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NORTH CHARLESTON, S.C. — Jamestown, along with local real estate developers Weaver Capital Partners and WECCO Development, has broken ground on the first buildings at Navy Yard Charleston, the 79-acre mixed-use redevelopment of a former naval base in North Charleston. This first phase of the redevelopment involves converting two historic storehouses — Storehouse 8 and Storehouse 9 — on the project site into a total of 107,000 square feet of mixed-use space for restaurants, retail, office space and apartments. The buildings are scheduled to open in 2024. The 40,000-square-foot, two-story building known as Storehouse 8 will be restored and repurposed as a restaurant, event space and offices. To preserve the history and character of the building, which was constructed in 1906 as naval administrative offices, the renovation will salvage architectural details such as the original hallways, trim, railings, flooring, slate roof and copper soffits. The adjacent Storehouse 9, a 67,000-square-foot, four-story building constructed in 1918 as naval administration offices and storage facility, will be converted into restaurant and retail space on the ground floor, a rooftop bar and restaurant with views of the Cooper River and 86 multifamily units offering flexible live/work layouts. In addition to the redevelopment of Storehouses …

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Arch-Street-Industrial

NEW YORK CITY AND CHICAGO — A partnership between New York City-based Arch Street Capital Advisors and Chicago-based Brennan Investment Group has sold a national portfolio of 11 industrial properties totaling approximately 2 million square feet. The sales price and buyer were not disclosed. The partnership acquired the portfolio in 2017 for $100 million and implemented a value-add program. The assets are primarily located throughout major markets in the Midwest and Southeast, including Chicago; Minneapolis; Jacksonville, Fla.; and Birmingham, Ala. Arch Street and Brennan launched their partnership in 2011. Since that time, the duo of investment firms has executed seven such ventures in which it acquires, operates and disposes of a portfolio of industrial assets. The partnership will continue to primarily target single-tenant, net-leased industrial assets and/or portfolios as the cornerstone of its investment strategy. “The success of this portfolio demonstrates the unique benefits of this strategy, which provides both residual upside and consistent yield,” says Christopher Collins, vice president of asset management at Arch Street. “We continue to remain bullish on warehouse, distribution and manufacturing assets in both the U.S. and Europe.” Arch Street is a full-service real estate investment and advisory firm that specializes in advising investors on …

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LIBERTY, MO. — Contegra Construction Co. has completed Project Luna, a 1 million-square-foot distribution facility at Liberty Commerce Center in Liberty, a northeast suburb of Kansas City. Located at 2361 S. Withers Road, Project Luna features a 40-foot clear height, 108 dock doors, two drive-in doors and 20,000 square feet of office space. The property is built with tilt-up concrete panels and is topped with thermoplastic polyolefin (TPO) roofing, a single-ply white membrane which reflects heat instead of absorbing it. The warehouse is also equipped with 56 rooftop HVAC units to maintain temperature control throughout the interior. In addition, Edwardsville, Illinois-based Contegra constructed four retaining walls around Project Luna, which are up to 40 feet tall. The company also managed the installation of water, storm water and electrical infrastructure in conjunction with the retaining wall construction, including two large underground detention systems. Project Luna is Liberty Commerce Center’s fifth and largest distribution center since the 337-acre industrial park’s launch by Kansas City real estate developer NorthPoint Development in 2021. Upon its completion, the Liberty Commerce Center will consist of 3.4 million square feet of space located near the Liberty city border with Claycomo, south of Liberty Parkway between Hughes and …

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Mutual-Omaha

OMAHA, NEB. — Mutual of Omaha has broken ground on a 44-story office tower that will act as the company’s headquarters in downtown Omaha. At 677 feet, the building will rise 43 feet above the city’s current tallest building, First National Bank Tower.  The 800,000-square-foot development will include a street-level lobby with conference space and an “experience center” spotlighting the company’s history, brand and impact on customers and the community; a sky lobby, welcoming associates from the planned 2,200-stall parking structure; food and wellness services, a fitness center and flexible meeting spaces on the 16th through 20th floors; and conference facilities with a two-story atrium on the 44th floor.  Despite the skyscraper’s record-breaking height, the building will be less than half the square footage of the company’s current 1.7 million-square-foot headquarters in Omaha’s Midtown neighborhood. This shift in design is to support flexible work arrangements, including in-person, remote and hybrid models. “As a customer-focused company, we worked closely with our design team to create a headquarters that is appropriately sized, adaptable to ways of working that may emerge in the future and able to serve our policyholders in an effective and efficient manner,” says CEO James Blackledge. Mutual of Omaha’s …

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SPARKS, NEV. — Electric car manufacturing giant Tesla Inc. (NASDAQ: TSLA) plans to invest $3.6 billion to expand Gigafactory Nevada, an advanced manufacturing campus in the Reno suburb of Sparks that Tesla launched in 2014. The company’s investment will include two new factories — a battery manufacturing facility and a truck factory — that can support approximately 3,000 new team members. At the battery facility, Tesla plans to produce enough of its patented 4680 battery cells for 1.5 million light-duty vehicles annually. The facility will have the capacity for 100 Gigawatt hours (GWh) annually. The truck factory represents the first high-volume factory for Semi, Tesla’s fully electric combination truck that was announced in 2017. The company’s Semi trucks can travel up to 500 miles on a single charge and run on less than 2 kilowatt hours (kWh) per mile, which Tesla says gives companies using commercial transportation a sustainable freight option. The first Semi trucks were delivered in December 2022 to PepsiCo, according to CNBC. Gigafactory Nevada currently spans 5.4 million square feet and represents a $6.2 billion investment for Tesla to date. Annually Tesla produces 7.3 billion battery cells, 1.5 million battery packs, 3.6 million electric vehicles and 1 …

