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DevelopmentGeorgiaIndustrialSoutheastTop Stories

Aertssen Logistics to Open 380,800 SF Facility at 2,600-Acre Savannah Gateway Industrial Hub

by Kristin Harlow

RINCON, GA. — Aertssen Logistics USA Inc. has unveiled plans to open a 380,800-square-foot equipment processing center at Savannah Gateway Industrial Hub (SGIH) in Rincon near the Port of Savannah. Broe Real Estate Group is the developer of the larger, 2,600-acre industrial park. Aertssen specializes in the transportation, handling, final assembly and management of construction, agriculture and aerial lift equipment. The new 35-acre facility marks the Belgian company’s first U.S.-based operation. Aertssen Logistics is a division of Aertssen Group NV. The property will provide comprehensive logistics services, indoor and outdoor storage, and various tailor-made technical services. Aertssen says it selected the location due to land to expand on, a strong local labor market, strategic highways and quick access to the Port of Savannah’s 35-plus weekly services to world markets. To catalyze its expansion in the U.S., the company established Aertssen Logistics USA as a separate entity that aims to double the current number of machines it processes annually by 2030. In the coming years, Aertssen plans to open additional equipment processing centers in Baltimore, Houston and Tacoma, Wash. “We see significant opportunities for growth, fueled by a strong U.S. economy with substantial investments in infrastructure, which are driving an increased …

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AcquisitionsCompany NewsGeorgiaMixed-UseSoutheastTop Stories

Jamestown to Acquire North American Properties Atlanta Office, Including $2B Real Estate Portfolio

by John Nelson

ATLANTA — Jamestown, a real estate development, investment and management firm based in Atlanta, has announced plans to purchase the Atlanta-based subsidiary of North American Properties (NAP), a prominent mixed-use developer and operator based in Cincinnati. Terms of the acquisition were not disclosed, but NAP’s Atlanta office had $2 billion in assets under management (AUM) as of June 30, 2024. That portfolio includes nine mixed-use destinations across six states on the East Coast. As part of the transaction, a Jamestown affiliate will make an investment in the platform’s portfolio comprising Colony Square in Midtown Atlanta; The Forum Peachtree Corners in Peachtree Corners, Ga.; Avenue East Cobb in Marietta, Ga.; Birkdale Village in Huntersville, N.C.; Ridge Hill in Yonkers, N.Y.; and Newport on the Levee in Newport, Ky. The acquisition also includes the platform’s real estate services business that manages Avalon in Alpharetta, Ga.; Mercato in Naples, Fla.; and Riverton in Sayreville, N.J. These third-party services will add to Jamestown’s real estate services business, which currently includes 22 projects across 19 cities and 10 countries. “This acquisition will bolster our differential advantage in the market as a vertically integrated, mixed-use operator with a focus on placemaking,” says Michael Phillips, president of Jamestown. …

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Data CentersDevelopmentIndustrialTexasTop Stories

Reports: City Council Approves $225M Data Center Project in Taylor, Texas

by Taylor Williams

TAYLOR, TEXAS — The City Council of Taylor, a northern suburb of Austin, has approved a proposal and economic development agreement for a $225 million data center project, according to multiple publications, including the Austin Business Journal, Taylor Press and Community Impact Newspaper. Taylor Press reports that the city council approved the proposal during its meeting on Aug. 8, voting unanimously to grant tax rebates to Austin-based data center owner-operator BPP Projects. Taylor Press also reports that the project will be developed on 52 acres of city-owned land, and that construction will be carried out in three phases, each of which will deliver 45,000 square feet of space. Construction could begin as soon as next summer. Community Impact Newspaper reports that the city council approved a 10-year, 50 percent tax rebate for each phase of construction on the data center. In addition, the outlet states that BPP will also receive a 50 percent rebate on the local use tax collected on materials used during construction. Multiple publications report that the city’s economic development department expects the project to generate more than $1 billion in capital investment for the region over the next decade. The company has also agreed to guarantee …

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Cleveland Browns Brook Park Proposal
CivicDevelopmentMidwestOhioTop Stories

