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Aligned-DFW-03-Mansfield
AcquisitionsData CentersIndustrialSoutheastTop Stories

BlackRock-Led Consortium Agrees to Acquire Aligned Data Centers for $40B

by Abby Cox

DALLAS — A consortium led by BlackRock’s Global Infrastructure Partners, Abu Dhabi’s MGX and the Artificial Intelligence Infrastructure Partnership has entered into an agreement to acquire Dallas-based Aligned Data Centers for approximately $40 billion. The sellers are Macquarie Asset Management and its co-investment partners. Subject to regulatory approvals, the transaction is expected to close in the first half of 2026. This deal marks Macquarie Asset Management’s second major data center transaction in the last year, following the 2024 sale of AirTrunk to a consortium of investors that valued the company at $16 billion. Aligned Data Centers has rapidly scaled across North and South America, serving hyperscale, AI and enterprise customers. In recent years, Aligned has expanded its footprint from two operational facilities in Dallas and Phoenix to more than 50 campuses across the United States, Mexico, Brazil, Chile and Colombia, representing over 5 gigawatts (GW) of operational and planned capacity, including assets under development.   Aligned also obtained the first-ever green data center securitization, and first-ever sustainability-linked financing for a data center platform, according to company representatives. “This transaction underscores Macquarie Asset Management’s ability to consistently identify key thematics early and find opportunities that create value for our clients and partners,” says Ben …

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Midtown-Park_Miami
DevelopmentFloridaMixed-UseSoutheastTop Stories

City of Miami Approves $2B Midtown Park Mixed-Use Development

by Hayden Spiess

MIAMI — The City of Miami’s Urban Development Review Board has officially approved the master plan for Midtown Park, a $2 billion mixed-use development. A joint venture between Rosso Development, Midtown Development and Proper Hospitality is developing the project, a construction timeline for which has not yet been announced.  Plans for the two-phase, 1.2 million-square-foot project currently call for 924 residential units, 60,000 square feet of office space and more than 120,000 square feet of retail and restaurant space. Additionally, the development will feature two public plazas, a network of pedestrian-oriented streetscapes and an eight-court racquet and padel club operated by ULTRA Padel.  The first component of the project to be developed will be Midtown Park Residences by Proper, situated at 3055 N. Miami Avenue. Arquitectonic has designed the 28-story tower, which will deliver 288 branded residences in studio to three-bedroom layouts, plus penthouses with private rooftop gardens and pools. Meyer Davis Studio served as the interior designer for the tower.  Amenities at Midtown Park Residences by Proper will include a pool deck with a restaurant and bar, private pickleball court, fitness center, yoga and meditation garden, spa pool, coworking spaces, a kids club and a communal vegetable garden. Completion of …

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DevelopmentIllinoisIndianaIndustrialMichiganMidwestOhioTop Stories

Stellantis to Invest $13B Over Next Four Years at Midwest Automobile Factories

by Kristin Harlow

AUBURN HILLS, MICH. — Automaker Stellantis (NYSE: STLA), parent company of brands including Jeep, Dodge and Ram, has unveiled plans to invest $13 billion over the next four years to grow its business in the U.S. market and increase its domestic manufacturing footprint. The investment, the largest in the company’s 100-year U.S. history, will support the introduction of five new vehicles across the brand portfolio; production of the all-new four-cylinder engine; and the addition of more than 5,000 jobs at plants in Illinois, Ohio, Michigan and Indiana. Stellantis says the investment will increase its annual finished vehicle production in the United States by 50 percent over current levels. The new product launches will be in addition to 19 refreshed products across all U.S. assembly plants and updated powertrains planned through 2029. In Illinois, Stellantis plans to invest more than $600 million to reopen the Belvidere Assembly Plant to expand production of the Jeep Cherokee and Jeep Compass for the U.S. market. Initial production launch is expected in 2027, and the company anticipates the creation of roughly 3,300 new jobs. With an investment of nearly $400 million, Stellantis plans to move assembly of an all-new midsize truck from Belvidere to the …

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Annapolis-Town-Center
AcquisitionsMarylandRetailTop Stories

