WEST POINT, GA. — Hyundai Transys Georgia Powertrain, an automotive parts specialist in the Hyundai family of brands, has announced it will invest $560 million to expand its manufacturing operation at 6801 Kia Parkway in West Point, a west Georgia city near the Alabama border. The investment will fund upgrades to two current buildings and the construction of a third on the campus. The expansion will support added production capacity for electrified powertrains for hybrid vehicles. Hyundai Transys plans to create 320 new jobs as a result of the expansion, adding to its current total of 1,250 employees. The construction timeline was not disclosed. Civic and utility partners for the Hyundai Transys project include the Georgia Department of Economic Development’s Global Commerce team, the City of West Point, Georgia Quick Start and Georgia Power.
POOLER, GA. — SunCap Property Group has purchased 65 acres in Pooler, a western suburb of Savannah, for the development of Pine Meadow Logistics Park. Situated at Pine Meadow Drive and Pine Barren Road, the two-building development will span 959,822 square feet at full build-out. SunCap has tapped Hilary Shipley and Sebastian Findlay of Colliers Savannah to lease Pine Meadow, which sits within close proximity to I-95, I-16 and the Port of Savannah’s Garden City Terminal. The project will comprise a 606,323-square-foot cross-dock building and a 353,499-square-foot rear-load facility. SunCap expects to deliver both buildings by October 2027.
RALEIGH, N.C. — A partnership between Portsmouth Real Estate Partners and Marcus Partners has purchased Vine North Hills, a 326-unit multifamily community located at 500 St. Albans Drive in Raleigh. The seller and sales price were not disclosed. Newmark arranged an undisclosed amount of acquisition financing for the partnership, which is the first venture between Portsmouth and Marcus. Vine North Hills sits within the 33-acre North Hills Innovation District, which is part of Raleigh’s North Hills mixed-use neighborhood. Completed in 2020, the property offers studio, one-, two- and three-bedroom apartments, as well as a “full” suite of amenities and structured parking.
DECATUR, GA. — RangeWater Real Estate and Nippon Steel Kowa Real Estate Co. (NSKRE) have broken ground on Ellory House, a 274-unit apartment community at Lulah Hills, a 78-acre mixed-use development underway in Decatur, an eastern suburb of Atlanta in DeKalb County. EDENS is the master developer of Lulah Hills, which is a redevelopment of the former North DeKalb Mall. EDENS is also listed as a sponsor for the Ellory House project, which will be located directly along Lulah Hills’ main street, Lulah Avenue, and across from Lemon Park, the development’s largest green space. In addition to apartments, Ellory House will feature 39,000 square feet of ground-level retail space. The construction timeline was not released. This development represents RangeWater’s first development deal with NSKRE and its 31st in the Atlanta market.
CHICAGO — Chicago-based JLL Capital Markets has arranged $463 million in bridge financing for Thompson Thrift’s eight-property multifamily portfolio comprising 2,412 Class A apartment units across Florida, Georgia and Arizona. JLL secured the floating-rate construction take-out loan through Barings. The portfolio includes: Floor plans average 1,023 square feet. Unit interiors feature gourmet kitchens with stainless steel appliances, quartz or granite countertops, smart home technology, full-size washers and dryers, and private balconies or patios. Examples of amenities include fitness centers, resort-style pools, resident social hubs with coffee bars, pickleball courts, dog parks with pet spas, business centers and outdoor spaces. Danny Kaufman, Medina Spiodic, Mark Gibson and Matthew Lawton of JLL arranged the loan on behalf of Thompson Thrift. Daniel Hedgepeth of Barings originated the financing. With offices in Indianapolis and Terre Haute, Ind., Denver, Houston and Phoenix, Thompson Thrift develops, constructs, leases and manages multifamily communities. The firm has developed more than $7.9 billion in ground-up real estate projects across 25 states. — Kristin Harlow
MORRISVILLE, N.C. — JLL has arranged $237.7 million loan for Phase I of Pathway Triangle, a life sciences campus underway in North Carolina’s Research Triangle Park (RTP). Phase I comprises four life sciences and advanced manufacturing buildings totaling 581,789 square feet on McCrimmon Parkway in Morrisville, about 14 miles west of Raleigh. Brett Paulsrud, Amy Lousararian, Andrew Gray, Ward Smith, Hugh Doherty and Libby Horton of JLL arranged the loan through Starwood Property Trust on behalf of the borrower, King Street Properties. Two buildings totaling 377,111 square feet have been completed at Pathway Triangle and are 73 percent leased. Building 1 is partially leased to Liquidia Pharmaceuticals for the manufacturing of Yutrepia, an FDA-approved inhalation powder treating pulmonary arterial hypertension. Building 2 is fully leased to Novartis. Construction began recently on the other two Phase I buildings — Building 4 (148,434 square feet) and Building 7 (56,244 square feet), which is fully preleased to Novartis. A second phase is planned for Pathway Triangle, upon completion of which the campus will span 950,000 square feet.
