CREEDMOOR, TEXAS — San Francisco-based development and investment firm March Capital Management will develop 45 Logistics South, a five-building, 900,000-square-foot industrial project in Creedmoor, about 20 miles south of Austin. The site is located adjacent to I-45 and just east of I-35. Construction of the first phase of the project, which will consist of two buildings totaling approximately 400,000 square feet, is set to commence in the coming days. Deutsche Bank is financing the development.
GREENWOOD, IND. AND COLUMBIA, MO. — StorageMart has acquired two facilities in Indiana and Missouri totaling 550 units. The Columbia, Mo., property is located at 1500 Creekwood Parkway and includes 312 units across 42,200 square feet. The Greenwood, Ind., facility is located at 994 S. State Road 135 and comprises 238 units across 37,475 square feet. The properties will undergo enhancements to align with StorageMart standards.
MOUNT PROSPECT, ILL. — Entre Commercial Realty has brokered the sale of a 112,290-square-foot industrial building in the Chicago suburb of Mount Pleasant for an undisclosed price. The property, which features a clear height of 24 feet, is located at 1450 Feehanville Drive within the Kensington Business Center. Dan Jones and Sam Deihs of Entre represented the buyer, a joint venture between Nicholas & Associates and Parenti & Raffaelli. The buyers intend to occupy a portion of the facility and lease the remainder. Nicholas & Associates is a full-service construction management and development company specializing in public projects, private sector work and multifamily developments in Illinois, Wisconsin and Florida. Parenti & Raffaelli is a custom woodworking company specializing in custom finished millwork. Planned renovations for the property include a new entrance façade, office area, truck docks, landscaping, lighting and parking improvements. Mike Sedjo and Jack Brennan of CBRE represented the undisclosed seller.
LIVE OAK, TEXAS — Texas-based electrical contractor Alterman has debuted its new 190,000 square-foot first headquarters campus in the northeastern San Antonio suburb of Live Oak. The 20-acre site is located at intersection of Loop 1604 and I-35, and the campus consists of a 100,000-square-foot logistics and manufacturing building and a 90,000-square-foot office building. Studio8 Architects designed the campus, and Whiting-Turner Construction served as the general contractor. Construction began in fall 2022.
PHILADELPHIA — Los Angeles-based Thorofare Capital has provided a $13 million loan for the refinancing of a portfolio of five industrial buildings totaling 118,509 square feet in Philadelphia. Four of the buildings are contiguous, and the fifth is located less than a mile down the street. David Perlman, Edward Prosser, Henry Johnson and Chris DeLuca of Thorofare Capital originated the loan on behalf of the borrower, New York City-based investment firm Thor Equities Group.
Sometimes smaller is better. “Sometimes” is of course the operative term in that controversial and wholly non-salacious statement. But in the context of industrial real estate, it’s becoming increasingly clear that at this point in the cycle, smaller buildings make more sense for developers to deliver as e-commerce and distribution users actively consolidate their footprints. “Most leases in New Jersey and Pennsylvania over the last 12 months were for less than 500,000 square feet, with 50,000 to 200,000 square feet being the ‘sweet spot,’ for leasing,” says Anthony Amadeo, executive vice president at New Jersey-based developer Woodmont Industrial Partners. “There is strong demand [for that product type], but other developers are now building it too, so we’re going to see some elevated competition in that space.” This activity is occurring across the country in varying degrees. But in markets like New Jersey and Eastern Pennsylvania, where sites that can support large-scale developments are extremely scarce and entitlement and permitting processes tend to be long and arduous, the trend is perhaps even more pronounced. Yet those longstanding characteristics of the Garden State and Lehigh Valley industrial markets are only partial reasons as to why new developments and deals are effectively downsizing. …
WEBSTER, N.Y. — The Coca-Cola Co. (NYSE: KO) has broken ground on a $650 million production facility for its dairy brand Fairlife in the Central New York community of Webster, located just west of Rochester. About 250 people are expected to work at the 745,000-square-foot facility, which will source from local milk co-operatives to produce its line of dairy-based beverages before distributing them to retailers across the region. Completion is slated for the fourth quarter of 2025. Empire State Development provided $21 million in assistance for the project through the performance-based Excelsior Jobs Tax Credit Program in exchange for job creation commitments. The Atlanta-based soft drink giant acquired Fairlife in 2020.
NASHUA, N.H. — Can-One USA has opened a 180,000-square-foot beverage container manufacturing plant in Nashua, located near the New Hampshire-Massachusetts border. The facility will provide cans for an array of beverage types, including beer, soft drinks, juices and sparkling waters, allowing the company to reach production outputs of more than 2 billion aluminum beverage cans annually. Locally based design-build firm PROCON handled architectural and general contracting duties for the project. The Kane Co. developed the property.
ASTON, PA. — Walker & Dunlop Investment Partners has provided $6.2 million in equity for a 100,000-square-foot industrial project that will be located at 48 Chichester Ave. in Aston, a western suburb of Philadelphia. According to LoopNet Inc., the project will feature a clear height of 36 feet, 10 exterior dock doors and 2,500 square feet of office space. The name of the developer was not disclosed.
MCCALLA, ALA. — Graham & Co. has negotiated the $13 million sale of a 111,983-square-foot distribution and manufacturing facility located in McCalla, about 20 miles southwest of Birmingham. The building, which is fully leased to auto supplier MOBIS, features 30-foot ceiling heights, 21 dock-high doors, ESFR sprinklers and a 130-foot truck court. Sonny Culp of Graham & Co., along with Doug Longyear of Cushman & Wakefield, brokered the transaction. PMUDO Alabama LLC purchased the facility from the developer, an entity doing business as AMR REIT Prestige Industrial II LLC. Built in 2022, the property is situated on 11 acres within Jefferson Metropolitan Industrial Park off I-20.