Property Type

Ironworkers Local 63 Opens 12,000 SF Training Center in Broadview, Illinois

by Kristin Harlow June 24, 2024

BROADVIEW, ILL. — Ironworkers Local 63 has opened its new 12,000-square-foot training center at 2525 Lexington St. in Broadview, about 12 miles west of downtown Chicago. Dubbed the “glass house” and designed by Gensler, the property is visible from I-290. Tradespeople within Ironworkers Local 63 help build the glass facades on skyscrapers in Chicagoland. Inside, the facility provides lab-like instruction spaces, a pressurized testing chamber, five-ton bridge crane and adaptable training structure. Skyline Construction was the general contractor.

June 24, 2024

Acquisitions Midwest Retail Wisconsin

Colliers Brokers $3.4M Sale of Two-Tenant Retail Property in Janesville, Wisconsin

by Kristin Harlow June 24, 2024

JANESVILLE, WIS. — Colliers has brokered the $3.4 million sale of a 5,500-square-foot retail property in the Milwaukee suburb of Janesville. Home to Starbucks and LensCrafters, the newly constructed building serves as an outlot to Uptown Janesville Mall. Adam Connor and Heather Dorfler of Colliers represented the seller, Houston-based RockStep Capital. The all-cash buyer was based in California and completed a 1031 exchange.

June 24, 2024

Development Industrial Texas Top Stories

Toyota Plans $531M Expansion at Manufacturing Facility in San Antonio

by Taylor Williams June 24, 2024

SAN ANTONIO — Toyota is planning a $531 million expansion of its manufacturing facility in San Antonio, which is informally known as Toyota Texas. The initiative is expected to create more than 400 new full-time jobs. The centerpiece of the expansion will be the development of a new 500,000-square-foot facility that will be dedicated to producing drivetrain parts such as transmission systems, driveshafts, axles and wheels. A construction timeline was not disclosed. The Japanese automaker’s San Antonio plant spans about 2,000 acres and has been in operation for nearly two decades. The facility is the exclusive home of the Tundra truck and all-hybrid Sequoia SUV, both of which are assembled on the same production line. The plant rolled out approximately 181,000 new vehicles in 2023 alone. To date, Toyota’s investment in the facility and the surrounding regional economy is approximately $4.7 billion. “Toyota Texas’ $531 million investment to expand its manufacturing facility in San Antonio and create over 400 good-paying jobs is a testament to Texas’ unmatched business-friendly environment, low taxes and skilled workforce,” says Texas Gov. Greg Abbott. — Taylor Williams

June 24, 2024

California Industrial Market Reports Western Western Market Reports

Project Development Pace Signifies a Bullish Future for Industrial in San Diego

by Jeff Shaw June 24, 2024

— By Mark Lewkowitz, Executive Vice President, Colliers — The current interest rate environment has seemingly slowed the investment sales volume down, but strength remains with user sales. Over the last two years, users were more frequently being outbid for industrial properties (partially stabilized and vacant). Now, with the investment herd very thin, it has allowed users and buyers to take a crack at the opportunities. The users face the same hurdles where the cost of capital is not cheap, but it is more palatable when their business pays the mortgage or rent. I anticipate vacancies ticking up through Q4 2024, but beginning in Q1 2025, I feel confident we will see transaction frequency rise. In turn, the vacancy rate will lead to a softening of rental rates and increased concessions, but the fundamentals are strong for the industrial market, and it will turn on a dime in Q1 2025. Majestic Sunroad continues progressing significantly with the Landmark at Otay projects, delivering roughly 845,000 square feet by Q4 2024. Their projects are significant because they are among the first with 36’ clearance heights and trailer parking, something the market has not seen. Phelan Development has also introduced some incredibly functional 32’ warehouse …

June 24, 2024

Development Florida Loans Multifamily Southeast

Meridian Capital Group Arranges $67.5M Construction Loan for Natura by Murbeck Multifamily Community in Gainesville, Florida

by Hayden Spiess June 21, 2024

GAINESVILLE, FLA. — Meridian Capital Group has arranged a $67.5 million loan for the construction of Natura by Murbeck, a multifamily community that will be situated at 6224 S.W. 20th Street in Gainesville. Murbeck Investments is the borrower and developer. Greystone provided the two-year, non-recourse loan, which will transition to a permanent loan. Upon completion, the property will feature 315 apartments in one-, two- and three-bedroom layouts. Amenities at the community will include a pool, pickleball courts, gym and garages. Monthly rental rates at the property will range from $1,780 to $2,800. A construction timeline was not disclosed.

