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DevelopmentIndustrialTexasTop Stories

EFC Gases & Advanced Materials Plans $210M Semiconductor Manufacturing Plant Near Waco, Texas

by Taylor Williams

MCGREGOR, TEXAS — EFC Gases & Advanced Materials has announced plans for a $210 million semiconductor manufacturing plant in McGregor, a city located about 15 miles southwest of Waco in Central Texas. Massachusetts-based EFC has purchased 195 acres within McGregor Industrial Park to serve as the site of the plant. According to the McGregor Chamber of Commerce, the park spans a little over 2,000 acres and is home to a development and test facility for SpaceX, the rocket and spacecraft company owned by Tesla CEO Elon Musk. The EFC facility will feature a central laboratory, a logistics hub and an administrative building in addition to specialty areas for chemical synthesis operations and gas transfill activities. The City of McGregor has committed to funding infrastructure improvements at the site, including the extension of water and wastewater lines, and assisting in the construction of an industrial rail spur to enhance operational efficiency. The project, a construction timeline for which was not announced, is expected to result in the creation of at least 120 new jobs, according to EFC. EFC’s decision to invest in Texas aligns with the state’s preexisting semiconductor manufacturing operations, which include Samsung’s $17 billion plant in Taylor (metro Austin) …

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U-Haul-Denton
DevelopmentIndustrialSelf-StorageTexas

MYCON Breaks Ground on 800-Unit Self-Storage Facility for U-Haul in Denton, Texas

by Taylor Williams

DENTON, TEXAS — Dallas-based MYCON General Contractors has broken ground on an approximately 800-unit self-storage facility for U-Haul in the North Texas city of Denton. Located on a 5.9-acre site on the city’s east side, the facility will consist of three buildings totaling 70,000 net rentable square feet. More specifically, the development will comprise a 28,639-square-foot pre-engineered metal building for U-Box storage; a four-story, 98,512-square-foot self-storage building; and a 2,400-square-foot drive-up storage unit. The project, which marks MYCON’s seventh collaboration with U-Haul, is slated for a March 2025 completion.

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DevelopmentIllinoisIndustrialMidwestOffice

Related Midwest, CRG to Develop 128-Acre Quantum Innovation Campus in Chicago

by Kristin Harlow

CHICAGO — Related Midwest and CRG have unveiled plans to co-develop the Illinois Quantum & Microelectronics Park (IQMP) at 8080 S. DuSable Lake Shore Drive in South Chicago. The quantum innovation campus marks the first phase of a broader 400-acre master plan. PsiQuantum, a quantum computing technology company, will anchor IQMP. The project site is located on the former U.S. Steel South Works site along the Lake Michigan shoreline. IQMP will occupy 128 acres on the southern end of the site. In addition to PsiQuantum, the campus will house cryo facilities and equipment labs as well as research and office spaces for private companies and universities to collaborate. The first phase, designed by Lamar Johnson Collaborative, will occupy approximately 30 acres and is scheduled for completion in 2027. Clayco will serve as the general contractor for the initial phase.

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The-Downs-Scarborough-Maine
DevelopmentMaineMixed-UseNortheast

Crossroads Holdings Underway on $300M Mixed-Use Project in Southern Maine, Partners With Wilder Cos.

by Taylor Williams

SCARBOROUGH, MAINE — Developer Crossroads Holdings LLC is underway on construction of Scarborough’s Town Center in southern Maine. Valued at $300 million, the project is located within The Downs, a 577-acre destination that is a redevelopment of a former horseracing complex. Plans call for 320,000 square feet of retail space, 60,000 square feet of medical office space, 240 residential units and a boutique hotel, as well as various open green spaces. Construction began last fall. The development team behind The Downs has partnered with Wilder Cos., a Boston-based development, management and leasing firm, in which Wilder will provide strategic retail and leasing services for the town center development. Wilder is also engaged with a local brokerage firm, The Boulos Co., to assist in securing local retail and restaurant interest.

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DevelopmentMultifamilyNew JerseyNortheast

TFE Properties Completes 174-Unit Multifamily Project in Somerville, New Jersey

by Taylor Williams

SOMERVILLE, N.J. — New Jersey-based investment firm TFE Properties has completed Kirby Village, a 174-unit multifamily project in Somerville, about 50 miles southwest of Manhattan. Kirby Village offers one- and two-bedroom units that range in size from 800 to 1,452 square feet. The townhome-style residences feature stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a pool, fitness center, dog park and a children’s play area. Rents start at roughly $2,400 per month for a one-bedroom apartment.

