FLINT, MICH. — General Motors Co. (NYSE: GM) has unveiled plans to invest more than $1 billion in two of its manufacturing facilities in Flint — Flint Assembly and Flint Metal Center. The investments will be utilized to prepare the plants for the production of internal combustion engine (ICE) heavy-duty trucks. At Flint Assembly, GM will invest $788 million for a body shop building expansion, general assembly conveyor expansion and new tooling and equipment. At Flint Metal Center, GM will invest $233 million for new stamping dies as well as press refurbishments and new equipment. GM has announced more than $1.7 billion in investments for Flint-area operations in 2023.
SKOKIE, ILL. — JLL Capital Markets has brokered the $11.5 million sale of a 123,519-square-foot retail and industrial building in Skokie. Built in 1976 and renovated in 2013, the property is located at 3450 W. Touhy Ave. XSport Fitness is the anchor tenant at the fully occupied building. Other tenants include Skokie Cash & Carry and Howard Packaging. The property features three interior docks, four drive-in doors, an 84-space parking garage and a clear height of 30 feet. Michael Nieder of JLL represented the seller, CenterPoint Properties Trust. Skokie-based Bernard Capital Investment Partners was the buyer.
LA MARQUE, TEXAS — Partners Real Estate has arranged the sale of a 43,000-square-foot industrial facility in La Marque, located southeast of Houston in Galveston County. According to LoopNet Inc., the single-tenant property at 4725 Lawndale St. was built on three acres in 1978. Cary Latham and Wyatt Huff of Partners represented the seller, an entity doing business as Baucom Property Leasing LLC, in the transaction. Anthony Heins of Heins Properties represented the buyer, Wolf Capital Partners.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of 26,964-square-foot industrial building located at 5950 Park Vista Circle in Fort Worth. The property was built on 1.8 acres in 2005. Davis Cagle and Tyler Ranft of Marcus & Millichap represented the seller and buyer, both of which were investment firms that requested anonymity, in the transaction.
PISCATAWAY, N.J. — JLL has negotiated the $21.2 million sale of a 108,875-square-foot industrial property located in the Northern New Jersey community of Piscataway. The property features a clear height of 24 feet, 24 loading docks, two drive-in doors and 83 parking spaces. Marc Duval, Jordan Avanzato, Nicholas Stefans, Jason Lundy and Jose Cruz of JLL represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The property was fully leased to 19 tenants at the time of sale.
APEX, N.C. — Beacon Partners has broken ground on the first phase of Apex Gateway, a 380-acre master-planned development in Apex, approximately 15 miles west of Raleigh. The project surrounds the intersection of U.S. Highway 64 and N.C. Highway 751 and will feature a mix of industrial, life sciences, retail and medical office space. Phase I will feature three light industrial buildings totaling 480,000 square feet, including a 172,150-square-foot headquarters facility for Durham Coca-Cola Bottling Co. Al Williams and Matt Winter of JLL are handling leasing for Apex Gateway’s speculative developments. The project team also includes general contractor The Conlan Co., architect HagerSmith Design and engineer Advanced Civil Design. Truist Bank is providing construction financing.
NORCO, CALIF. — CapRock Partners has completed Palomino Ranch Business Park Phase I and Saddle Ranch South, two new LEED Silver-certified industrial complexes in Norco. Palomino Ranch Business Park Phase I is the first of a three-phase development. CapRock claims that, at total completion, Palomino Ranch will be the largest industrial real estate development in Norco’s history, offering about 2 million square feet across 24 buildings on about 112 acres. Saddle Ranch South is located a prime infill development consisting of three industrial buildings ranging in size from 100,000 square feet to 155,000 square feet. It is designed for local and regional manufacturing and distribution companies. The site is located approximately two miles north of Palomino Ranch.
CEDAR CITY, UTAH — A private equity group has sold Storage General Cedar, a 456,758-square-foot storage facility in Cedar City, for an undisclosed sum. Featuring 2,133 units and 456,758 total net rentable square feet, Storage General Cedar is the largest self-storage asset in Utah, according to Marcus & Millichap, which brokered the sale. The facility features electronic gate access, drive-up units with roll-up doors, wide drive aisles, RV/boat/trailer storage and parking, commercial shops available for rent, online rentals and unit management. The LeClaire-Schlosser Group of Marcus & Millichap represented the seller via Jordan Farrer of the firm’s Salt Lake City office and Adam Schlosser of the firm’s Denver office. The buyer and price were not disclosed.
TORRANCE, CALIF. — DAUM Commercial Real Estate Services has arranged the move of Rusher Air Conditioning into a new headquarters in Torrance. Structured as a reverse exchange, the sale of the previous headquarters and purchase of a new one featured “a combined transaction value of $9.5 million,” according to DAUM. Michael Collins and Dustin Hullinger of DAUM’s Capital Markets Group, with the assistance of Brad Levin, arranged the transaction.
JOLIET, ILL. — Peak Construction Corp. has broken ground on a 677,000-square-foot industrial build-to-suit project within the Rock Run Crossings Business Park in Joliet. IDI Logistics is the developer and Ecolab is the tenant. Completion is slated for the second quarter of 2024. Ecolab is a sustainability company that offers water, hygiene and infection prevention solutions and services. The project team also includes architect Ware Malcomb and civil engineer Jacob & Hefner Associates Inc.