Top Stories

OpenAI, Partners Announce Five New Data Centers as Part of $500B Stargate Project

by Hayden Spiess September 25, 2025

SAN FRANCISCO — OpenAI, along with Oracle Corp. (NYSE: ORCL) and SoftBank, has announced plans for the development of five new data centers in the United States. The new projects are part of the $500 billion Stargate initiative to expand American data center infrastructure, which was announced in January at the White House. Together with the flagship site in Abilene, Texas, the new data centers will bring Stargate to more than $400 billion in investment and almost 7 gigawatts (GW) of planned capacity over the next three years. OpenAI and Oracle will partner on three of the facilities — located in Shackelford County, Texas; Doña Ana County, New Mexico; and an additional site at an undisclosed location in the Midwest — which represent a $300 billion agreement between the companies. According to OpenAI, these projects are expected to create more than 25,000 onsite jobs and thousands of additional jobs throughout the country. Together, the facilities will offer up to 4.5 GW of capacity. A partnership between SoftBank and OpenAI will develop the other two data centers, which will have the capacity to scale to 1.5 GW over the next 18 months. One of the sites is located in Lordstown, Ohio, with …

September 25, 2025

Development Industrial Life Sciences Texas Top Stories

Eli Lilly to Build $6.5B Pharmaceutical Manufacturing Facility at Generation Park in Houston, Create 600 Jobs

by Kristin Harlow September 24, 2025

HOUSTON — Eli Lilly and Co. (NYSE: LLY) has unveiled plans to build a new $6.5 billion manufacturing facility at Generation Park, a 4,000-acre master-planned development in northeast Houston that is owned by McCord Development. The active pharmaceutical product (API) facility, which represents the second of four new U.S. sites that Lilly plans to announce this year, will be used to manufacture the company’s pipeline of small molecule medicines across therapeutic areas, including cardiometabolic health, oncology, immunology and neuroscience. The project is expected to be operational within five years. Lilly plans to bring 615 new, high-wage jobs to the greater Houston area, including engineers, scientists, operations personnel and lab technicians. The company also expects to generate 4,000 construction jobs as the project is built. The facility will be among those that will manufacture orforglipron, Lilly’s first oral, small molecule GLP-1 receptor agonist, which the company expects to submit to global regulatory agencies for obesity by the end of this year. “Our new Houston site will enhance Lilly’s ability to manufacture orforglipron at scale and, if approved, help fulfill the medicine’s potential as a metabolic health treatment for tens of millions of people worldwide who prefer the ease of a pill …

September 24, 2025

Development Mixed-Use Northeast Pennsylvania Retail Top Stories

IRG, PREP Funds Acquire Washington Crown Center in Suburban Pittsburgh, Plan Redevelopment

by Abby Cox September 23, 2025

NORTH FRANKLIN TOWNSHIP, PA. — A partnership between Los Angeles-based Industrial Realty Group (IRG) and Cleveland-based PREP Funds has acquired Washington Crown Center, a 450,000-square-foot mall near Pittsburgh, with plans to undertake a redevelopment. As reported by regional media outlet Observer-Reporter, as well as several other media sources, IRG and PREP Funds are jointly investing $40 million for the transformation of the former mall into a mixed-use hub for retail and business that will be called Franklin Crossroads Park. In addition, according to Pittsburgh Business Times, New York-based Kohan Retail Investment Group originally purchased the mall for $20 million in 2016 and began marketing the property for sale in 2024. Construction of Franklin Crossroads Park, which is situated 30 miles south of Pittsburgh in Washington County along I-70, is set to begin this fall. Meanwhile, a portion of the mall will remain open through the end of the year. “Our vision is to diversify the site’s use by attracting new retailers and businesses to the property,” says Chris Salata, partner at PREP Funds. “This adaptive reuse project will significantly improve the facility and bring new economic activity.” Redevelopment plans for Franklin Crossroads Park currently call for the creation of a 100,000-square-foot retail …