June 21, 2024

Development Industrial Southeast Virginia

Condair Group to Develop $57.2M Production Facility Near Richmond, Virginia

by Hayden Spiess June 21, 2024

CHESTERFIELD COUNTY, VA. — Condair Group AG, an evaporative technologies manufacturing company, has announced plans to develop a $57.2 million production facility in Chesterfield County, roughly 20 miles southwest of downtown Richmond. Scheduled to begin operations in early 2025, the development will span 400,000 square feet. Governor Glenn Youngkin of Virginia approved a $700,000 grant from the Commonwealth’s Opportunity Fund for the project, which will create 180 new jobs, according to a press release issued by Chesterfield County. Condair is also eligible to receive state benefits from the Major Business Facility Job Tax Credit, as well as The Port of Virginia Economic and Infrastructure Development Zone Grant Program. Condair also considered South Carolina as a location for the facility.

June 21, 2024

Acquisitions Retail South Carolina Southeast

Reedy River Retail Negotiates $15M Sale of 431,306 SF Westgate Mall in Spartanburg, South Carolina

by Hayden Spiess June 21, 2024

SPARTANBURG, S.C. — Reedy River Retail at SVN Blackstream has brokered the sale of Westgate Mall, a 431,306-square-foot retail property located in Spartanburg. Namdar Realty acquired the mall for roughly $15 million. Belk, Dillard’s, JCPenney and Costco anchor the property, which is situated on 52 acres. Dustin Tenney and Daniel Holloway of Reedy River Retail arranged the transaction.

June 21, 2024

Crossroads-Distribution-Center_Jacksonville-Fla

Acquisitions Florida Industrial Southeast

Bixby Land Cos. Sells Two Industrial Buildings Totaling 423,056 SF in Jacksonville

by Hayden Spiess June 21, 2024

JACKSONVILLE, FLA. — JLL Capital Markets has negotiated the sale of two industrial buildings totaling 423,056 square feet in Jacksonville. Bixby Land Cos. sold the properties, Crossroads Distribution Center Buildings 100 and 200, for an undisclosed price. The buildings were fully leased at the time of sale. Luis Castillo, Cody Brais, Britton Burdette, Luke Pope and Taylor Osborne of JLL represented the seller in the transaction. The buyer was not disclosed.

June 21, 2024

Vaughan-Village-Apartments_Elizabethtown-Ky

Acquisitions Kentucky Multifamily Southeast

Matthews Brokers $4.9M Sale of Vaughan Village Apartments in Elizabethtown, Kentucky

by Hayden Spiess June 21, 2024

ELIZABETHTOWN, KY. — Matthews Real Estate Investment Services has brokered the $4.9 million sale of Vaughan Village Apartments, a multifamily community located at 100 Crimson Creek Drive in Elizabethtown, approximately 45 miles south of Louisville. Built in 1996, the property comprises 48 duplex-style units situated on nine acres. Ellie Funk, Austin Tomaiko and Austin Graham of Matthews represented the undisclosed seller in the transaction. The undisclosed buyer assumed an existing HUD loan as part of the acquisition.

June 21, 2024

Development Multifamily Texas

Woodfield Development Breaks Ground on $101M Northwest Village Apartments in Fort Worth

by Taylor Williams June 21, 2024

FORT WORTH, TEXAS — Woodfield Development has broken ground on Northwest Village, a $101 million multifamily project in Fort Worth. The site is located within Traditions at Northwest Village, a 47-acre master-planned development. Northwest Village will comprise 455 apartments across two buildings on a 15-acre site. Units will come in studio, one-, two- and three-bedroom layouts. Amenities will include private conference rooms and individual offices, a fitness center, two-story sky lounge, game room with golf simulator and indoor putting green, two pools and an outdoor lounge area. The project team for Northwest Village includes general contractor OHT Partners, architect Corgan, interior designer Thrive Interior Design and civil engineering firm Westwood. Travis Anderson and Cory Fowler of JLL arranged senior and mezzanine financing for the project.

June 21, 2024

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