Industrial

Amazon-Web-Services-data-center_Ohio

NEW CARLISLE, IND. — Amazon Web Services (AWS), the web hosting division of Amazon (NASDAQ: AMZN) has announced plans for an $11 billion data center campus in New Carlisle, a town of roughly 1,600 people located near the Michigan-Indiana border. The exact location of the site was not disclosed, but the campus will be situated within the Indiana Enterprise Center, a master-planned development in St. Joseph County that spans nearly 3,000 acres. The Indiana Economic Development Corp. has committed to several incentives for the project. These incentives include up to $18.3 million in employment-based tax credits, up to $5 million in training grants, up to $55 million in Hoosier Business Investment tax credits and up to $20 million in redevelopment tax credits. These incentives are performance-based, meaning the company is eligible to claim state benefits once investments are made. In addition to its community investment and engagement activities, AWS will also contribute up to $7 million to support road infrastructure improvements in and around the site. Details on the development timeline were not immediately available. Amazon claims the project will create at least 1,000 new jobs. “Amazon has long been an important economic partner in Indiana, and we are excited …

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HOUSTON — Alternative investment management firm GID has acquired Beltway Northwest, a 299,000-square-foot industrial property in Houston. Built in 2007, the five-building development features 17- to 24-foot clear heights, 62 dock high doors and 18 drive-in doors. Beltway Northwest was fully leased to 17 tenants at the time of sale. The seller and sales price were not disclosed. Transwestern has been appointed as the leasing agent.

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WESLACO, TEXAS — Glazer’s Beer & Beverage has opened a 250,000-square-foot distribution center in the Rio Grande Valley city of Weslaco. The wholesale alcoholic beverage distributor is the anchor tenant of Mid Valley International Industrial Park, a 122-acre master-planned development by the Weslaco Economic Development Corp. The project is ultimately expected to add about 200 new jobs to the local economy at full operational capacity.

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WASHINGTON, MO. — Contegra Construction Co. has completed a 220,000-square-foot production facility for AZZ Precoat Metals in Washington, about 50 miles west of St. Louis. The tenant is currently installing equipment and expects to begin production at the facility in 2025. The property at 901 Waterman Drive is the first within the 115-acre Oldenburg Industrial Park. The new plant will augment AZZ’s current production capabilities for customized steel, aluminum and galvanized metal coils used in containers, buildings, housing, automobiles, product storage, appliances and HVAC. The facility features a 212,000-square-foot production zone and 8,000 square feet of office space. The production zone is served by three 30-ton overhead cranes and advanced equipment for preparing, coating, slitting and packaging aluminum coils. The property features eight loading dock bays and six drive-through bays. Joining Contegra on the project team were Vision Electric (electrical), Jarrell Mechanical Contractors (HVAC), O.J. Laughlin Plumbing Co. Inc. (plumbing) and Musselman & Hali Contractors (concrete). Contegra served as the designer and builder.

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CROSSVILLE, TENN. — Newmark has arranged the sale-leaseback of a five-building industrial portfolio in Crossville, about 70 miles west of Knoxville via I-40. The portfolio spans 920,000 square feet across two property sites: four buildings at 297-349 Sweeney Drive and a 570,745-square-foot facility at 301 Porcelain Drive. The properties are situated about 2.5 miles apart and both have direct access to I-40. Andrew Sandquist, J.C. Asensio and Briggs Goldberg of Newmark represented the seller and tenant, flooring manufacturer AHF Products, in the transaction. The tenant will continue to occupy the portfolio on a long-term master lease. TPG Angelo Gordon purchased the portfolio for an undisclosed price. Jordan Roeschlaub and Christopher Kramer of Newmark arranged an undisclosed amount of acquisition financing through Citi Group on behalf of TPG Angelo Gordon.

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CORAL SPRINGS, FLA. — CF Warehouse LLC, an affiliate of The Eisenberg Group based in Coral Springs, Fla., has acquired a 73,000-square-foot industrial building located at 6072 Cinderlane Parkway in Orlando. Derek Riggelman of Lee & Associates represented the undisclosed seller in the $9.8 million transaction. The buyer handled the deal in-house. According to LoopNet Inc., the facility was built in 1991.

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HARTSELLE, ALA. — MAG Capital Partners has purchased a 105,986-square-foot manufacturing facility located at 1101 Young Drive SE in Hartselle, a city in northern Alabama. The Dallas-based investor purchased the single-story asset from the tenant, Excel Interior Door, a manufacturer of interior wooden doors. Daniel Macks and Phil DiGennaro of Stream Realty Partners represented the seller in the sale-leaseback transaction, the terms of which were not released. Situated on a 10-acre site, the facility features 20-foot clear heights, four loading docks and 22 grade-level doors.

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Gateway-Grand-Phase-I-Mesa-AZ

MESA, ARIZ. — Greystar has completed the first phase of Gateway Grand, a Class A industrial development in Mesa, and the company’s first industrial project in Arizona. Located at 7852 and 8016 E. Pecos Road, Gateway Grand Phase I offers 1.1 million square feet of industrial space spread across two 537,429-square-foot buildings. Available for immediate occupancy, the properties include speculative office space, initial HVAC on site and are move-in ready for a range of users. The office space includes conference rooms, break rooms, open and private offices and restrooms, while the industrial space includes 40-foot clear heights, 60-foot by 60-foot column spacing, a 70-foot speed bay, ESFR sprinklers and seven-inch slabs. Each building has 98 dock-high and four grade-level doors, supports 518 auto parking spaces and is equipped with 3,600 amps of power that is easily expandable via additional SES electrical gear on order. Phase II will add a 1.1 million-square-foot single building that is rail capable, with adjacency to Union Pacific’s planned Pecos Industrial Rail and Train Extension project. The building features will mirror those of Phase I, with an expanded 192 docks doors, seven-inch unreinforced slab over four-inch ABC, auto parking spaces and 2,000 square feet of speculative office …

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161-E-Evelyn-Ave-Mountain-View-CA

SUNNYVALE AND MOUNTAIN VIEW, CALIF. — Gantry has arranged a $14 million permanent loan to refinance a cross-collateralized pair of flex industrial facilities in Silicon Valley. The properties — located at 1250-1252 Borregas Ave. in Sunnyvale and 161 E. Evelyn Ave. in Mountain View — offer a total of 60,000 square feet. At the time of financing, both assets were fully occupied. Murphy Osborne and Andrew Ferguson of Gantry’s San Francisco office secured the financing on behalf of the borrower, a private real estate investor. One of Gantry’s correspondent life company lenders provided the 10-year loan, which features 25-year amortization and prepayment options throughout the life of the loan.

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Constellation-Eldridge-Houston

The more things change, the more they stay the same. More than 150 years after the old French proverb was coined, industrial real estate professionals in Texas who have a penchant for philosophy may well be seeing its application play out in real time.  While the industrial market has cooled from 2021 and early 2022, when insatiable demand drove record rent growth, there are still enough positive fundamentals within the space to counteract the likes of inflation, interest rate hikes and geopolitical uncertainty during an election year. Against that backdrop, owners and brokers are frequently reminded of how fortunate they are to be doing business in the Lone Star State. Muchos Gracias Job and population growth are the Letterman guests who need no introduction, as they have always driven expansion and value creation in Texas across all sects of commercial real estate.  But as powerful as those drivers are, they’ve been there all along. In recent years, as disruption in debt markets has slowed industrial supply growth and inflation has put pressure on tenants’ costs of occupancy, other macro-level forces have also emerged to buoy the market. Specifically, the impacts of a growing concentration of manufacturing operations in Mexico have …

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