Industrial

Furniture Wholesaler Signs 487,200 SF Warehouse Lease in Metro Dallas

by Taylor Williams July 31, 2018

MESQUITE, TEXAS — Furniture wholesaler Elements International has signed a 487,200-square-foot warehouse lease at Skyline Trade Center, an 87-acre office and industrial park in the eastern Dallas suburb of Mesquite. The new space, which features a cross-dock configuration and 36-foot clear heights, will serve as the company’s headquarters as well as its chief distribution facility. The lease term is 88 months. Matt Dornak and Ryan Wolcott of Stream Realty Partners represented IDI Logistics in the lease negotiations. Nathan Lawrence of CBRE represented Elements International.

July 31, 2018

Illinois Industrial Leasing Activity Midwest

Elkay Signs 47,073 SF Industrial Lease in Downers Grove, Illinois

by Kristin Harlow July 31, 2018

DOWNERS GROVE, ILL. — Elkay has signed a 47,073-square-foot industrial lease in Downers Grove. The kitchen sink company is relocating two of its business teams from 2222 Camden Court in Oak Brook in August, but the company’s headquarters will remain at the Oak Brook property. Dan Arends of Colliers International represented Elkay in the lease transaction. The landlord was not disclosed.

July 31, 2018

Acquisitions Industrial Midwest Ohio

Industrial Property Brokers (IPB) Negotiates Sale of 24,000 SF Warehouse in Piqua, Ohio

by Kristin Harlow July 31, 2018

PIQUA, OHIO — Industrial Property Brokers has arranged the sale of a 24,000-square-foot manufacturing and warehouse facility in Piqua in western Ohio. The price was not disclosed. The property is located at 9700 Looney Road. Innovated Technologies LLC, an equipment manufacturing and automation systems maker, purchased the building with plans to relocate from Sydney, Ohio, after tenant improvements are completed. Clear heights at the property range from 13 to 18 feet. Other features include four drive-in doors, two docks and 1,400 square feet of office space. Tim Echemann of Industrial Property Brokers arranged the transaction. Unity National Bank was the seller.

July 31, 2018

Acquisitions Industrial New York Northeast

TerraCRG Arranges $8.5M Sale of Industrial Facility in Brooklyn

by David Cohen July 31, 2018

NEW YORK CITY — TerraCRG has arranged the sale of a 55,000-square-foot industrial facility in the Brownsville neighborhood of Brooklyn. The property sold for $8.5 million, or $155 per square foot. Ofer Cohen, Dan Marks, and Mike Hernandez of TerraCRG represented the seller, Joseph Robles, in the transaction. The buyer was undisclosed. The building features open layouts with two drive-in doors and 13-foot ceilings on both levels as well as 290 feet of frontage on Osborn Street.

July 31, 2018

Development Georgia Industrial Southeast

Chesterfield Underway on $100M Industrial Project Near Port of Savannah

by Camren Skelton July 31, 2018

SAVANNAH, GA. — Jacksonville, Fla.-based Chesterfield is underway on a three-building, 1.8 million-square-foot industrial project at the Savannah River International Trade Park, located less than six miles from the Port of Savannah. The Georgia Ports Authority selected Chesterfield to develop the site in late 2017. The total development cost is valued at $100 million. The project includes Lot A, a 1.3 million-square-foot facility for JLA Home, a designer, manufacturer and supplier of home furnishings; Lot B, a warehouse under construction for Averitt Express, a supply chain management company; and Lot C, a 420,000-square-foot speculative, cross-dock facility. Stonemont Financial Group is Chesterfield’s capital partner for the project, which is scheduled for completion in March 2019. Thomas & Hutton is the civil engineer for the entire site. For Lots A and C, Wakefield Beasley Architects is the architect, and Omega Construction is the general contractor.

