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Company NewsDevelopmentIndianaMidwestRetail

Wawa Opens First Three Stores in Indiana, Plans Five More

by Abby Cox

WAWA, PA. — Wawa Inc., a gas station and convenience store chain, has opened its first three stores in Indiana. Located in Daleville, Nobleville and Clarksville, the new stores are the first of eight stores slated to open by the end of the year. Additional store locations in Indiana are planned in Brownsburg, Cumberland, Plainfield and Westfield. Wawa expects to open its next store in Indianapolis at 3835 E. 96th St. in July. Wawa’s portfolio spans 1,125 stores, including store locations in Pennsylvania, New Jersey, Delaware, Maryland, Virginia, Florida, North Carolina, Alabama, Georgia, Ohio, Indiana and Washington, D.C.

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CaliforniaCompany NewsRetailWestern

Nuveen Real Estate Selects Vestar to Manage Newly Acquired 600,000 SF SoCal Retail Portfolio

by Amy Works

SOUTHERN CALIFORNIA — Nuveen Real Estate has selected Vestar to provide property management, strategic leasing oversight, marketing and construction management services for its newly purchased retail portfolio in Southern California. Totaling more than 600,000 square feet, the grocery-anchored portfolio has occupancy rates exceeding 98 percent. The portfolio includes: The addition of these five properties brings Vesta’s Southern California footprint to more than 8.5 million square feet, including The District at Tustin Legacy in Tustin, Long Beach Towne Center in Long Beach, Peninsula Center in Rolling Hills Estates and Rancho San Diego Towne Center in San Diego.

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Company NewsDevelopmentIndustrialNorth CarolinaSoutheastTop Stories

JetZero to Open $4.7B Airplane Manufacturing Facility in Greensboro, North Carolina, Create 14,500 Jobs

by Abby Cox

GREENSBORO, N.C. — JetZero, a California-based aerospace startup company, will open a $4.7 billion manufacturing facility at Piedmont Triad International Airport in Greensboro. Construction on the facility is expected to begin in the first half of 2026, with the first deliveries beginning in the early 2030s.  The facility will house production of the company’s commercial all-wing design airplane titled Z4. Once the site is operational, the company’s headquarters will be relocated from Long Beach, Calif. to Greensboro. JetZero projects that the facility will account for the creation of about 14,500 new jobs by 2063, providing opportunities for collaboration with academic and vocational training institutions. “North Carolina offers the ideal combination of talent, infrastructure and forward-thinking leadership to support our mission to reshape aviation,” says Tom O’Leary, CEO and co-Founder of JetZero. JetZero has partnered with the smart infrastructure, electrification and automation divisions of German congolomerate Siemens to design a “factory of the future” that will be fully digital and AI-driven in order to increase speed, cut costs and improve quality to outpace original equipment manufacturers. Z4 planes will be able to accommodate 250 passengers with up to 50 percent better fuel efficiency than today’s commercial tubes and wing jets, according to JetZero. By …

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Company NewsData CentersDevelopmentNortheastPennsylvaniaTop Stories

Amazon to Invest Minimum of $20B in AI-Based Data Center Campuses Throughout Pennsylvania

by John Nelson

SEATTLE — Amazon (NASDAQ: AMZN) plans to invest “at least $20 billion” in future cloud computing and artificial intelligence (AI) innovation campuses in Pennsylvania. The Seattle-based e-commerce giant has identified Salem Township in Luzerne County and Falls Township in Bucks County as the first communities that will host these campuses, with other Pennsylvania communities also under consideration. “I’m proud to announce that we have secured the largest private sector investment in the history of Pennsylvania,” said Pennsylvania Gov. Josh Shapiro. “Pennsylvania is competing again.” Upon completion, the campuses will house data centers with computer servers, data storage drives, networking equipment and other technology infrastructure used for cloud computing capabilities and generative AI. Specific details about the sites and construction timelines were not released. Last week, Amazon made a similar announcement for a $10 billion data center innovation campus in Richmond County, N.C., which followed an $11 billion investment in Georgia that Amazon announced in January. Amazon stated that the Pennsylvania investment will create at least 1,250 new jobs, as well as thousands of jobs in the Amazon Web Services (AWS) data center supply chain. The new jobs will range from data center engineers and network specialists, to engineering operations managers, security …

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AcquisitionsCompany NewsNortheastRetailTop Stories

DICK’S Sporting Goods to Acquire Foot Locker for $2.4B, Keep Brand Intact

by Hayden Spiess

PITTSBURGH AND NEW YORK CITY — DICK’S Sporting Goods Inc. (NYSE: DKS) has entered into a definitive merger agreement with footwear and apparel retailer Foot Locker Inc. (NYSE: FL). Under the agreement, sporting goods retailer DICK’S will acquire Foot Locker for an equity value of roughly $2.4 billion and an enterprise value of $2.5 billion.  Foot Locker operates approximately 2,400 retail stores across 20 countries in North America, Europe, Asia, Australia and New Zealand. Foot Locker’s portfolio of brands also includes Kids Foot Locker, Champs Sports, WSS and atmos.  DICK’S plans to operate Foot Locker as a standalone business unit and maintain the various Foot Locker brands. This acquisition will mark the first international expansion for the Pittsburgh-based sporting goods retailer.  Upon completion of the merger, which has been unanimously approved by the boards of directors of the two companies, Foot Locker shareholders will choose to receive either $24 in cash or 0.1168 shares of DICK’S common stock for each share of Foot Locker common stock. The $24 value represents a premium of roughly 66 percent to Foot Locker’s 60-trading day volume weighted average price. “We have long admired the cultural significance and brand equity that Foot Locker and its …

