IAMC News Briefs—Week of January 2, 2024
By John Salustri
TRUCKING DIVE—Jeff Jackson, former EVP of operations for dedicated contract carriage, is Penske Logistics’ new president. He replaces Marc Althen, who is retiring. Althen will stay on in an advisory capacity through the first quarter. Jackson, who has served in a variety of roles at Penske, was previously with Rollins Truck Leasing and came to his current firm when Penske acquired it.
https://www.truckingdive.com/news/penske-logistics-jeff-jackson-president/703091/?utm_source=Sailthru&utm_medium=email&utm_campaign=Issue:%202023-12-21%20Trucking%20Dive%20%5Bissue:57682%5D&utm_term=Trucking%20Dive
COMMERCIAL PROPERTY EXECUTIVE—Clayco has been tapped to build electric-vehicle maker Rivian’s $5-billion EV plant in the Atlanta suburb of Stanton Springs, GA. A formal groundbreaking for the 16-million-square-foot plant--sited on 1,800 acres—is slated to take place early this year. When operations commence in 2026, the plant will produce Rivian’s next-gen models, a crossover dubbed the R2, at the annual rate 200,000 vehicles. Some 7,500 workers will be called for.
https://www.commercialsearch.com/news/clayco-to-build-5b-rivian-ev-plant-near-atlanta/
GLOBEST.COM—A JV between Manulife and Scannell Properties has scored financing to the tune of $463 million in a deal arranged by JLL. The funds are part of a larger $1.2-billion recapitalization and were backed by 13 industrial properties in eight major markets across the country. The buildings, all spec-built, are currently 50 percent leased. The partnership, which also includes StepStone Real Estate, was formed for the larger recap of 35 newly built, class A assets in 17 markets. Oxford Properties Group provided the funding.
https://www.globest.com/2023/12/19/manulife-scannell-secure-463m-for-industrial-portfolio-following-1-2b-recapitalization/
CONNECT CRE—Wholesale car-parts distributor US AutoForce has taken 129,000 square feet—the entire building--in a newly completed warehouse in Tacoma. The developer is Chicago-based Bridge Industrial. It’s been a busy year for AutoForce, which is based in Wisconsin. The firm recently agreed to acquire Pacific Tire Distributors.
https://www.connectcre.com/stories/u-s-autoforce-set-to-occupy-bridge-industrial-warehouse-in-tacoma/
TRUCKING DIVE—It’s not the season to be jolly, not if you’re a truck driver, according to a recent study by the National Transportation Institute (NTI). Sign-on bonuses dropped in Q4 from $3,819 in 2022 to $3,777. Referral bonuses also took a hit, dropping from $1,955 to $1,926 in the same timeframe. While not a direct cause of the drop, NTI states that it advocates more for incentives designed for long-term retention, such as built-in tenure pay. It should be noted that driver pay is still on the rise, albeit at a slower pace than last year.
https://www.truckingdive.com/news/nti-q4-2023-driver-bonus-update/702350/?utm_source=Sailthru&utm_medium=email&utm_campaign=Issue:%202023-12-18%20Trucking%20Dive%20%5Bissue:57487%5D&utm_term=Trucking%20Dive