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AcquisitionsAlabamaRetailSoutheastTop Stories

JLL Income Property Trust Acquires Shopping Center in Tuscaloosa, Alabama for $94M

by Abby Cox

TUSCALOOSA, ALA. — Chicago-based JLL Income Property Trust has acquired Midtown Village, a 345,000-square-foot shopping center located near the University of Alabama campus in Tuscaloosa, for $94 million. The seller requested anonymity. Built in 2007, Midtown Village consists of eight single-story buildings across a 30-acre site. The open-air center features a mix of retailers such as Barnes & Noble, Ulta Beauty, Old Navy, Best Buy, lululemon, American Eagle & Aerie, Fab’rik, Kay Jewelers, South Boutique, Loft, Tuscaloosa Nail & Spa and GameStop. Restaurants include Panera Bread, Blaze Pizza, Metro Diner and Tropical Smoothie Café. The tenant roster has a weighted average lease-term (WALT) of more than 16 years. “The enduring demand of this strong tenant roster supports stable operating performance, and the center is well-positioned in a thriving submarket with proven traffic,” says Allan Swaringen, president and CEO of JLL Income Property Trust. Midtown Village is situated on the southwest corner of McFarland Boulevard East and 15th Street and is one of the most visited retail shopping centers in the state, with over 5.7 million annual visits, according to JLL Income Property Trust. It is also located within one mile from DCH Regional Medical Center, Tuscaloosa’s largest regional hospital. With the …

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DevelopmentMultifamilyOfficeTop Stories

Joint Venture Plans $120M Office-to-Apartment Conversion Project in Coastal Connecticut 

by Hayden Spiess

NORWALK, CONN. — A joint venture between Saber-Hightower LLC and Granoff Real Estate has announced plans for the repositioning of two vacant office buildings in Norwalk, a coastal town near the Long Island Sound. Development costs of the conversion are estimated at $120 million. The properties — 101 and 102 Merritt 7 — will be converted into apartment buildings totaling 286 loft-style units. Situated within the Merritt 7 office park, the eight-story buildings together comprise 511,000 square feet and were the first of the six buildings constructed at Merritt 7 in the early 1980s.  Amenities at the redeveloped properties, dubbed M7 Lofts, will include more than 1,300 parking spaces and a landscaped top-level deck with a lawn, swimming pool, dog runs, a putting green and a bocce ball court.  M7 Lofts will offer a mix of 42 studios, 167 one-bedroom units and 77 two-bedroom apartments averaging 983 square feet in size. Twenty-six units will be designated as affordable under the city’s inclusionary requirements.  “While some developers may have looked at these buildings as a teardown-and-rebuild opportunity, we saw the value in reusing what was there,” says Greg Belew, co-founder of Saber-Hightower, which is based in Briarcliff Manor, N.Y. “With 11-foot …

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DevelopmentIndustrialLouisianaSoutheastTop Stories

SpaceX to Invest $100B in Spaceport Campus in Vermilion Parish, Louisiana 

by Matthew Auchincloss

VERMILION PARISH, LA. — Space Exploration Technologies Corp. (SpaceX) (NASDAQ:SPCX) plans to invest at least $100 billion to build a spaceport facility in Vermilion Parish, located southwest of Lafayette in coastal Louisiana. The site, which will be named Starbase, Louisiana, is located on an 18-mile strip of Pecan Island. At full build-out, the site will feature five launch complexes with two launchpads, each facilitating thousands of space launches annually, as well as propellant production facilities. SpaceX intends to begin construction in 2027 and launch its first rocket from the location by 2029. Starbase, Louisiana will eventually be the company’s largest launch site, per SpaceX.  “We’re preparing to build a spaceport that, until now, has only existed in science fiction,” Founder and CEO of SpaceX Elon Musk said. “SpaceX was founded to bring about a future where humans are out exploring amongst the stars, which will only be possible when we make going to space as routine as flying on an airplane. Starbase, Louisiana will unlock that future.” The company brokered a Payment in Lieu of Taxes (PILOT) agreement with Vermilion Parish that will see the parish receive a $20 million upfront payment as well as $25 million each year for …

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AcquisitionsData CentersDevelopmentIndustrialTexasTop Stories

