BRYAN COUNTY, GA. — Hyundai Motor Group will open a $5.5 billion manufacturing plant near the coastal Georgia city of Savannah that will be fully dedicated to production of electric vehicles, including batteries. Hyundai expects the facility to be operational within three years. In addition to Hyundai’s direct investment, various suppliers of the South Korean automaker will invest another $1 billion in the project. Between these initiatives, more than 8,000 new jobs are expected to be added to the local economy. Known as the Bryan County Megasite, the plant’s location spans nearly 3,000 acres. The site is adjacent to Interstate 16 and is proximate to both Interstate 95 and the Port of Savannah. The Port of Savannah is the fastest-growing container terminal in the country, according to the development team, and is served by two Class I railroads. A partnership between the Savannah Harbor-Interstate 16 Corridor Joint Development Authority (JDA) and the State of Georgia owns the Bryan County Megasite. The former entity comprises the development authorities of Bryan, Bulloch, Chatham and Effingham counties. The partnership has spent the last several years making infrastructural improvements to the site in order to improve speed-to-market functionalities for the end user. “From initial …
Industrial
BREA, CALIF. — Lee & Associates Orange has brokered the sale of a freestanding industrial property located at 760 Challenger St. in Brea, an eastern suburb of Los Angeles. The asset traded for $12.5 million, approximately 20 percent over asking price. The 27,734-square-foot building features two dock-high doors and 24-foot minimum warehouse clearance. Mark Hintergardt of Lee & Associates represented the undisclosed seller in the transaction. The name of the buyer was also not released.
DENVER — Marcus & Millichap has negotiated the sale of a multi-tenant industrial property located at 1221 E. 56th Ave. in Denver. The sales price was undisclosed. Alyssa Tomback of Marcus & MIlichap’s Denver office represented the seller and buyer, both of which were private investors who requested anonymity, in the transaction. At the time of sale, the 36,300-square-foot property was fully occupied by multiple tenants.
PENNSVILLE, N.J. — A partnership between California-based CT Realty and PGIM Real Estate will develop Garden State Logistics Park, a 1.7 million-square-foot industrial park that will be located in Pennsville, about 40 miles south of Philadelphia. Garden State Logistics Park will consist of two buildings totaling roughly 1.2 million and 500,000 square feet. The buildings will be situated on 282 acres and will feature clear heights of 40 feet. Brian Fiumara of CBRE brokered the sale of the land. CBRE has also been tapped to lease the development. Completion is slated for the third quarter of 2023.
COUNCIL BLUFFS, IOWA — The Opus Group has broken ground on River Road Logistics, a 302,300-square-foot speculative industrial building in Council Bluffs. Located at the intersection of Nebraska Avenue and River Road, the development will feature 34 dock doors, two drive-in doors, 50 dedicated trailer parking stalls, 225 car parking stalls and a clear height of 32 feet. More than half of the building has been preleased. The facility is slated for completion in the first quarter of 2023, and Opus plans to build a second building at the site. Opus is the developer, design-builder, architect and structural engineer. Matt Hasenjager and Denny Sciscoe of Cushman & Wakefield/The Lund Co. are marketing the space for lease.
PORTAGE, IND. — Greenstone Partners has negotiated the $8.2 million sale of a 52,798-square-foot industrial building in Portage, a city in northwest Indiana. Completed in June 2021, the building is named The Diversey at AmeriPlex and is situated within AmeriPlex at the Port, a 385-acre industrial park. Tenants at the property include Fagor Arrasate, Johnson Brothers, Shorebags and Dream Big Gymnastics. Jason St. John of Greenstone represented the seller, Indiana-based developer Holladay Properties, and procured the West Coast-based buyer.
BROWNSVILLE AND MCALLEN, TEXAS — A partnership between San Antonio-based Bakke Development Corp. and Atlanta-based Batson-Cook Development Co. is underway on construction of two self-storage facilities totaling 1,562 units in South Texas. Both the Brownsville and McAllen facilities will comprise 781 units across approximately 87,000 net rentable square feet of climate-controlled space. Alamo Architects Inc. is the architect for both facilities, and Independent Contractors Inc. is the general contractor. Both facilities are expected to be complete by the middle of next year.
PISCATAWAY, N.J. — JD.com, a global e-commerce firm based in Beijing, has signed a 216,892-square-foot industrial lease in the Northern New Jersey community of Piscataway. Indianapolis-based REIT Duke Realty (NYSE: DRE) is developing the facility, which will feature a clear height of 40 feet and 38 trailer parking spaces, with a target completion date of this fall. Noah Balanoff and Jacquelyn Severino of Colliers, along with internal agents Ben Rosen and Gregg Bazzani, represented Duke Realty in the lease negotiations. Chuck Fern, Jason Barton and Thomas Tucci of Cushman & Wakefield, along with Andy Ho of Kander Pacific Inc., represented the tenant.
NEW YORK CITY — Seattle-based lender Columbia Pacific Advisors has provided a $36 million loan for the refinancing of an industrial property located along the Hudson River in The Bronx. The property is a 480,000-square-foot outdoor storage yard that is situated on a 14-acre site. The borrower is locally based developer Dynamic Star. Will Nelson led the transaction for Columbia Pacific Advisors.
BRIDGEVILLE, PA. — Marcus & Millichap has brokered the $30 million sale-leaseback of a 346,009-square-foot industrial facility in Bridgeville, a southern suburb of Pittsburgh. Built on 31 acres in 1980, the four-building property features clear heights of 11 to 28.5 feet, 26 dock-high doors and five grade-level doors. Adam Abushagur of Marcus & Millichap represented the seller, a sister company of the tenant, IT firm Black Box Corp., in the transaction. Abushagur also procured the buyer, Spirit Realty Capital.