MODESTO, CALIF. — PSRS has arranged $14.5 million in permanent debt for Central Valley Plaza, a retail property in Modesto. Michael Thorp of PSRS – Newport Beach, Calif., secured the 10-year loan, which was placed with a life insurance company, for the undisclosed borrower. Walmart and Kohl’s anchor Central Valley Plaza, which is located off the 99 in Modesto’s retail corridor.
LANGHORNE, PA. — Wellis USA, a manufacturer of luxury hot tubs, has signed a 22,000-square-foot industrial lease in Langhorne, a northeastern suburb of Philadelphia. The building at 181 Wheeler Court sits on 7.4 acres, totals 100,055 square feet and features a clear height of 24 feet. Frank Roddy of locally based brokerage firm Roddy Inc. represented the tenant in the lease negotiations. Andrew McGhee of Colliers represented the landlord, an affiliate of Los Angeles-based Ares Management Corp. (NYSE: ARES).
CHINO, CALIF. — G Capital Markets, a new advisory firm launched this summer by Grant Goodman, has arranged a $9.6 million HUD refinancing for Trellis Chino, a skilled nursing facility in Chino. Built in 2018, the community comprises all private rooms and exclusively cares for short-term, high-acuity rehabilitation patients. After leasing up during COVID, the building has performed strongly with near 100 percent occupancy, according to G Capital. The borrower, Encore Capital Ventures, is a real estate investment and capital solutions firm with a portfolio of healthcare and other real estate holdings across California. Proceeds of the loan were used to pay off construction loan debt and fund replacement reserves.
ST. PETERSBURG, FLA. — The Tampa Bay Rays, a Major League Baseball team, have reached an agreement with the City of St. Petersburg and Pinellas County to move forward with a new ballpark and surrounding development. The Hines Historic Gas Plant Partnership will lead the project on the 86-acre site where the team’s current stadium sits. The project will include nearly 8 million square feet of mixed-use space along with the new ballpark to ensure the team stays in St. Petersburg for years to come. The team has played at Tropicana Field since 1998. The project is slated to invest more than $6.5 billion in St. Petersburg over 20 years and be the largest mixed-use development in Tampa Bay history, according to a news release from the team. The agreed-upon plan includes the key aspects of the original proposal submitted by the Hines Historic Gas Plant Partnership in response to St. Petersburg Mayor Ken Welch’s request for proposals in 2022. The latest agreement increases the number of affordable and workforce housing units to be built by the partnership to 1,200, with at least half of that amount to be built on the historic Gas Plant District site. It also adds …
COVID-19 laid bare many problems inherent in offshore supply chains and spurred widespread interest in reshoring manufacturing to the United States. As companies and communities explore site selection and expansion opportunities, they should remember that manufacturing profitability often hinges on tax strategy. Staging a comeback For the first time in decades, industry and the public sector are working to make American manufacturing competitive in a rapidly changing global marketplace. The recent enactments of the Inflation Reduction Act, the Bipartisan Infrastructure Law and the CHIPS and Science Act have directed billions of dollars into enhancing domestic manufacturing capacity. The semiconductor industry presents a high-profile case study. The United States holds 12 percent of the world’s semiconductor manufacturing capacity, eroded from 37 percent in 1990. The CHIPS Act’s $52 billion in federal funding is intended to strengthen domestic semiconductor manufacturing, design and research and reinforce the nation’s chip supply chains, fortifying the economy and national security along the way. Simultaneously, the United States is becoming a leading producer of electric vehicles and vehicle battery plants. Since 2021, announced U.S. investments in semiconductors and electronics exceed $166 billion, and announced U.S. investments in electric vehicles and battery manufacturing exceed $150 billion. Deciding where …
GEORGETOWN, TEXAS — A partnership between two Phoenix-based developers, Mosaic and NexMetro Communities, will build Avilla Berry Creek, a 224-unit build-to-rent residential community that will be located in the northern Austin suburb of Georgetown. The total development cost of the project is $66 million. Avilla Berry Creek will feature one-, two- and three-bedroom detached homes and duplexes that will range in size from 690 to 1,265 square feet and will include private backyards and front patios. The 25-acre site will also house communal amenities such as a pool, clubhouse, community garden and a dog park. Completion is slated for summer 2025.
WACO, TEXAS — Global design-build firm Populous and general contractor J.T. Vaughn Construction have completed the Mark & Paula Hurd Welcome Center, a civic project on Baylor University’s campus in Waco. The center features 17,000 square feet of total meeting space, including a 13,560-square-foot ballroom, a 1,800-square-foot alumni meeting suite and a 2,850-square-foot auditorium, in addition to the 23,500-square-foot grand hall. The building’s total footprint is 136,000 square feet.
BOERNE, TEXAS — Morningside Ministries has announced plans for an independent living expansion at Morningside at Menger Springs, a continuing care retirement community in Boerne, about 30 miles northwest of San Antonio. The project will add 86 new independent living terrace homes, an amphitheater, dining venue, fitness center, pickleball court and a covered pool. Units will come in one- and two-bedroom floor plans and range in size from 946 to 1,751 square feet. Construction is slated to start in November, with occupancy planned for summer 2025. San Antonio-based Metropolitan Contracting Co. is the general contractor for the project. Global firm HKS is the design architect.
RICHARDSON, TEXAS — Locally based brokerage firm Citadel Partners has negotiated an 80,000-square-foot office lease at 2360 Campbell Creek Blvd. in the northeastern Dallas suburb of Richardson. The site will serve as a temporary city hall and library for the City of Richardson while new facilities are built following an August 2022 fire. The city is also renovating existing space at the library via a bond program. Scott Jessen and Mac Morse of Citadel Partners represented the tenant in the lease negotiations. Chuck Sellers and Russell Podraza of Forge Commercial represented the landlord.
SCHERTZ, TEXAS — MEI Rigging & Crating has signed an industrial lease expansion and renewal at Doerr Lane Logistics Center in the northeastern San Antonio suburb of Schertz. John Colglazier, Kyle Kennan and Carlos Marquez of Partners represented the landlord, a partnership between Atlanta-based Ackerman & Co. and Baltisse US Inc., in the lease negotiations. David Cartwright of ATCAP Partners represented the tenant, which took an additional 78,362 square feet and now occupies 191,297 square feet.
