REBusinessOnline

Joint Venture Acquires 11-Building Office Portfolio in Jacksonville for $231M

JACKSONVILLE, FLA. — A joint venture between Starwood Real Estate Income Trust Inc. (SREIT), Vanderbilt Office Properties and Trinity Capital Advisors has acquired an 11-building office portfolio in Jacksonville in an off-market transaction for $231 million. The portfolio spans 1.3 million square feet and is situated within Jacksonville’s Deerwood Park submarket. The portfolio was 90 percent leased at the time of sale to 55 tenants, including Fidelity Investments, The Adecco Group and …

Georgia-Pacific Plans $100M Expansion of Dixie Manufacturing Facility in Kentucky

BOWLING GREEN, KY. — Georgia-Pacific’s Consumer Products Group has unveiled plans to invest $100 million to expand its manufacturing facility in Bowling Green, a town in southern Kentucky. The investment will expand operations for the production of Dixie-branded plates and bowls. Construction has commenced and the project is slated for completion in the first half of 2020. “This expansion will help us continue meeting the needs of our customers, as demand continues to grow for …

Women’s Apparel Chain Dressbarn to Close All 650 Stores

MAHWAH, N.J. — Dressbarn, a women’s apparel retailer, plans to eventually close all 650 of its stores nationwide. The New Jersey-based company is winding down its retail operations and plans to assist its 6,800 associates with transition support as individual stores close. “For more than 50 years, Dressbarn has served women’s fashion needs, and we thank all of our dedicated associates for their commitment to Dressbarn and our valued customers,” says Steven Taylor, Dressbarn’s …

Hitachi Automotive Undertakes $100M Plant Expansion in Monroe, Georgia

MONROE, GA. — Hitachi Automotive Systems Americas Inc., a global supplier of automotive parts, has announced a massive, multi-year expansion of its manufacturing plant in Monroe, approximately 45 miles east of Atlanta. Georgia Gov. Brian Kemp announced on Friday, May 17 that Hitachi will invest anywhere from $100 million to $330 million in expanding its existing facility. The project is expected to bring an additional 100 jobs to Walton County. The parent company of Hitachi Americas, …

Lotte Chemical, Westlake Chemical Open $3.1B Plant in Lake Charles, Louisiana

LAKE CHARLES, LA. — A joint venture between Lotte Chemical USA (KRX: KRW) and Westlake Chemical Corp. (NYSE: WLK) has opened a new chemical plant in Lake Charles, located in the southwest corner of Louisiana near the Texas border. Development costs for the 250-acre campus were estimated at $3.1 billion. The chemical plant produces monoethylene glycol — commonly called MEG — an important ingredient in the making of paper, textile fibers, latex paints, asphalt, resins, antifreeze, …

Drake Development Plans $180M Mixed-Use Project in Metro Kansas City

LEE’S SUMMIT, MO. — Drake Development will break ground Friday, May 17, on Streets of West Pryor, a 70-acre, $180 million mixed-use project in Lee’s Summit. Streets of West Pryor will be situated at the intersection of Interstate 470 and NW Pryor Road, 18 miles southeast of downtown Kansas City. McKeever’s Market, the first location in the region for the grocery store, will occupy 63,000 square feet and anchor the development. At full build-out, Streets of West Pryor will feature …

Carr Properties Breaks Ground on 225,000 SF Office Development in Washington, D.C.

WASHINGTON, D.C. — Carr Properties has broken ground on Signal House, a 225,000-square-foot office development in the Union Market neighborhood of Washington, D.C. Located at 350 Morse St., the project will be situated adjacent to Florida Avenue and near the NOMA-Gallaudet Metro Station. Designed by Gensler, the 10-story office building will pay tribute to the historic industrial surroundings of the area with a terra cotta, metal and glass exterior. Amenities at the property will …

Weller Development, Local Leaders Break Ground on $600M Phase of Port Covington Project in Baltimore

BALTIMORE — The first phase of Weller Development’s Port Covington, a 235-acre mixed-use redevelopment project in south Baltimore, kicked off with a ceremonial groundbreaking on Monday. The Baltimore Business Journal reports that this phase of construction, dubbed Chapter 1, will cost $600 million to complete and span five buildings. Weller Development, a privately held developer based in Baltimore, is the project’s lead developer and will build Chapter 1 over several years, with the …

Piedmont Acquires Galleria 100 Office Building in Atlanta for $95.1M

ATLANTA — Piedmont Office Realty Trust Inc. (NYSE: PDM) has acquired Galleria 100, an 18-story office building located in Atlanta, for $95.1 million. The sale includes a 1.5-acre parcel for future development. Galleria 100, which spans approximately 414,000 square feet, was 91 percent leased at the time of sale. The property is located within The Galleria mixed-use development on the city’s northwest side. The property is connected via footbridge to the Atlanta Braves’ SunTrust Park …

JBG Smith, Malrite Complete $162M International Spy Museum in Washington, D.C.

WASHINGTON, D.C. — JBG Smith Properties and Malrite Co. have completed the development of a new and expanded International Spy Museum at L’Enfant Plaza in Washington, D.C. When the project was announced in 2015, The Washington Post reported that the estimated costs were $162 million. The building officially opens to the public on Sunday, May 12. The development more than doubles the size of the museum to 140,000 square feet and moves it from F Street to just two blocks south of the …

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