Federal Realty Acquires 480,000 SF Retail Center in Annapolis, Maryland for $187M

by Hayden Spiess

ANNAPOLIS, MD. — Federal Realty Investment Trust (NYSE: FRT) has completed the acquisition of the retail center situated within Annapolis Town Center in Anne Arundel County, roughly 30 miles outside Washington, D.C.  Federal Realty, a REIT based in North Bethesda, Md., purchased the property for $187 million. According to local reporting by the Capital Gazette, PGIM Real Estate was the seller. Anchored by Whole Foods Market, Annapolis Town Center totals 480,000 square feet. Other tenants at the property include a Life Time fitness club, Anthropologie, Sephora, RH (formerly Restoration Hardware), True Food Kitchen and Williams Sonoma. Target shadow-anchors the acquired portion of Annapolis Town Center. Greenberg Gibbons Commercial developed the mixed-use Annapolis Town Center property in 2008, with development costs estimated at  $500 million. In addition to the retail component, the development features office space, luxury condominiums and apartments.  The Capital Gazette reports that PGIM acquired the property from Greenberg Gibbons in 2018 for an undisclosed price.  This acquisition marks the continuation of Federal Realty’s growth of its retail portfolio; the firm also acquired Town Center Plaza and Town Center Crossing in Kansas earlier this year.  Federal Realty owns 102 properties that comprise approximately 3,500 tenants across 27 million commercial square feet, as well as approximately …

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Nobu-Hotel-Nashville
DevelopmentHospitalitySoutheastTennesseeTop Stories

Oracle Partners With Nobu Hospitality on $1.2B Nashville Headquarters Campus

by Taylor Williams

NASHVILLE, TENN. — Oracle Corp. (NYSE: ORCL) has partnered with Nobu Hospitality, a Miami Beach, Fla.-based operator whose concept is rooted in Japanese culture, for a new hotel and restaurant on its new corporate headquarters campus in Nashville. According to local media outlet The Tennessean, Oracle’s Nashville project is valued at roughly $1.2 billion. Designed in collaboration with architecture firm Foster + Partners, the new hotel will feature 120 rooms and suites. Guests will have access to a Nobu restaurant on the lobby level, as well as flexible meeting and event spaces for both intimate gatherings and larger occasions. The hotel will also offer a lobby café, fitness center and spa facilities and a rooftop infinity rooftop pool with curated food-and-beverage service. “We’re excited to bring the Nobu lifestyle to Nashville’s East Bank, a vibrant district ready for growth,” says Trevor Horwell, CEO of Nobu Hospitality. “After much anticipation and requests from our loyal Nobu customers, partnering with Oracle is a perfect match. Nashville’s rich culture and culinary scene make it an ideal home for Nobu, and we can’t wait to create a destination that embodies the city’s spirit and our unique experience.” Oracle, an IT company known for its …

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The Hub on Causeway
LoansMassachusettsMixed-UseNortheastTop Stories

BXP, Delaware North Receive $465M Loan for Portion of The Hub on Causeway in Boston

by Abby Cox

BOSTON — A joint venture between BXP (NYSE: BXP), formerly Boston Properties, and Delaware North, a privately owned hospitality and entertainment company, has received a $465 million loan for the refinancing of a portion of The Hub on Causeway. The 1.5 million-square-foot mixed-use development is located in the West End neighborhood of Boston. Situated on the site of the former Boston Garden arena, the original home arena of the Boston Bruins and Boston Celtics, The Hub on Causeway is now a transit-oriented development that features 811,000 square feet of office space and 440 luxury apartments, as well as 250,000 square feet of retail space and a 60,000-square-foot Star Market grocery store. An affiliate of Verizon Communications anchors the development on a 20-year lease. Wells Fargo Bank, Morgan Stanley Bank and Bank of America provided the loan to BXP and Delaware North. The joint venture refinanced The Hub on Causeway’s office tower and “podium,” which is the lower section that houses a food hall, creative office space and a movie theater. “We are pleased to complete this financing, which not only enhances the strength and flexibility of our balance sheet, but also demonstrates our access to attractively priced capital in the secured …

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DevelopmentGeorgiaHospitalitySoutheastTop Stories

Convention Center Authorities, Hilton Break Ground on $398M Signia by Hilton Savannah Hotel

by John Nelson

SAVANNAH, GA. — The Savannah-Georgia Convention Center Authority and global hotelier Hilton (NYSE: HLT) have broken ground on Signia by Hilton Savannah, a 444-room hotel situated adjacent to the Savannah Convention Center. The $398 million hotel project is expected to debut in mid-2028 and serve as the headquarters hotel of the 666,000-square-foot convention center, which underwent a $276 million expansion project that wrapped up in February. The Atlanta-Journal Constitution reports that the hotel project was “15 years and three false starts” in the making. The riverfront hotel will sit on Hutchinson Island across the Savannah River from the city’s historic district. The AJC also reports that the 403-room Westin Savannah Harbor is currently the only hotel within walking distance of the convention center. The Savannah-Georgia Convention Center Authority owns the hotel and is developing the project in partnership with the Georgia World Congress Center Authority, an Atlanta-based entity that also manages the Savannah Convention Center. The Georgia World Congress Center Authority recently collaborated with Hilton on the development of Signia by Hilton Atlanta, a 976-room hotel tower situated near the convention center, as well as State Farm Arena and Mercedes-Benz Stadium in downtown Atlanta. “Signia by Hilton Savannah’s signing and groundbreaking represents …

