Welcome to Storyflo Daily Real-Estate. I'm Rey.
We're kicking off today's briefing with a massive deal from Berkshire Hathaway, agreeing to acquire Taylor Morrison Home Corporation in an all-cash deal worth $8.5 billion. According to HousingWire, Taylor Morrison will become a private company within Berkshire's portfolio, with its shares set to be delisted from the New York Stock Exchange. The Scottsdale-based builder operates over 350 communities across 12 states and expects Berkshire to unifiy its site-built homebuilding operations into a combined platform.
In commercial real estate news, Connect CRE reports that ARCTRUST Private Capital has acquired a seven-property, single-tenant net lease portfolio in six states, comprising two Pinnacle Bank locations, three CVS Pharmacy locations, and two NAPA Auto Parts locations. The portfolio is valued at over $268 million and features a weighted average remaining lease term of 13.6 years.
Meanwhile, another Connect CRE story highlights the Palmdale Chipotle sale, which set a new benchmark for cap rates in California at 4.45%. The $4.39-million sale was represented by SRS Real Estate Partners, and the buyer was a Los Angeles-based private 1031 exchange investor.
Four Corners Property Trust (FCPT) is also expanding its portfolio with a deal to acquire up to 102 veterinary properties across 31 states from Shore Capital Real Estate Partners Fund I, as reported by Connect CRE. The deal is valued at up to $268 million and features two triple-net master leases.
But it's not all roses in the world of real estate. HousingWire notes that the mortgage industry's focus on loan officer productivity is costing lenders, as they overlook the broader organizational design that affects production. Instead of relying on individual performance, institutions should focus on identifying, positioning, and developing originators who align with the markets they want to grow.
In other news, HousingWire also reports that Berkshire Hathaway is buying Taylor Morrison in an all-cash deal, while San Francisco's new zoning plan is slowly gaining traction, although high financing and construction costs continue to hinder multifamily development.
And finally, Bisnow National reports that cities and states are stepping up funding to fill affordable housing gaps, with more municipalities opening up to deep real estate tax exemptions and pilots.
Housing inventory has officially gone negative year-over-year, according to HousingWire, with the Memorial Day holiday affecting last week's data. However, inventory levels are still at multiyear highs, so this is a big plus, even with the negative year-over-year print.
Rey out.
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