SPRINGFIELD, ILL. — Marcus & Millichap has negotiated the $2.4 million sale of a 4,480-square-foot property occupied by IHOP in Springfield. The building is situated at 2600 Sunrise Drive just north of Capital City Shopping Center, which is home to AMC, Big Lots, Panera and McDonald’s. Mark Ruble and Chris Lind of Marcus & Millichap represented the seller, a limited liability company. Steven Weinstock of Marcus & Millichap assisted in closing the transaction, including a triple-net lease with a franchisee and 10 percent rental increases every five years.
MALTA, N.Y. — GlobalFoundries (NASDAQ: GFS), a leading semiconductor manufacturer headquartered in Upstate New York, plans to invest a total $11.6 billion over the next 10 years to expand its Fab 8 manufacturing base in Malta, a city north of Albany in Saratoga County. The investment includes an expansion of its existing facility and the development of a new 358,000-square-foot plant. GlobalFoundries says the investment will triple its capacity to manufacture semiconductors, with the ultimate goal of producing 1 million semiconductor wafers per year at its Malta campus at full operation. The planned enhancements will create more than 1,500 direct jobs and 9,000 indirect construction jobs over the next 10 years, according to the office of New York Gov. Kathy Hochul. Concurrently, GlobalFoundries will receive $1.5 billion in direct funding from the U.S. Department of Commerce as part of the U.S. CHIPS and Science Act, a law ratified by U.S. President Joe Biden in Aug. 2022. The company will use the federal government funding in the Malta projects, as well as for enhancements planned at GlobalFoundries’ Fab 9 facility in Essex Junction, Vt. Also known as computer chips, semiconductors are an essential element of nearly all electronic and computing devices, including …
DIV Industrial has seen the demand, and is delivering for Fortune 100 tenants that need to be accommodated in the Phoenix market. The Irvine, Calif.-based investor and developer just closed on 47 acres in Goodyear that will soon serve as the home of Sarival Business Park, a 847,988-square-foot, Class A industrial complex. At completion, the modern, LEED-certified business park will include five free-standing buildings ranging from 135,000 square feet to 235,000 square feet. This transaction marks DIV’s first foray into the Phoenix market. Nicholas Ilagan, the firm’s co-founder and managing partner, notes there were many attributes that attracted him to this region. “The Phoenix MSA continues to be one of the fastest-growing metros in the country,” he says. “The region is propelled by its established infrastructure, business-friendly approach, educated workforce, and accessibility to Southern California’s port markets and the Western U.S. population. Phoenix is attracting large corporations and Fortune 500 companies that are relocating or setting up new, efficient operations, such as data centers, distribution facilities and manufacturing operations.” This includes Taiwan Semiconductor Manufacturing Company, which Ilagan notes has had a “huge boost to the local economy and stimulated employment growth.” Goodyear has also drawn in larger regional and national …
— By Elise Kunihiro and Maura Schafer — Historic building adaptive reuse creates a bridge between the past and the future, resulting in places that can become the hearts and souls of their communities. The reuse of these buildings offers community benefits, such as sustainability, new public spaces and character. Reactivate local economies Beyond revitalizing older buildings, adaptive reuse projects can also support small local business owners. A 1922 brick office building in the East Village Arts District of downtown Long Beach, Calif., for example, now hosts Partake Collective. The 25,000-square-foot cloud concept and food hall incubator allows visitors to support local restauranteurs while dining in a communal food hall or sidewalk dining area. Studio One Eleven served as the project’s architect, while RDC did interiors and procurement. The goal of this redevelopment model was to create a benchmark for future development that celebrates food diversity and enhances community building. It doesn’t hurt that Partake Collective remains an active and engaged member of the Long Beach community by working with local educational institutions to support pathways to private enterprise, business ownership and job opportunities for the most underrepresented communities. Partake Collective has already partnered with culinary programs at Browning High …
PALM BEACH GARDENS, FLA. — Catalfumo Cos. has received approval from the City of Palm Beach Gardens for the development of an additional 620 multifamily units at its Gardens Station project in South Florida. Project partner The Richman Group of Cos. is currently underway on the construction of the originally planned 398 units. Located at 11025 RCA Center Drive, the community will total 1,016 apartments, with more than 100 residences dedicated to workforce housing. Gardens Station is situated within the larger PGA Station transit-oriented development, which also features office space and apartment community The Marc, which is scheduled for delivery later this year. The new addition to Gardens Station was designed by Corwil Architects. A construction timeline was not disclosed.
ARDEN AND ASHEVILLE, N.C. — Trilogy Investment Co. will develop three rental townhome communities in metro Asheville. Located in the city of Asheville and the unincorporated community of Arden, the Rêve Communities-branded properties will total 267 units across 35 acres. Amenities at each community will include 24-hour maintenance, valet trash, a clubhouse, pool, playground and a dog park. Construction is scheduled to begin in the third quarter of this year, with preleasing expected to begin in mid-2025.
CINCINNATI — CBRE has arranged the sale of a portfolio comprising six medical office building (MOB) properties in Northern Kentucky. Totaling 145,308 square feet, the properties are located in Florence, Fort Mitchell, Crittenden, Walton, Alexandria and Butler. Kentucky-based Zalla Cos. sold the portfolio to Chicago-based Remedy Medical Properties for an undisclosed price. Steve Timmel, Will Roberts, Chris Prosser and Travis Likes of CBRE’s Cincinnati office represented the seller in the transaction. St. Elizabeth Physicians, a health system based in Erlanger, Ky., fully occupies the portfolio.
FAYETTEVILLE, ARK. — Fayetteville-based fast casual restaurant chain Slim Chickens has signed a franchise deal for seven new restaurants in the state of Maryland. Franchisee DDR Holdings, a venture between brothers Darrin and Dennis Atlas, will open the units. DDR Holdings currently owns and operates two Slim Chickens stores in the state. The Slim Chickens brand has opened in more than 255 locations across the United States and the UK, with more than 1,200 stores currently in development.
JACKSONVILLE, FLA. — RoadOne IntermodaLogistics has signed a 422,136-square-foot industrial lease at 1000 Imeson Park Blvd. in Jacksonville. A joint venture between North Signal Capital and an affiliate of Fox Capital Partners, doing business as JAX-IMESON JV LLC, is the landlord. Luke Pope of JLL represented the landlord in the lease negotiations. The tenant will fully occupy the property, which features tilt-up concrete construction, 36-foot clear heights, an ESFR sprinkler systems, LED lighting, 216 car parking spaces, 180 trailer parking spaces and two drive-in doors. RoadOne plans to implement improvements at the facility, including the addition of dock levelers to each of the 81 dock-high doors, fencing around the entire site, a guard shack and a 100,000-square-foot climate-controlled section. RoadOne is operating in the warehouse throughout the construction, which is scheduled for completion later this year.
SAN MARCOS, TEXAS — Z Modular, a subsidiary of steel manufacturer Zekelman Industries, is nearing completion of Flatz 512, a $62 million multifamily project in the Central Texas city of San Marcos, according to a report from Community Impact Newspaper. When complete later this year, Flatz 512 will offer studio, one-, two- and three-bedroom units. Amenities will include a pool, fitness center, pickleball court, coffee bar, spa, sports simulator lounge, outdoor grilling stations and walking trails. Construction began in 2020, and South Carolina-based Greystar is managing the property, according to the local news outlet.