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DevelopmentFloridaMixed-UseSoutheastTop Stories

Partnership Proposes $2B City Park at West Kendall Mixed-Use Development in Miami

by Kristin Harlow

MIAMI — A partnership between The Easton Group, Lennar and MPKA LLC has proposed City Park at West Kendall, a $2 billion, 990-acre master-planned community in Miami. The development team has filed its application with Miami-Dade County. Plans call for 7,800 new homes in a variety of price points, including townhomes, multifamily units, single-family homes and workforce housing, as well as 1.4 million square feet of retail space and 500,000 square feet of office space. At the heart of the proposed project is Village Core, a walkable town center with shops, restaurants, entertainment, plazas and a boardwalk. With the development application filed, the next step involves collaborating with local neighbors, government officials and community stakeholders to fine-tune the plan, according to Bill Albers, partner with MPKA, which is a consultant to the homebuilding industry. City Park is expected to generate $2.4 billion in annual economic output for the county. The project is also estimated to create more than 19,000 construction jobs during build-out followed by more than 13,000 permanent jobs. By reducing the need for daily commutes to job centers like downtown, Brickell, Doral and Coral Gables, City Park will also help reverse traffic patterns and ease congestion that has …

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ArizonaDevelopmentHospitalityLeasing ActivityMixed-UseRetailTop StoriesWestern

Partnership Announces Costco, Marriott Hotels Coming to $7B Halo Vista Development in Phoenix

by John Nelson

PHOENIX — A partnership between Mack Real Estate Group and McCourt Partners has announced updates for the first phase of Halo Vista, the co-developers’ $7 billion, 2,300-acre mixed-use campus in northwest Phoenix. Halo Vista is set to surround TSMC Arizona, the $165 billion semiconductor fabrication campus. The co-developers, which are operating as an entity doing business as Mack Halo Vista LLC, announced that the project will include a new Costco store, two Marriott-branded hotels (a Courtyard by Marriott and a Residence Inn) and an auto mall (i.e. a cluster of car dealerships). Locally based firm Common Bond Development Group is developing the hotels after acquiring the land from Mack Halo Vista. “Today’s confirmation of the first phase of hospitality and retail users marks an important milestone for Halo Vista because it will enable our project to deliver much-needed services in support of the growing TSMC ecosystem, while we simultaneously continue to focus on horizontal infrastructure development that underpins the entire master plan,” says Chris Janson, president of Mack Halo Vista LLC. The new buildings will be situated at I-17 and Dove Valley Road. Infrastructure is in place and ready for development, according to the developers. Last year, the Arizona State …

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Spence-Pull-Quote
Company NewsMidwestOhioTexasTop Stories

Fifth Third Bank Agrees to Acquire Comerica in $10.9B Transaction

by Taylor Williams

CINCINNATI AND DALLAS — Fifth Third Bancorp (Nasdaq: FITB) has entered into a merger agreement to acquire Comerica Inc. (NYSE: CMA) in a transaction valued at roughly $10.9 billion. Under the terms of the all-stock transaction, Comerica’s stockholders will receive approximately 1.86 shares of Fifth Third common stock for each Comerica share they own. That condition translates to a per-share price of $82.88, which was Fifth Third’s closing stock price on Oct. 3, the last business day before the deal was formally announced. The closing price also represents a 20 percent premium to Comerica’s 10-day volume-weighted average stock price. Upon closing, which is expected to occur at the end of the first quarter of 2026, Fifth Third shareholders will own approximately 73 percent of the combined company, and Comerica shareholders will own approximately 27 percent. According to Fifth Third and Comerica, the newly formed company will have about $288 billion in assets under management (AUM), making it the ninth-largest U.S. bank by that metric. In addition, the combined entity will operate in 17 of what company officials have described as “the 20 fastest-growing markets in the country, including key regions in the Southeast, Texas and California.” Company officials also anticipate …

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