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PHOENIX — Concord Wilshire Capital and TLG Investment Partners, in partnership with Carl DeSantis’ CDS International Holdings Inc., have completed the acquisition of the Metrocenter Mall in Phoenix. The development group has formed a strategic alliance with Hines, an international real estate firm, to redevelop and repurpose the Metrocenter Mall into a walkable village that will be home to apartments, condominiums, curated boutiques, popular retail stores, restaurants, bars, a town-center park and other commercial and entertainment venues. The property spans approximately 64.2 acres of land in a Qualified Opportunity Zone. The plans for the village include over 2,600 multifamily units, 150,000 square feet of commercial space and 4,100 surface and garage-deck parking spaces. The development team has also signed agreements with the City of Phoenix for a public-private partnership for public improvements. The purchase includes both the Dillard’s building and U-Haul building, which formerly housed a Macy’s. Developers confirmed the planned $850 million redevelopment of the property will begin immediately. The redeveloped Metrocenter will be designed as a transit-oriented community, encompassing the city’s new light rail station currently under construction on the site. The City of Phoenix invested approximately $150 million to build the station, which is scheduled for completion …

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Flint-Mich-GM-Engine-Plant

DETROIT — General Motors Co. (NYSE: GM) has announced plans to invest $918 million in capital improvements at four of its U.S. manufacturing plants. The initiative is designed to elevate the company’s production capacity for full-size trucks and sport utility vehicles while also establishing facilities that support the growth of GM’s electric vehicle (EV) divisions. The Detroit-based automotive giant is committing a total of $795 million to two of its Michigan facilities that will support the production of small-block V-8 engines. The company is investing $579 million at its plant in Flint, and the remaining $216 million will be allocated to GM’s facility in Bay City, where parts such as camshafts and connecting rods that support these engines will be assembled. GM is also investing $55 million in its manufacturing operations in Defiance, Ohio. Of this sum, $47 million will be used to prepare the facility for the manufacture of block castings to support future V-8 engine programs. In addition, GM will construct an $8 million casting development cell for future EV initiatives. Lastly, the company has earmarked $68 million for upgrades to its manufacturing facility in Rochester, New York. At this location, GM plans to invest $12 million to …

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DALLAS — KeyBank Real Estate Capital has provided NexPoint Residential Trust (NYSE: NXRT) with an $807.5 million Freddie Mac loan to refinance debt on 19 garden-style, market-rate multifamily properties across Texas, Florida, Nevada, Georgia, Arizona and North Carolina. NexPoint is a publicly traded real estate investment trust based in Dallas. Various properties in the portfolio are equipped with smart home technology, as well as a variety of individual and community amenities. Creekside at Matthews, for instance, is a 240-unit complex located in the Matthews suburb of Charlotte, North Carolina. The property offers one-, two- and three-bedroom floor plans with features such as slate or stainless steel appliances, washers and dryers, patios and garden-style bathtubs. Community amenities at Creekside include a playground, business center, clubhouse, courtyard, nature trail, a swimming pool and Wi-Fi in common areas. Meanwhile, Silverbrook Apartments in Grand Prairie, Texas, comprises 642 one-, two- and three-bedroom units and includes community amenities such as a business center, fitness center, dog park, volleyball court, tennis court, picnic area and three swimming pools. Individual units feature washers and dryers, ceiling fans, fireplaces and private patios. Christopher Black, Brendan O’Keefe and Christopher Neil of KeyBank’s Commercial Mortgage Group originated and structured the …

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Row-Fulton-Skyline

CHICAGO — Related Midwest has released detailed plans for The Row Fulton Market, a 43-story multifamily development currently underway at 164 N. Peoria St. in Chicago’s Fulton Market district.  The community will offer 300 units in one-, two- and three-bedroom configurations upon completion, currently scheduled for this June. Standard units will range in size from 617 to 1,929 square feet. The community is also set to offer six premium penthouse residences, which will range in size from 2,358 to 3,418 square feet in three- and four-bedroom configurations. Shared amenities at the development will include a fitness center and yoga studio; children’s play suite; reservable entertainment suite with an adjacent terrace including an outdoor kitchen with seating; multiple lounge and co-working spaces; a lap pool with lounge seating; three outdoor kitchens with dining and seating areas; green space with hammocks; and two fire pits offering views of the Chicago skyline.  The property will offer a 24-hour concierge and door attendant, alongside services such as move-in coordination, housekeeping, package storage, on-site dry cleaning, and walking, grooming and daycare services for pets. The community will also feature 146 parking spaces, including 12 electric vehicle charging stations and complimentary bike storage. The property will …

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WOODCLIFF LAKE, N.J. — Party City Holdco Inc. (NYSE: PRTY) has filed for Chapter 11 bankruptcy. The restructuring process is expected to substantially reduce the company’s debt and optimize its capital structure and liquidity. The company expects to complete the restructuring process in the second quarter of this year. Party City’s more than 800 stores will remain open during the bankruptcy process. The company says it will continue to advance its key initiatives underway, such as converting stores to next-generation prototypes, evolving Halloween City pop-up stores, building out its online shopping experience, establishing localized marketplaces and delivering more compelling assortments and innovation for customers. Party City and some of its domestic subsidiaries filed voluntary Chapter 11 petitions for relief in the U.S. Bankruptcy Court for the Southern District of Texas. The company’s subsidiaries outside of the U.S., its franchise stores and its Anagram foil balloon business are not part of the Chapter 11 proceedings. The Woodcliff Lake-based party-goods retailer has entered into an agreement with a group holding more than 70 percent of the company’s senior secured first lien notes to support an expedited restructuring. Party City has secured a $150 million commitment from the group in debtor-in-possession financing. Party …

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