Cleveland Browns Propose $2.4B Suburban Stadium Development, City Offers $461M Financing Plan Toward Rehabbing Current Stadium

by Jeff Shaw

CLEVELAND — The Cleveland Browns NFL franchise owner Haslam Sports Group has released renderings and development plans for a new $2.4 billion stadium in the suburb of Brook Park, near Cleveland Hopkins International Airport. The proposal comes on the heels of the City of Cleveland releasing its plan to fund $461 million in renovations to the current lakeside stadium, which has been the Browns’ home for 24 years. Haslam Sports Group is seeking a 50/50 split between its own funding and public financing, regardless of whether it elects to build a new stadium or renovate its existing home. This means the team would seek $1.2 billion in public funding were it to seek a new stadium in the suburbs. The team has not disclosed any plans on how to achieve either the private or public funding for that project. The Browns in particular want an indoor stadium for the notoriously cold and snowy area, and putting a dome on the existing venue is not possible due to flight-path issues from the city’s airport. The City of Cleveland renovation proposal for the current stadium, located in the North Coast Harbor area of downtown Cleveland, would offer $461 million in public money, just under …

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AcquisitionsColoradoGeorgiaIllinoisMidwestMultifamilyNew YorkNortheastSoutheastTexasTop StoriesWestern

Equity Residential to Acquire 11-Property Multifamily Portfolio from Blackstone for $964M

by Katie Sloan

CHICAGO AND NEW YORK CITY — Equity Residential (NYSE: EQR) has agreed to acquire an 11-property apartment portfolio from Blackstone (NYSE: BX) for $964 million. The acquisition is the largest U.S. multifamily purchase by any public real estate investment trust in the past seven years, according to reports by The Wall Street Journal.  The portfolio includes four properties totaling 1,357 units in Atlanta; four properties totaling 1,237 units in the Dallas/Fort Worth metropolitan area; and three properties totaling 978 units in Denver. Further details on the communities were not disclosed.  The properties were attractive to Equity Residential — one of the largest owners of multifamily assets in the U.S. with 79,738 units across 299 properties — due to their locations in markets where the Chicago-based firm is targeting growth, as well as the properties’ appeal to high-end renters. The acquisition is expected to close in the third quarter and will include separate transactions with Blackstone Real Estate Income Trust, Blackstone Real Estate Partners and Blackstone Property Partners. Eastdil Secured, RBC Capital Markets, Santander and Sumitomo Mitsui Banking Corporation (SMBC) acted as Blackstone’s financial advisors in the transaction. Simpson Thacher & Bartlett served as Blackstone’s legal counsel. Neal Gerber & Eisenberg, Hogan …

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AcquisitionsHealthcareTexasTop Stories

Tenet Healthcare to Sell Five Metro Birmingham Hospitals to Orlando Health for $910M

by Hayden Spiess

BIRMINGHAM, ALA. — Dallas-based Tenet Healthcare Corp. has agreed to sell its 70 percent majority ownership interest in Brookwood Baptist Health in Birmingham for roughly $910 million. Orlando Health is the buyer in the all-cash transaction.  The sale will include five hospitals located in the Birmingham metro — Brookwood Baptist Medical Center, Princeton Baptist Medical Center, Walker Baptist Medical Center, Shelby Baptist Medical Center and Citizens Baptist Medical Center. Affiliated physician practices and other related operations are also included in the transaction. The sale is expected to close this fall, subject to customary regulatory approvals, clearances and closing conditions.  Under the agreement, Conifer Health Solutions, a subsidiary of Tenet Healthcare Corp., will enter into a new and expanded 10-year contract to provide revenue cycle management services to the hospitals and related operations.  According to a press release issued by Tenet, its equity interest in the Brookwood Baptist Health joint venture generated pre-tax income of approximately $12 million over the 12-month period that ended June 30.  Tenet has been a seller in recent years. In 2015, Georgia-based WellStar Health System purchased five metro Atlanta hospitals and related operations from Tenet for $575 million, marking the seller’s exit from the Georgia market. …

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DevelopmentIndianaIndustrialLoansMidwestTop Stories

SK hynix Receives $450M CHIPS Grant, $500M Loan for New Semiconductor Plant at Purdue Research Park in Indiana

by John Nelson

WEST LAFAYETTE, IND. — The U.S. Department of Commerce, which works with businesses and universities to promote job creation and economic growth, has agreed to a preliminary memorandum of terms (PMT) with semiconductor manufacturer SK hynix for its new $3.9 billion manufacturing plant in Indiana. The manufacturer, part of South Korean-based SK Group, announced in April that its advanced packaging and research-and-development (R&D) facility was coming to Purdue Research Park, an office and industrial research park adjacent to the campus of Purdue University in West Lafayette. The PMT includes $450 million in direct funding under the CHIPS and Science Act and an additional loan of up to $500 million. The funding will contribute to SK hynix’s production of high-bandwidth-memory (HBM) semiconductors (or computer chips) for AI supply chain security technology in the United States. These new-generation HBM chips will be mass-produced and packaged onsite and will have more processing power than SK hynix’s current chips, which process 1.18 terabytes of data per second. “We are excited about the Department of Commerce’s support, through the CHIPS and Science Act, of the largest semiconductor production facility located at a university in the United States,” says Mung Chiang, president of Purdue University. “This …