September 23, 2025

Lakeside-Logistics-Center-Plant-City-Florida

Florida Industrial Loans Northeast Pennsylvania Southeast Top Stories

PCCP Provides $245.8M in Financing for Eight Industrial Buildings in Pennsylvania, Florida

by Taylor Williams September 22, 2025

LOS ANGELES — Los Angeles-based PCCP LLC has provided $245.8 million in financing for eight industrial buildings in Pennsylvania and Florida. Six of the buildings are located in Central Pennsylvania, and the other two are located along the I-4 corridor in Florida. PCCP packaged the funds within three senior loans, proceeds of which will be used to refinance existing debt. The eight buildings are concentrated within three industrial developments. The borrower is CBRE Investment Management, and the loans were placed by Scott Lewis, Matt Ballard, Christine Dierker and Brooke Kellam of CBRE. In the first transaction, PCCP provided a $142.4 million loan for Capital Logistics Center in Middletown, Pa. The development consists of six buildings that were constructed between 1970 and 2018 and range in size from 115,890 to 400,060 square feet. Buildings feature an average clear height of 32 feet and a combined 147 dock doors, 10 drive-in doors, 649 car parking spaces and 129 trailer parking stalls. Capital Logistics Center was 92 percent leased at the time of the loan closing. In the second deal, PCCP provided a $70 million loan for Centerstate Logistics Center, a 1 million-square-foot development in Lakeland, Fla. Delivered in 2021, Centerstate Logistics Center …

September 22, 2025

Acquisitions Multifamily Southeast Student Housing Top Stories

Kennedy Wilson Agrees to Acquire Toll Brothers’ Apartment Living Platform for $347M

by Abby Cox September 19, 2025

BEVERLY HILLS, CALIF. AND FORT WASHINGTON, PA. — Kennedy Wilson (NYSE: KW) has agreed to acquire the Toll Brothers Apartment Living platform from the national homebuilder for $347 million. The transaction is expected to close next month and will bring more than $5 billion of assets under management to Kennedy Wilson. The acquisition includes ownership of 18 apartment and student housing properties valued at $2.2 billion, as well as management contracts for an additional 20 properties totaling $3 billion in value. Kennedy Wilson will also take control of — and assume the construction management responsibilities for — 29 development sites worth an estimated $3.6 billion. Kennedy Wilson expects to make an initial investment of approximately $90 million in the acquired interests, which will be funded from existing Kennedy Wilson partners. “This purchase helps create an unparalleled national platform within the rental housing space that totals over 80,000 units we own, finance or manage,” says William McMorrow, chairman and CEO of Kennedy Wilson. As part of the transaction, Kennedy Wilson will acquire the Toll Brothers Apartment Living management team to oversee the existing portfolio, with plans to make offers to all current Toll Brothers’ employees. Meanwhile, Toll Brothers Inc. (NYSE: TOL) …

September 19, 2025

Development Life Sciences Top Stories Virginia

Eli Lilly Announces Plans for $5B Pharmaceutical Manufacturing Facility Near Richmond, Virginia

by Hayden Spiess September 18, 2025

GOOCHLAND COUNTY, VA. — Pharmaceutical giant Eli Lilly and Co. (NYSE: LLY) has announced plans for a $5 billion manufacturing facility located in Goochland County, which is situated west of Richmond. Earlier this year, Indianapolis-based Eli Lilly shared plans to build four new pharmaceutical manufacturing plants. The Virginia facility is the first of the four to be formally announced. Since 2020, the company has invested $50 billion in capital expansion commitments. When finished, the development will mark the company’s first dedicated, fully integrated active pharmaceutical ingredient (API) and drug product facility for its bioconjugate platform and monoclonal antibody portfolio, which create ingredients for the treatment of cancer and autoimmune diseases. Completion of the facility is scheduled within the next five years. According to Eli Lilly, the project will create more than 650 permanent jobs in the area, in addition to 1,800 construction jobs. The company projects that for each dollar invested in the development, up to $4 of local economic activity will be generated. Goochland County was selected as the site for the new facility out of hundreds of applications. Plans for the facility include the use of technologies including machine learning, AI and automated systems. To implement these technologies, …

September 18, 2025

Acquisitions New York Northeast Office Top Stories

Rithm Capital Agrees to Acquire Paramount Group Office REIT for $1.6B

by Kristin Harlow September 17, 2025

NEW YORK CITY — Rithm Capital Corp., a global alternative asset manager, has entered into a definitive agreement to acquire Paramount Group Inc. (NYSE: PGRE), a vertically integrated real estate investment trust (REIT) that owns, operates, manages and redevelops Class A office properties in New York City and San Francisco. The purchase price is approximately $1.6 billion. New York City-based Paramount’s portfolio includes 13 owned and four managed office assets totaling more than 13.1 million square feet, 85.4 percent of which was leased as of June 30. Under the terms of the agreement, which has been approved by the boards of directors of both companies, Rithm will acquire all outstanding shares of Paramount common stock for $6.60 per fully diluted share. Paramount’s stock price closed at $7.38 per share Tuesday, Sept. 16, up from $5.08 per share one year ago, a more than 45 percent increase. Rithm expects to fund the transaction with a combination of cash and liquidity from its balance sheet and potential opportunities from co-investors. New York City-based Rithm says the addition of the Paramount portfolio will create new opportunities for investors to access its real estate platform and bolster its asset management business. “We believe the …

