DESIGN PREVIEW · SAMPLE EDITION — Headlines, authors, market figures and media are illustrative. Original reporting and broadcasts are being prepared.

DESK SPEC: 04-CRE-INFRA // DATA CENTER & LOGISTICS

Commercial Real Estate & Physical Compute Hub

PREVIEW SPREAD: 10Y CRE vs 30Y PPA

HYPERSCALE YIELD +182 BPS

THE BH REPORT Q3 INDUSTRIAL LOGISTICS & LAND

Powered-Shell Land Banks: Why Industrial Corridors Near Substation Interconnects Are Trading at Record 4.1% Cap Rates

Major institutional capital has pivoted from spec light-industrial warehousing to substation-adjacent powered ground leases. With utilities pushing back queue timelines to 2029, existing 100MW+ dual-feed connectivity sites demand unprecedented premiums in North Virginia and Columbus corridors.

AVERAGE CAP RATE

4.12% ▼ -18bps

MW PIPELINE

1,420 MW

SQ FT VACANCY

1.8%

BY BRANDON H. · SR. REAL ESTATE FELLOW READ DISPATCH (8 MIN) ↗

THE MASSEY BRIEF CAPEX ALLOCATION

The $200B Infrastructure Yield Curve: Triple-Net Leases Meet Gigawatt Campus PPAs

How institutional sovereign funds are structuring joint ventures with hyperscalers to guarantee 25-year indexed yields while hedging cooling water supply and regional grid volatility.

MASSEY DESK // NEW YORK ANALYST NOTE ↗

KEY TRANSACTIONS LOG W-44 SETTLEMENT

Ashburn Cluster Tier-4 Facility $485,000,000

Acquired by Blackstone Core+ / 68MW Built
Inland Empire Distribution Park B $210,500,000

Prologis Direct / 1.2M SQ FT Industrial
Phoenix West Substation Tract $88,200,000

Unzoned Greenfield / Interconnect Secured