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Tom Einar Jensen, FREYR Battery
DevelopmentGeorgiaIndustrialSoutheastTop Stories

FREYR Battery to Open $2.6B Manufacturing Plant in Metro Atlanta, Create 700 Jobs

by Taylor Williams

COWETA COUNTY, GA. — FREYR Battery (NYSE: FREY), a Luxembourg-based battery manufacturer focused on sustainability, has announced plans to open a new plant in Coweta County, about 40 miles south of Atlanta. The project represents a total capital investment of approximately $2.6 billion. The exact location of the manufacturing facility, which will be known as Giga America, was not disclosed. However, The Atlanta Journal-Constitution reports that the site will span 368 acres and will be situated near distribution centers for Amazon and Shopify. All of these facilities offer proximity to I-85, which connects Atlanta with Coweta County. Community and company leaders expect to create more than 700 new jobs over the next seven years. A timeline for completion was not disclosed. The local newspaper also reported that FREYR Battery considered more than 150 sites across 25 different states before settling on this specific location. The company’s products are designed to decarbonize transportation and energy systems, including as components of electric vehicles. “As we advance our U.S. expansion plan in cooperation with our key stakeholders, we expect to make meaningful investments to spur job creation and the eventual development of localized, decarbonized supply chains in the U.S. to enhance energy security …

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AcquisitionsNew YorkNortheastRetailTop Stories

Kimco Realty Acquires Shopping Center Portfolio on Long Island for $375.8M

by John Nelson

JERICHO, N.Y. — Kimco Realty (NYSE: KIM), a retail and mixed-use real estate REIT based in Jericho, has acquired a portfolio of eight shopping centers on Long Island. Kabro Associates, a privately held owner based in Woodbury, N.Y., sold the portfolio to Kimco for $375.8 million. Each of the eight retail centers, five of which are grocery-anchored, are located within a 15-minute drive of the Kimco corporate headquarters in Jericho. The centers in the sold portfolio include: • The Gardens at Great Neck • Woodbury Common • The Market Place • Stop & Shop Shopping Center • Southgate Shopping Center • Green Cove Plaza • Syosset Corners and • Sequams Shopping Center The portfolio was 94.4 percent leased at the time of sale. Tenants at the centers include TJ Maxx, GoHealth Urgent Care, Rite Aid, Starbucks, Dunkin’ and Chipotle Mexican Grill, among others. Jose Cruz, Christopher Munley, Andrew Scandalios, James Galbally, Steve Simonelli, Colin Behr and J.B. Bruno of JLL represented Kabro Associates in the transaction. “This acquisition was a rare chance to expand our presence in one of Kimco’s most highly desired markets, with a portfolio of irreplaceable real estate located in one of the most heavily trafficked, densely …

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AcquisitionsMassachusettsMultifamilyNortheast

Dolben Co. Sells 233-Unit Multifamily Property in Springfield, Massachusetts

by Taylor Williams

SPRINGFIELD, MASS. — An affiliate of The Dolben Co., a multifamily owner-operator based in metro Boston, has sold Stockbridge Court, a 233-unit property located in the western Massachusetts city of Springfield. The sales price was $42.6 million. Converted to residential use in 1979, the four-building property offers studio, one- and two-bedroom units with an average size of 729 square feet. Simon Butler, Biria St. John and John McLaughlin of CBRE represented The Dolben Co. and procured the buyer, an affiliate of Stockbridge Ventures, in the transaction.

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AcquisitionsIndustrialTexas

Partners Arranges Sale of 50,000 SF Industrial Property in North Houston

by Taylor Williams

HOUSTON — Partners, the brokerage and investment firm formerly known as NAI Partners, has arranged the sale of a 50,000-square-foot industrial property in North Houston. Cary Latham and Hunter Stockard of Partners represented the seller, an entity doing business as Isham Interests Ltd., in the transaction. Fort Worth-based investment firm Fort Capital purchased the asset for an undisclosed price.

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Teravalis-Community-Entrance--Conceptual-Rendering-Courtesy-of-The-Howard-Hughes-ID-eb679e3cf8b4
ArizonaDevelopmentMixed-UseTop StoriesWestern

Howard Hughes Breaks Ground on 37,000-Acre Teravalis Mixed-Use Project in Phoenix

by Taylor Williams

PHOENIX — Dallas-based developer Howard Hughes Corp. (NYSE: HHC) has broken ground on Teravalis, a 37,000-acre master-planned community that will be located in the West Valley area of Phoenix. Preliminary plans for the development call for 100,000 single-family homes and 55 million square feet of commercial space. Previously known as Douglas Ranch, the project marks the largest master-planned community in the state, according to the development team. Teravalis — the name of which means “land of the valley” — will be developed with an emphasis on public space and the natural environment. Ecological sustainability will also be a focal point of the construction process. “Teravalis is an eco-friendly, sustainable community that sets the bar high for other cities to model,” says Eric Orsborn, mayor of Buckeye, a city located roughly 35 miles west of Phoenix. Arizona Gov. Doug Ducey also credits the development with “answering the call” of increased housing demand. “Since 2015, Arizona has welcomed over 584,000 new residents, and we don’t expect that momentum to stop anytime soon,” says Ducey. “This increases the demand for housing opportunities, and Howard Hughes is providing quality housing options for current and future Arizonans.” The development team also notes that the location …

