A carve-out for vacant properties lets investors avoid the "substantially improve" requirement, to save millions in development fees.

The bar group's president said the deal was being terminated after the buyer "failed to attend or tell us they weren't going to be there" at a virtual real estate closing. 

The fund is the third from the private equity investor and developer to focus on high-flow through logistics facilities like truck terminals, shipment facilities and transit hubs.

While the COVID-19 pandemic presents some obvious near-term challenges, the long-term prospects of the Fountains at Point West remain stellar, particularly the upside related to unit interior upgrades.