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Mizner-Park
AcquisitionsDevelopmentMixed-UseTop Stories

Joint Venture Acquires 838,840 SF Mizner Park in Boca Raton, Plans Multimillion-Dollar Renovation

by Abby Cox

BOCA RATON, FLA. — A joint venture between CP Group, The Georgetown Co., private equity firm ACRE and investment firm StepStone Group has acquired Mizner Park, an 838,840-square-foot, open-air mixed-use development located in downtown Boca Raton. The new ownership group is planning to implement a multimillion-dollar renovation for the 35-year-old complex. JLL represented the seller, Brookfield Properties, and secured financing through Blackstone for the transaction. Brookfield, which acquired Mizner Park via the company’s acquisition of General Growth Properties (GGP) in 2018. The sales price was not disclosed, but the property was marketed with prospective bids reaching up to $290 million prior to its recent sale, according to various media outlets. “Mizner Park has been an important part of Boca Raton for more than three decades, and we see tremendous opportunity to help grow its future,” says Jonathan Schmerin, managing principal of The Georgetown Co. “Alongside our partners, we’re excited to work with the city and community to strengthen the tenant mix, bring new energy to the property and reinforce its position as one of America’s signature shopping, dining and entertainment destinations.” Mizner Park is considered one of the most influential “live-work-play” destinations in the United States. It was originally developed …

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Peabody-Union
LoansMixed-UseSoutheastTennesseeTop Stories

Developers Receive $310M Financing for Mixed-Use Project in Downtown Nashville

by Hayden Spiess

NASHVILLE, TENN. — A partnership between PGIM, Stiles Corp. and Hensler Development has received $310 million in bridge financing for Peabody Union, a recently completed mixed-use project situated along the Cumberland River in downtown Nashville. Blackstone Real Estate Debt Strategies (BREDS) provided the financing.  Ed Coco, Paul Stasaitis, Matt Casey, Anthony Sansone, Kelsey Bawcombe and Streeter Simmons of JLL Capital Markets secured the financing on behalf of the borrower. The three-year bridge loan carries two one-year extension options.  “Peabody Union represents one of the most compelling mixed-use financing opportunities in the Southeast, combining trophy-quality construction, an exceptional sponsorship team and a transformational office lease commitment from Starbucks Corp.,” says Coco. “We had a significant amount of interest from a variety of lender types.” Completed in 2025, Peabody Union comprises a 27-story luxury residential tower, Class A office space and curated retail and restaurant space.  The office component — which totals 249,988 square feet — is fully leased to Starbucks Corp. Starbucks plans to make the office its Eastern Headquarters beginning in 2027, when the company takes occupancy. Amenities at the office building include two 2,000-square-foot outdoor terraces, a 4,500-square-foot wellness facility, 4,000-square-foot club room, 1,000 square feet of bike storage …

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NortheastRetailRhode IslandTop Stories

CVS Health to Separate Pharmacy Business, Form Two Publicly Traded Companies

by Kristin Harlow

WOONSOCKET, R.I. — Woonsocket-based CVS Health (NYSE: CVS) has unveiled plans to separate into two independent, publicly traded companies. A healthcare solutions company will comprise Aetna, CVS Caremark, CVS Specialty, Oak Street Health and Signify Health. In the interim, this company will be referred to as “CVS Health.” Founded in 2012, Oak Street Health offers clinics for older adults across 27 states. The national retail pharmacy and community healthcare company will comprise approximately 9,000 CVS pharmacies, mail pharmacy, MinuteClinic and the Health100 technology services business. This company will be named “CVS Pharmacy.” Upon separation, David Joyner, currently chairman and CEO of CVS Health, will be the chairman and CEO of the healthcare solutions company. Prem Shah, currently group president of CVS Health, will be the CEO of CVS Pharmacy. Additional leadership positions and board members will be announced at a later date. “Our history is defined by proactively evolving to stay ahead of what’s next in healthcare, and in today’s environment, that means delivering more affordability, greater access and a simpler experience,” says Joyner. “Over the last two years, we have made meaningful progress: We built a world-class leadership team, strengthened our financials, revitalized operations across the enterprise and drove …

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DevelopmentMixed-UseMultifamilyNorth CarolinaSoutheastTop Stories

