Property Type

ETNA, OHIO — Omega Morgan has signed a full-building industrial lease totaling 250,020 square feet at The Cubes at Etna – Building D in Etna, about 20 miles east of Columbus. CRG completed development of the speculative facility in January. Located at 10300 Schuster Way, the building is part of The Cubes at Etna, a 305-acre master-planned industrial park. Building D was developed in partnership with an affiliate of LXP Industrial Trust. Omega Morgan works in specialized transportation, heavy rigging and machinery moving services. The company plans to utilize the building for distribution services to the Ohio Valley region. Building D features a rear-load design with a clear height of 36 feet, 32 fully equipped dock positions expandable to 50, 62 trailer stalls and a 60-foot speed bay. The building is supported by a 15-year, 100 percent tax abatement. The facility is located adjacent to the I-70 interchange at State Route 310. Joe Kimener of CBRE represented CRG, while Nick Tomasone of JLL represented the tenant. Contegra Construction served as the general contractor, and Lamar Johnson Collaborative was the architect. The Cubes at Etna has three remaining pad-ready sites that can accommodate build-to-suit users ranging from 250,000 to 800,000 square …

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ALPHARETTA, GA. — RocaPoint Partners has announced that Trader Joe’s will open a new 13,500-square-foot grocery store at Halcyon, a mixed-use development in the north Atlanta region of Forsyth County. Located in Alpharetta near the Big Creek Greenway trail, the grocery store will be situated next to the new Chick-fil-A as part of the third phase of Halcyon, which recently celebrated its fifth anniversary of operation. Other committed tenants of Halcyon’s Phase III include Chewy Vet Care, Chase Bank and Five Guys. Halcyon also includes The Village Green central gathering space for events, offices for Morgan Stanley, an Embassy Suites by Hilton hotel, CMX CInebistro, X-Golf, a food hall, Cherry Street Brewpub and several shops and restaurants. The new Halcyon store will bring the number of Trader Joe’s locations in metro Atlanta to eight.

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ANOKA AND CRYSTAL, MINN. — Colliers has brokered the sale of two multifamily properties in Minnesota for $15.9 million. Meadowview totals 60 units and is located in Anoka, a northern suburb of Minneapolis. Valley Place Apartments totals 71 units and is located in Crystal, about five miles north of downtown Minneapolis. Devon Dvorak, Mox Gunderson, Dan Linnell and Adam Haydon of Colliers represented the seller, Bader Management Inc. Los Angeles-based Coast View Strategies was the buyer. Since 2015, ownership has invested more than $2 million renovating most of the units. At the time of sale, both properties were more than 95 percent leased.

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LA VISTA, NEB. — Marcus & Millichap has arranged the $6.4 million sale of Val Verde Place Shopping Center in La Vista, a southern suburb of Omaha. Located at 9631 Giles Road and built in 2000, the property totals 48,712 square feet. Chris Garavaglia, Alex Perez and Austin Sweet of Marcus & Millichap represented the seller, a private equity group based on the East Coast, and procured the buyer, a Midwest-based 1031 exchange investor. The asset closed at 99 percent of the list price.

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MADISON, TENN. — JLL has brokered the $9.8 million sale of Rivergate Square, an 81,935-square-foot shopping center located at 1584 Gallatin Pike N in Madison, a suburb of Nashville. Jim Hamilton and Brad Buchanan of JLL represented the seller, Albanese Cormier, in the transaction. The buyer was not disclosed. Rivergate Square was fully leased at the time of sale to tenants including Dollar General, Office Depot, dd’s Discounts and Jimmy John’s.

