Property Type

Coca-Cola Announces Plans for $650M Fairlife Dairy Production Facility in Central New York

by Katie Sloan May 11, 2023

WEBSTER, N.Y. — The Coca-Cola Co. has announced plans to develop a $650 million production facility for its dairy brand Fairlife in the Central New York community of Webster, just west of Rochester. The 745,000-square-foot facility will source from local milk co-operatives to produce its line of dairy-based beverages before distributing them to retailers across the Northeast U.S. The company expects to break ground on the project this fall, subject to final approvals and due diligence, with the facility slated for operation by the fourth quarter of 2025. The development is expected to create up to 250 new jobs upon completion. “This decision by Fairlife to expand their operations in Monroe County marks the next chapter in New York’s agricultural success story,” says New York Governor, Kathy Hochul. “New York’s dairy industry serves as a crucial economic engine for our state, and this $650 million investment from Fairlife will create jobs and drive economic impact, particularly in the Finger Lakes.” Empire State Development will provide up to $21 million in assistance for the project through the performance-based Excelsior Jobs Tax Credit Program in exchange for job creation commitments. Monroe County is also expected to apply for a $20 million Capital Grant …

May 11, 2023

Market Reports Midwest Midwest Market Reports Retail Wisconsin

Milwaukee Market Is Ripe for Out-of-State Investment

by Kristin Harlow May 11, 2023

By Adam Connor, Colliers When the pandemic hit in 2020, most of the media jumped to write articles about the downfall of retail properties and how shoppers were going to get all their goods flown from drones from their Amazon overlords. The reality is that every day, normal people shop at grocery stores, go work out at the gym, and buy lunch or dinner somewhere. Now that 2020 is far behind us, the 2023 retail landscape in the Milwaukee region looks much different. Most of the retail space, including the mid-box and big-box vacancies, have been backfilled and, as a result, owners saw healthy rent growth in their assets. With the lack of construction over the past five to seven years, retailers are now competing for high quality space and paying a premium in rent to be located there. With only 134,000 square feet under construction and a 12-month absorption of 660,000 square feet, quality space is in high demand. Asking rents are up 7 percent to $14.80 since the second quarter of 2020 and vacancy is down to 5 percent. Development The Milwaukee area has some large development projects that are underway, including Fiserv moving its corporate headquarters back …

May 11, 2023

Development District of Columbia Multifamily Office Southeast

Office-to-Residential Conversions in D.C. Present Costly Problems

by John Nelson May 11, 2023

With office vacancy rates in the District of Columbia at 20 percent and climbing, officials believe that converting office buildings to residential space is an important component of revitalizing downtown Washington. These complex projects pose both practical and administerial challenges, however. For developers, one important consideration of such a redevelopment is its real estate tax implications. High hopes District leaders announced earlier this year that they hope to add 15,000 residents to the central business district over the next five years – an ambitious goal. The hope is that bringing residents to live downtown will create a more vibrant neighborhood where people live, work, and dine. The stark reality is that the District of Columbia has one of the lowest return-to-office rates in the country. Actual occupancy in the D.C. metro was only 43 percent in mid-April and drops below 25 percent on Fridays, according to Kastle Systems, which tracks office occupancy. Workers simply aren’t returning to Downtown D.C. While residential conversions may be one piece of the puzzle in addressing D.C.’s downtown woes, converting an office building into a residential property is no small feat. Here are a few important factors relating to real estate taxes to keep in …

May 11, 2023

Bohler Content Partner Development Features Life Sciences Midwest Northeast Southeast Texas Western

Part 1: Life Sciences Innovation Districts — Planning Optimizes Development, Fosters Collaboration

by Sarah Daniels May 11, 2023

Life sciences-anchored innovation districts are becoming increasingly popular as hubs for research and development in the biotech and pharmaceutical industries. These districts, also known as “innovation districts,” are characterized by clusters of companies, research institutions, supporting organizations, living areas, amenities and offices all located in close proximity. This grouping requires detailed planning and design strategies to maximize their potential for scientific exploration and success on an enormous, ambitious scale. Master planning and engaging site civil engineering partners early on in the process can save time and money once a project reaches the design stage. This article is the first installment in a two-part series on life sciences innovation districts to discuss, first, the planning, and, then, the design elements required by these districts. Read about design in Part 2, here. Fostering innovation, collaboration and productivity is at the heart of planning for life sciences innovation districts. The successes of famous examples such as North Carolina’s Research Triangle Park, Kendall Square in Cambridge, Mass. and Mission Bay in San Francisco indicate how beneficial a melting-pot mix of residential, commercial and research spaces can be when they concentrate talent from research institutions, life sciences innovators, universities and the surrounding community. “Many life …

