Property Type

Hitachi Automotive Undertakes $100M Plant Expansion in Monroe, Georgia

by Taylor Williams May 20, 2019

MONROE, GA. — Hitachi Automotive Systems Americas Inc., a global supplier of automotive parts, has announced a massive, multi-year expansion of its manufacturing plant in Monroe, approximately 45 miles east of Atlanta. Georgia Gov. Brian Kemp announced on Friday, May 17 that Hitachi will invest anywhere from $100 million to $330 million in expanding its existing facility. The project is expected to bring an additional 100 jobs to Walton County. The parent company of Hitachi Americas, Hitachi Automotive Systems Ltd., is headquartered in Tokyo and manufactures engine powertrain systems, electric powertrain systems and integrated vehicle control systems. The company opened its first facility in Georgia in 1997 and currently employs more than 900 people in the Peach State, making it the largest employer in Walton County. The expansion project will be unveiled in phases over the next five years, according to The Atlanta Journal-Constitution, and parts produced at the plant will continue to be sold to major automotive companies like Ford, General Motors, Honda and Nissan. Hitachi cited larger growth in the automotive industry and the strength of the local workforce as the key incentives behind the expansion project. “It’s our goal at the Georgia Department of Economic Development to …

May 20, 2019

Industrial Market Reports Southeast Southeast Market Reports Tennessee

Strong 2018 Re-Establishes Memphis’ Status as ‘America’s Distribution Center’

by Alex Tostado May 20, 2019

Memphis continued its record-setting ways throughout 2018. Absorption was higher than 2017 by over 735,000 square feet for a total of 6.7 million square feet. Overall vacancy rates fell below 6 percent for the first time in recent history. As of Jan. 1, 2019, vacancy rates were at 5.8 percent. One would think this would come at the expense of rental rates, however, rental rates stayed constant at $2.77 per square foot until year-end. This represents a slight increase of 10 cents per square foot over 2017. With an industrial market exceeding 270 million square feet, it’s no wonder how Memphis got its name as “America’s Distribution Center.” Memphis International Airport is the second largest cargo airport in the world, home to 400 trucking companies, the third busiest trucking corridor (Interstate 40 to Little Rock), one of only four cities to be served by five long-haul Class 1 rail systems, the fourth largest inland port and the second largest stillwater port. Home to the FedEx World Hub, as well as UPS and USPS hubs all operating 24 hours a day, 365 days a week, Memphis provides the most cost-effective distribution and logistics operations in the country. While Memphis has been …

May 20, 2019

Development Retail Texas

Trademark Property Co. to Redevelop 1.7 MSF Memorial City Mall in Houston

by Taylor Williams May 17, 2019

HOUSTON — Fort Worth-based Trademark Property Co. has been tapped by MetroNational, the owner of Memorial City Mall in Houston, to redevelop the 1.7 million-square-foot shopping center. Redevelopment plans include reimagining the south side of the mall, which recently saw its anchor tenant Sears close its doors, as well as creating additional public spaces and adding more entertainment uses. The mall is located along the Interstate 10 corridor, just inside Beltway 8, and is part of the 265-acre Memorial City mixed-use development. A timeline for construction has not yet been established.

May 17, 2019

Acquisitions Office Retail Texas

HFF Negotiates Sale of Office, Retail Properties Totaling 421,617 SF in Dallas’ Victory Park

by Taylor Williams May 17, 2019

DALLAS — HFF has negotiated the sale of several office and retail buildings totaling 421,617 square feet within Victory Park, a 75-acre mixed-use development in Dallas. Ryan Shore, Barry Brown and Chris Gerard of HFF represented the seller, Orlando-based investment firm Estein USA. Charlotte-based Asana Partners purchased the properties for an undisclosed price in an off-market transaction. The Victory Park area, located where Uptown and downtown Dallas converge, houses approximately 3,500 apartments, 1.5 million square feet of office space, the W Dallas Hotel and American Airlines Center, home of the Dallas Mavericks and Stars.

