What happened, and who moved.

Jamestown sold the historic Ghirardelli Square shopping center in San Francisco.

MSREI and GSA acquired an eight-property, 6,200-bed student housing portfolio across seven states (VA, GA, PA, TX, FL, OR, NC) from a Landmark Properties/ADIA joint venture for more than $1 billion; the portfolio will be rebranded under Yugo.

Welltower agreed to sell 296 outpatient medical properties (18 million sq ft across 34 states) to a Remedy Medical Properties/Kayne Anderson joint venture for $7.2 billion in tranches through mid-2026, establishing the buyer as the largest US outpatient medical owner; Welltower nets ~$6 billion after reinvesting into a preferred equity position.

Tricon Residential acquired two build-to-rent communities from an Arcadia Capital/Platform Ventures joint venture for $44.1 million total: Bower Hudson Crossing (43 units, Chandler, $23m) and Bower Gateway (48 units, Mesa, $21.1m).

Newmark brokered the sale of a five-property, 3,693-bed student housing portfolio near the University of Texas at Austin, University of Florida, NC State and Indiana University for a Nuveen/Preiss Co. joint venture -- the largest US student housing portfolio sale of 2025; the buyer and price were not disclosed.