Property Type

SRS Brokers $5.4M Sale of Multi-Tenant Retail Property in Palmdale, California

by Amy Works March 6, 2023

PALMDALE, CALIF. — SRS Real Estate Partners has arranged the sale of a multi-tenant retail property located at 39178 10th St. West in Palmdale. A Texas-based owner and operator of retail properties sold the asset to a private investor for $5.4 million. At the time of sale, the 11,788-square-foot property was fully occupied by six tenants, including Jenny Craig and Verizon. The property is a portion of Palmdale Marketplace, a 450,000-square-foot power center anchored by Target, Lowe’s Home Improvement Warehouse and Sprouts Farmers Market. Matthew Mousavi and Patrick Luther of SRS’ national net lease group represented the seller and buyer in the transaction.

March 6, 2023

Development Industrial South Carolina Southeast Top Stories

Scout Motors Plans $2B Electric Vehicle Manufacturing Plant Near Columbia, South Carolina

by Taylor Williams March 6, 2023

BLYTHEWOOD, S.C. — Scout Motors Inc., the electric vehicle division of German automaker Volkswagen, has unveiled plans for an electric vehicle manufacturing plant on a 1,600-acre plot in Blythewood, South Carolina, a suburb of Columbia. The move represents a capital investment of approximately $2 billion and is expected to create about 4,000 jobs. Scout Motors intends to primarily use the plant for the production of trucks and sport utility vehicles (SUVs). At full capacity, the facility should be able to manufacture about 200,000 vehicles annually. Construction is scheduled to begin later this year, and Scout Motors expects the plant to be fully operational by the end of 2026. Of the total acreage of the site, which is bounded by I-77 and Blythewood Road, about 70 percent (1,100 acres) will be dedicated to the manufacturing facilities themselves. The location puts the facility within 20 miles of the state capital’s downtown area. Greg Lubar and Matt Jackson of JLL represented Scout Motors in its site selection efforts. The new trucks and SUVs will be built on a newly designed, all-electric platform. This approach will allow the company’s engineering teams to deliver vehicles with optimal ground clearance, approach angles and payload capacity, as …

March 6, 2023

Market Reports Retail Southeast Southeast Market Reports Tennessee

Nashville’s Retail Growth Underscores the City’s Boomtown Status

by John Nelson March 6, 2023

Nashville’s economy experienced some of the healthiest growth in the nation in 2022, with an annual job growth rate of 5.8 percent, exceeding the U.S. growth rate of 4.1 percent, based on data from Oxford Economics. Nashville also received high marks from the Urban Land Institute and PricewaterhouseCoopers, ranking as the No. 1 Market to Watch in their 2023 Emerging Trends in Real Estate report. The report credited Nashville’s tremendous and sustained population growth, and its economic diversity. Referred to as a “Supernova,” Nashville grew by an average of 5 percent since 2019 — four times faster than the national rate — due to rapid net in-migration. These fundamentals have helped boost the retail market in Nashville over the last several years. Post-pandemic, market-wide retail vacancy decreased to 3.3 percent at the end of 2022, which is two percentage points less than the rate at year-end 2020, but in line with the 15-year record low mark set in 2018. While Nashville’s retail sector took a hit along with others across the nation, it continues to rebound and perform due to a rise in dense communities where developers and owners are being strategic and thoughtful in retail curation. As such, the …

March 6, 2023

Illinois Leasing Activity Midwest Office

CF Industries Relocates Corporate Headquarters to Northbrook, Illinois

by Kristin Harlow March 3, 2023

NORTHBROOK, ILL. — CF Industries has signed a 77,863-square-foot office lease at 1 Astellas Way in Northbrook to relocate its headquarters from 4 Parkway North in Deerfield, Ill. CF Industries is a global manufacturer of hydrogen and nitrogen products for clean energy, fertilizer, emissions abatement and other industrial activities. The company will occupy two floors in the south building before the end of the year. The 432,000-square-foot, two-building office complex will be renamed 2375 Waterview Drive in April. Amenities include a cafeteria, 400-person multipurpose meeting space, fitness center and outdoor terraces. Kyle Robbins, Andrew Davidson and David Burkards of Transwestern Real Estate Services provide office leasing services for the property. Daniel McCarthy and Sophia Spinell of JLL represented CF Industries.

