealDeal)
Institutional Fundraising
Kinect Real Estate Partners closes its second apartment fund at $126.5M, exceeding its $100M target – The fund will invest in development and value-add apartment projects across Western U.S. markets (ConnectCRE)
Distress Watch
S2 Capital winds down its first $400M apartment fund with no return of capital – The firm plans to foreclose or sell distressed assets while raising $100M to restructure viable properties into a new fund (TheRealDeal)