Life Time, Dewitt Carolinas Break Ground on $200M Residential Tower in Raleigh

by John Nelson

RALEIGH, N.C. — A partnership between national health club chain Life Time (NYSE: LTH) and locally based development firm Dewitt Carolinas has broken ground on Life Time Living at The Exchange Raleigh, a luxury multifamily tower anchored by an 80,000-square-foot Life Time athletic club and a 40,000-square-foot rooftop beach club. The companies plan to invest more than $200 million into the 20-story tower, according to Triangle Business Journal. The residential project represents Phase II of The Exchange Raleigh, a $1 billion, 40-acre master-planned mixed-use development in the state capital’s Midtown neighborhood. The development team, along with construction manager Consigli Construction, is aiming for both NGBS Green and Fitwel certifications for the project, which is set to deliver in fourth-quarter 2028. “By bringing Life Time’s incredible athletic country club and luxury living model to our community, we are delivering on our promise to make Midtown Raleigh a destination unlike any other,” says Todd Saieed, CEO of Dewitt Carolinas. Life Time Living at The Exchange Raleigh will offer 289 luxury apartments ranging in size from 610 to 2,040 square feet. Units will come equipped with blackout curtains , walk-in closets, work-from-home space and stainless steel kitchen appliances. The Life Time athletic club …

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Sordoni-Pull-Quote
Data CentersDevelopmentIndustrialNortheastPennsylvaniaTop Stories

Salem Township Approves 4,466-Acre Data Center Overlay District in Northeast Pennsylvania

by Taylor Williams

SALEM TOWNSHIP, PA. — The Salem Township Board of Supervisors has approved a 4,466-acre data center overlay district in northeastern Pennsylvania. The vote represents another cleared hurdle to bringing an energy and digital infrastructure campus with a total power capacity of 4 gigawatts to Luzerne County. The approval follows the Salem Township Planning Commission’s unanimous recommendation that 194 local families continue to pursue a potential $1.4 billion land sale involving nearly 4,500 acres of working and retired farms, family homesteads and other properties. That acreage would become the future home of the data center campus known as Salem 3. Under the currently proposed terms, the campus would also feature other uses, including a $12 million micro hospital and a community park, in addition to other natural green spaces that would be preserved. Construction could support as many as 2,000 new jobs. According to 4-3 Glennbrook Group, a landowner advocacy group that is representing the 194 families, the plan for Salem 3 builds on the township’s longstanding role as an energy-producing community, pairing existing energy infrastructure with a new generation of data center and digital infrastructure investment. The 4-3 Glennbrook Group team also handled the land assemblage for the existing Salem …

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UCHealth-Memorial-Hospital-North-Colorado-SpringS
ColoradoDevelopmentHealthcareTop StoriesWestern

UCHealth Breaks Ground on $463M Healthcare Expansion Project in Colorado Springs

by Taylor Williams

COLORADO SPRINGS, COLO. — University of Colorado Health (UCHealth) has broken ground on a $463 million expansion project at its Colorado Springs campus. The project will increase the size of the UCHealth Memorial Hospital North campus by more than 300,000 square feet, inclusive of a six-story inpatient tower, eight new operating rooms and an expanded emergency department. Approximately 45 percent of the new space will be built out for immediate use, while the remaining space will be shelled to accommodate future growth. In addition, the expansion will increase the hospital’s capacity from 140 beds to 190, initially adding 34 medical-surgical beds and 14 intensive care unit (ICU) beds. Lastly, the project includes the construction of a new parking garage with roughly 875 spaces for patients, visitors and staff, as well as renovations to the lobby, pharmacy, laboratory, kitchen and cafeteria of the main hospital building. Perkins & Will is the project architect, and JE Dunn is serving as the general contractor. Milwaukee-based investment and development firm Hammes is serving as UCHealth’s owner representative and project manager. A groundbreaking ceremony took place earlier in the month, and completion is slated for summer 2029. “Expanding an active hospital requires a careful balance …

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Adler-Industrial-Property
AlabamaFloridaIndustrialLoansMarylandNorth CarolinaSoutheastTexasTop Stories

Adler Real Estate Partners Receives $212.8M Refinancing for Sun Belt Industrial Portfolio

by Hayden Spiess

MIAMI — Adler Real Estate Partners has received a $212.8 million loan for the refinancing of an eight-property industrial portfolio spanning several states in the Southeast and Texas.  Together, the properties total 43 buildings and roughly 1.6 million square feet in Alabama, Florida, Maryland, North Carolina and Texas, located in markets including Austin, Dallas-Fort Worth, South Florida, Charlotte, Birmingham and the Baltimore-Washington corridor. The collection includes multi-tenant business parks and light industrial assets.  At the time of financing, the properties were leased to more than 115 tenants within 22 industries, including the medical and pharmaceutical, building services, manufacturing, technology, professional services, healthcare and logistics industries. The average tenant tenure across the portfolio is 10.5 years.  Melissa Rose, Michael DiCosimo, Jack Britton, Kate Rathman, Nicole Diaz and Magnus Kron of JLL Capital Markets secured the financing on behalf of the borrower. An undisclosed life insurance company provided the loan.  Based in Miami, Adler Real Estate Partners specializes in acquiring and operating multi-tenant light industrial properties throughout the United States.  This transaction marks the second major recapitalization for the company this year. In July, Adler secured a $343 million refinancing for a portfolio of light industrial assets, including $140 million in equity and …

