RINCON, GA. — Sewon America, a subsidiary of Korean-based automotive supplier Sewon Precision Industry Co., plans to invest $300 million for a new manufacturing facility in Rincon. Situated within the Grande View industrial park, the project is expected to support 740 new jobs in the Effingham County area. Sewon America’s new manufacturing location will produce electric vehicle body parts for automotive manufacturers, including Hyundai. Operations are expected to begin in 2025. The company opened a manufacturing facility in LaGrange, Ga., in 2008, which has since doubled in size. The Sewon America development is the latest in a string of automotive suppliers announcing projects around the Hyundai Metaplant in Bryan County, representing roughly $1.8 billion in investment to-date. This announcement fulfills Hyundai’s commitment to create jobs and investment in all four of the Savannah Harbor Interstate-16 Joint Development Authority (JDA) counties.
VIRGINIA BEACH, VA. — Cushman & Wakefield has negotiated the $101.9 million sale of Marina Shores Apartment Homes, a 392-unit multifamily community located at 257 Willow Oak Circle in Virginia Beach. FPA Multifamily acquired the property from the undisclosed seller. Jorge Rosa and T.J. Liberto of Cushman & Wakefield partnered with NAI Global to represent the seller in the transaction. Marina Shores features one-, two- and three-bedroom units, as well as a saltwater swimming pool, fitness center, resident clubhouse and kitchen, two fenced dog parks, outdoor grilling and lounge area, tennis court and covered parking.
BRADENTON, SANFORD AND PINELLAS PARK, FLA. — Grandbridge Real Estate Capital’s Senior Housing Investment Sales team has arranged the sale of three seniors housing communities in Florida in three separate transactions. The seller, an unnamed national REIT, sold the assets for undisclosed prices. The properties include the 112-unit Bradenton Oaks located in Bradenton, the 94-unit Renaissance Retirement Center in Sanford and the 145-unit Bayside Terrace in Pinellas Park. Bradenton Oaks was built in 1973 and 1988, The Renaissance was built in 1984 and Bayside Terrace was built between 1986 and 1989. The communities were operating at low occupancies and an operational loss at the time of sale, according to Grandbridge. The buyers include a Florida-based real estate investment firm and two seniors housing owner-operators.
ROCKLEDGE, FLA. — Marcus & Millichap has brokered the $4.8 million sale of Rockledge Business Center, a 47,000-square-foot industrial facility located at 1535 Cogswell St. in Rockledge. The buyer and seller, both private investors, requested anonymity. Ray Turchi and David Vaughn of Marcus & Millichap’s Orlando office represented both parties in the transaction.
AUSTIN, TEXAS — Newmark has brokered the sale of Alexan Springdale, a 251-unit apartment community in East Austin. Alexan Springdale features studio, one- and two-bedroom units that have an average size of 824 square feet. Amenities include a pool, outdoor grilling and dining areas, fitness center, game room and a clubhouse. Patton Jones and Andrew Dickson of Newmark represented the seller, Trammell Crow Residential, in the transaction. New York-based Sterling Equities purchased the asset, which was 94 percent occupied at the time of sale, for an undisclosed price.
BIXBY, OKLA. — Marcus & Millichap Capital Corp. (MMCC) has arranged $14.7 million in joint venture equity for a 161-unit, build-to-rent residential community in Bixby, a southern suburb of Tulsa. The development will offer one-bed duplexes and two-, three- and four-bedroom farmhouse-style homes. Residences will feature private garages and backyards, and communal amenities will include a pool, fitness center and a clubhouse. Justin Shuart and Travis Headapohl of MMCC structured the equity on behalf of the developer, a partnership led by ACRE Development Partners.
SAN ANGELO, TEXAS — General contractor Hoar Construction has broken ground on a 142,000-square-foot healthcare project in the Central Texas city of San Angelo. The seven-story building will be an expansion of the 1.5 million-square-foot Shannon Medical Center, and the operator of that facility is also the lead developer of the project. The building will comprise three levels of parking and four levels of patient care facilities, including a 19,310-square-foot intensive care unit. Completion is slated for summer 2024.
HOUSTON — Locally based investment firm Pagewood has acquired a 97,997-square-foot industrial property located at 10205 Market St. Road in East Houston. The multi-tenant facility, which was built in phases during the late 1980s/early 1990s, offers proximity to Port Houston as well as Interstates 10 and 610. Nick Spearman oversaw the transaction for Pagewood, which plans to implement a value-add program, on an internal basis. The seller and sales price were not disclosed. The property was 80 percent leased at the time of sale.
HOUSTON — Wolfies Swim School will open a 16,800-square-foot venue in Houston’s Spring Branch neighborhood this summer. The space at 9336 Westview Drive will house two pools that will be designed to support swimmers of varying ages and experience levels. According to LoopNet Inc., the property was built in 1970, renovated in 2005 and was most recently occupied by 24 Hour Fitness. Harry Holmes and Charlie Neuhaus of Partners represented the tenant in the lease negotiations. The landlord was self-represented.
PLAINFIELD, IND. — New City Development has broken ground on Hobbs Station, a $300 million mixed-use project in the Indianapolis suburb of Plainfield. The project is being built in partnership with Formation Properties. Shiel Sexton Cos. is the general contractor. Phase I includes 300 apartment units with 30,000 square feet of street-level retail and restaurant space. Completion is slated for the end of 2024. Phase I will also include 98 single-family homes built by Pulte Homes and Pyatt Homes along with two industrial buildings totaling nearly 500,000 square feet built by HSA Commercial. A centralized public park as part of the project will enable the community to enjoy amenities such as pickleball and bocce ball. At full buildout, Hobbs Station will include up to 240 single-family homes, 650 apartment units, 90 seniors housing units, 70,000 square feet of commercial space, 500,000 square feet of industrial space and 200,000 square feet of office space.