Property Type

Edwards Vacuum to Build $319M Manufacturing Facility in Western New York

by John Nelson November 3, 2022

ALABAMA, N.Y. — Edwards Vacuum, a British-based manufacturer of vacuum and abatement equipment and part of the Atlas Copco Group, plans to develop a new $319 million manufacturing facility in Western New York. The 240,000-square-foot project will be situated within Western New York Science & Technology Advanced Manufacturing Park (STAMP), a 1,250-acre industrial park located in the Genesee County town of Alabama. The facility will house manufacturing, storage and administration for the production of dry pump equipment for the U.S. semiconductor industry. Edwards Vacuum will create 600 jobs for the larger Buffalo-Rochester Tech Corridor. The announcement builds on Micron’s recent $100 billion investment in Central New York, as well as the as New York’s recently signed Green CHIPS legislation and the federal CHIPS and Science Act, to make New York a central figure in the global semiconductor industry. “We are now seeing energy flow into Upstate’s manufacturing sector like never before, and this investment will further cement that the future of microchips will be built with American made products, crafted by New York workers,” says Senate Majority Leader Charles Schumer. As part of the agreement with Edwards Vacuum, New York’s chief economic development agency, Empire State Development, has offered up …

November 3, 2022

Acquisitions Content Partner Development Features Industrial Leasing Activity Lee & Associates Midwest Multifamily Northeast Office Retail Southeast Texas Western

Lee & Associates’ Third-Quarter 2022 Economic Rundown by Sector

by Sarah Daniels November 3, 2022

Lee & Associates’ newly released 2022 Q3 North America Market Report examines third-quarter 2022 industrial, office, retail and multifamily outlooks throughout the United States. This sector-based review of commercial real estate trends for the third quarter of the year examines the difficulties facing each asset class and where opportunities in the commercial real estate landscape may be emerging. Lee & Associates has made the full market report available here (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city), but the summaries below provide high-level considerations of the overall health and obstacles for the industrial, office, retail and multifamily sectors. Industrial Overview: High Rent, Low Vacancy Everywhere North American industrial space availability is tight everywhere while rent growth and property prices remain near or have moved beyond historic highs. Through the third quarter, the United States’ vacancy rate settled at 4 percent, up 10 basis points from second quarter 2022. Average rents increased 11.4 percent year over year with gains of 19 percent in Miami, 18.7 percent in Southern California’s Inland Empire, 16 percent in Phoenix and 14.6 percent in Atlanta. Since the COVID lockdown in March of 2020, developers of U.S. logistics space have been …

November 3, 2022

Acquisitions Multifamily Texas

Westmount Realty Capital Sells 212-Unit Apartment Complex in San Antonio

by Taylor Williams November 2, 2022

SAN ANTONIO — Dallas-based investment and development firm Westmount Realty Capital has sold a 212-unit apartment complex located on the north side of San Antonio. Westmount at Cape Cod was originally built in 1984 and features one- and two-bedroom units with an average size of 687 square feet. Amenities include a pool, fitness center, outdoor kitchen and walking trails. Westmount acquired the property in 2016 and implemented a value-add program. The buyer and sales price were not disclosed.

November 2, 2022

Development Office Texas

Hoar Construction Breaks Ground on 167,141 SF Office Project in West Houston

by Taylor Williams November 2, 2022

HOUSTON — Hoar Construction, a general contractor with nine offices across the country, has broken ground on Town Centre II, a 167,141-square-foot office project in West Houston. Designed by Kirksey Architecture and developed by Moody Rambin, the eight-story building will be located within the Town Centre complex and will house a 220-seat conference room. Construction of the project, which also includes a 1,390-space parking garage, is slated for a September 2023 completion.

November 2, 2022

Affordable Housing Development Multifamily Seniors Housing Texas

Palladium Completes 122-Unit Affordable Seniors Housing Project in Garland, Texas

by Taylor Williams November 2, 2022

GARLAND, TEXAS — Locally based developer Palladium USA has completed a 122-unit mixed-income seniors housing project in Garland, a northeastern suburb of Dallas. Designed by HEDK Architects, the development will consist of 92 units that will be reserved for renters aged 62 and above who earn 60 percent or less of the area median income. The remaining 30 units will be rented at market rates. Amenities will include a fitness center, computer lab, library and a theater. A grand opening ceremony will take place on Nov. 10.

