Top Stories

Related Midwest Tops Off 635-Unit Residential Tower in Downtown Chicago

by Abby Cox July 24, 2026

CHICAGO — Related Midwest has topped off construction for the North Tower of 400 Lake Shore, a 635-unit residential tower located in the Streeterville neighborhood on the Near North Side of downtown Chicago. The 72-story building, which originally broke ground in June 2024, is slated for delivery in spring 2027, with preleasing underway. The South Tower, a second, shorter tower, is planned to follow in a later phase. Designed by the late David Childs of Skidmore, Owings & Merrill, the tower’s 857-foot tiered exterior features staggered outdoor terraces, a reimagined historical bay-window glass curtain wall and an architectural apex, an 83-foot, transparent glass extension that sits directly on top of the 72nd floor. Related Midwest’s in-house contracting company, LR Contracting Co., alongside BOWA Construction, built the first phase of the project, which spans roughly 1.1 million square feet. “Future residents can see just how spectacular this building will be when it opens next spring, taking full advantage of its location where Lake Michigan meets the Chicago River,” says Curt Bailey, president of Related Midwest. “We’re grateful to the hundreds of tradespeople who have worked tirelessly over the past two years to transform this long-dormant site into a bold addition to the lakefront …

July 24, 2026

Data Centers Development Georgia Industrial Southeast Top Stories

OpenAI Plans $20B Data Center Development Near Savannah, Georgia

by Hayden Spiess July 23, 2026

EFFINGHAM COUNTY, GA. — OpenAI, an artificial intelligence (AI) research and deployment company best known for ChatGPT, has announced plans for a new data center campus in Effingham County, approximately 30 miles northwest of Savannah. Dubbed Project Camellia, the data center campus will cost at least $20 billion to develop in order for OpenAI to receive incentives, according to multiple news outlets. Bloomberg reports that the San Francisco-based company plans to spend as much as $30 billion on the project. The site is located within Savannah Gateway Industrial Hub (SGIH), a master-planned industrial park by Broe Real Estate Group and OmniTRAX spanning 2,700 acres. SGIH is served by both CSX and Norfolk Southern rail lines. OpenAI has entered into a 25-year agreement with utilities provider Georgia Power Co., which will supply 3.2 gigawatts of power to the project. According to the two companies, OpenAI will pay all infrastructure and electric-service costs for the data center campus. Additionally, OpenAI has pledged to provide $80 million in community benefits over the life of the project, as well as $71 million in Codex credits for eligible Georgia students. (Codex is OpenAI’s agentic coding tool that assists in building software and technical projects.) OpenAI also reports …

July 23, 2026

Acquisitions Florida New York Northeast Retail Southeast Top Stories

Mavis Tire Agrees to Acquire Pep Boys from Icahn Enterprises for $700M

by Kristin Harlow July 22, 2026

WHITE PLAINS, N.Y. AND SUNNY ISLES BEACH, FLA. — Mavis Tire Express Services Corp. and Icahn Enterprises LP (NASDAQ: IEP) have entered into a definitive agreement under which a subsidiary of Mavis will acquire Pep Boys from Icahn Automotive Group LLC for approximately $700 million in cash. IEP will retain the owned real estate previously transferred to IEP from Pep Boys, as well as the AAMCO Transmissions and Precision Tune Auto Care businesses. Formally named The Pep Boys-Manny, Moe & Jack Holding Corp., Pep Boys is an automotive service company offering tires, repairs, oil changes and maintenance services from nearly 800 retail locations nationwide. Navy veterans Emanuel “Manny” Rosenfeld, Maurice “Moe” Strauss and Graham “Jack” Jackson founded the company in 1921. According to Mavis, the acquisition expands its presence in new and existing markets, particularly across the Western United States where Pep Boys maintains a significant retail footprint. The deal grows Mavis’ network to more than 4,400 service center locations across the United States and Canada. “Pep Boys brings a loyal customer base, deep-rooted market presence across the United States and a distribution network that will meaningfully enhance our supply chain nationwide,” says David Sorbaro, co-CEO of Mavis. “As part …

