IAMC News Briefs—Week of February 27, 2023
By John Salustri
SUPPLY CHAIN DIVE—Target is investing $100 million to expand its next-day delivery protocols. By 2026, the plan goes, the omnichannel retailer will grow its sorting centers from its current count of nine to 15. This year alone, the firm anticipates delivering 50 million packages, doubling the volume of 2022. Target’s next-day deliveries have grown 150% since 2020.
https://www.supplychaindive.com/news/target-100m-next-day-delivery-sortation-centers-fulfillment/643256/?utm_source=Sailthru&utm_medium=email&utm_campaign=Issue:%202023-02-22%20Supply%20Chain%20Dive%20%5Bissue:48230%5D&utm_term=Supply%20Chain%20Dive
TRANSPORT DIVE—We reported last year the retirement of Werner Enterprises CFO John Steele after more than three decades at the firm. Now the transportation/logistics company has a new financial leader in Chris Wikoff, who comes to Werner from West Technology Group, a cloud-based tech firm, where he served as EVP and treasurer. With a strong M&A track record, Wikoff will be essential to Werner’s continued evaluation of acquisition opportunities. He officially takes the post next month.
https://www.transportdive.com/news/werner-enterprises-appoints-new-CFO-chris-wikoff-truckload-freight-brokerage-logistics-services/643503/?utm_source=Sailthru&utm_medium=email&utm_campaign=Issue:%202023-02-24%20Transport%20Dive%20%5Bissue:48324%5D&utm_term=Transport%20Dive
COMMERCIAL PROPERTY EXECUTIVE—Two of the three logistics facilities being planned by Ridgeline Property Group at the Midway Commerce Center are coming out of the ground. Located in Vacaville, CA (between Sacramento and San Francisco) Building A is getting wall panels put up while Building C is its already onto its roof. The assets pace out to 198,490 and 1.2 million square feet, respectively, and are headed for an early fall unveiling. Plans for the 105,908-foot Building B are still under wraps. Cushman & Wakefield heads the leasing strategy, while USAA Real Estate handles capital and investment management.
https://www.commercialsearch.com/news/1-5-msf-norcal-logistics-campus-hits-development-milestones/
BISNOW—The first round of funding from the Biden Administration’s CHIPS and Science Act is hitting the marketplace—to the tune of $39 billion in loans and grants. Major names like Intel, IBM and Texas Instruments have already launched multi-billion-dollar plans for homegrown semiconductor factories in anticipation of support from the act. Under the rules of engagement, companies seeking more than $150 million in funding have to guarantee affordable, high-quality childcare, and companies swearing not to buy back stock will get preferential treatment, this to fuel reinvestment.
https://www.bisnow.com/national/news/industrial/first-round-of-chips-act-funding-unlocks-39b-for-manufacturing-of-semiconductors-117868