Top Stories

Blue Origin to Invest $554M for 1.3 MSF Aerospace Manufacturing Facility in Central Texas, Create 2,000 Jobs

by Abby Cox October 9, 2026

HUTTO, TEXAS — Blue Origin Enterprises, a private American aerospace manufacturer, defense contractor and spaceflight services company founded by Amazon founder Jeff Bezos, will invest approximately $554 million to develop Constellation Park, a 1.3 million-square-foot satellite and communications manufacturing campus located in Hutto, about 35 miles northeast of Austin. The facility is expected to create more than 2,000 jobs over 10 years. Constellation Park will be situated in the Hutto Crossing development, a 118-acre, multi-phase industrial and commercial development owned by Dallas-based Velocis, Austin-based Ironwood Realty Partners LLC and California-based MBK Industrial Properties. This project marks the first time Blue Origin is receiving money from outside investors, as reported by multiple sources. The space company received an $18.2 million grant through the Texas Enterprise Fund from Texas Gov. Greg Abbott’s office. Williamson County also unanimously approved local tax breaks and economic development agreements for Blue Origin’s investment. According to the Austin Business Journal, Blue Origin has committed to working with the Williamson County school district to develop paid high school internships and support career and technical education programs to give students a pathway to careers in aerospace and advanced manufacturing. “With this investment by Blue Origin, along with recent expansions by …

October 9, 2026

Acquisitions Illinois Industrial Midwest Top Stories

Amazon Acquires Chicago Distribution Facility from Logistics Property Co. for $195M

by Hayden Spiess October 8, 2026

CHICAGO — Logistics Property Co. has sold a distribution facility located at 1237 W. Division St. in Chicago for $195 million. Amazon (NASDAQ: AMZN) has been reported as the buyer by multiple media outlets. Situated near downtown Chicago and totaling 571,423 square feet, the property was the first multi-story logistics facility to be developed in the Midwest, according to JLL. The facility was purpose-built for distribution operations and features clear heights over 34 feet, 56 loading docks, 135-foot truck court depths, a dedicated second-floor truck ramp and 10,000 amps of power. Parking capacity at the facility includes a 292,500-square-foot rooftop parking deck and an adjacent five-level parking structure, which together accommodate up to 1,590 automobiles or 763 vans. According to JLL Capital Markets, which brokered the sale, more than 1 million residents live within a five-mile radius of the property, which is situated roughly three miles from Chicago’s central business district, with convenient access to Chicago O’Hare International and Chicago Midway International airports. Amazon plans to begin operations at the facility in late 2027 or early 2028 and use the property as a same-day delivery center, according to the Chicago Sun-Times. Logistics Property Co. completed the development in late 2024. In …

October 8, 2026

Acquisitions Development Leasing Activity New York Northeast Office Top Stories

Tishman Speyer Returns to Manhattan’s Chrysler Building With 150-Year Ground Lease, $235M Investment

by John Nelson October 7, 2026

NEW YORK CITY — Tishman Speyer has entered into a 150-year ground lease agreement for the Chrysler Building, with plans to invest $235 million in restorations to the landmark Manhattan office tower at 405 Lexington Ave. New York City-based Tishman Speyer is joined in the transaction by multiple global institutional partners, with the Public Sector Pension Investment Board (PSP Investments) serving as lead investor. Ground-rent fees, which have not been disclosed, will be paid to the landowner, The Cooper Union for the Advancement of Science and Art, a private college in New York’s East Village. Opening in 1930, the 1.3 million-square-foot, 77-story tower was built to house the Chrysler Corp. and features decorative elements inspired by automobile parts, including eagle gargoyles modeled after the hood ornament on the 1929 Plymouth. Tishman Speyer and its partners will use 100 percent equity to finance the ground lease and redevelopment. Plans call for new amenities on the 61st floor featuring a lounge with outdoor access and food-and-beverage offerings. Fitness, wellness and meeting spaces will be situated in the building’s underground arcade, which connects to Grand Central Terminal and Manhattan’s subway system. The renovation investment will also cover restoration of the façade and the …