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DevelopmentLoansMultifamilyNew JerseyNortheastTop Stories

PCCP Provides $163.9M Construction Loan for Multifamily Development in Paramus, New Jersey

by Kristin Harlow

PARAMUS, N.J. — PCCP has provided a $163.9 million senior loan to a joint venture between Russo Development and Kushner Real Estate Group for the construction of The Paramus Chapter, a 426-unit multifamily project in suburban New York City. The joint venture acquired the land in May 2025. Construction began in July 2026, and completion is slated for the fourth quarter of 2028. The Paramus Chapter will consist of two four-story buildings over concrete podiums with 810 parking spaces and approximately 5,300 square feet of ground-floor retail space. Both buildings will have separate entrances, parking and amenities. Building A will include 166 units, comprising 138 market-rate apartments and 18 affordable units. Amenities will include an outdoor pool, 2,200-square-foot gym, game room, theater, karaoke lounge, sports simulator, rentable party room, dog run and 3,400 square feet of coworking space. Building B will feature 260 units, comprising 222 market-rate residences and 38 affordable units. Amenities will include a full-time concierge, leasing center, 2,800-square-foot gym, chef’s kitchen, gardening room and two outdoor courtyards. The project site is directly adjacent to Bergen Town Center, which features more than 1 million square feet of retail space anchored by Whole Foods Market and Target. PCCP, a …

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Company NewsDevelopmentGeorgiaIndustrialSoutheastTop Stories

Audi Selects Georgia for $4B SUV Manufacturing Plant

by John Nelson

PEACH COUNTY, GA. — Audi AG has selected the Middle Georgia Megasite near Macon for a $4 billion advanced manufacturing facility, which will be the German automotive giant’s first plant in Georgia. The company’s new factory in Peach County will bring approximately 4,500 new jobs to central Georgia and create an expected annual capacity of 200,000 vehicles, with a focus on Audi’s luxury SUVs. Audi expects to begin grading the site in 2027 and break ground on the new plant in 2028. The factory is expected to begin operating at full capacity in 2031. The size of the new factory was not disclosed, but Audi says it will be “among the brand’s largest production footprints globally.” “The United States is one of the world’s most important premium markets, and we have not yet realized our full potential,” says Gernot Döllner, chairman of the board of management at Audi AG. “We are determined to change that — with premium products, a stronger brand and a competitive local production base. This is about building a stronger Audi business in America — not simply about building a factory.” “We are proud to welcome one of the world’s most iconic automotive brands to Georgia,” …

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MPW-Facility
DevelopmentGeorgiaIndustrialSoutheastTop Stories

Mitsubishi Power to Invest $490M for Manufacturing Expansion Project Near Savannah, Create 220 Jobs

by Abby Cox

POOLER, GA. — Mitsubishi Power Americas has announced it will invest $490 million to expand the company’s existing operations at its Savannah Machinery Works facility at 1000 Pine Meadow Drive in Pooler, a western Savannah suburb that sits close to both the Port of Savannah’s Garden City Terminal and Savannah/Hilton Head International Airport. The expansion will add 450,000 square feet of manufacturing space, doubling the company’s current footprint. The project is expected to create 220 new jobs in Chatham County. Savannah Machinery Works — Mitsubishi Power Americas’ premier heavy-industrial manufacturing plant and service center — opened in 2010 as the company’s first complete gas turbine production facility building outside of Japan. The new facility is scheduled to begin operating in early 2029, according to multiple media sources. Additional details of a construction timeline were not released. Civic support for Mitsubishi’s investment includes the Georgia Department of Economic Development (GDEcD), the Savannah Economic Development Authority, Georgia Power and Georgia Quick Start. “Mitsubishi Power Americas’ products are critical to America’s energy infrastructure, and the company is continuing to invest in Georgia because of the connectivity that our ports, rail, highways and airports provide,” says GDEcD Commissioner Pat Wilson.  Mitsubishi Power stated that the …

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