Property Type

Lotte Chemical, Westlake Chemical Open $3.1B Plant in Lake Charles, Louisiana

by Jeff Shaw May 17, 2019

LAKE CHARLES, LA. — A joint venture between Lotte Chemical USA (KRX: KRW) and Westlake Chemical Corp. (NYSE: WLK) has opened a new chemical plant in Lake Charles, located in the southwest corner of Louisiana near the Texas border. Development costs for the 250-acre campus were estimated at $3.1 billion. The chemical plant produces monoethylene glycol — commonly called MEG — an important ingredient in the making of paper, textile fibers, latex paints, asphalt, resins, antifreeze, coolants and adhesives. With an annual capacity of 700,000 metric tons, the new facility is now the largest MEG plant in the world. South Korea-based Lotte and Houston-Based Westlake expect the plant to generate 250 permanent jobs. According to the Louisiana Economic Development office, approximately 2,000 “indirect jobs” have also been created as a result of this project. “Among Korean petrochemical companies, Lotte Chemical is the first to locate a project in the United States. As such, this project represents a significant investment by Lotte Chemical,” says Jinkoo Hwang, president and CEO of Lotte Chemical USA. “Today also marks the opening of our new corporate headquarters in Lake Charles, and we are very excited to be part of the industrial growth in the region.” …

May 17, 2019

Terminal-Logistics-Center-Queens-New-York

Industrial Market Reports Northeast Northeast Market Reports

More Industrial Product Lands Near Airports

by Taylor Williams May 17, 2019

The U.S. industrial market has now recorded more than 240 million square feet of net absorption for four consecutive years, the strongest run on record, with an all-time high of 284.9 million square feet in 2018, according to Cushman & Wakefield. In New York City, the largest consumer market in the United States, the current industrial supply of approximately 170 million square feet remains heavily constrained, especially around the region’s transportation hubs. Nowhere is the demand for industrial product more apparent than in the area surrounding John F. Kennedy Airport in Queens, which handles more than 1.3 million tons of air freight every year, according to the Port Authority of New York and New Jersey. JFK is the second busiest air cargo airport on the East Coast behind Miami International Airport and just ahead of Newark International Airport. “There’s really not a lot of land near JFK,” says David Hercman, director of asset management at Long Island-based Milvado Property Group. “So, whatever supply is there is there.” Time-sensitive industrial users like freight forwarders, which organize shipments from manufacturers or producers overseas, need to be close to the airport in order to get products to the end user as quickly as …

May 17, 2019

Stanley-Black-Decker-AllianceTexas-Fort-Worth

Development Industrial Texas

Stanley Black & Decker to Open 425,000 SF Manufacturing Plant at AllianceTexas in Fort Worth

by Taylor Williams May 16, 2019

FORT WORTH, TEXAS — Hardware manufacturer Stanley Black & Decker will open a 425,000-square-foot manufacturing plant at AllianceTexas in Fort Worth. The facility will be used to produce a range of tools and devices sold under the Connecticut-based company’s CRAFTSMAN line for homebuilders and mechanics. The groundbreaking of the plant, which is expected to employ approximately 500 people, will be held this summer, with construction slated for a late 2020 completion. Stanley Black & Decker, which operates roughly 30 manufacturing plants across the country, is also in the process of opening a 1.2 million-square-foot distribution center in nearby Northlake.

May 16, 2019

Development Multifamily Texas

PointOne, NRP Group to Develop 308-Unit Apartment Community in Austin

by Taylor Williams May 16, 2019

AUSTIN, TEXAS — A partnership between South Florida-based investment firm PointOne Holdings and Cleveland-based developer/general contractor NRP Group will develop The Knoll at South Congress, a 308-unit multifamily community in Austin. Units at the Class A property, which will be situated on 13.3 acres, will feature stone countertops, designer cabinetry, stainless steel appliances and hardwood-style flooring. Amenities will include a pool, fitness center, resident clubhouse, business center, dog park and spa, sky lounge and package concierge service. Construction is expected to begin in the next few weeks.

