Property Type

GM, Samsung SDI to Build $3B Electric Vehicle Battery Plant in Northern Indiana

by John Nelson June 13, 2023

OLIVE TOWNSHIP, IND. — A joint venture between General Motors Co. (NYSE: GM) and Samsung SDI, part of the South Korean-based Samsung Electronics group, plans to build a $3 billion electric vehicle (EV) battery plant in Olive Township. The duo plan to begin operations at the Northwest Indiana plant in 2026. The new facility will house production lines to build prismatic and cylindrical battery cells and is expected to help significantly increase the accessibility and affordability of GM’s line of EVs. Once complete, the plant will support about 1,700 full-time jobs, in addition to 1,000 construction jobs during the build-out. “We are grateful that Samsung SDI can contribute to boosting the economy of Indiana and creating new jobs here,” says Yoonho Choi, president and CEO of Samsung SDI. “Securing Indiana as a strong foothold together with GM, Samsung SDI will supply products featuring the highest level of safety and quality in a bid to help the U.S. move forward to an era of EVs.” GM and Samsung SDI announced their joint venture in April and ultimately selected Olive Township, a city in St. Joseph County near the Indiana-Michigan border and 15 miles west of South Bend, home of Notre Dame …

June 13, 2023

Arizona Market Reports Retail Western Western Market Reports

Phoenix Retail Is Flying High

by Jeff Shaw June 13, 2023

Ryan Desmond, partner, Western Retail Advisors in Phoenix Metro Phoenix’s population grew faster than any other major U.S. city between 2010 and 2020. By 2021, the Valley’s 1.48 percent population growth continued to far exceed the country’s .01 percent growth — the slowest annual growth rate in our nation’s history. For a community that has historically been criticized as being over-retailed on a per-capita basis, this has injected tremendous strength into the local retail market. Today, Phoenix ranks as a hotspot among U.S. cities for retail absorption. According to CoStar, Phoenix had absorbed 4.1 million square feet of retail space year over year — the strongest absorption since the start of the Great Recession — by the start of the second quarter in 2023. This reduced the market’s overall vacancy rate to 5 percent. This is impressive, but it doesn’t reflect the increased gap between demand for Class A product and all other retail classes. Much like the flight to quality happening in the office sector, tenants looking for retail space in metro Phoenix want excellence: high-traffic locations in a growth submarket with compelling demographics. As a result, we have seen more metro Phoenix Class A retail properties reach full …

June 13, 2023

Loans Multifamily North Carolina Southeast

PCCP Provides $57M Refinancing for Multifamily Community in Charlotte

by John Nelson June 12, 2023

CHARLOTTE, N.C. — PCCP LLC has provided a $57 million loan for the refinancing of Metro University City, a multifamily community located at 404 Gallop Lane in the University City neighborhood of Charlotte. Seth Grossman of Meridian Capital Group secured the financing on behalf of the undisclosed borrower, which acquired the property in September 2021. The community features 309 units across four buildings. Amenities at the property include a clubhouse, saltwater pool, fitness center, outdoor kitchen with grilling areas and a dog park and spa.

June 12, 2023

Affordable Housing Development Florida Multifamily Southeast

Ability Housing to Develop 92-Unit Affordable Housing Community in St. Augustine, Florida

by John Nelson June 12, 2023

ST. AUGUSTINE, FLA. — Ability Housing has announced plans for Villages of New Augustine, a 92-unit affordable housing community to be located at the intersection of North Volusia and Chapin streets in St. Augustine. Upon completion, the development will feature 20 one-bedroom, 36 two-bedroom and 36 three-bedroom apartments across four buildings. Rental prices will be determined by household income, with 80 percent of units reserved for residents earning 60 percent of area median income (AMI) or less and 10 percent each available for residents earning at or below 33 and 50 percent of AMI thresholds. Amenities at the property will include a community center with a computer lab, library and flexible workspaces and a playground, pavilion, 149 parking spaces and a dedicated walking trail. Construction on the $25 million project is scheduled to begin this summer. Funding has been secured through state, local and private sources including the Florida Housing Corp., the National Equity Fund and Bank of America.