Soluna Acquires 397 Acres in West Texas for Wind-Powered AI Data Center Campus

by John Nelson

BRISCOE COUNTY, TEXAS — Soluna Holdings Inc. (NASDAQ: SLNH), a developer of renewable data centers for heavy computing industries such as artificial intelligence (AI) and Bitcoin mining, has closed on the purchase of 397 acres in West Texas’ Briscoe County. The site is located adjacent to Briscoe Wind Farm, a 150-megawatt (MW) wind farm that Soluna purchased in April for $53 million. The land is also situated adjacent to Dorothy 1 and Dorothy 2, Soluna’s modular, co-located data center campus that has capacity totaling 50 MW and 48 MW, respectively. The new land will host Dorothy 3, an AI data center computing campus with a potential capacity of 300 MW. All phases of the Project Dorothy campus, which is named after NASA mathematician Dorothy Vaughan, will be powered by the Briscoe Wind Farm substation. “Customers evaluating AI sites want to know how quickly we can get them to power,” says John Belizaire, CEO of Soluna. “Owning this land takes one more variable out of that answer. Dorothy 3 is a site we control end to end, and that is what turns a development project into something a customer can plan around.” The land acquisition exceeds the 300 acres Soluna originally …

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AcquisitionsIndustrialTop Stories

Partnership Acquires National Industrial Portfolio for $628M

by Taylor Williams

NEW YORK CITY AND DELRAY BEACH, FLA.— A partnership led by alternative asset management firm TPG AG and Florida-based Redfearn Capital has acquired a national portfolio of 53 industrial buildings totaling approximately 5.4 million square feet for $628 million. The seller was not disclosed, but South Florida Business Journal reports that New York-based DRA Advisors sold the portfolio. Roughly 75 percent of the buildings are located in Southeastern markets with “high barriers to entry” such as Atlanta, Raleigh and Charlotte, as well as Tampa and Lakeland, Fla. The portfolio primarily features shallow-bay buildings that were approximately 87 percent leased at the time of sale. Other operating partners within the new ownership group include Atlanta Property Group and Matterhorn Venture Partners. Eastdil Secured Savills advised on the placement of acquisition financing for the transaction. Greenberg Traurig LLP provided legal counseling to the partnership. “We are pleased to acquire and operate a portfolio of high-quality assets with strong occupancy, diversified tenancy and compelling opportunities to create value through active asset management,” says Chris Oka, managing director at TPG AG. “This acquisition reinforces our conviction in the long-term fundamentals of the U.S. shallow-bay industrial sector.” “TPG AG and its operating partners have built …

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AcquisitionsConnecticutIndustrialLoansMarylandTop Stories

Realterm, Starwood Provide $672M in Financing for 78-Property Industrial Outdoor Storage Portfolio

by Abby Cox

GREENWICH, CONN. AND ANNAPOLIS, MD. — Realterm and Starwood Property Trust (NYSE: STWD) have provided a $672 million loan for an industrial outdoor storage (IOS) portfolio spanning 33 markets. The 78-property portfolio, which is owned by affiliates of Atlanta-based Stonemont and New York City-based Cerberus Capital Management, stretches 830 acres. Stonemont and Cerberus will continue to own and operate the properties. The proceeds will refinance an existing $486 million mortgage, return a portion of the money to primary investors and fund closing costs. Eastdil Secured Savills arranged the transaction. Additional details of the deal, including the portfolio’s tenant information, were not disclosed. Top markets in the portfolio include: The IOS sites support fleet parking, equipment storage and other logistics activities. According to the press release, the loan is recognized as the largest financing deal of its kind in the IOS sector. “This financing marks a significant milestone for our credit platform and underscores our ability to execute sophisticated solutions that drive industry-making deals,” says Paul Sisson, head of credit at Realterm. “Borrowers are continuing to seek lenders with a deep understanding of the industrial real estate and logistics sectors.” Realterm acquires, develops, finances and manages differentiated real estate and infrastructure assets …

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AcquisitionsMassachusettsNortheastOfficeTop Stories

Oxford Properties Group Acquires 18-Story Office Tower in Boston for $435M

by Hayden Spiess

BOSTON — Oxford Properties Group has completed the acquisition of One Marina Park Drive, a Class A office tower located in the Seaport District of Boston. Oxford purchased the property from New York City-based Clarion Partners for $435 million. Clarion Partners reportedly acquired the tower in December 2019 for $482 million. Coleman Benedict, Riaz Cassum, Scott Carpenter, Patrick Shields, Chris Barry and David Mega of JLL represented the seller in the transaction. Situated within the Fan Pier waterfront mixed-used development, One Marina Park Drive totals approximately 500,000 square feet across 18 stories.  The LEED Gold-certified property was 99 percent leased at the time of sale to tenants in the venture capital, legal and financial services sectors. Boston Business Journal reports the office tower’s tenant roster includes MassMutual, Fish & Richardson, Gunderson Dettmer, Battery Ventures and The Fallon Co., which originally developed One Marina Park Drive in 2010 According to the company, this marks Oxford’s first acquisition of a stabilized core office asset in the United States in almost a decade. The company’s Class A office holdings in Boston now totals 3.2 million square feet. Since the beginning of 2025, the Toronto-based firm has deployed roughly $2 billion into the office sector globally. This …