July 22, 2026

Loans New York Northeast Office Top Stories

Walker & Dunlop Arranges $228.9M Loan for Refinancing of The Textile Building in Midtown Manhattan

by Matthew Auchincloss July 21, 2026

NEW YORK CITY — Walker & Dunlop has arranged a $228.9 million loan for the refinancing of the Textile Building, a 19-story, 707,181-square-foot office building located at 295 Fifth Ave. in the Midtown South submarket of Manhattan. Dustin Stolly, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Sean Reimer, Michael Brown, Christopher de Raet and Jack Krentzman of Walker & Dunlop Capital Markets Institutional Advisory arranged the financing on behalf of the owners, a joint venture between PGIM, Tribeca Investment Group and Meadow Partners. A joint venture between Rialto Capital Management LLC and Hines provided the floating-rate, interest-only bridge loan. The Textile Building is more than 100 years old and was originally the heart of New York City’s textile district. In 2019, the building was purchased by the joint venture of PGIM, Tribeca Investment Group and Meadow Partners, which then invested approximately $350 million to convert it into an office building. The redevelopment included adding new 40,000-square-foot flexible floor plates, renovating the lobby, inserting an additional five elevators while modernizing the existing 10, placing a two-story penthouse on top of the original 17 stories and integrating amenities such as a coffee bar, fitness center and bike parking. The Textile Building reopened in 2023 and has since …

July 21, 2026

Company News Industrial New York Northeast Top Stories

Brookfield, CPP Investments Agree to Acquire LXP Industrial for $5.2B

by Taylor Williams July 20, 2026

NEW YORK CITY AND TORONTO — A partnership between Brookfield Asset Management (NYSE: BAM) and the Canadian Pension Plan (CPP) Investment Board has agreed to acquire LXP Industrial Trust (NYSE: LXP) in an all-cash transaction valued at $5.2 billion. The deal is expected to close in the fourth quarter. The price tag includes LXP’s net debt and preferred equity. In addition, the terms of the deal call for LXP shareholders to receive $61.20 per share in cash, which represents a premium of 12.3 percent over the REIT’s 30-day volume weighted average share price (VWAP) and a 19.8 percent premium over the company’s 90-day VWAP. Both figures are based on time frames that ended Friday, July 17. LXP has agreed to suspend payment of common share dividends until the earlier of the closing of the transaction or the termination of the definitive agreement. The agreement also includes a 40-day “go-shop” period that expires on August 28 at 11:59 p.m. EST, during which time LXP and its advisors may actively solicit and consider alternative acquisition proposals and engage in discussions with third parties. “LXP has assembled a high-quality industrial portfolio with modern logistics assets in attractive markets,” said Lowell Baron, CEO of …

July 20, 2026

Development Illinois Loans Midwest Multifamily Top Stories

Partnership to Develop Chicago’s First Geothermal-Powered Multifamily Community

by Abby Cox July 17, 2026

CHICAGO — Tree Street Group, along with Magellan Development Group and Mark Goodman & Associates, will co-develop the first geothermal-powered, all-electric multifamily high-rise in Chicago. The 33-story building, 410 North Elizabeth, will be the first phase of a two-tower, mixed-use development in the city’s Fulton Market District. Bank OZK, the senior lender on the project, provided a $102 million construction loan for the development, according to various media sources. Beach Point Capital and Circle Property Partners were the junior lenders. “Closing on financing for 410 North Elizabeth is a significant milestone for our team, one that dares to achieve what no one else has attempted — Chicago’s first geothermal multifamily high-rise,” says Ted Weldon, principal of Tree Street Group. “Our ability to move forward on this project underscores the faith of the many parties involved that Chicago is a national leader in sustainable development and a premier market for institutional investment.” The geothermal system, along with other key design features, has the potential to reduce energy usage by an estimated 60 percent. As a result of lower energy use, the building is projected to reduce emissions by 30 percent and energy cost savings by more than 25 percent. According to the U.S. …

July 17, 2026

Development Maryland Mixed-Use Top Stories

Greenberg Gibbons Breaks Ground on $450M Mixed-Use Project in Frederick, Maryland

by Hayden Spiess July 16, 2026

FREDERICK, MD. — Greenberg Gibbons has broken ground on Frederick Brickworks, a new mixed-use project located in Frederick, roughly 50 miles northwest of Baltimore. Upon completion, the development will span 65 acres. Project costs are expected to total $450 million. According to the City of Frederick, the project proposal calls for 1,260 residential units and 130,000 square feet of commercial space. The planning commission approved the master plan in October 2023, and Greenberg Gibbons closed on the land acquisition last month. The site formerly housed the historic Frederick Brick Works factory, which opened in 1891. Brick manufacturing ended at the factory in 1946, and the company continued a construction materials business at the property until relocating in 2007. Whole Foods Market will anchor Frederick Brickworks. Other confirmed retail and restaurant tenants include honeygrow, First Watch, Shake Shack, Dave’s Hot Chicken and Inspire Nail Bar. The first phase of the development will also feature 332 rental apartments and 320 for-sale townhomes built by Wormald and NVR Inc. Completion of the first phase is scheduled for 2028. The project is anticipated to support approximately 5,600 jobs — including 1,300 permanent positions and 4,300 construction jobs — and generate an estimated $181 million …

