CHAMPAIGN, ILL. — Interra Realty has arranged the sale of a 102-unit, five-building multifamily portfolio in Champaign for $5.9 million. Constructed in 1970, the apartment properties are located on West Francis Drive and North McKinley Avenue. There is also one single-family house included in the portfolio. The assets are located three miles from the University of Illinois Urbana-Champaign campus. Michael Duckler of Interra represented the confidential buyer in the off-market transaction.
COLUMBUS, OHIO — Marcus & Millichap has brokered the $3.2 million sale of a retail property occupied by Texas Roadhouse in Columbus. Texas Roadhouse has a new 10-year triple-net lease and has operated at the site for more than 20 years. Located at 5870 Carnaby Way, the 2.2-acre property sits just off I-270. Jordan Klink and Kahlil Barnard of Marcus & Millichap represented the seller, Solid Ground LLC. Chris Lind, Mark Ruble and Zack House of Marcus & Millichap procured the buyer, a Delaware-based limited liability company.
LANSING, MICH. — A local nail salon and spa has leased 2,000 square feet of retail space to open a new location at Southwind Plaza in Lansing. The Kroger-anchored property is located at the southeast corner of South MLK Junior Boulevard and West Holmes Road. Michael Murphy of Gerdom Realty & Investment represented the undisclosed landlord.
SEATTLE — Amazon (NASDAQ: AMZN) plans to invest “at least $20 billion” in future cloud computing and artificial intelligence (AI) innovation campuses in Pennsylvania. The Seattle-based e-commerce giant has identified Salem Township in Luzerne County and Falls Township in Bucks County as the first communities that will host these campuses, with other Pennsylvania communities also under consideration. “I’m proud to announce that we have secured the largest private sector investment in the history of Pennsylvania,” said Pennsylvania Gov. Josh Shapiro. “Pennsylvania is competing again.” Upon completion, the campuses will house data centers with computer servers, data storage drives, networking equipment and other technology infrastructure used for cloud computing capabilities and generative AI. Specific details about the sites and construction timelines were not released. Last week, Amazon made a similar announcement for a $10 billion data center innovation campus in Richmond County, N.C., which followed an $11 billion investment in Georgia that Amazon announced in January. Amazon stated that the Pennsylvania investment will create at least 1,250 new jobs, as well as thousands of jobs in the Amazon Web Services (AWS) data center supply chain. The new jobs will range from data center engineers and network specialists, to engineering operations managers, security …
CHARLOTTE, N.C. — Tariffs are at the forefront of the U.S. economic landscape as they impact costs and timelines for a multitude of industries. For the industrial real estate sector, developers and tenants alike are monitoring the severity at which tariffs can complicate their everyday business activity, thus economic development officials are playing a crucial role in helping companies mitigate those costs and delays. “A lot of our business comes down to reducing risks for companies,” said Melissa Smith, senior vice president of the Economic Development Partnership of North Carolina. “There’s a lot of scrambling due to tariffs. They make already challenging deals even more challenging. We have to be ready to help [companies] navigate through these challenges so that they can make a successful decision.” Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. Smith’s comments came on the opening night of InterFace I-85 Industrial Corridor, a two-day networking and information event held at the Hilton Charlotte Uptown hotel on May 19-20. Brian Young, senior director of Cushman & Wakefield’s Greenville office, moderated the discussion called …
— By Jerry Doty of Colliers — While several other Western markets started to slow down in late 2022 or early 2023, the Southern Nevada industrial market seemed to be relatively unscathed going into 2024. However, the impact was finally felt early in the first quarter of 2024. It lasted through the remainder of the year. Despite this noticeable decline in activity, most remained optimistic that it would be a quick slump. We were hoping 2025 would come out with guns blazing. These prognostications have so far proven to be incorrect. First-quarter 2025 felt very much like the past four quarters. This noticeable slowdown could not have come at a worse time. We are in the midst of a record wave of new completions that will continue to deliver through the third quarter. The Las Vegas industrial market delivered a little less than 16 million square feet of new inventory in 2024, bringing the total market up to 180 million square feet. The Valley is composed of eight different industrial submarkets, with the North being both the largest in total size (75 million square feet) and the largest amount of product under construction (almost 3.6 million square feet). At the …
HOUSTON — Foxconn, a Taiwanese electronics manufacturer, has purchased the 1 million-square-foot Fairbanks Logistics Park in northwest Houston from Dallas-based Dalfen Industrial with plans to redevelop the property to support advanced manufacturing and AI infrastructure initiatives. According to the Greater Houston Partnership, the redevelopment constitutes an investment of $450 million and could generate as many as 600 new jobs. Fairbanks Logistics Park consists of four front-load buildings on a 100-acre site that feature 32-foot clear heights and 180-foot truck court depths. Garrett Geaccone, Jeremy Lumbreras and Tyler Maner of Stream Realty Partners represented Dalfen in the transaction. Reggie Beavan and Joshua Brown of Newmark represented Foxconn.
FRISCO, TEXAS — The CONAM Group, a San Diego-based investment firm, has acquired The Maxwell, a 325-unit apartment community in Frisco. Completed in 2018, The Maxwell is located within the Canals at Grand Park master-planned community and offers studio, one-, two and three-bedroom units that are housed within three- and four-story buildings. Amenities include a clubhouse with a coffee bar and conference rooms and a courtyard with grilling stations, fire pits and outdoor TVs. The seller and sales price were not disclosed.
CYPRESS, TEXAS — JLL has brokered the sale of DHT-4 Last Mile, a 141,360-square-foot industrial building in the northwestern Houston metro of Cypress. Completed in 2022, the buildings sits on 37 acres and features 32-foot clear heights, an ESFR sprinkler system and parking for 233 cars and 940 vans. Trent Agnew, Charlie Strauss and Lance Young of JLL represented the seller, Vigavi Realty, in the transaction. Allegra Holding Group acquired the asset for an undisclosed price.
AUSTIN, TEXAS — Hoar Construction has broken ground on the new 83,000-square-foot building for Oak Springs Elementary School, which is part of the Austin Independent School District. The new facility will replace the original structure that was built in 1958 and will include a new gym with a basketball court, full cafeteria, theater, music studio and exterior rain garden. Fort Worth-based Huckabee Architects designed the project, which is expected to be complete in spring 2027.