March 3, 2023

Acquisitions Midwest Minnesota Retail

Mid-America Brokers Sale of 74,182 SF Shopping Center in Eagan, Minnesota

by Kristin Harlow March 3, 2023

EAGAN, MINN. — Mid-America Real Estate Corp. has brokered the sale of Cliff Lake Centre in the Minneapolis suburb of Eagan for an undisclosed price. The 74,182-square-foot shopping center is home to Dollar Tree, Davanni’s, Great Clips, The UPS Store, Snap Fitness and H&R Block. Target and Cub Foods shadow anchor the property. Joe Girardi and Amy Senn of Mid-America represented the seller, IRC Retail Centers/DRA Advisors. The asset sold to MVK Capital and True North Investments. Pine Tree was the property manager.

March 3, 2023

Development Indiana Midwest Multifamily

Olive Tree Holdings to Complete $6M Renovation of Indianapolis Apartment Complex

by Kristin Harlow March 3, 2023

INDIANAPOLIS — Olive Tree Holdings is underway on a $6 million renovation of The Life at Creekside Reserve, a 320-unit, garden-style apartment complex in Indianapolis. Completion is slated for the third quarter of 2024. Plans call for roof replacements, new windows and doors, low-flow plumbing upgrades, new security gates, electrical upgrades, revamped grilling stations, new signage and new paint. The resident clubhouse, fitness center, playground, laundry facilities and soccer field will also undergo renovations. Olive Tree also plans to upgrade residence interiors, the community’s external façade and sidewalks.

March 3, 2023

Acquisitions Indiana Midwest Multifamily

Marcus & Millichap Arranges $5.6M Sale of Apartment Property in Connersville, Indiana

by Kristin Harlow March 3, 2023

CONNERSVILLE, IND. — Marcus & Millichap has arranged the $5.6 million sale of Turtle Creek Apartments in Connersville, about 65 miles east of Indianapolis. The 129-unit apartment property is located at 3600 Western Ave. and recently received capital improvements such as a new roof, parking lot, common area upgrades and several unit renovations. Aaron Kuroiwa and Tony Rogers of Marcus & Millichap represented the seller, a local limited liability company. The duo also secured and represented the buyer, an out-of-state limited liability company.

March 3, 2023

Leasing Activity Michigan Midwest Restaurant Retail

Korean Barbecue Restaurant Leases 6,400 SF in Grand Rapids

by Kristin Harlow March 3, 2023

GRAND RAPIDS, MICH. — KPOT Korean BBQ & Hot Pot has signed a long-term lease for the 6,400-square-foot former Old Chicago restaurant space at 3333 28th St. SE in Grand Rapids. The restaurant anticipates opening this fall. Bob Lotzar of NAI Wisinski of West Michigan represented the undisclosed landlord. The lease marks the first West Michigan location for KPOT.

March 3, 2023

Development Florida Mixed-Use Restaurant Retail Southeast

Topgolf to Anchor 223-Acre Mixed-Use Development Near Miami

by John Nelson March 3, 2023

POMPANO BEACH, FLA. — Topgolf is underway on the construction of a three-level venue located at the intersection of Powerline Boulevard and Race Track Road in Pompano Beach, roughly 35 miles north of Miami. Scheduled to open late this year, the new location will anchor Live! Pompano Beach, a 223-acre, mixed-use project currently being developed by The Cordish Cos. and Caesars Entertainment. The new Topgolf will feature 102 climate-controlled hitting bays, a full-service restaurant, rooftop terrace, outdoor patio, music, private event space and family-friendly programs year-round.

March 3, 2023

Acquisitions Industrial South Carolina Southeast

JLL Arranges Sale of 792,081 SF Industrial Property in Metro Charlotte

by John Nelson March 3, 2023

ROCK HILL, S.C. — JLL Capital Markets has arranged the sale of Phase I of Rock Hill Commerce Center in Rock Hill, roughly 30 miles southwest of Charlotte. A MetLife Investment Management client acquired the 792,081-square-foot property, which comprises two industrial buildings, for an undisclosed price. Patrick Nally, Pete Pittroff, Dave Andrews and Michael Scarnato of JLL represented the seller, Strategic Capital Partners, in the transaction. Completed earlier this year, Phase I of Rock Hill Commerce Center was fully leased at the time of sale to Power Technique North America and Logistics Plus. Buildings A and B comprise 294,092 square feet and 497,989 square feet, respectively.

March 3, 2023

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