May 16, 2019

Acquisitions Industrial Texas

Stream Realty Partners Arranges Sale of 217,565 SF Industrial Property in Fort Worth

by Taylor Williams May 16, 2019

FORT WORTH, TEXAS — Stream Realty Partners has arranged the sale of a 217,565-square-foot industrial property located at 10705 North Freeway in Fort Worth. According to Commercial Real Estate Exchange Inc., the property, which fronts Interstate 35, spans six buildings across 54.9 acres that feature 14- to 25-foot clear heights. Seth Koschak and Forrest Cook of Stream Realty Partners represented the buyer, M2G Ventures, in the transaction. Michael Newsome and Todd Hubbard of NAI Robert Lynn represented the seller, KLM Partners.

May 16, 2019

Development Industrial Oklahoma Texas

Gardner Tanenbaum Underway on 156,000 SF Industrial Project in Oklahoma City

by Taylor Williams May 16, 2019

OKLAHOMA CITY — Locally based developer Gardner Tanenbaum Holdings (GTH) is underway on construction of a 156,000-square-foot industrial facility in Oklahoma City for Corken Inc., a provider of pumps and compressors. Situated within the 104-acre Britton Road Commerce Park, the property offers convenient access to Interstate 35. Corken will utilize the facility, which is expected to be complete in late 2019, for manufacturing and office uses. Metropolitan Capital Advisors arranged debt for the project through Centennial Bank.

May 16, 2019

Leasing Activity Office Texas

NKF to Relocate North Dallas Office to 8,454 SF Space at Plano’s Legacy Business Park

by Taylor Williams May 16, 2019

PLANO, TEXAS — Newmark Knight Frank (NKF) will relocate its North Dallas office to an 8,454-square-foot space at 5201 Tennyson Parkway within Legacy Business Park in Plano. The 124,731-square-foot building was completed in 2015. John Wolf internally represented NKF, which is nearly doubling the size of it old office, in the lease negotiations.

May 16, 2019

Florida Hospitality Loans Southeast

HFF Arranges $42.3M CMBS Acquisition Loan for Hotel in Fort Lauderdale

by Alex Tostado May 16, 2019

FORT LAUDERDALE, FLA. — HFF has arranged a $42.3 million acquisition loan for the Renaissance Fort Lauderdale Cruise Port Hotel in Fort Lauderdale. A joint venture led by DoveHill Capital Management acquired the 236-room hotel, which opened in 2001 and has been updated throughout the years, most recently in 2016. An undisclosed CMBS lender provided the 10-year, fixed-rate loan, which is structured as interest-only for the full term. Hotel amenities include 12,838 square feet of meeting and event space; an outdoor pool; 24-hour fitness center; business center; limousine service; a salon; and three food and beverage outlets: Bistro 17, R Lounge and Calusa Coffee Roasters Bar. Josh Simon, Maxx Carney and Tyler Dumon of HFF arranged the loan on behalf of the borrower.

May 16, 2019

Acquisitions Florida Office Southeast

Joint Venture Sells Adjacent South Florida Office Campuses for $33M

by Alex Tostado May 16, 2019

NAPLES, FLA. — A joint venture between Creekside West Inc., GC Partnership Ltd. and FoxRock Newgate 5150 Realty LLC has sold Newgate Center and Park North, a pair of adjacent office campuses in Naples. Newgate Center is a three-building, 80,000-square-foot office campus situated at 5200 Tamiami Trail N., and Park North is a two-building, 19,450-square-foot office property situated at 5125 Castello Drive. David Stevens of Investment Properties Corp. represented the sellers in the transaction. Rainer Filthaut of International Realty Corp. represented the buyer, a private European investment group doing business as Tamiami Newgate LLC.

May 16, 2019

Development Retail South Carolina Southeast

Halvorsen Holdings to Develop Publix-Anchored Shopping Center Near Savannah

by Alex Tostado May 16, 2019

BLUFFTON, S.C. — Boca Raton, Fla.-based Halvorsen Holdings is planning to develop May River Crossing, a 70,200-square-foot, Publix-anchored shopping center in Bluffton, 16 miles north of downtown Savannah and 16 miles west of Hilton Head Island. May River Crossing will be situated on 15 acres on the northeast corner of Okatie Highway and May River Road. Publix will occupy 48,000 square feet and will feature a drive-thru pharmacy. There is 21,845 square feet of available space. May River Crossing’s committed tenants include a nail salon, national hair salon and a national cellphone provider. A timeline for construction was not disclosed.

May 16, 2019

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