Rockefeller Group has acquired two sites in Phoenix’s South Mountain corridor for the development of 152 build-to-rent townhomes. The sites, totaling 16.5 acres, are fully entitled with first occupancies projected for Q1 2025. Groundbreaking ceremonies are planned for this summer. The townhomes will range from 1,126 to 1,525 square feet and include various amenities such as pools, hot tubs, and dog parks.

The COVID-19 pandemic has led to a lasting preference for drive-thru retail locations among Americans. Government restrictions forced many restaurants to close their lobbies and dining spaces, resulting in increased patronage of drive-thru lanes as a safer option. This trend is expected to continue in the retail property sector.

Global Net Lease and The Necessity Retail REIT have agreed to merge in an all-stock transaction valued at $4 billion, creating the third-largest publicly traded REIT. The combined company will own and manage more than 1,350 properties with an aggregate real estate asset value of about $9.6 billion. The portfolio will be made up of 50% retail properties, 30% industrial properties, and 20% office assets. The deal is expected to generate $21 million in annual cost savings and an additional $54 million in savings by canceling outside management by AR Global.