IAMC News Briefs—Week of July 18, 2022
COMMERCIAL PROPERTY EXECUTIVE—VinFast, a Vietnam-based maker of electric vehicles, has received $1.2 billion in incentives from the State of North Carolina to construct its first US manufacturing plant. Reported to be the state’s largest-ever incentive package, the funds will fuel construction of a plant on 2000 acres just outside of Raleigh at Triangle Innovation Point, a life science, advanced manufacturing and industrial park. The factory will also provide jobs for some 7500 workers.
https://www.commercialsearch.com/news/1-5b-in-incentives-help-seal-vinfast-deal/
SUPPLY CHAIN DIVE—PepsiCo will spend in excess of $400 million annually to partner with Black and Hispanic-owned suppliers. This isn’t the food and beverage firm’s first foray into diversity, equity and inclusion. In fact, the new commitment has been forged to celebrate the 40th anniversary of its Supplier Diversity Program, designed to increase contracts with otherwise underrepresented business owners. This includes women, Black, Hispanic, Asian, LGBTQ+, and Native American owners, individuals with disabilities and U.S. veterans. “Working with diverse-owned businesses is one of the more important ways we can help build a more inclusive supply chain,” PepsiCo chief procurement officer Melani Wilson Smith told Supply Chain Dive.
https://www.supplychaindive.com/news/PepsiCo-supplier-diversity-program-celebrates-40-years-400-million-dollars/627207/?utm_source=Sailthru&utm_medium=email&utm_campaign=Issue:%202022-07-19%20Supply%20Chain%20Dive%20%5Bissue:43207%5D&utm_term=Supply%20Chain%20Dive
COMMERCIAL PROPERTY EXECUTIVE—Stockholders of PS Business Parks have given the thumbs up to an acquisition by Blackstone, valued at $7.6 billion. When the dust from the deal clears later this month, Blackstone will take possession of the REIT’s 27 million square feet of industrial, office and multifamily assets. The industrial pack alone paces out to more than 20.6 million feet. The properties are located primarily in the so-called “smile” states: California, Texas, Florida and Northern Virginia.
https://www.commercialsearch.com/news/blackstones-7-6b-deal-moves-forward/
TRANSPORT DIVE—US Foods is tackling the energy consumption issue in a big way. The addition of 30 electric trucks is intended to slash greenhouse gas emissions by 32.5 percent by 2023. Lower emissions and greater delivery efficiency were also driving the strategy behind its recently revealed delivery route optimization initiative, wherein the firm remapped routes to reduce idling and wasted miles. Launched in May, the program has already brought about a 10 percent improvement in case volume per mile compared to the same period in 2019. “The expansion of our facility and fleet efficiency initiatives are a critical part of US Foods’ long-range sustainability plans to drive end-to-end change,” said Kristin Coleman, executive vice president, general counsel and leader of corporate social responsibility at US Foods.
https://www.transportdive.com/news/us-foods-ev-electric-vehicles-sustainability/627110/?utm_source=Sailthru&utm_medium=email&utm_campaign=Issue:%202022-07-18%20Transport%20Dive%20%5Bissue:43166%5D&utm_term=Transport%20Dive
GLOBEST.COM—Ares Management has secured $367 million in funding for a 23-building East Coast logistics portfolio. The assets, totaling more than three million square feet, stretch along the I-95 corridor from New Jersey to Maryland and range in size from just over 7,000 square feet to nearly half a million. The properties are fully leased to 41 tenants.
https://www.globest.com/2022/07/18/ares-management-real-estate-secures-367m-for-logistics-portfolio/