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Data CentersDevelopmentIndustrialNorth CarolinaSoutheastTop Stories

Amazon to Develop $10B Data Center Campus in North Carolina

by Hayden Spiess

RICHMOND COUNTY, N.C. — Amazon (NASDAQ: AMZN) has announced plans to develop a new, $10 billion cloud computing and artificial intelligence (AI) innovation campus in Richmond County, roughly 80 miles east of Charlotte.  According to the Seattle-based company, this marks one of the largest capital investment announcements in the history of the state.  Upon completion, the campus will house data centers with computer servers, data storage drives, networking equipment and other technology infrastructure used for cloud computing capabilities and generative AI.  The project will be situated at one of the Economic Development Partnership of North Carolina’s Selectsite Readiness Program sites, which are designed to accommodate industries like AI and advanced manufacturing. Specific details about the site and construction timelines were not released. Amazon reports that the investment will create at least 500 new jobs, adding to the more than 192,000 tech professionals already in the state, as well as thousands of jobs in the Amazon Web Services (AWS) data center supply chain.  “Amazon’s $10 billion investment in North Carolina underscores our commitment to driving innovation and advancing the future of cloud computing and AI technologies,” says David Zapolsky, chief global affairs and legal officer with Amazon. “This investment will position North Carolina …

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Conference CoverageFeaturesSeniors HousingTexasTexas & Oklahoma Feature Archive

Active Adult Sector Still in Early Stages of Its Evolution, Says CEO Panel 

by John Nelson

DALLAS — The evolution of active adult product is in the third inning of a nine-inning game, but some markets are clearly ahead of the curve, says Zach Crowe, managing director of U.S. real estate for private equity giant The Carlyle Group. “There are markets like Dallas, Las Vegas and Denver that have had active adult for 20 years at this point, and the product is well known. The consumer understands what it is. There are other markets with very few properties, and people have no idea what it is. It’s still incredibly early [in the game],” reports Crowe, who is based in Washington, D.C., and focuses on real estate investment opportunities in multifamily, 55+ housing and medical office properties. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. The insights from Crowe came during the CEO panel at the fifth annual InterFace Active Adult conference. The daylong conference, which took place May 7 at The Westin Los Colinas in Dallas, attracted more than 300 industry professionals.  Moderated by Ryan Maconachy, vice chairman of health and alternative assets for Newmark, the …

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AcquisitionsIndustrialMassachusettsNortheast

JLL Brokers $26M Sale of Industrial Building in Walpole, Massachusetts

by Taylor Williams

WALPOLE, MASS. — JLL has brokered the $26 million sale of an 85,159-square-foot industrial building in Walpole, about 30 miles southwest of Boston. The building at 295 Union St. is home to tenants such as Tesla, Home Depot and Goodyear and features a clear height of 40 feet and 450 car parking spaces. Michael Restivo, David Coffman and Tommy Hovey of JLL represented the sellers, Casco Real Estate Partners and Berkeley Partners, in the transaction. The buyer was San Francisco-based investment firm Stockbridge.

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GeorgiaIndustrialMarket ReportsSoutheastSoutheast Market Reports

Atlanta’s Industrial Market Remains on a Roller Coaster Ride

by John Nelson

The last four quarters in the Atlanta industrial market were something akin to a good old-fashioned roller coaster ride at the historic Southeastern Fairgrounds!  The absorption, activity and new construction sectors all went for a somewhat bumpy ride this past year.  What’s happening? First, the quarterly absorption numbers for the Atlanta industrial market have been anything but steady. Eight quarters ago there was 7.9 million square feet of positive net absorption, followed by five negative quarters in a row (totaling 13.2 million square feet), then came two positive quarters (totaling 7 million square feet) and then back down to 2.8 million square feet of negative net absorption for the first quarter of 2025.  The annual absorption numbers were up and down as well. The last four quarters yielded 2.2 million square feet of positive net absorption, but a year ago, at this same time, the absorption numbers plummeted down to a negative 11.3 million square feet. Two years ago, the industrial market experienced 32.5 million square feet of positive net absorption.   Second, the activity numbers also were up and down. The second quarter of 2024 recorded 14.4 million square feet of activity, but that number dropped to 13.6 million …

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Leasing ActivityNew YorkNortheastOfficeTop Stories

Universal Music Group to Relocate New York Offices to Manhattan’s Penn District

by Kristin Harlow

NEW YORK CITY — Universal Music Group (UMG) has leased 88,000 square feet at Penn 2, a recently completed office tower in the Penn District campus within Midtown Manhattan. Vornado Realty Trust (NYSE: VNO) owns the property. The building will serve as the headquarters of iconic labels Def Jam Recordings, Island Records, Mercury Records and Republic Records, as well as Bravado, UMG’s merchandise company, and Verve Label Group. The property will also serve as the East Coast offices for Universal Music Publishing Group and several UMG corporate functions. UMG’s New York offices have been located at 1755 Broadway since the early 2000s, according to Variety. The global company’s corporate headquarters are in Hilversum, Netherlands. As part of a 22-year lease, UMG will occupy the entire fourth through seventh floors of Penn 2. UMG is also taking a ground-floor space along Seventh Avenue with future plans to debut a retail experience for music fans, as well as a private lobby on 33rd Street that will feature a visitor center and direct elevator access to its floors. UMG will be able to showcase its artists on large-scale LED signage within the Penn District. The new headquarters will be located within The Bustle, …

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AcquisitionsCompany NewsNortheastRetailTop Stories

DICK’S Sporting Goods to Acquire Foot Locker for $2.4B, Keep Brand Intact

by Hayden Spiess

PITTSBURGH AND NEW YORK CITY — DICK’S Sporting Goods Inc. (NYSE: DKS) has entered into a definitive merger agreement with footwear and apparel retailer Foot Locker Inc. (NYSE: FL). Under the agreement, sporting goods retailer DICK’S will acquire Foot Locker for an equity value of roughly $2.4 billion and an enterprise value of $2.5 billion.  Foot Locker operates approximately 2,400 retail stores across 20 countries in North America, Europe, Asia, Australia and New Zealand. Foot Locker’s portfolio of brands also includes Kids Foot Locker, Champs Sports, WSS and atmos.  DICK’S plans to operate Foot Locker as a standalone business unit and maintain the various Foot Locker brands. This acquisition will mark the first international expansion for the Pittsburgh-based sporting goods retailer.  Upon completion of the merger, which has been unanimously approved by the boards of directors of the two companies, Foot Locker shareholders will choose to receive either $24 in cash or 0.1168 shares of DICK’S common stock for each share of Foot Locker common stock. The $24 value represents a premium of roughly 66 percent to Foot Locker’s 60-trading day volume weighted average price. “We have long admired the cultural significance and brand equity that Foot Locker and its …

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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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Holzknecht-Pull-Quote
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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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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