HOUSTON — NAI Partners has arranged the sale of a 6,400-square-foot office/warehouse asset situated on 8.9 acres at 8412 Hansen Road in Houston. Clay Pritchett and Zane Carman of NAI Partners represented the seller, Wallis State Bank, which had previously foreclosed on the property. Greg Williams of Qualified Properties represented the buyer, TBarJ Properties LLC.
DAVENPORT, IOWA — 7G Distributing has opened its new 112,000-square-foot corporate headquarters and distribution center in Davenport. The beer distributor serves eastern Iowa with brands such as Anheuser-Busch and Crown Imports. The facility features a solar array on the roof. Other building features include red accented walls, exposed ceilings and a large-scale company logo painted on two sides. HDA Architects was the project architect and Kraus-Anderson was the contractor. 7G Distributing owns the building.
MOUNT LAUREL, N.J. — MidCap Financial has provided a $5.1 million acquisition loan for a 112,000-square-foot multi-tenant industrial property in Mount Laurel, just east of Philadelphia. MidCap provided Burton Real Estate with $5.1 million in floating-rate financing for the $6.3 million acquisition of the property. Other loan terms were not disclosed. Mike Klein of HFF’s New York office arranged the transaction.
Self-storage properties have had a pretty good run in Texas over the last several years. Surging population growth has brought more material possessions into the state, boosting absorption of existing space. In addition, ample land for development has enabled builders to bring self-storage — a submarket-specific business — to new, underserved communities. The investment side of the business has flourished as well. A capital-rich environment has sustained a healthy pace of development and price escalation has kept cap rates low, incentivizing many owners to market their properties for sale. The building boom is still running hot. According to Tennessee-based research firm STR, as of June 2018, there were more than 300 self-storage facilities in the development pipeline in Texas. In the 12 months leading up to that point, 72 new facilities totaling almost 7 million square feet came on line. In addition, about 130 new properties are slated to open by June 2019, adding more than 9 million square feet, or 5.7 percent of the existing inventory. And those figures only encompass the seven biggest markets in Texas. According to The Houston Chronicle, the Dallas, Houston, Austin and San Antonio markets all feature about 8 square feet of storage space …
CONCORD, N.C. — Avison Young has brokered the sale of a 48-acre parcel located at 431 Goodman Road in Concord, roughly 25 miles northeast of Charlotte. Chris Skibinski, Henry Lobb and Tom Tropeana of Avison Young arranged the sale on behalf of the buyer, The Silverman Group, which plans to build a 600,000-square-foot speculative industrial building on the site. Dubbed Concord Industrial Center, the facility will feature 36-foot clear heights designed to suit a single tenant or multiple tenants. Avison Young will handle the property’s leasing assignment. The Silverman Group expects to wrap up construction on the project in early 2019. Concord Industrial Center is the ninth speculative industrial project in Charlotte — totaling more than 3.1 million square feet — for the development company.
SAVANNAH, GA. — Jaguar Land Rover Classic will open a new operations hub in Savannah, creating 75 new jobs, Georgia Gov. Nathan Deal announced Wednesday. The industrial facility —the British automobile company’s first outside of Europe — will be located near Savannah/Hilton Head International Airport and the Port of Savannah. The new facility will house a range of authentic Jaguar and Land Rover Classic cars, as well as offer services, parts and guest experiences. In addition, the facility will include a 42-bay workshop for vehicle health checks, service and repairs for all Jaguar and Land Rover vehicles out of production for a decade or more. The investment in the new facility will be more than $10 million and is expected to generate more than $45 million in revenue, according to the Atlanta Business Chronicle. Construction on the operations hub is scheduled to begin in fall 2019.
WINFIELD, ILL. — Conor Commercial Real Estate has broken ground on North Avenue Commerce Center, a 265,550-square-foot speculative industrial building in Winfield, about 30 miles west of Chicago. The Class A facility will be situated on 17 acres at the southwest corner of North Avenue and Morton Road. The building can be subdivided into separate spaces of 60,000 square feet. Property features include a clear height of 32 feet, an ESFR sprinkler system, 56 exterior docks, four drive-in doors, 12 trailer parking stalls, and 228 car parking spaces. McShane Construction Co. is the general contractor for the project and Ware Malcomb is the architect. Completion is slated for the fourth quarter of this year.
STICKNEY, ILL. — Wool Finance Partners has arranged a $4.5 million loan for the refinancing of Pershing Terminal in Stickney, about 10 miles southwest of Chicago. The fully leased property includes a 25,000-square-foot cross dock facility and a 13,000-square-foot maintenance facility on a 10-acre site. A West Coast-based life insurance company provided the loan. The undisclosed borrower obtained a lender environmental insurance policy, which insures the lender for any remediation costs in the event of a borrower default. The loan is fully amortized over 25 years and includes a fixed interest rate of 5.1 percent for the first seven years.
HAMPTON, N.J. — Cushman & Wakefield has arranged the sale of 15 Route 173, a 30,000-square-foot warehouse in Hampton. Daniel Badenhausen and Andrew Stypa represented the buyer, Kal Freight Inc., in the transaction. The seller was undisclosed. The 13-acre property features up to 20-foot clear heights, cross-docking and 50 loading doors. The price was undisclosed.
The industrial real estate market in Cleveland has a long and storied history. The region’s market powered much of the overall growth in the early 20th century and, at that time, propelled Cleveland to the nation’s sixth largest city. The market transitioned to automotive production, which reached its peak in the 1960 and 1970s. Nearly half a million people were employed in the automotive sector during these decades, in plants operated by Ford, Chrysler and Chevrolet, or at the thousands of third-party companies that supplied everything from wire harnesses to pumps and steel. Over the next half century, the market has again transitioned and while domestic automotive production is still a critical component, advances in technology coupled with a gradual but consistent decrease in the number of vehicles actually being built has resulted in considerably fewer people being employed in the auto industry. Current estimates are around 120,000 jobs. A terrific example of this transition is the former Chrysler stamping plant in the Cleveland suburb of Twinsburg. It opened in 1956 and quickly became a critical part of the auto giant’s production cycle, processing and stamping over 25,000 tons of steel annually. At its peak, the plant employed over 5,000, …