October 7, 2026

Development Industrial Maryland Southeast Top Stories

Anduril Industries to Invest $3.7B for 2 MSF Shipyard Facility in Maryland, Create 3,100 Jobs

by John Nelson October 6, 2026

SPARROWS POINT, MD. — American defense contractor Anduril Industries has selected the 3,300-acre Tradepoint Atlantic logistics and industrial park in Maryland’s Baltimore County for the site of a new $3.7 billion shipbuilding operation. Dubbed Arsenal-2, the 2 million-square-foot facility will be developed on the former Bethlehem Steel site in Sparrows Point and will expand the U.S. Navy’s submarine industrial base. The facility is expected to directly create 3,100 permanent jobs in Maryland and support more than 14,000 jobs overall. The project is estimated to generate more than $2 billion in annual economic output, including $312 million in wages. Arsenal-2 represents the largest single private investment in Maryland and the state’s largest job creator in over a decade, according to the State of Maryland. “With this facility, thousands of Marylanders will have new pathways to work, wages and wealth through advanced training and high-skilled maritime manufacturing jobs,” says Maryland Gov. Wes Moore. “We thank Anduril for choosing Maryland, and we’re ready to build the future of the aerospace and defense economy together.” “Sparrows Point helped build the fleet that won World War II,” adds Brian Schimpf, co-founder and CEO of Anduril. “With Arsenal-2, Anduril will return large-scale shipbuilding to a site …

October 6, 2026

California Loans Multifamily Seniors Housing Top Stories Western

JLL Arranges $276M Refinancing for Southern California Seniors Housing Portfolio

by Taylor Williams October 5, 2026

NEWPORT BEACH, CALIF. — JLL has arranged two loans totaling $276 million for the refinancing of a two-property seniors housing portfolio in the Newport Beach area of Southern California. The portfolio totals 395 units. The borrower is an affiliate of owner-operator Nexus Development. The first piece of the transaction involves a $140 million loan for Vivante Newport Center, a six-story, luxury community that features 99 independent living, assisted living and memory care units. Vivante Newport Center also offers a theater, bowling alley and a golf simulator, in addition to multiple onsite food-and-beverage options. The second component of the deal features $136 million in agency financing for Vivante Newport Mesa, a 296-unit community that was built in phases between 2013 and 2020. Vivant Newport Mesa comprises two buildings on a 6.8-acre site that also offer independent living, assisted living and memory care services. An undisclosed national bank provided the loan for Vivante Newport Center, and the name of the agency that originated the financing for Vivante Newport Mesa was also not disclosed. Greg Brown and Aaron Rosenzweig of JLL acted as intermediaries on both deals.

October 5, 2026

Acquisitions Alabama Retail Southeast Top Stories

Federal Realty Acquires The Summit Shopping Center in Birmingham for $508M

by Abby Cox October 2, 2026

BIRMINGHAM, ALA. — Maryland-based Federal Realty Investment Trust (NYSE: FRT) has acquired The Summit, an 870,000-square-foot, open-air shopping center in Birmingham, for $508 million. Purchased from the original developer, locally based Bayer Properties, the 100-acre property is the most visited retail destination in Alabama, drawing nearly 9 million annual visits, according to Federal Realty. As reported by the Birmingham Business Journal, Bayer sold its property management and leasing portfolio to Dallas-based Centennial in 2022, though the company’s original underlying real estate assets were not part of that sale. The acquisition is expected to be funded on a long-term basis with a combination of net sale proceeds, free cash flow and funds from Federal Realty’s recently issued convertible notes. Situated at the intersection of I-459 and U.S. Highway 280, The Summit opened in 1997 with initial retailers like Barnes & Noble and Parisian (which later transitioned into a flagship store for Belk), expanding in phases through 2009. The Summit now features more than 110 tenants, including Apple, Trader Joe’s, RH, Nordstrom Rack, Alo Yoga, Sephora and North Italia, with over 30 tenants operating their only Alabama location at the center. At the time of sale, The Summit was 92 percent occupied. In …

October 2, 2026

Development Florida Southeast Top Stories

Citadel’s Ken Griffin to Gift $2B for Creation of Carnegie Mellon University Miami Campus

by Hayden Spiess October 1, 2026

MIAMI — Ken Griffin, founder and CEO of global alternative investment firm Citadel, has announced plans to gift $2 billion for the launch of Carnegie Mellon University Miami, a new campus of the Pittsburgh-based private research university. Upon completion, the Miami campus will support more than 3,500 undergraduate and graduate students, with roughly 300 faculty and 600 staff members. The project will be situated on more than 35 acres in the Wynwood neighborhood of Miami. Plans include dedicated space for research labs and venture studios. Construction is scheduled to begin in 2027, with the first students enrolling in 2028. According to local news outlets, the project site for the new campus was purchased from developer Moishe Mana. Griffin is also donating $1 billion to support Carnegie Mellon’s home Pittsburgh campus, including a $500 million investment in the School of Computer Science, which will be renamed the Kenneth C. Griffin School of Computer Science. Earlier this year, Griffin purchased 545 Wyn, an office building located in Miami’s Wynwood neighborhood, for $181 million, in partnership with Goldman Properties. In 2022, Citadel announced plans for a new global headquarters in the city’s Brickell financial district, moving from its longtime home in Chicago. Development plans …