September 17, 2025

Arizona Development Mixed-Use Top Stories Western

Vestar, Pacific Proving to Develop $2B Mixed-Use Project in Mesa, Arizona

by John Nelson September 16, 2025

MESA, ARIZ. — Vestar, a shopping center and mixed-use developer based in Phoenix, has partnered with Pacific Proving LLC, a landowning entity that controls 1,805 acres in the state capital’s East Valley, to co-develop a $2 billion mixed-use project. Legacy Park will span 200 acres at Pacific Proving’s site in Mesa near the confluence of Gilbert and Queen Creek. The groundbreaking is set for 2027. “As someone who has believed in the potential of this area and land for decades, we are thrilled to partner with Vestar to bring this phase of our property Legacy Park to life,” says Andrew Cohn, principal of Pacific Proving. “Legacy Park is not just another development. It is a thoughtfully designed community that will bring lasting value and lifestyle to the East Valley. We have waited for the right timing, the right opportunity and the right partners, and that moment is now.” Vestar expects Legacy Park to generate $56 billion in economic output over the next 20 years and to create more than 20,000 jobs. Located adjacent to Mesa Gateway Airport and easily accessible via the new State Route 24 at Williams Field Road, Legacy Park at full build-out will feature: “Legacy Park is a …

September 16, 2025

Development Florida Hospitality Loans Multifamily Southeast Top Stories

Two Roads Development Receives $520M in Construction Financing for Downtown Tampa Hotel, Residential Project

by Taylor Williams September 15, 2025

TAMPA, FLA. — South Florida-based Two Roads Development has received $520 million in construction financing for Pendry Tampa and Pendry Residences Tampa, a hospitality and residential project that will be located in the city’s downtown area. Pendry is a luxury hospitality operating platform and a division of California-based Montage International. New York City-based Sculptor Capital Management and Connecticut-based Nuveen Green Capital provided the financing. The latter’s $290 million contribution came in the form of Commercial Property Assessed Clean Energy (C-PACE) financing. “We are thrilled to have closed the largest C-PACE transaction in history, partnering with Two Roads Development and Sculptor Capital on this transformative luxury property that will redefine Tampa’s skyline,” says Ryan Doyle, senior director of originations at Nuveen Green Capital. “This historic milestone showcases the growing sophistication and scale of C-PACE financing and its capacity to support major developments.” “Awareness of what’s happening in the Tampa Bay region is growing each year, and we received tremendous interest from across the nation to finance this development,” adds Taylor Collins, managing partner of South Florida-based Two Roads Development. Designed by Arquitectonica with interiors by Studio Munge, Pendry Tampa and Pendry Residences Tampa will be housed within a 38-story high-rise building …

September 15, 2025

Development Industrial North Carolina Southeast Top Stories

Red Bull, Partners Break Ground on 2.3 MSF Bottling Plant in Concord, North Carolina

by Abby Cox September 12, 2025

CONCORD, N.C. — Energy drink giant Red Bull, along with development partners Ball Corp. (NYSE: BALL) and Rauch North America, has broken ground on a 2.3 million-square-foot production, manufacturing and distribution bottling plant in Concord, a northeast suburb of Charlotte. The $1.5 billion investment, as disclosed by several media sources, is expected to begin operations in 2028, with maximized filling capacity anticipated by 2031. The Charlotte Business Journal reports that the companies originally bought the 500-acre site at the former Philips Morris cigarette plant site, now rebranded as The Grounds, in 2021 for $55 million, after first announcing their plans to open a facility. As additionally reported, the plan initially began as a $740 million project, but as the Cabarrus County Economic Development Corp. approved enhanced incentives in 2022, the project expanded. The fully automated Red Bull plant will now offer 170,000 pallet spaces, as well as internal conveyor bridges for intralogistics that will connect can manufacturing to co-packing to warehousing, and lastly, directly to customer deliveries to “minimize carbon emissions.” Ball Corp. will also build an 800,000-square-foot aluminum can plant at the industrial park. The company will produce packaging at the new facility for Red Bull, as well as other beverage …

September 12, 2025

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