Last month I attended the NAI Global convention in Austin, Texas, and had the opportunity to talk with industrial real estate brokers from around the country. One thing was clear: there are many markets across the country that are facing the same dilemma as we are in West Michigan. The supply of vacant industrial buildings is at an all-time low, and construction costs are rising rapidly. Booming economy The manufacturing industry is extremely strong in West Michigan. Historically …
FREDERICK, MD. — St. John Properties has broken ground on three buildings within Arcadia Business Park in Frederick, about 50 miles west of Baltimore. The buildings will total 200,000 square feet when complete and represent Phase I of construction at the 61-acre industrial campus. Arcadia Business Park will total 600,000 square feet across eight buildings at full buildout. Phase I is expected to deliver in the
CHICAGO — A joint venture between High Street Realty Co. and Angelo Gordon has purchased a four-property, 713,555-square-foot industrial portfolio in metro Chicago for an undisclosed price. The multi-tenant properties include: 1010-050 Sesame St. in Bensenville; 11241 Melrose Ave. in Franklin Park; 11939 S. Central Ave. in Alsip; and 6748-6750 S. Sayre Ave. in Bedford Park. Robin Stolberg, Kurt Sarbaugh and Sam Berry of HFF represented the seller, Hackman Capital
HENDERSON, NEV. — Colliers International has arranged the sale of an industrial asset located within South15 Airport Center at 1775 Executive Airport Drive in Henderson. US Industrial Fund (Panattoni Development) sold the property to BCI IV Executive Airport DC HoldCo (Black Creek) for $51 million. The property features 482,300 square feet of industrial space. Dan Doherty, Susan Borst, Paul Sweetland, Chris Lane and Jerry Doty of Colliers represented the seller in the
FONTANA, CALIF. — Terreno Realty Corp. has completed the sale of an industrial property located at 14605 Miller Ave. in Fontana. An undisclosed buyer acquired the asset for $33.2 million. Situated on 13.1 acres, the 266,000-square-foot property is fully occupied by one tenant on a short-term lease. Terreno originally purchased the property in 2014 for $22.9
TULSA, OKLA. — The Pizzuti Cos., a Columbus, Ohio-based development firm, has broken ground on a $55 million, 800,000-square-foot warehouse and distribution center in Tulsa for Whirlpool Corp., a Michigan-based manufacturer of home appliances. ARCO Construction Co. Inc. is handling the design/build of the facility, which will be situated next to a manufacturing plant that produces 2.1 million cooking products per year. Construction of the facility began in late November and completion is …
FORT WORTH, TEXAS — Smart Warehousing, an operator and provider of logistics solutions, has entered North Texas via a 269,494-square-foot space within Hillwood's 26,000-acre AllianceTexas development in Fort Worth. Smart Warehousing was established in 2001 and provides fulfillment, inventory management and value-add software and services to supply chain operators. Reid Bassinger, John Sharpe and Trey Fricke of Lee & Associates represented Smart Warehousing in the site selection and …
A combination of location and demand for e-commerce continues to drive industrial activity across New Jersey, spurring increased activity in the already robust northern and central regions of the state and driving a frenzy of activity in the south. Unlike some of the previous speculative booms, however, this one appears be carefully thought out and is likely to be sustainable. Northern and Central New Jersey We are seeing an enormous increase in the number of tenants interested in the …
GAINESVILLE, GA. — Georgia Ports Authority will develop a new 104-acre inland port in Gainesville. Currently, containers moving by truck travel 600 miles roundtrip to and from the Port of Savannah. When the new rail yard opens, drivers will be able to make shorter trips from area manufacturers and distribution facilities to the northeast Georgia site. The port is slated to be complete in 2021. Gainesville is located along Interstate 985, about 55 miles northeast of Atlanta. In conjunction …
DAYTON, OHIO — Dark Star Marble & Granite has purchased a 27,186-square-foot industrial property located at 2425 Stanley Ave. in Dayton. The purchase price was not disclosed. The property features a 19,486-square-foot warehouse and a 7,700-square-foot office and showroom space. Dark Star will relocate from 1353 Stanley Ave., a 7,200-square-foot facility. Beau Nimer of CBRE represented Dark Star. The previous company that occupied the facility, Mees Distributing,
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