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DevelopmentGeorgiaMixed-UseRetailSoutheastTop Stories

Live Nation to Lease 5,300-Seat Music Venue at $5B Centennial Yards Project in Downtown Atlanta

by Kristin Harlow

ATLANTA — Centennial Yards Co. has executed a long-term lease with event promoter Live Nation to operate a new live music and entertainment venue in downtown Atlanta. The 5,300-seat venue will anchor the under-construction sports and entertainment district within Centennial Yards, a $5 billion mixed-use project set to transform a long-underutilized section of the city into a walkable destination. The Live Nation theater will showcase a range of performances across genres, from global touring acts to national headliners and local artists. The facility will complement the city’s existing entertainment landscape, including Tabernacle concert hall, Fox Theatre and Buckhead Theatre as well as Mercedes-Benz Stadium (home of the NFL’s Atlanta Falcons and MLS’ Atlanta United) and State Farm Arena (home of the NBA’s Atlanta Hawks). “Centennial Yards is poised to be the epicenter of sports and entertainment for the southeastern United States, where people of all ages can enjoy concerts, sporting events, bars, restaurants and retail stores — all in one vibrant mixed-use district,” says Brian McGowan, president of Centennial Yards Co. “Partnering with Live Nation brings us one step closer to creating a thriving hub where unforgettable experiences happen. This new Centennial Yards entertainment venue is exactly what our region …

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AcquisitionsMixed-UseRestaurantRetailTexasTop Stories

Kite Realty, GIC Acquire Legacy West Mixed-Use Development in Metro Dallas for $785M

by John Nelson

PLANO, TEXAS — A partnership between Indianapolis-based Kite Realty Group (NYSE: KRG) and Singapore’s GIC has acquired Legacy West, a mixed-use development located in Plano, for $785 million. According to Kite Realty’s first-quarter earnings report that announced the transaction, Legacy West includes 344,000 square feet of retail space, 444,000 square feet of office space and 782 multifamily units. Invesco Real Estate has been the lead equity partner in Legacy West since the project’s inception in 2014, becoming the majority owner of the development in 2019. Prism Places and Mark Masinter of Open Realty Advisors handled leasing negotiations and the curation of office tenants, retailers and restauranters at Legacy West, which is now more than 95 percent leased. Tenants at the development include Louis Vuitton, Tiffany, Gucci, Tory Burch, Watches of Switzerland, Aritzia, lululemon, Chanel Beauty, Ralph Lauren and Vuori. “We’re proud to have played a role in shaping this dynamic development — one that integrates thoughtful placemaking and a carefully curated tenant mix, designed to serve the community for years to come,” says Mark Masinter, chairman of Global Retail for Newmark. Legacy West also features more than 20 various eateries, including the development’s food hall, Legacy Hall, and newer additions …

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Data CentersIndustrialTop Stories

Blackstone Provides $925M Debt Facility for Data Center Owner-Operator Colovore

by Taylor Williams

NEW YORK CITY — Private equity giant Blackstone Inc. (NYSE: BX) has provided a $925 million debt facility for Colovore, a data center owner-operator that is back by New York City-based alternative investment firm King Street Capital Management. California-based Colovore will utilize the capital to fund development of new data centers around the country that will be purpose-built to support artificial intelligence (AI) initiatives and infrastructure. According to Colovore, the company’s liquid-cooled facilities are designed from the ground-up to support the intense demands of modern AI chips, offering high per-cabinet cooling densities and smaller physical footprints. The company also said that new data centers stemming from the Blackstone credit facility will be located in “metro edge” markets. A subsequent statement from Sean Holzknecht, Colovore’s president and co-founder, stated that the first wave of new data center developments stemming from the Blackstone credit facility would include projects in the Reno, Chicago and Austin areas. “As AI infrastructure shifts rapidly toward highly distributed, inference-driven workloads, we remain focused on building the national backbone for this next phase — scalable, liquid-cooled data center platforms purpose-built for edge and core inference,” said Holzknecht. “With more than a decade of experience in liquid cooling, Colovore …

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The Switchyard
ArizonaDevelopmentMixed-UseMultifamilyRestaurantRetailTop StoriesWestern

Creation, Horizon Break Ground on $120M Mixed-Use Project Near Phoenix

by Channing Hamilton

QUEEN CREEK, ARIZ. — Creation, in partnership with Horizon Real Estate Ltd., has broken ground on The Switchyard, a $120 million mixed-use project in Queen Creek, about 40 miles southeast of Phoenix. The 10-acre project will feature 54,000 square feet of restaurant, retail and office space, as well as a 215-unit apartment community. The development’s restaurant lineup will feature Postino, a restaurant and wine café; Snooze, an A.M. Eatery, a breakfast and brunch restaurant founded in Denver; and Shake Shack, a modern burger chain. Creation states that lease negotiations are currently underway for most of the remaining spaces.  The Switchyard will open in phases, with the first phase slated to deliver in mid-2026. Dallas-based GFF Design is the project’s architect, and LGE Design Build will lead the construction. “The Switchyard represents Queen Creek’s first true walkable, mixed-use development, marking a milestone in the town’s continued growth and evolution,” remarked David Sellers, co-founder of Creation. “With construction now underway, we’re eager to see this place come to life, seamlessly blending retail, dining, office spaces, apartments and a vibrant outdoor environment.” As part of the groundbreaking event for The Switchyard, the development team donated $25,000 to Ryan House, a nonprofit organization that …

