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Company NewsData CentersDevelopmentNortheastPennsylvaniaTop Stories

Amazon to Invest Minimum of $20B in AI-Based Data Center Campuses Throughout Pennsylvania

by John Nelson

SEATTLE — Amazon (NASDAQ: AMZN) plans to invest “at least $20 billion” in future cloud computing and artificial intelligence (AI) innovation campuses in Pennsylvania. The Seattle-based e-commerce giant has identified Salem Township in Luzerne County and Falls Township in Bucks County as the first communities that will host these campuses, with other Pennsylvania communities also under consideration. “I’m proud to announce that we have secured the largest private sector investment in the history of Pennsylvania,” said Pennsylvania Gov. Josh Shapiro. “Pennsylvania is competing again.” Upon completion, the campuses will house data centers with computer servers, data storage drives, networking equipment and other technology infrastructure used for cloud computing capabilities and generative AI. Specific details about the sites and construction timelines were not released. Last week, Amazon made a similar announcement for a $10 billion data center innovation campus in Richmond County, N.C., which followed an $11 billion investment in Georgia that Amazon announced in January. Amazon stated that the Pennsylvania investment will create at least 1,250 new jobs, as well as thousands of jobs in the Amazon Web Services (AWS) data center supply chain. The new jobs will range from data center engineers and network specialists, to engineering operations managers, security …

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IllinoisLoansMidwestMultifamily

Greystone Provides $58.6M Loan for Refinancing of Apartment Community in Metro Chicago

by Kristin Harlow

ELK GROVE VILLAGE, ILL. — Greystone has provided a $58.6 million Freddie Mac Workforce Preservation loan to refinance Terraces of Elk Grove, a 427-unit multifamily property in the Chicago suburb of Elk Grove Village. Built in 1968, the garden-style community consists of nine buildings, including a clubhouse. Eric Rosenstock and Dan Sacks of Greystone originated the financing on behalf of the borrower, Bayshore Properties. The nonrecourse, fixed-rate loan, which refinances an existing Greystone bridge loan on the property, features a 10-year term, 35-year amortization and five years of interest-only payments. In accordance with Freddie Mac’s Workforce Preservation program, 30 percent of the units at the property are designated for households earning less than 80 percent of the area median income.

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AcquisitionsIndianaMidwestMultifamily

CBRE Brokers Sale of 234-Unit Multifamily Property in Mishawaka, Indiana

by Kristin Harlow

MISHAWAKA, IND. — CBRE has brokered the sale of River Pointe, a 234-unit multifamily property in Mishawka near South Bend. The sales price was undisclosed. Located at 350 Bercado Circle along the St. Joseph River, the community features a range of one-, two- and three-bedroom floor plans averaging 1,054 square feet. The property was built in 1974 and features amenities such as a pool, dog park, fitness center, newly renovated clubhouse, courtyard and riverfront deck. George Tikijian, Hannah Ott, Cam Benz, Clair Hassfurther, Ryan Stockamp and Sean Pingel of CBRE represented the seller, LV Property Management. Monarch Investment and Management was the buyer.

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InterFace I-85 Industrial Corridor panelists
Conference CoverageFeaturesIndustrialNorth CarolinaSoutheastSoutheast Feature Archive

Competition for Labor, Land Is Reshaping the I-85 Industrial Corridor, According to InterFace Panelists

by Abby Cox

CHARLOTTE, N.C. — Stretching from Alabama to Atlanta, through the Carolinas and into Virginia, the I-85 corridor has long been a backbone of industrial growth in the Southeastern United States. Once celebrated as a magnet for logistic hubs, manufacturing plants and warehouse developments, this valuable category of real estate is now showing signs of strain. 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. During the COVID-19 pandemic, industrial real estate, especially warehouses and distribution centers, saw a dramatic surge in demand due to a rise in e-commerce, inventory stockpiling due to supply chain issues and lower interest rates. Fast forward five years later, the industrial market is now experiencing a slowdown due to new pressures that are reversing or slowing down many of those trends. “People are concerned about making a decision today without knowing what’s going to happen tomorrow,” said John Coleman, senior vice president of Graham &. Co. Coleman specializes in representing both tenants and landlords across the Birmingham and Montgomery industrial markets in Alabama. Coleman’s comments came while on stage during the closing panel at InterFace …

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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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