Industrial

Prologis to Acquire Industrial Property Trust for Nearly $4B

by John Nelson July 16, 2019

SAN FRANCISCO AND DENVER — Prologis Inc. (NYSE: PLD) has signed a definitive merger agreement to acquire Industrial Property Trust Inc. (IPT) in a deal valued just shy of $4 billion. IPT is an industrial real estate investment platform sponsored by Black Creek Group, a real estate investment manager and development firm based in Denver. If approved by IPT’s shareholders, the overall transaction would span 236 properties located across 24 geographic areas. The roughly 37.5 million-square-foot portfolio is currently 97 percent leased. About 96 percent of the affected properties are in markets where Prologis already has a presence. The transaction would expand the San Francisco-based firm’s holdings in Southern California, the Bay Area, Chicago, Atlanta, Dallas, Seattle and New Jersey. “This is a compelling opportunity to acquire a portfolio of excellent asset quality and submarket composition consistent with our U.S. investment strategy and footprint,” says Eugene Reilly, chief investment officer of Prologis. “We expect to capture significant cost and revenue synergies.” The merger will include 100 percent of IPT’s wholly owned real estate assets, but will exclude the firm’s minority ownership interests in two unconsolidated joint venture partnerships valued at approximately $295 million. Black Creek Group expects to determine the …

July 16, 2019

Acquisitions Development Florida Industrial Southeast

Berger Commercial Negotiates $36.9M Sale of Industrial Development Site in Fort Lauderdale

by Alex Tostado July 15, 2019

FORT LAUDERDALE, FLA. — Berger Commercial Realty has arranged the $36.9 million sale of a 34-acre parcel in Fort Lauderdale for the development of a 650,000-square-foot industrial building. Bridge Acquisition LLC, a subsidiary of Bridge Development Partners, acquired the land from Forman Industrial Land LLC. Bridge Development will construct a high-volume warehouse and distribution space in a new multi-building industrial park to be known as Bridge Point 595. Construction is slated to begin in September with completion expected in the third quarter of 2020. Joseph Byrnes and Keith Graves of Berger Commercial, along with John Forman of the selling entity, will serve as Bridge 595’s leasing agents.

July 15, 2019

Acquisitions Industrial Self-Storage Texas

NitNeil Partners Purchases 678-Unit Self-Storage Facility in Metro Austin

by Taylor Williams July 15, 2019

ROUND ROCK, TEXAS — NitNeil Partners, a self-storage investment firm with offices in Atlanta, Austin and Tampa, has purchased a 678-unit self-storage facility in Round Rock, a northern suburb of Austin. The newly built, multi-story property spans approximately 78,000 rentable square feet of climate-controlled space. Life Storage manages the property, which is NitNeil’s second in metro Austin, including one under construction within an East Austin opportunity zone. Bill Bellomy and Michael Johnson of Bellomy & Co. represented both NitNeil Partners and the Austin-based seller in the transaction.

July 15, 2019

Industrial Leasing Activity Texas

NKF Negotiates 41,675 SF Industrial Lease Extension in Metro Houston

by Taylor Williams July 15, 2019

HUMBLE, TEXAS — Newmark Knight Frank (NKF) has negotiated a 41,675-square-foot industrial lease extension at 14428 Smith Road in Humble, a northern suburb of Houston. Garrett Gibbons, Trace Elrod and John Brewer of NKF represented the tenant, Global Heat Transfer Houston, in the lease negotiations. Capital Real Estate Commercial represented the undisclosed landlord.

July 15, 2019

Industrial Leasing Activity Texas

Defense Contractor Signs 12,000 SF Industrial Lease in Texarkana

by Taylor Williams July 15, 2019

TEXARKANA, TEXAS — Loc Performance Products, a Michigan-based defense contractor, has signed a 12,000-square-foot industrial lease at TexAmericas Center’s campus in Texarkana. The facility will provide kitting, assembly and machining services to the defense industry. Loc is in the process of hiring new employees to work at the facility.

