FLAT ROCK, ROMEO AND WAYNE, MICH. — The Michigan Strategic Fund board has approved performance-based grants and State Essential Services Assessment Exemptions to support Ford Motor Co.’s investment of approximately $2 billion in the automaker’s Flat Rock, Wayne and Romeo assembly plants. As part of the agreement, Ford will create approximately 700 new jobs at its Flat Rock Assembly Plant and approximately 100 new jobs at the Romeo Engine Plant. Ford plans to invest approximately $1 billion at its Flat Rock plant to build a data center and transform the plant into a manufacturing innovation center capable of producing electrified and autonomous vehicles, in addition to the Ford Mustang and Lincoln Continental. Ford expects to begin producing the first of these vehicles in 2020, including an all-new fully electric small SUV engineered to deliver an estimated range of at least 300 miles and its first fully autonomous hybrid vehicle for commercial application. The company will invest $1 billion in its Romeo and Wayne facilities, primarily to support Ford Ranger and Ford Bronco production.
MILWAUKEE — Dakonte Products Group Inc. has signed an 8,734-square-foot industrial lease in Milwaukee. The manufacturer of vinyl products will occupy the space at 6615 West Mill Road. GFG Chicago Industrial ML LLC owns the building. Samuel M. Dickman Jr., Samuel D. Dickman, Zach Hansen and TJ Huenerbein of the Dickman Co. Inc. brokered the transaction.
BOSTON — Wheelock Street Capital and The Seyon Group have formed a joint venture to acquire industrial real estate assets in prime Northeast markets. The joint venture commenced with the acquisition of three assets totaling $32 million along the Route 128 corridor in Greater Boston. The Seyon Group, recently formed by Bryan Blake, Andrew Iglowski and John Meador, pursues real estate investment opportunities varying in size and scope. The Wheelock/Seyon partnership was formed to take advantage of market forces increasing the demand for flex/industrial assets located in close-in suburban markets. Wheelock is targeting an allocation of $100 million from its current investment vehicle, Wheelock Street Real Estate Fund V, for equity investments in the industrial sector. The partnership has been active in the investment market since the start of 2017.
HOUSTON — CBRE has negotiated a 159,785-square-foot industrial lease on behalf of McLane Group International LP, a global logistics firm, at Interstate Commerce Center in north Houston. Located at 1902 Cypress Station Drive on Houston’s north side, the property consists of about 284,000 square feet of industrial space. Patrick Rollins of CBRE represented McLane Group in the transaction. Stream Realty represented the landlord, Hillwood Investment Properties.
UNIVERSITY PARK, ILL. — Associated Bank has provided a $13.6 million loan for the acquisition of a 455,870-square-foot distribution center in University Park. The building, developed by Dermody Properties, is located at 425 University Crossing Drive. Edward Notz of Associated Bank managed the loan for the borrower, DPIF IL 3 University Park LLC.
LEMONT, ILL. — CBRE has arranged two industrial lease renewals for Salco Products Inc. totaling 128,339 square feet in Lemont, about 28 miles southwest of Chicago. The manufacturer of railcar parts renewed a lease for 96,360 square feet at 1385 101st St. and a lease for 31,979 square feet at 20W267 101st St. The smaller facility will allow for overflow space for the projected growth of Salco’s tank and hopper car parts business. David Prioletti of CBRE represented Salco in the lease transactions.
WAUKESHA, WIS. — Kirby Built Products has signed a 116,176-square-foot industrial lease in Waukesha. The furniture maker will occupy the space at 901 Northview Road. Waukesha Northview LLC is the landlord of the building. Roger Siegel and TJ Huenerbein of the Dickman Co. Inc. brokered the transaction.
WILMER, TEXAS — Interpoint Distribution Center, a 350,000-square-foot industrial property under construction in the Dallas suburb of Wilmer, is now available for lease. Situated on 24.3 acres near the crossing of Interstate 45 and Fulghum Road roughly 15 miles from downtown Dallas, the center will feature a 420-foot cross-dock configuration, 60-foot staging bays and 170 parking spaces. Colliers International will handle leasing of the building, construction of which is scheduled for completion this July.
KANSAS CITY, MO. — Ready Capital Structured Finance has arranged a $13.3 million loan for the acquisition of an industrial portfolio in Kansas City. The portfolio includes Rivergate Center, a five-building, 238,976-square-foot industrial property located at 1500-1634 N. Topping Road, and Midtown Park, a four-building, 320,400-square-foot property consisting of two office/warehouse buildings and two distribution buildings. The fixed-rate loan features a 60-month term and will also be used for the renovation and stabilization of the portfolio. The borrower was not disclosed.
NORTHLAKE, ILL. — Bridge Development Partners LLC has completed the Phase I expansion of the freezer facility at Bridge Point Northlake, a 55-acre business park on the site of a former distribution facility for Dominick’s grocery chain in Northlake. Phase II of the expansion, a 61,469-square-foot build-to-suit for candy maker Fannie May, is currently underway. Located at 555 Northwest Ave., Phase I is now available for lease and features a 162,000-square-foot cooler facility and a 256,752-square-foot freezer facility. Each property features clear ceiling heights of 32 to 40 feet. Bridge Development Partners acquired the site in partnership with Hunt Realty Investments and Akard Street Partners. John Suerth and Jason Lev of CBRE, who represented the previous owner in the sale, have been retained to market all three properties at Bridge Point Northlake.