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DevelopmentLife SciencesNorth CarolinaSoutheastTop Stories

Genentech Tops Out $2B Manufacturing Facility in Holly Springs, North Carolina

by Kristin Harlow

HOLLY SPRINGS, N.C. — Genentech, a biotechnology company and member of the Roche Group, has topped out its new $2 billion manufacturing facility in Holly Springs, about 20 miles southwest of Raleigh. The construction milestone marks the completion of the building’s structural framework. The project is Genentech’s first East Coast manufacturing facility. The development was initially announced in May 2025, followed by the groundbreaking in August 2025 and an expansion announcement in January 2026. Once operational, the facility will produce next-generation treatments for metabolic conditions such as obesity. Its operations will incorporate advanced biomanufacturing, automation, robotics and the latest digital manufacturing technologies. The investment in technology includes an advanced digital twin — an artificial intelligence-powered virtual model of the manufacturing facility designed to simulate operations and test scenarios before real-world implementation. The facility is expected to support more than 2,000 jobs, including 500 manufacturing roles and 1,500 construction jobs. Genentech is also partnering with local academic institutions to prepare future members of the workforce for manufacturing careers. The project is part of Switzerland-based Roche and Genentech’s broader $50 billion commitment to research and development (R&D) and manufacturing infrastructure in the United States. Roche and Genentech’s current U.S. footprint includes 13 …

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Data CentersDevelopmentIndustrialLeasing ActivityMidwestOhioTop Stories

OpenAI Signs 20-Year Lease at Nvidia-Backed Data Center Development in Pike County, Ohio

by John Nelson

PIKE COUNTY, OHIO — OpenAI, the artificial intelligence (AI) platform best known for ChatGPT, has signed a 20-year lease agreement to be the customer at the PORTS-Pike Technology Campus, an AI data center redevelopment of the decommissioned Portsmouth Gaseous Diffusion Plant in Pike County, located in southern Ohio’s Appalachian region. The size and cost of the campus has not been released, but The New York Times reports that it will be among the world’s largest data centers and that the build-out could cost as much as $500 billion. SB Energy, a data center and power infrastructure company backed by Tokyo-based SoftBank Group Corp., will build, own and operate the campus. Nvidia (NASDAQ: NVDA), a hardware manufacturer of semiconductors and networking systems for AI data centers, will provide the full build-out at PORTS-Pike Technology Campus using its DSX AI factory platform — encompassing all aspects typical to an AI-ready data center, including GPUs (graphics processing units), CPUs (central processing units), servers and infrastructure software. Nvidia has secured land, power and shell (LPS) rights at the Pike County project through a partnership with SB Energy. Nvidia will immediately invest $1.5 billion in SB Energy to support the project’s build-out. SB Energy and …

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LoansMassachusettsMixed-UseMultifamilyNortheastTop Stories

Millennium Partners Receives $281M in PACE Financing for Residential Component of Downtown Boston Mixed-Use Tower

by Taylor Williams

BOSTON — National developer Millennium Partners has received $281 million in Property Assessed Clean Energy (PACE) financing for the residential component of Winthrop Center, a 62-story mixed-use tower in downtown Boston. Nuveen Green Capital provided the financing, which will be administered under the PACE Massachusetts program by MassDevelopment, the Commonwealth’s development finance agency and land bank. Located at 115 Federal St. in downtown Boston, Winthrop Center comprises 317 luxury condominium residences that are known as The Millennium Residences at Winthrop Center, as well as approximately 800,000 square feet of office space and a multi-level public gathering space known as The Connector. Winthrop Center, which was first capitalized in fall 2020, carries LEED Platinum and WELL Gold certifications. The financing allows Millennium Partners to build on these sustainability investments and reinforces Winthrop Center’s position as an environmentally advanced mixed-use development, according to the team that worked on the deal. Riaz Cassum, Andrew Gray, Robyn King and David Mega of JLL arranged the 20-year, C-PACE loan on behalf of the borrower. “MassDevelopment is excited to see The Millennium Residences at Winthrop Center recapitalized through PACE Massachusetts, representing the largest commercial PACE financing in the region to date,” says Navjeet Bal, president and …

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