BOISE, IDAHO, AND CLAY, N.Y. — Micron Technology Inc. (NASDAQ: MU) has signed a preliminary memorandum of terms (PMT) with the Biden Presidential Administration to receive $6.1 billion in funding under the CHIPS and Science Act to support new microchip manufacturing operations. The grants will support Micron’s plans to invest approximately $50 billion in gross capital expenditures for U.S. domestic memory manufacturing through 2030. These grants and additional state and local incentives will support the construction of one manufacturing facility to be co-located with the company’s existing R&D facility in Boise, as well as the construction of two manufacturing facilities in Clay, a suburb of Syracuse. Micron says the facilities are expected to create approximately 75,000 domestic jobs over the next 20-plus years. In Idaho, this includes 2,000 Micron jobs, 4,500 construction jobs and 15,000 indirect jobs. In New York, this includes 9,000 Micron jobs, 4,500 construction jobs and 40,000 indirect jobs. The two projects, as planned, will represent the single largest private investments ever made in the states of Idaho and New York, according to the company.
EVANSTON, ILL. — Summit Design + Build has completed construction of Tapestry Station, a 120-unit luxury apartment complex located at 740 W. Main St. in Evanston. The five-story property features ground-floor commercial space. Amenities include a rooftop deck, fitness center, heated parking and coworking space. Located on the site of the former Vogue Fabrics, Tapestry Station is situated next to a Metra Line station. City Pads and Catapult Real Estate Group served as the project developers and Built From was the architect. According to the property website, a grand opening special puts monthly rents starting at $1,495.
CINCINNATI — BWE has provided a $14.5 million Fannie Mae loan for the acquisition of Page Tower, a 169-unit affordable housing building in Cincinnati. The 14-story property was constructed in 1971. Amenities include a community room, mail room and central laundry area. The first floor features 7,500 square feet of commercial space. Victor Agusta Jr. of BWE originated the seven-year loan, which features 24 months of interest-only payments and a 35-year amortization. The property includes a 100 percent Section 8 HAP contract for four years.
RIVER FOREST, ILL. — Whole Foods Market is expanding its existing 30,101-square-foot store at River Forest Town Center in the Chicago suburb of River Forest. The grocer will take over the adjacent 7,100-square-foot space formerly home to Rally House. The tenant also plans to complete a full remodel of its store and has signed a new 25-year lease. Dick Spinell of Mid-America Asset Management and Scott Stefanik of Midwest Commercial Realty negotiated the lease.
ELGIN, ILL. — Lee & Associates has negotiated a 106,120-square-foot industrial lease renewal and expansion at 300 Airport Road in Elgin. The tenant is UVA Distributors, a wine and spirits distributor. The lease includes UVA’s current unit of 46,130 square feet plus a 59,990-square-foot expansion. Kenneth Franzese, John Cassidy and Jeff Janda of Lee & Associates represented the owner, LINK Logistics. Mike Berkowitz of Entre Commercial represented the tenant. Built in 2010 and known as Fox River Business Center, the property totals 176,799 square feet and features a clear height of 30 feet.
CHICAGO — Skyline Construction has signed a 9,630-square-foot office lease at One East Wacker in Chicago. AmTrust RE owns the 41-story, 560,000-square-foot building. Jon Milonas and Kyle Kamin of CBRE represented the tenant in the lease. Skyline’s new Chicago office will be nearly three times larger than its existing space. In 2023, AmTrust selected Skyline to lead a major capital improvements program for the office tower, upgrading the building’s exterior and conducting comprehensive interior renovations. In addition to a redeveloped lobby, the property features a new full-floor amenity space with a fitness area, event space, lounge, bar and various workspaces.
BUCKEYE, ARIZ. — Philadelphia-based EQT Exeter has acquired an industrial building, located at 440 N. 215th Ave. in Buckeye, from BET Investments for $60.1 million. The buyer plans to rebrand the property as I-10 Gateway. Buckeye is located approximately 30 miles west of Phoenix. Situated on 40 acres, I-10 Gateway features 641,906 square feet of Class A industrial and logistics space. At the time of sale, the property was fully vacant. Will Strong, Kirk Kuller, Michael Matchett, Molly Hunt and Dean Wiley of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the seller and buyer in the deal. EQT Exeter retained Andy Markham and Mike Haenel of Cushman & Wakefield to serve as the project’s leasing team.
MESA, ARIZ. — Wespac Construction has broken ground on the new U.S. headquarters and manufacturing facility for XNRGY Climate Systems at Gateway East at Phoenix-Mesa Gateway Airport in Mesa. The new facility will serve as the U.S. headquarters for XNRGY’s HVAC and climate control solutions. The 275,000-square-foot first phase is part of a four-phase development plan that will eventually include 1 million square feet of sustainable manufacturing space. Located within Gateway East, a master-planned development on the east side of Phoenix-Mesa Gateway Airport, the site offers connectivity with direct access to major transportation routes, including Loop 202 and State Route 24, as well as nearby connections to Ray, Ellsworth and Pecos roads. Project stakeholders include The Boyer Co., Gensler, Dibble Engineering, Caruso Turley Scott and IMEG.
GLENDALE, ARIZ. — Echo Real Estate Capital and LGE Design Build have completed Echo Park 303, a two-building industrial project near the intersection of Northern Parkway and Reems Road in Glendale, a suburb of Phoenix. Totaling 676,176 square feet, Echo Park 303 includes 220,240-square-foot Building A and 455,936-square-foot Building B. Situated on 40 acres, the site offers ample parking, including 743 parking spaces and gated yards to accommodate nearly 150 trailer spaces. HubStar Logistics signed a lease to occupy the entirety of Building A. Designed and built by LGE, Echo Park 303 features two stories of storefront window systems placed to maximize natural lighting within the lobbies and office spaces located at the corners of the buildings. JLL is handling leasing for the project.
LAS VEGAS — Northcap Commercial has arranged the sale of Sierra Park Apartments, a multifamily property at 557 Sierra Vista Drive in Las Vegas. The asset traded for $7 million, or $111,111 per unit. Built in 1979, Sierra Park Apartments offers 63 units. Devin Lee, Robin Willett and Jerad Roberts of Northcap Commercial brokered the transaction. The names of the seller and buyer were not released.