GOODLETTSVILLE, TENN. — Dollar General Corp. (NYSE: DG) has announced recent expansions in its supply chain network that will grow the discount retailer’s distribution footprint by more than 3.2 million square feet. The Goodlettsville, Tenn.-based company has recently opened three new facilities and announced expansions of two existing campuses that will support Dollar General’s traditional goods, as well as its DG Fresh line of groceries. “The recent additions to our supply chain network aim to provide greater efficiencies, create additional jobs and drive positive economic impact,” says Tony Zuazo, executive vice president of Dollar General’s global supply chain. “We’re excited to continue growing our distribution center network to further support store growth and to better serve our customers and local communities.” Dollar General recently opened an 800,000-square-foot distribution center in Blair, Neb., that is expected to create approximately 400 new jobs at full capacity. The $140 million development is the company’s first ground-up dual facility, meaning it features both traditional distribution space and cold storage. Dollar General plans to host a formal opening ceremony for the facility this summer. The company recently increased distribution center storage capacity by more than 2 million square feet by opening two new permanent regional facilities …
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— By Wick Udy, Senior Managing Director, JLL — Salt Lake City’s industrial market continued its exceptional performance in 2022. Last year was the third consecutive year of above-average leasing and the second-highest volume of annual absorption on record. The largest volume of completions was recorded in 2022 with 13 million square feet delivered. However, leasing and absorption volumes were both below 2021 levels, which is something industry leaders are watching in 2023. Developers were forced to push pause on new building projects toward the end of 2022 due to rising interest rates and tighter capital markets. Because of this, JLL predicts 2023 could be the year of the sublease. What was a landlord-favorable market for many years is slowly leaning toward a tenant-favorable market. Based on current activity within the marketplace, absorption should be positive in first-quarter 2023. Companies are signing leases on existing buildings instead of waiting for new builds, which will keep vacancy low for the foreseeable future. The market has remained as robust as it has because companies from California are relocating to Salt Lake City. They want to take advantage of its affordable real estate, quality of the workforce and the market’s proximity to large …
3650 REIT Provides $49.5M Construction Loan for Multifamily Development in Madison, Alabama
by John Nelson
MADISON, ALA. — 3650 REIT has provided a $49.5 million loan for the construction of The Gabriel, a multifamily community in Madison. Marc Tropp of Eastern Union Funding arranged the financing on behalf of the borrower, Hillcrest Acquisitions LLC. Located at 1542 Balch Road, The Gabriel will feature 288 units across 10 three-story buildings. Amenities at the community will include a swimming pool, cabanas, grilling/picnic areas, fitness center, playground, dog park, pet spa, car care center and electric vehicle charging stations. Construction, which broke ground in the third quarter of 2022, is scheduled for completion in July 2024.
BASTROP, TEXAS — West Bastrop Village Ltd., an entity backed by Austin-based developer Benchmark Land Development Inc., has unveiled plans for Adelton, a 348-unit master-planned community in Bastrop, about 30 miles east of Austin. Adelton will be constructed in phases and will ultimately feature 1,200 residential units, 125,000 square feet of commercial space, four miles of trails and 50 acres of parks, greenbelts and other communal outdoor spaces. Amenities will include a pool, beer garden-style outdoor pavilion, playground and a sports court. Single-family homebuilders David Weekley Homes and Empire Communities are underway on the residential component of the project and building two-, three- and four-bedroom homes that range in size from 1,400 to 2,800 square feet. The first move-ins will begin this summer.
HUNTSVILLE, ALA. — AlbaneseCormier (AC) has acquired Valley Bend at Jones Farm, a 430,792-square-foot shopping center located in Huntsville. Tenants at the property include HomeGoods, Dick’s Sporting Goods, Hobby Lobby, Marshalls and PetSmart. A separately owned SuperTarget and 10 outparcels are also located at the center, which spans 57.8 acres and attracts 6 million annual visitors. The seller and sales price were not disclosed.
FATE, TEXAS — A limited liability company led by Christopher Zamora, whose family operates 20 car dealerships around the country, has acquired 5.3 acres in Fate, located in Rockwall County, for a new Volkswagen dealership. Thurston Witt of CBRE represented the buyer and seller, an entity doing business as Petro-Hunt LLC, in the disposition of the land. The facility will be the Zamora Family’s fourth Volkswagen dealership in the country and first in the Dallas-Fort Worth metroplex. Timelines for construction and opening were not released.
Office America, Avanti Receive $31.5M Construction Financing for Mixed-Use Project in South Florida
by John Nelson
LAKE WORTH BEACH, FLA. — Office America Group and Avanti Way Group have received $31.5 million in construction financing for the development of Deco Green, a mixed-use project located at 1715 N. Dixie Highway in Lake Worth Beach. Designed by Martin Architectural Group, the development in Palm Beach County will span 125,000 square feet and comprise 125 residential units, 8,000 square feet of office and retail space and roughly 20,000 square feet of green space. Construction is scheduled to begin in late 2024.
CORAL GABLES, FLA. — Five new tenants will join Shops at Merrick Park, an open-air retail center located in Coral Gables, roughly five miles outside downtown Miami. Home furnishing store Arhaus, Coco Cigars and Miami Royal Ballet Dance School will open on the property’s first level. Beverage shop Boisson and women’s, children’s, home and sleepwear retailer Splendid will also join the property on the second level. Female apparel retailer Shusha Boutique also recently opened on the third level. Built in 2002, Shops at Merrick Park spans more than 740,000 square feet and houses tenants including flagship Nordstrom and Neiman Marcus stores. New York-based Brookfield Properties owns the center.
FORT WORTH, TEXAS — California-based brokerage firm Matthews Real Estate Investment Services has negotiated the $5.2 million sale of a 69,000-square-foot industrial building occupied by Beacon Roofing Supply in Fort Worth. According to LoopNet Inc., the property at 5328 E. Lancaster Ave. was built on 7.2 acres in 1969 and renovated earlier this year. Building features include 16-foot clear heights and four dock-high loading doors. Alexander Harrold of Matthews represented the seller in the transaction. The buyer was a Nashville-based family office. Both parties requested anonymity.
MCKINNEY, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $5 million acquisition loan for an undisclosed retail property located in the northern Dallas suburb of McKinney. A medical clinic and dollar store anchor the property, which was built in 2020. Adam Pike of MMCC arranged the debt. The borrower and direct lender were not disclosed.