June 12, 2023

Acquisitions Development Multifamily Southeast Virginia

Walton Global Sells 25-Acre Multifamily Development Parcel in Fredericksburg, Virginia

by John Nelson June 12, 2023

FREDERICKSBURG, VA. — Walton Global has sold a 25-acre parcel situated within the 683-acre Alexander Crossing Master Plan in Fredericksburg for an undisclosed price. A multifamily developer purchased the property, with plans to construct a 363-unit community at the site. The Alexander Crossing Master Plan features residential, commercial and recreation space, as well as green areas. The construction timeline was not disclosed.

June 12, 2023

Acquisitions Industrial Southeast Virginia

Cushman & Wakefield | Thalhimer Brokers $24M Sale of Industrial Portfolio Near Port of Virginia

by John Nelson June 12, 2023

CHESAPEAKE, VA. — Cushman & Wakefield | Thalhimer has brokered the $24 million sale of the Port of Virginia Distribution Center, a two-building industrial portfolio located in Chesapeake, roughly seven miles outside Norfolk and 13 miles south of Port of Virginia. The buildings, which total 334,881 square feet, were fully leased at the time of sale. Tenants include a Fortune 500 government contractor, third-party logistics firm, food distribution company and defense contractors. Bo McKown, Eric Robison and Ellis Colthorpe of Thalhimer arranged the transaction on behalf of the undisclosed seller. An entity doing business as Chesapeake Industrial Park LLC was the buyer.

June 12, 2023

Acquisitions Industrial Maryland Southeast

Newmark Arranges $20.4M Sale of Distribution Facility in Metro D.C.

by John Nelson June 12, 2023

CAPITOL HEIGHTS, MD. — Newmark has arranged the $20.4 million sale of a distribution facility located at 8700 Ritchie Drive in Capitol Heights. The property, which comprises 103,193 square feet, was fully leased to HD Supply, REW Materials and The General Services Administration (GSA) at the time of sale. Cris Abramson, Ben McCarty and Nicholas Signor of Newmark represented the seller, a joint venture between The Pinkard Group and Principal Asset Management, in the transaction. LBA Realty acquired the property.

June 12, 2023

Development Industrial Texas

ARCO/Murray to Build 972,380 SF Spec Industrial Facility in Grapevine, Texas

by Taylor Williams June 12, 2023

GRAPEVINE, TEXAS — Design-build firm ARCO/Murray will construct a 972,380-square-foot speculative industrial facility in Grapevine, located in the northern-central part of the metroplex. The developer was not disclosed. Phase I will consist of a 200,340-square-foot, rear-load warehouse that will feature 37 dock positions, two drive-in ramps, 119 car parking spaces and 49 trailer parking stalls on a 16-acre site. The building is designed to accommodate up to four tenants. Phase II will include three buildings totaling 772,040 square feet (504,000, 183,040 and 85,000 square feet) with a total of 216 dock positions, eight drive-in ramps and 700-plus car parking spaces on the remaining 72 acres. All necessary approvals have been secured, and construction is set to begin in September.

June 12, 2023

Acquisitions Retail Texas

CTO Realty Growth Acquires Retail Power Center in Metro Dallas for $61.2M

by Taylor Williams June 12, 2023

ROCKWALL, TEXAS — CTO Realty Growth has acquired Plaza at Rockwall, a 446,500-square-foot retail power center located on the eastern outskirts of Dallas, for $61.2 million. The center sits on 42 acres and was 95 percent leased at the time of sale to tenants such as Best Buy, Ulta Beauty, Dick’s Sporting Goods, J.C. Penney, Belk, Five Below and HomeGoods. The seller was not disclosed.

June 12, 2023

Acquisitions Industrial Self-Storage Texas

JLL Negotiates Sale of 116-Unit Self-Storage Facility in Midland, Texas

by Taylor Williams June 12, 2023

MIDLAND, TEXAS — JLL has negotiated the sale of Atlas Self Storage, a 116-unit facility located in the West Texas city of Midland. The facility spans 18,120 net rentable square feet and was 95 percent occupied at the time of sale. Adam Roossien, Matthew Wheeler, Steve Mellon and Brian Somoza of JLL represented the locally based seller and procured the buyer, KO Storage, in the transaction.

June 12, 2023

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