WINFIELD, ILL. — Conor Commercial Real Estate has completed development of the North Avenue Commerce Center in Winfield, about 35 miles west of Chicago. The 265,550-square-foot, Class A industrial facility is the largest commercial development in Winfield’s history, according to Conor. The speculative project sits on 17 acres and features a clear height of 32 feet, 56 exterior docks, four drive-in doors, 12 trailer parking stalls and 228 vehicle parking stalls. McShane Construction Co. served as general contractor and Ware Malcomb provided architectural services.
NORTHLAKE, ILL. — Frozen Assets LLC has signed a 124,409-square-foot industrial lease at 555 Northwest Ave. in Northlake, about 17 miles west of Chicago. Frozen Assets is a third-party provider of temporary storage, turn-key packing, labeling and logistics for the cold storage industry. Steve Livaditis, John Suerth and Jason Lev of CBRE represented ownership, Bridge Development Partners, in the lease transaction.
HENDERSON, NEV. — Google has broken ground on a $600 million data center in the metro Las Vegas city of Henderson. The 750,000-square-foot facility sits on a 64-acre site and is expected to open in 2020. It is part of a $13 billion data center and office expansion effort by Google, which also includes facilities in Michigan, Oklahoma and Texas.
ESCONDIDO, CALIF. — StorQuest Self Storage has opened a new facility on 222 W. Mission Ave. in downtown Escondido. Set on 1.57 acres, the four-story structure spans 70,000 square feet with 810 rentable units. Features include climate-controlled units, extended access hours, electronic gate access, online bill payment and month-to-month rentals.
DALLAS — PGIM Real Estate Finance has provided a $450 million first mortgage loan for a 140-building industrial portfolio primarily in the Southeast and Texas. The portfolio spans 57 projects within eight separate markets, with the largest concentration in Atlanta, Memphis, Tampa and Texas. Dallas-based PGIM provided the seven-year, fixed-rate loan to DRA Advisors, an office and industrial real estate investment firm with $10 billion of assets under management. The 9.8 million-square-foot portfolio had a combined 482 tenants at the time of the acquisition. The seller(s) was not disclosed. PGIM Real Estate Finance had financed the majority of the previous loans on the portfolio.
TAMPA, FLA. — RealOp Investments has acquired a 360,000-square-foot industrial building in Tampa for $16.5 million. The building is situated at 5210 S. 16th Ave., five miles from Port Tampa Bay and 14 miles from Tampa International Airport. The property is a front-loaded building that includes 27-foot clear heights, 237 parking spaces, 50 trailer drops and 34 loading dock doors. The building also has an active rail spur and nine rail doors. RealOp plans to renovate the property, including upgrading dock doors, installing LED lighting and new HVAC systems, enhancing the exterior and updating office suites. The seller was owner-occupant Southern Glazer’s Wine & Spirits.
ARLINGTON, TEXAS — Bradford Commercial Real Estate Services has brokered the sale of a 14,250-square-foot office/warehouse property located at 1901 Southeast Parkway in Arlington. The flex property currently has 1,300 square feet available for lease. Shane Benner and Nick Talley of Bradford Commercial represented the seller, which developed the asset in 1985, in the transaction. Nathan Vasseur of Vasseur Commercial Real Estate Services represented the buyer. Both parties were private investors
WESTMINSTER, CALIF. — JLL represented Prologis in the acquisition of a 10-building, 264,847-square-foot industrial park on Fenwick Lane in Westminster. JLL’s Louis Tomaselli, Steve Wagner and Zach Niles represented Prologis in the transaction. Curt Stalder of Lee & Associates represented the seller, CMSS Ventures LP.
NEW BERLIN, WIS. — Founders 3 Real Estate Services has arranged a 28,930-square-foot flex industrial lease in New Berlin. Brett Deter and Scott Revolinski of Founders 3 represented the landlord, LCM Funds 50 Tennis LLC. The tenant, GWI Ventures LLC, is a company founded to expand opportunities for youth and adult sports in Southeast Wisconsin. It intends to develop an indoor sport court facility for operating leagues and providing training space.
Across the country, natural population growth is triggering demand for more space for the manufacturing, processing, storing and distributing of food. Cold storage facilities cater to this demand by offering numerous types of warehousing solutions, from chilled spaces for dairy products and dry fruits and vegetables to freezer facilities for meat and seafood. Most major grocers are slowing their paces of new store openings while also developing their online delivery platforms, the latter of which is a key demand generator for cold storage facilities. A 2018 study by Food Marketing Institute and global market research firm Nielsen found that the online grocery shopping market will ensnare 70 percent of consumers to some degree by 2024. The report also projected that the percentage of online grocery shopping relative to total grocery sales would grow significantly in the coming years from its mark of 3 percent in 2017. Total online grocery sales are eventually expected to exceed $100 billion. According to some industry experts, that growth translates to a need for an additional 40-some million square feet of cold storage product — just to meet demand for online groceries. The advent of meal kits — online platforms that provide ingredients and recipes …