SHREVEPORT, LA—Glovis America announced a new inland distribution center for imported vehicles to be located at the former General Motors plant in Shreveport. Glovis America is a third-party, finished-vehicle logistics company for Kia Motor America and Hyundai Motor America, and a subsidiary of Hyundai Glovis Co., which is part of the Hyundai Kia Automotive Group. Glovis will make a $1 million capital investment and create 150 new direct jobs, with an average salary of $31,760, plus benefits. LED estimates the project will result in 246 new indirect jobs, for a total of 396 new jobs in Louisiana's Northwest Region. The investment is the latest at the former GM plant in Shreveport, which the State of Louisiana and the North Louisiana Economic Partnership, or NLEP, have marketed extensively since GM's departure in 2012. The new center will operate in a 125,000-square-foot facility and more than 90 adjoining acres at the former GM site in Shreveport, where Industrial Realty Group is actively recruiting tenants for Caddo Parish's Industrial Development Board, the site owner.

DEAL TRACKER

MEMPHIS—Four Corners Property Trust, a real estate investment trust engaged in the ownership of high-quality, net-leased restaurant properties, acquired four Burger King properties leased to Cambridge Franchise Holdings for $7.7 million. The four properties are located in Tennessee and are occupied under new, individual triple net leases with 20-year terms and above brand average performance. The transaction is a follow-on from the previous transaction with Cambridge in October at the same going-in cash cap rate. Cambridge, a 102-unit franchisee, will actively invest and renovate these properties over the next few years.

LOUISVILLE—Cheddar's Scratch Kitchen acquired 44 restaurant locations from Kentucky-based Greer Companies, the company's largest franchisee. The purchase increases Cheddar's Scratch Kitchen's corporately-owned restaurants to 139 out of the 164 locations nationwide, adding locations in Kentucky, Ohio, Indiana, Tennessee, Virginia, West Virginia and North Carolina. Cheddar's Scratch Kitchen is a portfolio company of L Catterton and Oak investment Partners. All 44 acquired restaurant locations will continue to operate under the Cheddar's Casual Café nameplate.

CHATANOOGA, TN—SRS' Southeast investment sales team exclusively marketed and brokered the sale of North Hixson Marketplace Shopping Center in Chattanooga. The center is located at 8530 Hixson Pike, which is situated on the southeast corner of the intersection of Hixson Pike and Camp Columbus Road. North Hixson Marketplace consists of 64,254 square feet on 8.97 acres of land and is anchored by Food City. The seller, Mimms Investments, sold the property for $5.25 million to Slate U.S. Acquisitions.

KNOXVILLE, TN—AdCare Health Systems, a self-managed healthcare real estate investment company that invests primarily in real estate purposed for senior living and long-term healthcare, signed a letter of intent to purchase a skilled nursing facility with 169 licensed beds in Tennessee for approximately $9 million. The company also announced it has executed a letter of intent with Skyline Healthcare, a former tenant, to lease the facility upon purchase. The terms of the long-term lease agreement are expected to include a 15-year term with initial annual cash rent of $900,000 in the first year, and a 2% annual rent escalator. The company intends to finance the acquisition with conventional mortgage debt and cash on hand. The purchase is expected to close in the first quarter of 2017.

Louisiana continues winning big on manufacturing and industrial growth, and restaurant and retail were big stories early this week in the Southeast. As the year kicks off, it appears there is still plenty of opportunity, especially in emerging secondary and tertiary markets.

BY THE NUMBERS

The Nashville self-storage vacancy rate will slide 90 basis points to 7.9% in 2016, topping the list of tightest markets in the South Atlantic region. Last year, the metrowide vacancy rate plummeted 200 basis points annually.

NEWS & NOTABLES

SHREVEPORT, LA—Glovis America announced a new inland distribution center for imported vehicles to be located at the former General Motors plant in Shreveport. Glovis America is a third-party, finished-vehicle logistics company for Kia Motor America and Hyundai Motor America, and a subsidiary of Hyundai Glovis Co., which is part of the Hyundai Kia Automotive Group. Glovis will make a $1 million capital investment and create 150 new direct jobs, with an average salary of $31,760, plus benefits. LED estimates the project will result in 246 new indirect jobs, for a total of 396 new jobs in Louisiana's Northwest Region. The investment is the latest at the former GM plant in Shreveport, which the State of Louisiana and the North Louisiana Economic Partnership, or NLEP, have marketed extensively since GM's departure in 2012. The new center will operate in a 125,000-square-foot facility and more than 90 adjoining acres at the former GM site in Shreveport, where Industrial Realty Group is actively recruiting tenants for Caddo Parish's Industrial Development Board, the site owner.

DEAL TRACKER

MEMPHIS—Four Corners Property Trust, a real estate investment trust engaged in the ownership of high-quality, net-leased restaurant properties, acquired four Burger King properties leased to Cambridge Franchise Holdings for $7.7 million. The four properties are located in Tennessee and are occupied under new, individual triple net leases with 20-year terms and above brand average performance. The transaction is a follow-on from the previous transaction with Cambridge in October at the same going-in cash cap rate. Cambridge, a 102-unit franchisee, will actively invest and renovate these properties over the next few years.

LOUISVILLE—Cheddar's Scratch Kitchen acquired 44 restaurant locations from Kentucky-based Greer Companies, the company's largest franchisee. The purchase increases Cheddar's Scratch Kitchen's corporately-owned restaurants to 139 out of the 164 locations nationwide, adding locations in Kentucky, Ohio, Indiana, Tennessee, Virginia, West Virginia and North Carolina. Cheddar's Scratch Kitchen is a portfolio company of L Catterton and Oak investment Partners. All 44 acquired restaurant locations will continue to operate under the Cheddar's Casual Café nameplate.

CHATANOOGA, TN—SRS' Southeast investment sales team exclusively marketed and brokered the sale of North Hixson Marketplace Shopping Center in Chattanooga. The center is located at 8530 Hixson Pike, which is situated on the southeast corner of the intersection of Hixson Pike and Camp Columbus Road. North Hixson Marketplace consists of 64,254 square feet on 8.97 acres of land and is anchored by Food City. The seller, Mimms Investments, sold the property for $5.25 million to Slate U.S. Acquisitions.

KNOXVILLE, TN—AdCare Health Systems, a self-managed healthcare real estate investment company that invests primarily in real estate purposed for senior living and long-term healthcare, signed a letter of intent to purchase a skilled nursing facility with 169 licensed beds in Tennessee for approximately $9 million. The company also announced it has executed a letter of intent with Skyline Healthcare, a former tenant, to lease the facility upon purchase. The terms of the long-term lease agreement are expected to include a 15-year term with initial annual cash rent of $900,000 in the first year, and a 2% annual rent escalator. The company intends to finance the acquisition with conventional mortgage debt and cash on hand. The purchase is expected to close in the first quarter of 2017.