CHARLOTTE, N.C. — Wegmans, a large-format grocer based in Rochester, N.Y., plans to open a 110,000-square-foot grocery store at 11550 N. Community House Road in Charlotte on Wednesday, Oct. 14. The store is an anchor of Ballantyne, Northwood Investors’ 2,000-acre master-planned development on the south side of Charlotte adjacent to the South Carolina border. The store will feature all traditional Wegmans departments, including produce, seafood, meat, bakery, deli, cheese and wine and beer. Additional offerings will include Meals2Go and catering, online shopping capabilities, a floral shop, coffee and home goods. The store will also have a market café with indoor and outdoor seating for customers dining at one of Wegmans’ multiple food outlets. Wegmans has hired 450 associates to operate the new store, which is currently the southernmost store in Wegmans’ network.
SANDY SPRINGS, GA. — BKM Capital Partners and Kayne Anderson Real Estate have acquired Northridge Commons, a 471,000-square-foot industrial campus in Sandy Springs, a northern suburb of Atlanta in Fulton County. Locally based development firm Third & Urban sold the 38-acre property for $100 million. Built in the early 1980s along the Ga. Highway 400 corridor, Northridge Commons comprises seven industrial facilities with suites ranging in size from 2,046 to 39,221 square feet. The campus, which was 90 percent leased at the time of sale, also features a 57 percent office finish. Nathan Williams of Scotland Wright Associates helped facilitate the transaction between BKM and Third & Urban.
DALTON, GA. — Atlantic Capital Partners has brokered the $18.2 million sale of Walnut Square, a 127,391-square-foot, newly constructed shopping center in Dalton, a North Georgia city near the Tennessee border. Fred Victor, Sam Koonce, Teddy Driscoll and Matt Austin of Atlantic Capital Partners represented the undisclosed seller in the transaction. The buyer was also not disclosed. Situated off Ga. Highway 52 near I-75, Walnut Square was 99 percent leased at the time of sale to tenants including Food City, Ross Dress for Less, Ulta Beauty, PetSmart, Bath & Body Works, AT&T, Kay Jewelers and Crumbl Cookies.
NEWPORT NEWS, VA. — Merchants Capital has arranged $97.8 million in financing for the rehabilitation of Stuart Gardens, a 491-unit affordable housing property located in Newport News. Merchants Capital secured a $62.8 million HUD 221(d)(4) loan and $35 million in equity bridge loans provided by Merchants Bank, an affiliate of Merchants Capital. Stuart Gardens’ capital stack also includes low-income housing tax credit (LIHTC) equity, federal and state historic tax credits and Green and Resilient Retrofit Program (GRRP) financing via HUD for energy efficient improvements. The current owner and developer, Vitus Group, is leading the rehabilitation of the property, which will include exterior improvements like a new playground, connections to an adjacent park and walking path, and fresh roofing, siding and exterior doors and windows. In-unit repairs will include the replacement of existing flooring, updated appliances, new kitchen cabinetry and updated bathrooms. Stuart Gardens comprises 109 two-story buildings. All residential units are reserved for families earning 60 percent of the area median income (AMI) under a Section 8 Housing Assistance Payment (HAP) contract. Built in 1941 by the Defense Homes Corp. during World War II, the property has been designated as a historic property by the Virginia Board of Historic Resources. Upon …
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