May 17, 2019

Loans Multifamily Texas

Thorofare Capital Funds $24M Acquisition Loan for Multifamily Portfolio in San Antonio

by Taylor Williams May 17, 2019

SAN ANTONIO — Los Angeles-based Thorofare Capital has provided a $24 million acquisition loan for a portfolio of multifamily properties totaling 338 units in San Antonio. The five-year, nonrecourse loan features a floating interest rate, 75 percent loan-to-cost structure and flexible prepayment options. A portion of the proceeds will be used to fund expenditures for capital improvements. The borrower was not disclosed.

May 17, 2019

Loans Multifamily Texas

Arbor Provides $18.3M Fannie Mae Loan for Refinancing of Houston Apartments

by Taylor Williams May 17, 2019

HOUSTON — Arbor Realty Trust Inc. has provided an $18.3 million Fannie Mae loan for the refinancing of an undisclosed apartment community in Houston. The loan was sourced through Fannie Mae’s ARM 7-6 program, which allows borrowers to secure seven-year loans with floating interest rates with the option to be converted to fixed-rate loans. Matt Norman of Arbor’s Bloomington, Ind., office originated the loan on behalf of an undisclosed borrower.

May 17, 2019

Acquisitions Retail Texas

Marcus & Millichap Arranges Sale of 4,885 SF Retail Property in Austin Leased to QuikTrip

by Taylor Williams May 17, 2019

AUSTIN, TEXAS — Marcus & Millichap has arranged the sale of a 4,885-square-foot commercial property net-leased to QuikTrip in Austin. Anthony Pucciarello and Vincent Knipp of Marcus & Millichap had the exclusive listing to market the property on a sale-leaseback basis. Derrick Dougherty, also with Marcus & Millichap, represented the buyer, which acquired the property via a 1031 exchange.

May 17, 2019

Acquisitions Midwest Office Ohio

Viking Partners, DRA Advisors Acquire Towers of Kenwood in Suburban Cincinnati for $80.6M

by Jeff Shaw May 17, 2019

CINCINNATI — Viking Partners Fund IV LLC, in conjunction with a fund managed by DRA Advisors LLC, has acquired Towers of Kenwood in Cincinnati. Ajoint venture of Hines and a subsidiary of a real estate fund managed by Oaktree Capital Management LP sold the office property for$80.6 million, according to the Cincinnati Business Courier. Towers of Kenwood is a 404,425-square-foot, seven-story office building located at the intersection of I-71 and Montgomery Road. The property was 97 percent leased at the time of acquisition. Tenants include iHeart Media, Sibcy Cline, UBS Financial Services and JPMorgan Chase Bank. Viking and DRA plan to make some capital improvements to the asset, including upgrades to the restrooms, corridors and lobbies.

May 17, 2019

Development Midwest Ohio Retail

Construction Underway for First Retail Phase of Hamilton Quarter in Columbus

by Jeff Shaw May 17, 2019

COLUMBUS, OHIO — Casto is underway on construction of the first retail phase of Hamilton Quarter in Columbus. This phase includes a 250,000-square-foot shopping center anchored by Target and Hobby Lobby. Both the 125,000-square-foot Target and the 55,000-square-foot Hobby Lobby are slated to open in October. Other planned tenants include Five Below, Aqua Tots Swim School, Beerhead Bar & Eatery, The Nail Boutique, Clean Juice, Sprint and Great Clips. The 40-acre retail site is immediately adjacent to The Ohio State University Wexner Medical Center’s planned medical campus. Hamilton Quarter is a 200-acre mixed-use development slated to include 600,000 square feet of office and hotel space and 1 million square feet of retail, restaurant and entertainment space.

May 17, 2019

Development Hospitality Midwest Nebraska

128-Room Cambria Hotel Opens in Downtown Omaha

by Jeff Shaw May 17, 2019

OMAHA, NEB. — Choice Hotels International Inc. has opened the Cambria Hotel Omaha Downtown. The 128-room hotel is the newest addition to Omaha’s NoDo district. The property features a fitness center, multi-function meeting space and onsite dining with local craft beer on tap. The LEED Silver-certified hotel incorporates a number of eco-friendly features, including a solar array on the roof, a saltwater pool that reduces chemical usage, electric vehicle car charging stations and recycled building materials. A partnership between O’Reilly Hospitality Management and Robert Low of Prime Trucking Co. developed the project.

May 17, 2019

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