July 15, 2019

Development Industrial Northeast Pennsylvania

CRG to Develop 311,920 SF Speculative Warehouse in York, Pennsylvania

by Alex Patton July 12, 2019

YORK, PA. — National real estate development and investment firm CRG will develop The Cubes at York, a 311,920-square-foot speculative distribution warehouse in York. The location is near the I-81/I-78 Industrial Corridor, just south of Harrisburg, and will be one of seven North American industrial properties in “The Cubes” brand that is owned and developed by CRG. Construction is expected to begin during fourth-quarter 2019. Clayco will be the design-builder on the project and its subsidiary, the Lamar Johnson Collective, is the architect.

July 12, 2019

Development Georgia Industrial Southeast

Seefried Industrial to Build 700,000 SF Amazon Fulfillment Center in Metro Atlanta

by Alex Tostado July 12, 2019

STONE MOUNTAIN, GA. — Seefried Industrial Properties will develop a 700,000-square-foot Amazon fulfillment center in Stone Mountain on the Gwinnett-DeKalb county line. Previously dubbed “Project Rocket,” the center will house 1,000 Amazon employees, who will pick, pack and ship customer orders. Jobs will include human resources, operations management, safety, security, finance and information technology. According to the Atlanta Journal-Constitution, Amazon could spend up to $200 million on the project. A timeline for completion was not disclosed.

July 12, 2019

Development Georgia Industrial Southeast

Kroger, Ocado to Bring $55M Customer Fulfillment Center to Metro Atlanta

by Alex Tostado July 12, 2019

FOREST PARK, GA. — The Kroger Co. and Ocado, an online grocery retailer based in the United Kingdom, will build a $55 million customer fulfillment center in Forest Park that will create 400 jobs. According to Georgia’s governor’s office, the two companies could invest upwards of $121 million in the center. The announcement of the center, which will be an automated warehouse facility with digital and robotic capabilities, comes on the heels of Kroger and Ocado breaking ground on their first fulfillment center in Monroe, Ohio. The two companies have committed to build 20 centers across the country. This is the second announced center in the Southeast, following a center in Central Florida. The Forest Park customer fulfillment center will be located at 2000 Anvil Block Road within the Gillem Logistics Center and will occupy 375,000 square feet. Kroger already occupies a 1.3 million-square-foot warehouse within the same industrial park. A ground breaking is scheduled for later this year with completion slated for 2021.

July 12, 2019

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Brokers $69.3M Sale of Distribution Center Complex in Tampa

by Alex Tostado July 12, 2019

TAMPA, FLA. — Cushman & Wakefield has arranged the $69.3 million sale of Tampa Distribution Center, a six-building, 955,000-square-foot industrial facility in Tampa. Tampa Distribution Center consists of six dock-high, front-load and flow-through industrial buildings on 51 acres. Suite sizes range from 2,500 to 90,000 square feet and average 15,000 square feet. The property was 94.6 percent leased at the time of sale to tenants including Lansing Building Products, Consolidated Container Co., Feeding America Tampa Bay, Courier Express, General Insulation Co. Inc. and Storopack Inc. The center is situated at 1212 N. 50th St., adjacent to UPS’ Tampa hub, five miles from Port of Tampa and 12 miles from Tampa International Airport. Mike Davis, Rick Brugge and Rick Colon of Cushman & Wakefield represented the seller, High Street Realty Co., in the transaction. Blackstone’s U.S. industrial real estate operating platform, Link Industrial Properties, was the buyer. Julia Silva and Jessica Mizrahi of Cushman & Wakefield have been retained to lease the property.

July 12, 2019

Acquisitions Industrial New York Northeast

Cushman & Wakefield Negotiates Sale of $25M Warehouse Property in Queens

by Alex Patton July 12, 2019

NEW YORK CITY — Cushman & Wakefield has negotiated the $25 million sale of a 52,000-square-foot warehouse property in the Long Island City neighborhood of Queens. Cushman & Wakefield’s Stephen Preuss, Joshua King and Andreas Efthymiou represented the buyer, California-based investment trust Alexandria Real Estate Equities Inc., which plans to convert the warehouse into a research and development office with lab space. The seller was Prestone Realty LLC, which has occupied the building since 2005.

July 12, 2019

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