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DevelopmentMarylandRetailSoutheast

Topgolf to Open South Baltimore Venue at Walk at Warner Street Entertainment District

by John Nelson

BALTIMORE — Dallas-based Topgolf plans to open its first Baltimore venue and third location in Maryland this Friday, bringing its global count to 81. Located at the intersection of Stockholm and Warner streets in the newly branded Walk at Warner Street entertainment district, the three-level venue sits adjacent to Horseshoe Casino Baltimore and M&T Bank Stadium, home of the Baltimore Ravens. Local media outlets report that construction is underway for a concert venue at the district called The Paramount Theater. The new Topgolf will employ around 500 staffers and include 90 outdoor hitting bays, food, beverages, private event rooms, rooftop terrace with a skylit atrium and a large video wall.

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Affordable HousingMarket ReportsMultifamilyTexasTexas Market Reports

Texas’ Economic Growth Generates New Opportunities in Affordable Housing

by Taylor Williams

By Cody Roskelley, senior developer at Pennrose Texas has experienced tremendous residential growth over the last few years. Families are leaving high-cost, high-tax areas like New York and California for more affordable alternatives. According to The Tax Foundation, Texas was one of the Top 10 U.S. states for inbound migration in 2021, posting population growth around 1.3 percent on a year-over-year basis. With population increase also comes opportunities for economic growth and regional investment. However, having high-quality, affordable and workforce housing stock is key to the state successfully capitalizing on this moment. Between historically high rates of inflation and single-family home prices, as well as aggressive interest rate hikes, having the affordable housing infrastructure in place to attract new residents is critical. While most people generally agree that there is a need for more affordable housing, there is often local pushback once such communities are proposed in their neighborhoods. Much of the opposition stems from a lack of understanding of what affordable housing is — and isn’t. For example, individuals making anywhere between 30 to 80 percent of the area median income (AMI) can qualify for affordable housing. There are also several different subcategories of affordable housing: Low-Income Public Housing: …

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DevelopmentLoansMontanaMultifamilyWestern

Dwight Capital Provides $37.7M Construction Loan for InterUrban Apartment Homes Expansion in Billings, Montana

by Amy Works

BILLINGS, MONT. — Dwight Capital has provided a $37.7 million HUD 221(d)(4) construction loan for InterUrban Apartment Homes Phase II, a proposed multifamily expansion project in Billings. The borrower is Montana-based Stock Development. Situated on more than 10 acres, the community will feature six three-story, garden-style buildings and a one-story clubhouse. The 216 units will offer patios, soundproofing, in-unit washers/dryers and smart home packages, which include remote access to HVAC, lighting and security. The buildings will be constructed to National Green Building Standard Bronze guidelines, which enabled the borrower to qualify for a Green Mortgage Insurance Premium Reduction set at 25 basis points. Brandon Baksh of Dwight Capital originated the transaction for the borrower. Dwight Capital also provided a $24.4 million HUD 223(a)(7) loan for the first phase of the property in April 2020.

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ArizonaColoradoDevelopmentHospitalityNevadaTop StoriesUtahWestern

Partnership Plans 15 New Extended Stay America Premier Suites Hotels in Western Region

by Kristin Harlow

CHARLOTTE, N.C. — Charlotte-based Extended Stay America has signed a development agreement with a partnership comprising Concord Hospitality and Whitman Peterson to build 15 new Extended Stay America Premier Suites hotels. The properties will be located in major markets throughout the West, including Denver, Phoenix, Las Vegas and Salt Lake City. Concord Hospitality is a hotel management and development company based in Raleigh, N.C., and will handle the development, branding and operations of the properties. Whitman Peterson is a private real estate equity company based in Westlake Village, Calif. The firm will provide equity, identify markets and assist with development. “Extended Stay America Premier Suites has a unique business model that will allow us to reach business and corporate extended-stay travelers looking for a higher level of amenities,” says Mark Laport, CEO and president of Concord. “This agreement is the first step in increasing our presence in the higher-end extended-stay segment.” The Extended Stay America Premier Suites brand comprises both new construction and renovated properties with upgraded amenities, including fully equipped kitchens, apartment-style layouts for working and dining, free in-room Wi-Fi, cable, onsite guest laundry, free breakfast and upgraded design elements such as larger TVs, increased storage space and a …

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AcquisitionsMultifamilyNorthmarqTexas

Northmarq Arranges Sale of 217-Unit Verge Apartments in North Dallas

by Taylor Williams

DALLAS — Northmarq has arranged the sale of Verge Apartments, a 217-unit multifamily property in North Dallas. Built in 1980, the complex houses studio, one- and two-bedroom units with an average size of 700 square feet. Amenities include two pools, outdoor grilling and dining areas, a fitness center, business center and onsite laundry facilities. Taylor Snoddy, Charles Hubbard, Eric Stockley and Philip Wiegand represented the seller in the transaction. Patrick Elliott and Lauren Bresky, also with Northmarq, originated Freddie Mac acquisition financing on behalf of the buyer. Both parties requested anonymity.

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