In today’s CRE360 Signal Daily Brief:

• The FTC and five states sue Zillow and Redfin over a $100M rental listings deal regulators say stifled competition.
• IKEA acquires a $213M SoHo flagship, blending retail with office in a bold urban bet.
• Fermi REIT raises $682M in a blockbuster IPO to fund an AI data center megacampus.
   Plus, insights on RXR’s $3.5B Manhattan office war chest, Bellevue’s $304M loan default, and what these moves mean for investors.