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Data CentersDevelopmentLeasing ActivityTexasTop Stories

Aligned Partners With Lambda on $700M Data Center Project in Plano

by John Nelson

PLANO, TEXAS — Aligned Data Centers LLC, a data center developer and operator based in Plano, has partnered with Lambda Inc., a cloud computing company backed by Nvidia. Lambda will occupy DFW-04, Aligned’s newest data center under construction in its home market. The Dallas Morning News reported that the facility represents an investment of $700 million. Lambda’s AI Cloud platform will be integrated into the new data center, which is anticipated to be available in 2026. Situated at 401 N. Star Road, DFW-04 will comprise 425,000 square feet and support Lambda’s highest-density graphics processing units (GPUs), essential tools for AI and machine learning users. The new 44-acre facility will have an onsite substation and will feature Aligned’s proprietary air and liquid cooling technologies. DFW-04 will also have more than 5,000 megawatts of future capacity. The new facility will be situated within three miles of DFW-01 and DFW-02, which also serves as Aligned’s corporate headquarters. Aligned is also currently underway on DFW-03, a 27-acre data center project in Mansfield, Texas, that is set to deliver later this year. “Aligned is the ideal partner to help Lambda build large, flexible space that meets the AI demands of today and tomorrow,” says Ken …

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AcquisitionsCaliforniaNew YorkNortheastRetailTop StoriesWestern

3G Capital Agrees to Acquire Skechers for $9.4B, Take Company Private

by Kristin Harlow

MANHATTAN BEACH, CALIF. AND NEW YORK CITY — Global investment firm 3G Capital has entered into an agreement to acquire footwear retailer Skechers USA Inc. (NYSE: SKX). The sales price is $9.4 billion, according to The Wall Street Journal. Upon completion of the transaction, Skechers will become a privately held company. New York City-based private equity firm 3G will pay $63 per share in cash, representing a premium of 30 percent to Skechers’ 15-day, volume-weighted average stock price. The transaction also includes the option for existing shareholders of Skechers to instead receive $57 in cash and one unlisted, non-transferrable equity unit in the newly formed company. Founded more than 30 years ago in Manhattan Beach, Calif., Skechers maintains $9 billion in annual sales and is the third largest footwear company in the world. There are more than 5,300 Skechers retail stores worldwide that sell clothing, shoes and accessories at affordable prices. Skechers says the new private company will continue to execute its ongoing strategic initiatives, including the design of innovative products, international development, direct-to-consumer expansion, domestic wholesale growth and strategic investments in global distribution, infrastructure and technology. The Skechers board of directors unanimously approved the sale. Skechers will continue to be …

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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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DevelopmentMixed-UseTennesseeTop Stories

Ridgeline Development, Deep Cove Break Ground on 550,000 SF Mixed-Use Project in Nashville

by Hayden Spiess

NASHVILLE, TENN. — Ridgeline Development Partners (RDP) and Deep Cove Partners (DCP) have broken ground on The Bend at Capitol District, a 550,000-square-foot mixed-use project in Nashville.  The project marks an expansion of the TownePlace Suites at North Capitol development, which was completed in 2020.  Nashville-based Smith Gee Studio and New York-based S9 Architecture designed the project, which will feature a 188-key Moxy-branded hotel, 10-story residential tower and 17,000 square feet of retail space within an interconnected paseo. The residential building will include 128 fully furnished extended stay units and 133 apartment units.  Completion of the development is scheduled for early 2027. Skanska USA is the general contractor. The project team also includes engineers RaganSmith Associates and Power Management Corp. JLL is serving as project manager, and The Gettys Group will lead branding, interior design and procurement efforts.  The Bend at Capitol District is located near the Tennessee State Capitol and Metro Courthouse and will be within walking distance of the Music City downtown entertainment district.  — Hayden Spiess

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DevelopmentHospitalityNevadaRetailTop StoriesWestern

Caesar’s Entertainment Begins $160M Transformation of Harveys Lake Tahoe Casino, Hotel in Nevada

by John Nelson

STATELINE, NEV. — Caesar’s Entertainment (NASDAQ: CZR), a gaming and casino giant based in Reno, has begun the $160 million transformation of Harveys Lake Tahoe, a 1.6 million-square-foot hotel and casino located in Stateline. The redevelopment project will feature upgrades, accommodations, elevated dining and gaming options and a new contemporary design. Beginning July 1, the resort will operate as Caesars Republic Lake Tahoe Hotel & Casino. “This transformation honors the storied history of Harveys while introducing modern amenities and elevated experiences that will redefine luxury in Lake Tahoe,” says Karie Hall, senior vice president and general manager of Harrah’s and Caesar’s Republic Lake Tahoe. The 88,000-square-foot casino floor at Caesars Republic Lake Tahoe will be reimagined with fresh carpeting, lighting, tables, chairs and digital displays, while also including new slot machines, a high limit room and a World Series of Poker room. The lobby will also be redesigned. The resort’s towers, Remus Tower and Romulus Tower (formerly Mountain Tower and Tahoe Tower), will also be improved. All rooms in the Remus Tower will be remodeled, while Romulus Tower will receive a refresh after previously being fully redesigned in 2020. Additionally, butler service for select suites will be available for both hotels. …

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