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KOKOMO, IND. — StarPlus Energy LLC, a joint venture between global automobile manufacturer Stellantis N.V. and South Korean battery maker Samsung SDI Co. Ltd., has secured a conditional commitment for federal funding to finance two new lithium-ion battery cell and module manufacturing plants underway in Kokomo. The plants were announced by the manufacturers in 2022 and 2023. As part of the Biden-Harris Administration’s “Investing in America” agenda, the U.S. Department of Energy’s (DOE) Loan Programs Office (LPO) announced a conditional commitment for a loan of up to $7.5 billion ($6.8 billion in principal and $688 million in capitalized interest) to StarPlus Energy. The company must satisfy certain technical, legal, environmental and financial conditions before the DOE funds the loan. If finalized, the loan would be offered through LPO’s Advanced Technology Vehicles Manufacturing (ATVM) program, which provides loans to support U.S. manufacturing of advanced technology vehicles, qualifying components and materials that improve fuel economy. The output from the Kokomo facilities will be sold to Stellantis for use in electric vehicle (EV) models that will be sold in North America. One goal of the federal funding is to help “ensure the United States can meet domestic demand and remain a global leader …

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As the Atlanta industrial market continued its slowdown as of the end of the second quarter in 2024, there were three main stories to consider.  First, the biggest news was that the Atlanta industrial market experienced four quarters of negative net absorption of 8.8 million square feet during this past year (we have had five quarters in a row.) At the same time in 2023, we reported 17.2 million square feet of positive net absorption, and in 2022, we reported 42.7 million square feet of positive net absorption, so these latest negative absorption numbers were a huge drop from the previous positive absorption numbers.   The second biggest news story was that the Atlanta industrial market saw a dramatic slowdown in big-box deals. There were only nine transactions that were consummated over the past four quarters that were 500,000 square feet or larger, and none of those deals were over 1 million square feet. In contrast, in 2023, 21 big-box transactions were completed that were over 500,000 square feet, and 11 of those deals were 1 million square feet or larger. The year-over-year decline was 15 million square feet less.  The third biggest news story was that the new construction …

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Bohler General Contractor Approach Streamline Daniel Hines

Some commercial real estate developers work primarily with architects and engineers to establish a project’s scope and expected cost, leaving the selection of a general contractor or project manager until they are nearly ready to break ground. And by following this traditional approach, they may be leaving money on the table. A better practice is to engage contractors during project planning, industry experts advise. That’s because experienced contractors can provide practical insight into pricing and availability of materials and labor, informing critical planning decisions. Those same builders can be a sounding board for site civil engineers mapping out site preparation, utility installation, access and sequencing for the various tradespeople working on a project. “Involving a general contractor early is particularly beneficial for large-scale or phased construction projects,” says Daniel Hines, a principal in Bohler’s Charlotte office. “It enables us to approach the design more strategically, reduce costs and deliver more accurate timelines.” “The overall goal of getting a general contractor and an engineer working together is to maintain your schedule and your budget,” agrees Jeff Mitchell, director in the Charlotte, North Carolina office of Duffey Southeast Construction Inc. “Engineers are the experts at designing projects, but ultimately it is the …

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Millennium-Village-Garland

GARLAND, TEXAS — New York City-based Dwight Capital has provided a $35.2 million HUD-insured construction loan for Millennium Village, a 199-unit multifamily project that will be located in the northeastern Dallas suburb of Garland. The market-rate property will consist of four residential buildings and a parking garage on a 4.5-acre site. Residences will comprise 17 studios, 132 one-bedroom units, 35 two-bedroom apartments and 15 two-bedroom townhome residences, each with private two-car garages. Amenities will include a clubhouse, fitness center, pool, rooftop lounge with an outdoor deck, electric vehicle charging stations and a dog park. Brandon Baksh and Brian Yee of Dwight originated the debt through HUD’s 221(d)(4) program on behalf of the local developer, Pinnacle Facility Engineering.

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Centerport-1-Fort-Worth

FORT WORTH, TEXAS — Cushman & Wakefield has arranged the sale of Centerport 1, a 122,259-square-foot distribution building in Fort Worth. The building is located just south of DFW International Airport within the 1,300-acre Centerport Business Park and was fully leased at the time of sale to print and digital communications products provider Venture Solutions. Jim Carpenter, Jud Clements, Robby Rieke and Trevor Berry of Cushman & Wakefield represented the undisclosed seller in the transaction. Rob Rubano, Max Schafer and Brian Share, also with Cushman & Wakefield, arranged acquisition financing on behalf of the buyer, Founders Properties.

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