WEST POINT, GA. — Hyundai Transys will develop a $240 million advanced manufacturing facility in West Point. The building will span 620,000 square feet and is expected to bring 678 full-time jobs to the area. Hyundai Transys specializes in transmissions and the new facility will produce eight-speed transmissions for Kia. The exact location of the new plant was not disclosed, though Georgia Gov. Brian Kemp’s office says it is near the company’s existing plant within the Kia campus. A timeline for construction was not disclosed.
ANNAPOLIS JUNCTION, MD. — Walker & Dunlop has provided an $84.4 million Freddie Mac refinancing loan for The Residences at Annapolis Junction. Armada Hoffler, which delivered the asset in 2017, received the 10-year, non-recourse loan with three years of interest-only payments. Proceeds will replace existing construction debt that Walker & Dunlop also provided in 2018. The property offers studio, one- and two-bedroom floor plans. Communal amenities include a saltwater pool, sundeck, fitness center, movie theater, 24-hour business center and car charging stations. The complex is situated at 10125 Junction Drive in Annapolis Junction, 18 miles southwest of downtown Baltimore. Dee McClure and Katie Runyan of Walker & Dunlop originated the loan on behalf of the Virginia Beach, Va.-based borrower.
WASHINGTON, D.C. — Marx Realty has broken ground on The Herald, a 114,000-square-foot office building in Washington, D.C. The New York-based developer is investing $41 million to redevelop the property into a hospitality-themed office building. The lobby will feature 22-foot ceilings, a doorman, European-style café, 8,800-square-foot lounge, a fitness center, historical art and several seating areas, similar to a hotel lobby. The asset was originally built in 1923 as the printing press and offices for the Washington Herald Examiner. Marx Realty will update the entrance to the lobby to include floor-to-ceiling copper and glass walls inspired by linotype printing machines. Marx Realty expects construction to be completed in the spring. David Burns of Studios Architecture designed the asset.
BATON ROUGE, LA. — EdgePWR has acquired Bon Carre Technology Center, a 712,000-square-foot office and technology park in Baton Rouge. The property is situated at 7337 Florida Blvd., five miles east of downtown Baton Rouge. Tenants at the time of sale included Cox Media, software firm CRIF ACTion, Pixel Dash Studios and data company Venyu. Bon Carre was originally developed in the 1960s as Bon Marche Mall before being redeveloped into an office park more than 20 years ago. Bill Sanders and Jessie Babcock of Beau Box Commercial Real Estate, along with JLL, represented the undisclosed seller in the transaction. South Carolina-based EdgePWR has retained Sanders and Babcock to handle leasing at Bon Carré and Beau Box Property Management to manage the property.
FAYETTEVILLE, GA. — Faris Lee has arranged the $7 million sale of Satterfield Marketplace, a 12,277-square-foot retail strip center in Fayetteville. Tenants at the time of sale included Chipotle, My EyeLab and Aspen Dental. The property is situated at 1135 Ga. Highway 85 N., 20 miles south of downtown Atlanta, and includes a drive thru for Chipotle. Hunter Steffien, Jeff Conover and Scott DeYoung of Faris Lee represented the undisclosed seller in the transaction. The team also procured the buyer, an undisclosed firm based in Mexico City.
TEMPE, ARIZ. — Lincoln Property Co. (LPC) has completed the disposition of Grand2, an office building located at 1033 W. Roosevelt Way in Tempe. Apex Capital Investments Corp. acquired the property for a reported $187.5 million. Developed in late 2019 by LPC Desert West and Goldman Sachs MBD Real Estate, the nine-story building features 358,000 square feet of Class AA office space. Grand2 offers a 13,000-square-foot indoor/outdoor lobby and amenity lounge with a television viewing area, collaborative spaces, conference facilities and an on-site fitness facility with Peloton and Mirror equipment. Additionally, the building features a 13,000-square-foot rooftop deck with shaded seating and subterranean and structured parking. The development team included DAVIS as architect and Whiting-Turner as general contractor. San Francisco-based food delivery app DoorDash has occupied the property with a full-building, long-term commitment since its completion. CJ Osbrink, Kevin Shannon, Ken White, Brunson Howard, Paul Jones and Rick Stumm of Newmark represented LPC, while Apex Capital was self-represented in the sale. Grand2 is part of the 1.8 million square feet slated for development by LPC at The Grand at Papago Park Center, which is master planned for 3.2 million square feet of office, multifamily, hotel, retail and restaurant space within …
SAN FRANCISCO — On Tuesday, Dec. 1, San Francisco-based Airbnb filed an updated S-1 with the U.S. Securities and Exchange Commission ahead of its planned initial public offering (IPO) filing on Dec. 9. The home-rental platform, along with some shareholders, plans to offer 51.9 million shares at $44 to $50 in its IPO, creating a valuation of up to $35 billion, an $4 billion increase from its private valuation of $31 billion. The 13-year-old company has experienced growth since its founding with gross booking value (GBV) topping $38 billion in 2019, representing a 29 percent growth from $29.4 billion in 2018. However, during the first nine months of 2020, Airbnb was impacted by the global COVID-19 pandemic with GBV falling to $18 billion, down 39 percent year over year, and $2.5 billion in revenue, down 32 percent year over year. Through the combination of consolidating its workforce and a surge in rentals, the company has begun to see a 1 percent uptick in bookings between second- and third-quarter 2020, resulting $1.3 billion in third-quarter revenue, down 18 percent from the same period in 2019. Morgan Stanley, Goldman Sachs Group, Allen & Co., Bank of America Corp., Barclays Plc and Citigroup …
GOODYEAR, ARIZ. — Westcore has purchased approximately 45 acres of land at Thomas and Citrus roads near Interstate 10 and Loop 303 in Goodyear. First Industrial sold the land parcel for $11.2 million. Westcore plans to break ground immediately to construct a 721,156-square-foot, build-to-suit distribution facility for a national third-party logistics company. The completed cross-dock building will feature 36-foot clear heights, an ESFR sprinkler system and secure site trailer storage capacity. Completion is slated for June 2021. The project team includes Merit Partners, Butler Design Group, Hunter Engineering and Stevens-Leinweber Construction. Completion is slated for June 2021.
SIERRA VISTA, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Port Royale, an apartment property in Sierra Vista, southeast of Tucson near the Mexico border. Element Property Co. acquired the asset from Bascom Arizona Ventures for $30 million, or $119,048 per unit. Built in 2004 on 13 acres, the 18-building community features 252 apartments and is in close proximity to Arizona State Route 90, University of Arizona South, Cochise College and Kartchner Caverns. Hamid Panahi, Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the transaction.
SYLMAR, CALIF. — Positive Investments Inc. has purchased Mountain View Manor, an affordable apartment building located at 12960 Dronfield Ave. in Sylmar, from 21 Alpha Group for $29.4 million. Built in 1964, the 178,000-square-foot property comprises six residential buildings offering a total of 200 apartments, two common areas and two swimming pools. The property was recently rehabilitated under the Low-Income Housing Tax Credit program. Shaya Braverman and Brendan Brown of Partners CRE, a Compass real estate brokerage, represented the buyer and seller in the deal.