July 16, 2026

Acquisitions Multifamily North Carolina Office Southeast Top Stories

Lincoln Acquires Spectrum, Doubling Down on Carolinas Region

by Kristin Harlow July 15, 2026

DALLAS AND CHARLOTTE, N.C. — Global real estate company Lincoln Property Co. has acquired The Spectrum Cos., a full-service real estate firm based in Charlotte. The acquisition enhances Lincoln’s platform in the Carolinas region. Johno Harris, senior executive vice president at Lincoln, and Stephen McClure, CEO of Spectrum, will be leading Lincoln’s Carolinas platform, which will now also include Spectrum’s Northern and Central Florida’s multifamily business. Since its inception in 1982, Spectrum has developed nearly 7,000 multifamily units and currently leases and manages a total of 4.4 million square feet of assets. With this new partnership and investment in the platform, the combined firm is poised to ramp up its development and acquisition pipeline across both multifamily and commercial real estate. “Our shared values are the foundation for seamless integration, and Lincoln’s full-service platform and national resources will only strengthen what we’ve already built,” says McClure. Darryl Dewberry, Spectrum’s executive chairman, will continue in his role to ensure continuity for the development and investment partnerships he has helped cultivate across the Carolinas. Lincoln says the acquisition broadens its product offerings in the region and deepens its capacity to serve clients, pursue opportunities and compete more effectively. Dallas-based Lincoln is one …

July 15, 2026

Acquisitions California Company News Indiana Midwest Multifamily Top Stories Western

Milhaus Completes Merger With SRG Residential, Agrees to Acquire Broadshore Capital

by John Nelson July 14, 2026

INDIANAPOLIS AND LOS ANGELES — Milhaus, a multifamily developer and operator based in Indianapolis, has completed its merger with SRG Residential, a subsidiary of Sares Regis Group based in Newport Beach. The combined company totals 1,400 employees and includes 50,000 apartments under management — 46,000 of which come from 190 properties managed by SRG Residential — as well as a development pipeline exceeding $2.5 billion. The combined company, which will be operated under the Milhaus platform, plans to start eight development projects this year totaling more than 2,000 new units in Southern California, Denver and Phoenix, giving Milhaus a presence in more than 20 markets across the country. Chris Payne, former CEO of SRG Residential, joins Milhaus as both the chief development officer and a shareholder. Jeff Bailey, president of property management at SRG Residential and a shareholder, now leads the property management group at Milhaus. “This partnership is a natural fit,” says Tadd Miller, CEO of Milhaus. “SRG Residential brings a best-in-class, high-touch approach to property management and operations along with a quality development pipeline and seasoned leadership, while Milhaus contributes a high-quality owned portfolio and disciplined development and capital markets infrastructure.” “We are unlocking powerful synergies and long-term opportunities …

July 14, 2026

Industrial Loans Top Stories

Alterra IOS Receives Two Loans Totaling $400M for Refinancing of National Portfolio

by Taylor Williams July 13, 2026

PHILADELPHIA — Alterra IOS, a Philadelphia-based owner-operator of industrial outdoor storage (IOS) properties, has received two loans totaling $400 million for the refinancing of a national portfolio of 99 such properties. Truist Financial Corp. (NYSE: TFC) and KeyBank (NYSE: KEY) provided the debt with commitments of $225 million and $175 million, respectively. Collectively, the portfolio totals 551 usable acres and nearly 2.1 million square feet of accompanying warehouse facilities. Each site is located in a “major” U.S. industrial and logistics corridor in core markets across California, Florida, Georgia, North Carolina and Texas. Specific breakdowns of locations across these states were not disclosed. The financing was executed utilizing an equity pledge framework as opposed to traditional asset-level mortgages. According to Alterra, this structure enables more streamlined, efficient execution and portfolio-level underwriting by allowing the borrower to “reduce legal and administrative burden(s) by eliminating property-level title work across a multi-state portfolio.” “Structures like this are becoming more relevant as institutional capital seeks efficient ways to access fragmented sectors at scale,” says Kate Mooney, senior associate, capital markets at Alterra. “As IOS portfolios have grown and matured, lenders have developed greater comfort underwriting diversified portfolios rather than individual assets. Equity pledge facilities reflect …

July 13, 2026

Newer Posts

Older Posts