Southeast

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

Florida Loans Multifamily Southeast

Berkadia Closes $44.5M Refinancing Loan for Tampa Bay Multifamily Property

by Alex Tostado May 17, 2019

DUNEDIN, FLA. — Berkadia has provided a $44.5 million Fannie Mae refinancing loan for Dunedin Commons, a multifamily property in Dunedin, 24 miles west of downtown Tampa. The borrower is Dunedin Commons LLC, which is led by Primerica Group One/Primerica Development Co. The 10-year permanent loan features a 4.2 percent interest rate with five years of interest-only payments followed by a 30-year amortization schedule at a 70 percent loan-to-value ratio. Dunedin Commons offers a mix of one-, two- and three-bedroom floor plans and amenities such as a fitness and yoga studio, walking and jogging trails and a swimming pool.

May 17, 2019

Arkansas Loans Multifamily Southeast

Greystone Provides $35.5M Fannie Mae Loan to Refinance New Multifamily Community in Little Rock

by Alex Tostado May 17, 2019

LITTLE ROCK, ARK. — Greystone has provided a $35.5 million loan to refinance Fitzroy Chenal, a newly constructed apartment community in Little Rock. The 12-year Fannie Mae loan offers a fixed interest rate and a 30-year amortization schedule. Fitzroy Chenal is a 294-unit apartment community that offers studio, one-, two- and three-bedroom floor plans. Community amenities include a conference room, business center, pet park, swimming pool, hot tub, grilling area, wine lounge, golf simulator room and a 24-hour fitness center. Clint Darby of Greystone originated the loan on behalf of the borrower, Little Rock-based developer Huffman & Co.

May 17, 2019

Acquisitions Alabama Retail Southeast

Joint Venture Sells Shopping Center in Huntsville for $27M

by Alex Tostado May 17, 2019

HUNTSVILLE, ALA. — A joint venture between MGold Properties and Mishorim Real Estate Investments has sold University Place, a 169,585-square-foot retail center in Huntsville, for $27 million. University Place was fully leased at the time of the sale to tenants including Cheddar’s Scratch Kitchen, Armed Forces Career Center, Zaxby’s, Panda Express, Red Wing Shoes, Republic Finance, T-Mobile and Subway. The property sits on 17.2 acres at 6125 University Drive along U.S. Highway 72, about six miles west of downtown Huntsville. Kyle Stonis and Pierce Mayson of SRS’ Investment Properties Group represented the seller in the transaction. The buyer, Colterra Capital Corp., was self-represented.

May 17, 2019

Development Georgia Hospitality Southeast

Woodbine Legacy Investments Completes $20M Renovation of W Atlanta-Buckhead Hotel

by Alex Tostado May 17, 2019

ATLANTA — Woodbine Legacy Investments (WLI) has completed a $20 million renovation of W Atlanta-Buckhead, a 12-story, 291-room hotel in Atlanta’s Buckhead district. The renovation began in May 2018. Guest accommodations — 286 guest rooms, four WOW Suites and one EWOW Suite — were enhanced with new headboards, armoires, damask wallcoverings and carpeting, 55-inch TVs, in-room Nespresso machines, beverage bar and artwork throughout. Communal renovations included new furnishings, an upgraded lobby and living room, upgraded fitness center and added Wi-Fi and meeting space throughout the hotel. The design team included architect and interior designer C+TC Studio, which designed the hotel’s rooftop bar, Whiskey Blue; interior designer Studio 11, which designed the lobby; and general contractor Genoa Construction. A second phase of renovation is planned for later this year, which will focus on updating the hotel’s restaurant, Cook Hall.

May 17, 2019

Acquisitions Maryland Retail Southeast

Continental Realty Acquires Shopping Center in Metro Baltimore for $16.2M

by Alex Tostado May 17, 2019

GLEN BURNIE, MD. — Continental Realty Corp. has acquired Governors Commons, a 129,242-square-foot shopping center in Glen Burnie, for $16.2 million. Governors Commons was fully leased at the time of sale to tenants including Gavigan’s Furniture, Pep Boys, Sake Japanese Steakhouse, Goodwill Industries and Dollar Tree. The property is located at 7311 Ritchie Highway, nine miles south of downtown Baltimore. Mathew Adler, Geoffrey Millerd and Chris Huesgen of Newmark Knight Frank (NKF) arranged the transaction. The seller was not disclosed. Joe Donato of NKF arranged acquisition financing.

May 17, 2019

Development Industrial Louisiana Southeast Top Stories

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

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

Newer Posts

Older Posts