November 2, 2022

Acquisitions Office Texas

Colliers Brokers Sale of 64,000 SF Office Building in Farmers Branch, Texas

by Taylor Williams November 2, 2022

FARMERS BRANCH, TEXAS — Colliers has brokered the sale of Valley View Centre, a 64,000-square-foot office building located in the northern Dallas suburb of Farmers Branch. The four-story building was 84 percent leased at the time of sale. Cody Payne and Michael Tran of Colliers represented the seller, a private investor, in the transaction. The buyer was an undisclosed 1031 exchange investor that acquired the asset in an all-cash deal.

November 2, 2022

Acquisitions Industrial Texas

Partners Arranges Sale of 50,000 SF Industrial Property in North Houston

by Taylor Williams November 2, 2022

HOUSTON — Partners, the brokerage and investment firm formerly known as NAI Partners, has arranged the sale of a 50,000-square-foot industrial property in North Houston. Cary Latham and Hunter Stockard of Partners represented the seller, an entity doing business as Isham Interests Ltd., in the transaction. Fort Worth-based investment firm Fort Capital purchased the asset for an undisclosed price.

November 2, 2022

Acquisitions Industrial Kentucky Southeast

Campari Group Agrees to Purchase Wilderness Trail Distillery in Kentucky for $600M

by John Nelson November 2, 2022

DANVILLE, KY. — Campari Group, a global spirits distributor based in Milan, has agreed to purchase Wilderness Trail Distillery, a bourbon and rye whiskey distiller based in Danville. Campari purchased an initial 70 percent stake in the company for $420 million, and in 2031 will have the option to purchase the remaining 30 percent interest for $180 million. Wilderness Trail was founded in 2012 and in 2018 launched two new whiskey brands: Wilderness Trail Bourbon and Wilderness Trail Rye Whiskey. The company operates a 168-acre campus in Danville and has approximately 100,000 barrels aging in its six rickhouses, according to the company’s website. This is the second largest acquisition for Campari, with its 2016 purchase of Grand Marnier being the largest, according to Reuters. The Wilderness Trail transaction, which is subject to customary closing conditions, is expected to close before the end of 2022. Wilderness Trail will continue to operate independently until the transaction closes. William Blair & Co. acted as exclusive financial advisor to Wilderness Trail, and Benesch, Friedlander, Coplan and Aronoff LLP acted as its legal advisor. McDermott Will & Emery LLP acted as tax and legal advisor to Campari Group, whose other whiskey labels include Wild Turkey …

November 2, 2022

Development Life Sciences Massachusetts Northeast

BioMed Realty Breaks Ground on 600,000 SF Life Sciences Facility for Takeda in Cambridge

by Taylor Williams November 2, 2022

CAMBRIDGE, MASS. — San Diego-based REIT BioMed Realty has broken ground on 585 Kendall, a 600,000-square-foot life sciences facility in the Kendall Square area of Cambridge that will be a build-to-suit for Japanese pharmaceutical giant Takeda. CBT Architects designed the facility, which will include a 30,000-square-foot performing arts center with a 400-seat theater that will be open to the public. Completion of the project is slated for 2026.

November 2, 2022

Development Georgia Multifamily Southeast

McShane Completes Construction of Enzo at Ariston Apartments in Buford, Georgia

by John Nelson November 2, 2022

BUFORD, GA. — McShane Construction has completed Enzo at Ariston, a 265-unit apartment community that TPA Residential is developing in Buford, a northeast suburb of Atlanta. The property is one of the multifamily components within Ariston, a mixed-use development taking shape near the Mall of Georgia. Situated on eight acres, Enzo at Ariston features two four- and five-story wood-frame apartment buildings with a brick façade, as well as a precast concrete parking garage. Amenities include a heated saltwater swimming pool, outdoor grilling area and lounge, 24-hour fitness studio and power gym, enclosed dog park and a community lounge with a demonstration kitchen. Niles Bolton Associates designed Enzo at Ariston, which features one-, two- and three-bedroom floor plans with rental rates ranging from $1,593 to $3,313 per unit, according to the property website.

November 2, 2022

Newer Posts

Older Posts