ENNIS, TEXAS — St. Louis-based HDA Architects has completed a 70,000-square-foot distribution center for Price Distributing, which services the beer industry, in Ennis, a southern suburb of Dallas. The tilt-wall facility includes approximately 62,000 square feet of warehouse space, 3,500 square feet of cooler space and office space. Construction began in 2018.
GRAND PRAIRIE, TEXAS — JDS Industries, a provider of promotional materials and sign supplies, has signed a 93,703-square-foot industrial lease at MacArthur Crossing, an industrial development in Grand Prairie, roughly midway between Dallas and Fort Worth. Drew Feagin and Luke Davis of Stream Realty Partners represented JDS Industries in the lease negotiations. The representative of the landlord was not disclosed.
FORSYTH, GA. — IDI Logistics has sold a 750,000-square-foot, build-to-suit industrial facility to Five Below in Forsyth. The new building, which IDI delivered in May, features 40-foot clear heights. This was the first building delivered within IDI’s Meridian 75 Logistics Center, a 250-acre industrial park located about 60 miles south of downtown Atlanta. Five Below has occupied the entire distribution facility since it opened. Founded in 2002, Philadelphia-based Five Below is a national retailer that sells products that cost $5 or less. Bob Robers and Pat Murphy of Cushman & Wakefield represented IDI Logistics in the transaction. Mark Sims, Ray Stache and Lisa Pittman of Cushman & Wakefield represented Five Below. The sales price was not disclosed.
Cushman & Wakefield Places $94 Million in Acquisition Financing for Flex Industrial Park in New York
ORANGETOWN AND CLARKSTOWN, N.Y. — Cushman & Wakefield has placed $94 million in acquisition financing for Bradley Corporate Park, a 17-building industrial and flex complex in Orangetown and Clarkstown, about 25 miles north of New York City. The property totals approximately 1.2 million square feet. John Alascio, Gideon Gil, Steve Kohn, Sridhar Vankayala, Zachary Kraft and Emily Johansen of Cushman & Wakefield represented the borrower, New Jersey-based investor Angelo Gordon & Onyx Equities, in the transaction. Bank of America provided the loan. Specific loan terms, including the interest rate and amortizations schedule were not disclosed.
PLANO, TEXAS — Lee & Associates has negotiated a 66,467-square-foot industrial lease at 1001 Klein Road in Plano. According to LoopNet Inc., the property was built in 2004 and spans 114,195 square feet. George Tanghongs and Brett Lewis of Lee & Associates represented the landlord, Watanabe Plano LLC, in the lease negotiations. Tim Vogds of CBRE represented the tenant, electronics manufacturer Creation Technologies Texas LLC.
BARTLETT, ILL. — Associated Bank has provided a $19.1 million loan to developer Logistics Property Co. LLC for the construction of additional facilities at Brewster Creek Logistics Park in Bartlett. Plans call for the development of two Class A distribution facilities totaling 414,000 square feet. The properties will be located on the northeast corner of Stearns and Munger roads at the entrance to the 670-acre park. Formerly a gravel quarry, the village of Bartlett worked with Elmhurst-Chicago Stone Co. in 1999 to redevelop the site into a business park. Andy Roberts of Associated Bank handled the loan arrangements and closing.
BATAVIA, ILL. — FCL Builders has broken ground on a 150,838-square-foot speculative industrial building located at 1850 Fabyan Parkway in Batavia, a western suburb of Chicago. KRC Holdings LLC is the developer. Construction is expected to be completed before the second quarter of 2020. Kate Foxworth of Morken & Associates will market the property for lease.
There is a lot of buzz about the dominance of e-commerce and its effects on the industrial market. Columbia has its fair share of retailers with e-commerce distribution facilities as Amazon, The Home Depot and Target all have major distribution centers in the Midlands region of South Carolina. However, retail distribution is not the main driver of this industrial market. The heart and soul of the central South Carolina industrial market is manufacturing. Manufacturing properties make up approximately 35 percent of the 70 million square feet of industrial product in the Columbia metropolitan statistical area. While the balance of space is classified as warehouse/distribution, a large portion of that is used to service manufacturers, pushing the total amount of manufacturing-related space well above 50 percent. Since 2013, the pace of South Carolina’s manufacturing job growth has been four times faster than the national growth rate. This manufacturing renaissance has created demand for Class B multipurpose buildings that have manufacturing infrastructure, such as heavy electric services, cranes, HVAC and support facilities including locker rooms, restrooms, cafeteria and parking to handle larger employee requirements. In the 1970s and 1980s, industrial buildings constructed in central South Carolina were part manufacturing facility and part …
Seattle has always been a strong industrial market, known for its busy ports and, more recently, its position as one of the most successful tech hubs outside of Silicon Valley. As the global economy continues to shift toward the Internet of things (IoT), Seattle industrial space is catapulting into a new category of demand. That growth is spurred on by companies like Microsoft, Amazon and Google, which continue to expand their footprints here and generate a growing inflow of technology, population and industrial requirements. The ports of Seattle and Tacoma were ranked among the busiest in the nation at the end of 2018. They collectively processed nearly 3 million TEUs (or 20-foot equivalent shipping container unit) in volume. Year-over-year, Seattle’s TEU has also grown by 27.5 percent, one of the fastest growth rates of all U.S ports. This activity has kept the Puget Sound industrial vacancy rate at 4.9 percent as of the second quarter of 2019. Industrial inventory in close-in areas of South Seattle like the Georgetown submarket has tightened to an even lower 1 percent vacancy rate. Rents, meanwhile, have increased north of $1.20 per square foot as more and more buildings are converted to creative office and …
HOUSTON — JLL has arranged a $200.6 million, seven-year credit facility for a portfolio of industrial properties located throughout the four major markets of Texas. The Class A portfolio, which was fully leased at closing time, spans 18 single-tenant properties totaling approximately 1.7 million square feet. Thirteen of the assets are in Houston industrial markets, with two each in Austin and Dallas markets and one property in San Antonio. Tyler Ford and Tolu Akindele of JLL handled the transaction on behalf of the owner and borrower, Welcome Group LLC through Global Atlantic Financial Group. The parties involved in the deal could not disclose what the funds would be used for.