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20-Exchange-Place-Manhattan
MultifamilyNew YorkNortheastTop Stories

Dermot Co., PGGM Acquire 57-Story Apartment Tower in Manhattan’s Financial District

by Taylor Williams

NEW YORK CITY — A partnership between locally based investment firm The Dermot Co. and Dutch pension fund PGGM has acquired 20 Exchange Place, a 57-story apartment tower in Manhattan’s Financial District, in an off-market transaction. The deal marks the seventh property acquired by this partnership. Multiple news outlets, including Crain’s New York Business and the New York Business Journal, report that the sales price was $370 million. The seller was a partnership led by DTH Capital, a New York City-based owner-operator focused on converting office buildings into residential complexes. The new ownership plans to implement a value-add program to unit interiors and amenity spaces. The property was originally constructed in 1931 as the headquarters of Citigroup’s predecessor, City Bank Farmers Trust Co. Following a multifamily conversion, which began about 20 years ago, 20 Exchange Place now features 767 apartments in studio, one- and two-bedroom floor plans. Amenities include a fitness center, coworking lounge, children’s playroom, gaming room and an outdoor terrace. Theater operator Emursive occupies the building’s ground-floor retail space. “This rare opportunity, which came to us through an existing relationship, has enabled us to acquire an iconic property at a highly attractive basis that is significantly below replacement …

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Duke Energy Convention Center, Cincinnati
CivicDevelopmentMidwestOhioTop Stories

City of Cincinnati Begins $240M Renovation at Duke Energy Convention Center, Names ASM Global as Operator

by Jeff Shaw

CINCINNATI — The City of Cincinnati has selected ASM Global to open and operate the Duke Energy Convention Center (DECC), which is currently undergoing a $240 million renovation. The 750,000-square-foot facility closed for construction on July 1. Once renovations are complete, DECC will feature upgraded meeting space and ballrooms, an expansive rooftop terrace and major improvements to building systems and technology, making it more energy efficient. The project will add 12,000 square feet to the exhibit hall. Plans also call for the construction of a two-acre park and outdoor convention area. The convention center is slated to reopen in January 2026. Prior to closing for renovations, the venue hosted 63 events in 2024 with more than 292,540 attendees combined. DECC will be part of a new convention district in the city. Plans include a $480 million new convention headquarters hotel, which is being constructed on an existing surface parking lot just south of the convention center. Once completed, the hotel will feature 800 rooms, as well as 80,000 square feet of flexible meeting space with junior and senior ballrooms, 15,000 square feet of retail space, a pool and outdoor amenity deck. “The operations and management of the reinvented DECC will …

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Company NewsIllinoisMidwestOfficeTop Stories

Equity Commonwealth to Wind Down Operations, Liquidate Four Remaining Office Assets

by John Nelson

CHICAGO — During a conference call held yesterday, executives of Equity Commonwealth (NYSE: EQC) announced that the Chicago-based office REIT is going to wind down its operations and liquidate its four remaining office assets. David Helfand, president and CEO of Equity Commonwealth, cited “uniquely challenging market conditions” as the impetus behind the move as the company was previously pursuing a major acquisition that ultimately wasn’t executed. “After working through our pipeline, we have been unable to consummate a compelling transaction,” said Helfand, who noted that the firm had also been trying to sell three of its remaining office properties as discussed in the first-quarter earnings call. “As a result, our board of trustees has determined that it’s advisable and in the best interest of our shareholders to proceed with the wind down of our operations and the liquidation of our assets in order to maximize value for shareholders.” Equity Commonwealth was founded in 1986 by Barry Portnoy under the name CommonWealth REIT. In 2014, the late REIT champion and billionaire investor Sam Zell took over operations of the company alongside a new board of directors, including Helfand. The REIT was rebranded to Equity Commonwealth and began trading on the New …

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