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CaliforniaDevelopmentHospitalityWestern

JIVDC Plans $270M Jamul Hotel in San Diego County

by Amy Works

JAMUL, CALIF. — The Jamul Indian Village Development Corp. (JIVDC), a subsidiary of the Jamul Indian Village, has released plans for a $270 million Jamul Hotel to accompany the Jamul Casino in Jamul, approximately 20 miles east of San Diego. C.W. Driver Cos., as general contractor and construction manager, has topped out the 16-story project, which is slated for completion in spring 2025. The 254,000-square-foot hotel will feature 200 guest rooms, including 52 suites, an upscale restaurant, speakeasy bar, resort spa, banquet space and rooftop pool. The property will also feature a 350-space parking structure.   JCJ Architecture provided architectural services for the project.

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AcquisitionsDevelopmentHealthcareHospitalityOfficeWashingtonWestern

Kauri Investments Buys Medical Office Building in Bellevue, Washington for 150-Room Hotel Redevelopment

by Amy Works

BELLEVUE, WASH. — Seattle-based Kauri Investments has acquired a freestanding medical office building, located at 1300 116th Ave. in the Seattle suburb of Bellevue, for $6.7 million. The seller and existing tenant, Eye Clinic of Bellevue, will lease back the 5,519-square-foot building until the ophthalmology practice moves into a more modern facility. Once the lease ends, Kauri plans to redevelop the asset, which is on a large parcel, into a 150-key hotel. Kauri Investments currently owns six other hotel sites Washington and Oregon. Pat Mutzel of Cushman & Wakefield’s private capital group in Seattle brokered the off-market transaction.

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Aerial view of a QSR.
AcquisitionsContent PartnerDevelopmentFeaturesIndustrialLeasing ActivityLee & AssociatesLoansMidwestMultifamilyNortheastOfficeRetailSoutheastTexasWestern

Lee & Associates Second Quarter Report: Industrial, Office Market See Continued Challenges While Retail, Multifamily Trends Follow Region-Specific Patterns

by Sarah Daniels

In the first half of 2024, high interest rates led to decreased demand, higher vacancy rates, reduced construction starts and lower property sales in industrial and office, according to Lee & Associates’ 2024 Q2 North America Market Report. Meanwhile, retail saw minimal development and continued low vacancies. Retail rent growth was particularly strong in the South and Southwest. Finally, high demand for multifamily, coupled with a sudden influx of supply in the second quarter of the year, has created a market where outcomes are highly tied to region. Midwest and Northeast multifamily markets have remained stronger than their counterparts in the South and Southwest, while Western markets saw mixed growth. Lee & Associates has made their full market report available here (with complete breakdowns of cap rates by city, market rents, vacancy rates, square footage information and more). The summaries for the industrial, office, retail and multifamily sectors below provide detailed insight into the trends and trajectories likely through the end of 2024. Industrial Overview: Activity, Growth Checked by High Interest Rates Industrial market performance across North America continued to downshift in the first half of this year.  Although net absorption remains positive, demand for industrial space has fallen to the lowest levels …

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Grogan's-Mill-Village-Center-The-Woodlands
DevelopmentRetailTexas

Howard Hughes Holdings Begins Renovation of 90,000 SF Retail Property in Metro Houston

by Taylor Williams

THE WOODLANDS, TEXAS — Howard Hughes Holdings (NYSE: HHH) has begun the renovation of Grogan’s Mill Village Center, a 90,000-square-foot retail property located north of Houston in The Woodlands that was originally built in 1974. The renovation will add a new public gathering hub with a library that will feature multimedia rooms and a theater-style classroom, as well as a community center and 32,000 square feet of modern retail space. Tenants that have either extended existing leases or committed to new spaces at Grogan’s Mill include Brother’s Pizza, Ome Calli Café, Safeway Driving, The UPS Store, Woodforest National Bank, The Woodlands Cleaners, Chef Chan’s, 4H Tailor and SN Liquor. Lastly, the project team will make upgrades to the property’s existing farmers market

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DevelopmentFloridaLoansOfficeSoutheast

OKO Group, Cain International Obtain $565M Loan for 830 Brickell Office Tower in Miami

by John Nelson

MIAMI — Co-developers OKO Group and Cain International have obtained $565 million in financing for 830 Brickell, a 57-story office tower underway in Miami’s Brickell district. TYKO Capital, a joint venture between Adi Chugh and a Florida-based hedge fund that was established last year, provided the loan that pays off an existing construction loan that MSD Partners provided in 2019. Beatriz Azcuy of Sidley Austin LLP assisted the developers in the loan arrangement. Set to open this fall, 830 Brickell is fully leased to several high-profile tenants, including Microsoft, Citadel, Kirkland & Ellis, Marsh Insurance, Sidley Austin, CI Financial (Corient), Thoma Bravo, Santander Bank and A-CAP. OKO Group and Cain International are receiving temporary certificates of occupancy (TCOs) in phases for tenants, many of which are already building out their interior spaces within 830 Brickell ahead of its completion. Designed by Adrian Smith + Gordon Gill with interiors by Iosa Ghini Associati, the office tower will feature a restaurant and bar/private club on the top floor, upscale health and wellness center, conference facilities, outdoor terrace, cafés and street-level retail space.

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