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Company NewsNortheastPennsylvaniaRetail

Rite Aid Files for Chapter 11 Bankruptcy, Explores Acquisition Opportunities

by Taylor Williams

CAMP HILL, PA. — Rite Aid has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of New Jersey and is exploring opportunities to be acquired by outside entities. The announcement marks the second time in 24 months that the Pennsylvania-based convenience and drugstore chain has filed for voluntary Chapter 11 bankruptcy protection. The previous filing in October 2023 preceded the closure of hundreds of stores across the country. The company did not explicitly say in this filing how many of its stores would be immediately impacted, only noting that it would “divest or monetize any assets that are not sold through the court-supervised process.” To facilitate a potential sale, Rite Aid has secured commitments from some of its existing lenders to access approximately $1.9 billion in new financing, which will be used to fund existing operations prior to and during a court-supervised sales process. According to USA Today, Rite Aid operated about 1,200 stores across 15 states at the time of the latest filing.

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AcquisitionsCompany NewsRestaurantRetailTexasTop Stories

Sunoco Agrees to Acquire Fuel Distributor Parkland in $9.1B Deal

by John Nelson

DALLAS AND CALGARY, ALBERTA — Sunoco LP (NYSE: SUN), a Dallas-based fuel distributor and operator, has entered into a definitive agreement to acquire Parkland Corp. (TSX: PKI), a Calgary-based owner and operator of gas stations, convenience stores and electric vehicle charging stations in North America and the Caribbean. Parkland’s retail store count totals nearly 4,000 locations operating under the Esso, Ultramar, Chevron, On the Run, Pioneer and Fas Gas Plus fuel brands. Sunoco plans to acquire all outstanding shares of Parkland in a cash and equity transaction valued at approximately $9.1 billion, including assumed debt and the acquisition of Parkland’s Burnaby refinery in British Columbia, which produces 55,000 barrels of low-carbon fuels daily. “This strategic combination is a compelling outcome for Parkland shareholders,” says Michael Jennings, executive chairman of Parkland. “This partnership creates significant financial benefits for shareholders and would position the combined company as the largest independent fuel distributor in the Americas.” The acquisition was unanimously approved by the boards of directors for both companies. The deal is expected to close in the second half of 2025 upon the satisfaction of closing conditions, including approval by Parkland’s shareholders and customary regulatory and stock exchange listing approvals. Parkland’s board of …

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Company NewsTop Stories

Pershing Square Acquires $900M Stake in Howard Hughes Holdings

by Taylor Williams

NEW YORK CITY AND THE WOODLANDS, TEXAS — Pershing Square Capital Management, a New York City-based hedge fund founded and operated by Bill Ackman, has acquired 9 million shares of newly issued common stock of real estate giant The Howard Hughes Holdings Inc. (NYSE: HHH) in a deal valued at roughly $900 million. The deal closed today. The purchase price of $100 per share represents a premium of 48 percent to HHH’s closing per-share price of $67.47 on Friday, May 2. Pershing Square now owns 46.9 percent of HHH’s outstanding shares and has generally agreed to limit its voting power to 40 percent and its beneficial ownership to 47 percent. According to Reuters, Pershing Square’s stake in HHH was previously 37.6 percent. Pershing Square’s investment enables HHH to become a diversified holding company by acquiring controlling stakes in high-quality, public and private operating companies while continuing to invest in and grow the company’s core real estate development and master-planned communities business.  Ackman, who currently serves as chairman and CEO of Pershing Square, has been named executive chairman of the HHH’s board of directors. Ryan Israel, Pershing Square’s chief investment officer, will become HHH’s chief investment officer, a new senior leadership …

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Jack in the Box
CaliforniaCompany NewsRestaurantRetailWestern

Jack in the Box to Close Up to 200 Stores, Company to Explore Sale of Del Taco

by Amy Works

SAN DIEGO — Jack in the Box Inc. has announced plans to improve its long-term financial performance across its restaurant system, which includes the closure of 150 to 200 underperforming Jack in the Box restaurants, as well as possible alternatives for its Del Taco brand, which it acquired in March 2022. Jack in the Box will implement a block closure program, which will comprise of approximately 80 to 120 restaurant closures between now and December 31, with the remaining underperforming restaurants closing thereafter, based upon franchise agreement termination dates. San Diego-based Jack in the Box Inc. operates and franchises Jack in the Box, one of the nation’s largest hamburger chains, with approximately 2,200 restaurants across 22 states, and Del Taco, the second largest Mexican-American quick-service restaurant chain by units in the U.S. with approximately 600 restaurants across 17 states.

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AcquisitionsCompany NewsHospitalityMarylandSoutheast

Marriott to Acquire CitizenM Hotel Brand for $355M

by John Nelson

BETHESDA, MD. — Marriott International has reached an agreement to acquire the brand and related intellectual property of citizenM, a hospitality brand based in the Netherlands. The deal is valued at $355 million. The citizenM brand comprises 36 open hotels spanning 8,544 rooms, with properties located in cities such as Paris, Rome, London, New York City and Miami. There are three more citizenM-branded hotels in the development pipeline totaling more than 600 rooms that are set to open by mid-2026. The citizenM select-service lodging brand was founded in 2008. Following closing, the citizenM portfolio will become part of Marriott’s system, with the hotels owned and leased by citizenM subject to new long-term franchise agreements with Marriott. The seller may also receive earn-out payments up to $110 million that are based on the future growth of the brand over a specified, multi-year timeframe. The closing of the transaction is subject to various customary conditions, including U.S. regulatory approval. Morgan Stanley & Co. International plc and Eastdil Secured acted as financial advisors to citizenM in the transaction.

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