PARAMUS, N.J. — Kimmerle Group, a New Jersey-based design-build firm, has completed the renovation and expansion of a 350,000-square-foot office building in the Northern New Jersey community of Paramus. The project included a reimagining of the lobby, the relandscaping of the outdoor amenity areas and the addition of a new café and recreation center with a putting green, pool table and arcade. The owner, Onyx Equities, acquired the asset from Mack-Cali Realty Corp. (NYSE: VRE) in 2019.
PHOENIX — Creation RE, a Phoenix-based real estate investment and development firm, and J.P. Morgan Global Alternatives have created a joint venture with plans to invest $1 billion in industrial, warehouse and logistics real estate projects across four states. The partners have released plans to capitalize and develop seven projects, three of which have already closed and four in the pipeline. The properties total approximately 5 million square feet in Newmark, N.J.; Melville and Islandia, N.Y.; Fort Worth, Texas; and Chandler, Gilbert and Phoenix, Ariz.
OGDEN, UTAH —Canterbury Partners LLC has completed work on Senior Living on Washington, an affordable seniors housing community in Ogden, approximately 35 miles north of Salt Lake City. Partners on the project include R & O Construction, Think Architecture, The Richman Group Affordable Housing Corp., JP Morgan Chase Community Development Bank, Rocky Mountain Community Reinvestment Corp. and the Olene Walker Housing Loan Fund. Senior Living on Washington is a 100 percent affordable housing project for seniors over age 62. EMG Management will be the operator. The number of units was not disclosed.
YONKERS, N.Y. — JLL has arranged a $230 million loan for the refinancing of Lionsgate Studios Yonkers, a 500,000-square-foot film production studio located on the northern outskirts of New York City. Proceeds will retire construction debt that financed Phase I of the studio’s development, which was completed in January. The borrower, a partnership between Connecticut-based National Resources and Great Point Capital Management, a media investment fund based in the United Kingdom, is also planning a $500 million expansion. When complete, the studio will house 11 soundstages — eight 20,000-square-foot stages, two 10,000-square-foot stages and a 30,000 square-foot stage — and will be the largest modern-built film and television production campus in the Northeast. The property will also include parking for more than 750 cars and 100 trucks. Michael Zaremski, Michael Shmuely, John Flynn and Jimmy Cochran of JLL arranged the five-year loan.
SOMERS, WIS. — Lee & Associates has negotiated the sale of 132 acres of land located at 1735 120th Ave. in Somers, about 30 miles south of Milwaukee. The sales price was undisclosed. The buyer, Becknell Industrial, plans to build Somers Logistics Center. The development will consist of a 795,471-square-foot speculative industrial building with a clear height of 40 feet, 148 loading docks and 184 trailer parking spaces. Completion is slated for the fourth quarter. Tom Boyle of Lee & Associates represented Becknell in its purchase from a private owner. Lee & Associates will also market the project for lease.
HALTOM CITY, TEXAS — Indianapolis-based developer Scannell Properties has broken ground on 820 Crossing, a 335,000-square-foot industrial project in Haltom City, a northern suburb of Fort Worth. The rear-load building will feature 36-foot clear heights, 62 dock doors, 185-foot truck court depths, 201 car parking spaces and 95 trailer stalls with the capacity to add 40 more. Stream Realty Partners has been tapped to lease the development. Completion is slated for the first quarter of 2023.
RALEIGH, N.C. ― VinFast, a Vietnamese-based electric vehicle and battery company, has plans to open its first North American automotive assembly and battery manufacturing plant in metro Raleigh. The company plans to invest $4 billion and create 7,500 jobs in Chatham County. VinFast is the automotive branch of Vingroup, a company founded in Ukraine that covers trade and services, technology and industry and social enterprise. VinFast announced plans for its California headquarters earlier this year. The company plans to start producing vehicles in the United States in 2024. VinFast evaluated over 50 megasites in 10 states for its facility, before choosing Chatham County site. The Economic Development Partnership of North Carolina and its business recruitment managers helped the company connect with state entities, like the North Carolina Department of Commerce, and local entities to secure the necessary information and details.
CHINA GROVE, N.C. — Macy’s Inc. has plans to open a 1.4 million-square-foot fulfillment center in China Grove. The New York City-based retail giant plans to invest approximately $584 million in the facility, which is expected to open in 2024. The fulfillment center will offer automated direct-to-consumer fulfillment capacity. When fully operational, the property will account for nearly 30 percent of Macy’s digital supply chain capacity and serve customers nationwide. The facility will be equipped with new automation technology, including an advanced goods-to-person and pocket sorter system that will help to distribute merchandise efficiently. The property will employ nearly 2,800 workers when fully operational.
MINNEAPOLIS — CEDARst Cos. is completing the adaptive reuse of five historic warehouses in the North Loop neighborhood of Minneapolis into two apartment developments. The first project, named The Duffey, is slated to open in April. The $71.1 million project features 188 units along with 24,000 square feet of retail space. Amenities include a fitness center, resident coworking space and rooftop deck. The second project, which is yet to be named, is set to begin construction in the coming months. Development costs are estimated at $160 million for the 358-unit project, which will feature 38,500 square feet of retail space. Amenities will include a rooftop lounge, coworking suite, 8,000-square-foot fitness center, game room with bowling lanes and 293 parking spaces. Construction is scheduled to last 18 months.
COLUMBUS, OHIO — Duke Realty will build a 574,670-square-foot medical distribution center for Cardinal Health in Columbus. The new building will replace Cardinal Health’s current 235,000-square-foot facility in nearby Obetz. Duke is building the project with joint venture partners Columbus Regional Airport Authority and Capitol Square. Completion is slated for late 2022 or early 2023. Cardinal Health is a distributor of pharmaceuticals, a global manufacturer and distributor of medical and laboratory products, and a provider of performance and data solutions for healthcare facilities. The organization has a multi-year strategy to increase U.S. warehouse space capacity, according to James Sembrot, senior vice president of Cardinal Health’s U.S. supply chain.