July 31, 2018

Arizona Development Industrial Western

Pasternack + Associates Developing $300M, 3.6 MSF Industrial Park in Phoenix

by Amy Works July 31, 2018

PHOENIX — Irwin G. Pasternack AIA + Associates PC (Pasternack + Associates) is developing TEN Distribution Center 1, a $300 million, 3.6 million-square-foot industrial park in Phoenix. Graycor Construction Co., serving as general contractor, has lifted and secured 68 of the 182 concrete panels that will make up the 1.1 million-square-foot first-phase building at the park. The concrete tilt panels are all prepared and cast on site by Graycor, which started roofing and fire sprinkler install sequencing this month. Additionally, the company has completed the first portion of the roof structure along with the installation of a 1.5-mile water main. The final panel lift, completing the east side of the building, is scheduled for mid-August. Completion of the first building is slated for December. When completed, TEN Distribution Center 1 will offer modern, cross-docked industrial space, 40-foot clear heights and high-volume trailer storage. The master plan for the industrial park totals more than 3.6 million square feet across six Class A industrial buildings ranging from 175,000 square feet to 1.1 million square feet and 15 retail, restaurant and service tenants.

July 31, 2018

Colorado Industrial Market Reports Western Western Market Reports

Industrial Investors, Developers Turn Up the Heat in Denver

by Taylor Williams July 31, 2018

Denver industrial assets are achieving record pricing as cap rates compress well below 5 percent for Class A product. As this is happening, developers are taking on hefty projects, signaling that Denver’s industrial real estate cycle is stretching its legs instead of winding down. Among the headlines: • Denver’s single largest investment transaction on record occurred in the first quarter of 2018. The Pauls Corporation sold 14 Class A, highly functional assets totaling 1.9 million square feet to Clarion Partners in the Airport submarket. • The largest speculative build of 701,900 square feet is underway by Majestic Realty. Prologis is building more than 500,000 square feet in the Central submarket, while Hyde Development kicked off the 1.8-million-square-foot 76 Commerce Center project in the “less than proven” I-76 Corridor. • Industrial land pricing has doubled in recent years to now double-digit pricing as triple-net asking lease rates approach $8 per square foot. Despite these impressive headlines, here are three reasons we expect further expansion in Denver’s industrial sector into 2019. Investor Preferences Align CBRE’s 2018 Americas Investor Intentions Survey revealed a dramatic increase in the popularity of industrial investments compared to years prior. Half of investors in the Americas are seeking …

July 31, 2018

Development Industrial Mixed-Use Texas

Hines Buys Land in Northwest Houston, Plans 1.5 MSF Mixed-Use Development

by John Nelson July 30, 2018

HOUSTON — Hines has purchased 107 acres in northwest Houston from Maxaam Inc. with plans to build a new 1.5 million-square-foot mixed-use development. Houston-based Hines is currently completing design for the two-phase logistics park, now branded as Grand National Business Park. Situated at the corner of Sam Houston Tollway and Gessner Road near the Sam Houston Race Park, the project will include a logistics center, hotel and retail space. Phase I will consist of 500,000 square feet of logistics space. Jim Foreman and Allison Bergman of Cushman & Wakefield are leasing the project on behalf of Hines. No construction timeline or costs were disclosed.

July 30, 2018

Industrial Leasing Activity Lee & Associates Texas

Lee & Associates Arranges 10,800 SF Industrial Lease in Dallas

by John Nelson July 30, 2018

DALLAS — Lee & Associates Dallas/Fort Worth has arranged a 10,800-square-foot industrial lease at 4656 Leston Ave., Suite 501 in Dallas. Bates & Myers Co. represented the tenant, First Choice Bargains, in the lease transaction. Phil Rosenfeld and Matt Thompson of Lee & Associates represented the landlord, Regal Business Center LLC.

July 30, 2018

Acquisitions Florida Industrial Southeast

HFF Arranges $180M Sale of 1 MSF Industrial Portfolio Near Miami

by Camren Skelton July 30, 2018

HIALEAH, FLA. — HFF has arranged the sale of three industrial buildings totaling approximately 1 million square feet within Hialeah’s Countyline Corporate Park. Luis Castillo, Adam Herrin, Manny de Zárraga, Rusty Tamlyn, Coleman Benedict and Tracey Goo of HFF arranged the transaction on behalf of the seller and developer, Flagler Global Logistics, a wholly owned subsidiary of Florida East Coast Industries LLC. Duke Realty Corp. acquired the assets for $180 million, according to local media reports. At full build-out, Countyline Corporate Park will include 8 million square feet of space on approximately 500 acres. The three buildings were fully leased at the time of sale to KLX Aerospace, CGI Windows & Doors and Hyde Shipping, among others.

July 30, 2018

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