October 1, 2026

Illinois Leasing Activity Midwest Office Top Stories

Morningstar to Relocate Headquarters to Chicago’s Thompson Center, Inks 275,000 SF Lease

by Kristin Harlow September 30, 2026

CHICAGO — Morningstar Inc. (NASDAQ: MORN), a provider of independent investment insights, has unveiled plans to relocate its global headquarters to the Thompson Center in Chicago’s Loop. Morningstar will co-anchor the building alongside owner Google and will occupy more than 275,000 square feet. The company plans to move to the property in late 2028. The lease marks Chicago’s largest downtown office transaction in 2026 to date, according to Morningstar, which has been headquartered in Chicago since its founding over 40 years ago. Morningstar currently employs over 1,500 people in Chicago. Located at 171 N. LaSalle St., the Thompson Center is one of the city’s highest-profile revitalization projects. Google announced plans to acquire the 1.2 million-square-foot property in 2022 and recently shared new design renderings for the renovation. The all-electric building will feature direct access to public transit, large floor plates, a 17-story atrium with food-and-beverage and retail offerings, as well as onsite employee amenities. Famed Chicago architect Helmut Jahn designed the Thompson Center, which opened in 1985 as the State of Illinois Center. The property was later renamed to honor Illinois Gov. James R. Thompson. Alongside its headquarters move, Morningstar plans to donate $5 million over the next five years …

September 30, 2026

Company News Development Industrial Iowa Midwest Minnesota Top Stories

Mesabi Metallics to Build $15B Steel Mill in Southeast Iowa, Create 1,750 Jobs

by John Nelson September 29, 2026

LEE COUNTY, IOWA — Mesabi Metallics, a wholly owned subsidiary of India-based conglomerate Essar Group, plans to develop a new $15 billion steel mill in southeast Iowa’s Lee County. Rewant Ruia, chairman of Mesabi Metallics, made the announcement at The White House yesterday along with Iowa Gov. Kim Reynolds and President Donald Trump. The new plant is expected to create 6,000 temporary construction jobs. Once the facility is operational, which is expected by 2030, the mill will employ an estimated 1,750 full-time team members. Combined with the $3 billion that the company is using to complete its iron ore mine in Nashwauk, Minn., the investment by Mesabi represents the largest single investment made in a steel complex in American history, according to Mesabi. “Mesabi is building a world-class steel supply chain that is 100 percent American,” says Joe Broking, CEO of Mesabi Metallics. “Our investment will create high-paying jobs with competitive benefits in Iowa and Minnesota, generate tens of billions of dollars in U.S. economic activity and strengthen our domestic manufacturing base.” Mesabi will utilize pellets, dubbed Patriot Pellets, procured from iron ore at its Minnesota mine, which is the first new iron ore mine built in the United States …

September 29, 2026

Company News Retail Top Stories

Brixmor, Everview Agree to Acquire Slate Grocery REIT for $2.3B, Including 115 Retail Properties

by Taylor Williams September 28, 2026

NEW YORK CITY — Two New York City-based firms, retail owner-operator Brixmor Property Group (NYSE: BRX) and Everview Partners, a private equity and investment management group, have entered into an agreement to acquire Toronto-based Slate Grocery REIT for approximately $2.3 billion. Under the terms of the transaction, Brixmor will acquire a portfolio of 23 grocery-anchored shopping centers totaling roughly 3 million square feet for $636 million. The newly formed joint venture between Brixmor and affiliates of Everview Partners will acquire Slate Grocery’s remaining 92 properties totaling approximately 12 million square feet for approximately $1.7 billion. The shopping center portfolio that comprises Brixmor’s lone ownership piece of the transaction is concentrated predominantly across Florida, Georgia and the Carolinas. Those properties currently have an aggregate occupancy rate of about 96 percent and are anchored by grocers such as Publix, Kroger and Harris Teeter. Brixmor will take full ownership of 22 of the centers and 50 percent ownership of a single center. Additionally, Brixmor has identified approximately $100 million of redevelopment and outparcel development opportunities within those centers, including several potential Publix redevelopment projects. Within the second component of the transaction, Brixmor will hold a 20 percent common equity interest and Everview will …

September 28, 2026

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