IAMC News Briefs—Week of September 18, 2023
By John Salustri
CNN—The Federal Reserve is taking a breather in its fight against inflation, a fight that has pushed interest-rate hikes to a 22-year high. In fact, the Fed has increased rates 11 times since March of last year, and this is its second pause. But at least another hike is anticipated before yearend, which will push rates to a range of 5.63% to 5.87%. On the flip side, fewer rate decreases are expected for 2024 than previously hoped for, indicating a prolonged state of record-high rates.
NC DEPARTMENT OF COMMERCE—Chick-fil-A Supply, the distribution arm of the fast-food giant, is setting another table in North Carolina. Some 85 jobs will result from the firm’s planned distribution center in the city of Kannapolis, a Charlotte suburb. The firm has invested $58.3 million in the asset, which is set for opening in the third quarter of next year. The facility will serve some 100 restaurants in the Charlotte region.
SUPPLY CHAIN DIVE—Greater transportation efficiencies and lower costs. Those are the prime drivers of Dollar General’s push to have 2000 tractors in its private fleet by yearend. The 1800 tractors currently in the retailer’s fleet already handle nearly half of the firm’s outbound needs—a 5% increase over the prior quarter, according to CEO Jeff Owen.
COMMERCIAL PROPERTY EXECUTIVE—A pack of eight class A industrial properties have been refinanced to the tune of $455 million. The owner, Alere Property Group, worked through PGIM Real Estate and broker JLL to refi the assets, which total three million square feet and individually pace out to anywhere from 50,000 to 900,000 square feet. The properties are located in Los Angeles County, Orange County and the Inland Empire.
REBUSINESS ONLINE—IDI Logistics is moving dirt in Round Rock, TX. The developer is planning a 465,786-square-foot spec project that will add five buildings to the local market inventory upon completion. The assets will range from just under 60,000 feet to more than 175,000. Stream Realty partners is handling the leasing assignment. Round Rock is a suburb of Austin.