May 11, 2023

Alabama Development Industrial Southeast

Farpoint, Doster Construction Deliver Building 100 at REAL Park in Tuskegee, Alabama

by John Nelson May 10, 2023

TUSKEGEE, ALA. — Farpoint Development, along with general contractor Doster Construction Co., has delivered Building 100 at Regional East Alabama Logistics (REAL) Park in Tuskegee. Situated within the 638-acre site in Macon County, the 169,000-square-foot speculative facility is the first building within the 6.2 million-square-foot, multi-phase REAL Park. Situated off exit 42 on I-85 roughly 10 miles south of Auburn University, the building represents the only Class A manufacturing or distribution facility within a 40-mile radius, according to Farpoint. Project partners include construction lender Regions Bank and government entities Opportunity Alabama and Macon County Economic Development Authority. Once complete, REAL Park is expected to create $450 million of total economic output in the east Alabama region. Farpoint is currently marketing Building 100 for lease. The developer is based in Chicago and has a regional office in Asheville, N.C.

May 10, 2023

Acquisitions Florida Loans Self-Storage Southeast Tennessee

Gantry Secures $40M Acquisition Financing for Four Self-Storage Properties in Tennessee, Florida

by John Nelson May 10, 2023

IRVINE, CALIF. — Irvine-based Gantry has secured $40 million in acquisition financing for four separate purchases of self-storage properties in Tennessee and Florida. Totaling 286,000 rentable square feet, the properties include three Storelocal Self Storage properties in Franklin and Spring Hill, Tenn., and a U.S. Storage Center facility in Tampa. Andy Bratt and Amit Tyagi of Gantry arranged the fixed-rate loans through separate life insurance companies on behalf of the borrower, a multi-generational private family that is buying the properties in a 1031 exchange. Two of the loans were bridge loans and two were permanent loans.

May 10, 2023

Industrial Kentucky Leasing Activity Southeast

Dermody Properties Inks 203,840 SF Industrial Lease in Louisville

by John Nelson May 10, 2023

LOUISVILLE, KY. — Dermody Properties has signed an unknown tenant to a full-building industrial lease at LogistiCenter SM at Louisville Airport Building 2. Built in 2022, the 203,840-square-foot facility is located at 3195 S. Park Road in Louisville, about eight miles south of Louisville Muhammad Ali International Airport. Bruce Isaac of NAI Isaac, Mark Wardlaw and Clay Manley of NAI Fortis and Bill Kampton and Phil Garrett of Colliers NAPA represented the tenant in the lease transaction. Alex Grove and Kevin Grove of CBRE represented the landlord.

May 10, 2023

Build-to-Rent Development Louisiana Single-Family Rental Southeast

Stirling, Level Homes to Develop Build-to-Rent Residential Project in Geismar, Louisiana

by John Nelson May 10, 2023

GEISMAR, LA. — A joint venture between Stirling and Level Homes plans to develop Arabella at Dutchtown Townhomes, a build-to-rent (BTR) residential development in Geismar. The companies recently acquired a 7.5-acre parcel for the project, which will comprise 48 three-bedroom single-family townhomes, as well as a leasing office and clubhouse. The design-build team includes architect Architectural Studio and general contractor/homebuilder Level Homes. Stirling will be responsible for development, horizontal land improvements and amenities, in addition to asset management and accounting oversight of the project. BH Management will handle daily onsite management and leasing. Construction will begin on the first townhomes later this month, and the development is expected to be complete by the end of 2024.

May 10, 2023

Acquisitions Florida Office Southeast

Kennedy Wilson Properties Brokers $19.6M Sale of Office Building in Clearwater, Florida

by John Nelson May 10, 2023

CLEARWATER, FLA. — Kennedy Wilson Brokerage, a division of Kennedy-Wilson Properties Ltd., has brokered the $19.6 million sale of an eight-story office building in Clearwater. Gary Goodgame, Jeremy Dee and Max Browne of Kennedy Wilson Brokerage represented the seller, Mercury Casualty Co. (i.e. Mercury Insurance), in the transaction. Convergent Capital Partners, a Tampa-based investment group, is the buyer and is planning to make renovations to the property. Located at 1901 Ulmerton Road, the 157,000-square-foot building is located on a 7.3-acre site in Clearwater’s Feather Sound area and features a gym, café and five-story parking garage. The building was delivered in 1999 and currently has approximately 100,000 square feet available for lease. K.C. Tenukas, Kristin Kenney and Nick Baldwin of CBRE will be marketing the building for lease on behalf of Convergent Capital.

May 10, 2023

Development Multifamily New Mexico Seniors Housing Western

Insight Senior Living Breaks Ground on 144-Unit Ativo of Albuquerque Seniors Housing Community

by Jeff Shaw May 10, 2023

ALBUQUERQUE, N.M. — Insight Senior Living has broken ground on Ativo of Albuquerque, a three-story independent living, assisted living and memory care community in Albuquerque. Situated on 6.5 acres, Insight Senior Living will be the operator and Link Senior Development arranged financing. Ativo of Albuquerque will offer 144 apartments. The community is scheduled to open in winter 2024.

May 10, 2023

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