Industrial

FRP Holdings to Sell 41 Warehouses to Blackstone for $358.9M

by Taylor Williams March 26, 2018

JACKSONVILLE, FLA. — Jacksonville-based investment firm FRP Holdings Inc. (NASDAQ: FRPH) has entered into an agreement to sell 41 warehouses to an affiliate of The Blackstone Group (NYSE: BX) for $358.9 million. Two of the properties include adjacent lots that were included in the sale. The individual locations of the warehouses were not disclosed. However, according to the company’s 8-K form filed with the Securities & Exchange Commission (SEC), FRP’s portfolio is largely located in the Baltimore and Washington, D.C. metro areas. The sale is expected to close during the second or third quarter of 2018. Following the transaction, FRP will continue to own a portfolio of properties. Some of the retained assets are located within the RiverFront on the Anascotia development near Capitol Hill. The company will also retain ownership of properties situated within the Windlass Run Business Park in Baltimore County, as well as a large parcel in Hampstead, Md. For several of the assets, the company will offer first rights of refusal purchase options to the tenants. FRP Holdings plans to use proceeds from the sale to pay off existing debt and implement capital improvements on its remaining properties. The company also plans to reinvest a portion …

March 26, 2018

La-Moderna-Production-Facility-Cleburne-Texas

Development Industrial Texas

Mexican Pasta Maker Opens $50M Production Facility in Cleburne, Texas

by Taylor Williams March 23, 2018

CLEBURNE, TEXAS — La Moderna, Mexico’s largest pasta manufacturer, has opened a $50 million production facility in Cleburne, roughly 30 miles south of Fort Worth. The 150,000-square-foot property, which took three years to build, is situated on 16.5 acres and will serve as the company’s U.S. headquarters. Specific features include office space with conference rooms and elevated workstations, as well as food safety and production analysis labs. The rail-served facility is capable of producing nearly 4,000 tons of pasta per month and will ultimately account for the creation of 400 direct and indirect new jobs in Cleburne.

March 23, 2018

Acquisitions Industrial Self-Storage Texas

Skyview Brokers Sale of 763-Unit Self-Storage Facility in San Antonio

by Taylor Williams March 23, 2018

SAN ANTONIO — Skyview Advisors, a Tampa-based brokerage firm specializing in self-storage, has brokered the sale of a 763-unit Extra Space Storage facility in San Antonio. Approximately 97 percent of the units at the Class A facility are climate-controlled. The property sold during lease-up at 50 percent physical occupancy, according to Ryan Clark of Skyview, who represented the seller in the transaction. California-based FollettUSA purchased the property for an undisclosed price.

March 23, 2018

Acquisitions Industrial Texas

Moody Rambin Arranges Sale of 19,200 SF Warehouse in Houston

by Taylor Williams March 23, 2018

HOUSTON — Moody Rambin has arranged the sale of a 19,200-square-foot warehouse situated on 1.4 acres at 3511 Jensen Drive on Houston’s north side. Zachary Taylor and Doyle Toups of Moody Rambin represented the buyer in the transaction. The seller and sales price were not disclosed.

March 23, 2018

Industrial Loans Massachusetts Northeast

JLL Arranges $36.3M Loan for 775,000 SF Industrial Portfolio in Suburban Boston

by David Cohen March 22, 2018

LITTLETON AND MIDDLEBOROUGH, MASS. — JLL Capital Markets has arranged a $36.3 million loan for L&B Realty Advisors to finance the purchase of a two-building industrial portfolio in suburban Boston. L&B Realty Advisors acquired the portfolio on behalf of an institutional client. The 775,000-square-foot portfolio consists of two warehouse distribution buildings, one in Littleton and the other in Middleborough. Both buildings are fully leased, with the 275,000-square-foot building at 154 Campanelli Drive in Middleborough occupied by a single tenant. The 480,000-square-foot building at 1 Distribution Center Circle in Littleton is leased to six tenants. A life insurance company provided the 10-year loan.

March 22, 2018

Acquisitions Industrial Texas

Binswanger Arranges Sale of 700,644 SF Grocery Distribution Center in Houston

by Taylor Williams March 22, 2018

HOUSTON — Philadelphia-based Binswanger has arranged the sale of a 700,644-square-foot grocery distribution center situated on 70.2 acres at 10700 Telge Road in Houston. The facility was formerly leased to Randalls, a grocer owned by Idaho-based Albertson’s that operates 44 stores in Texas. It includes 517,500 square feet of dry and perishable grocery warehouse space, 113,200 square feet of frozen warehouse space and 6,200 square feet of office space. Other features include 25- to 40-foot ceiling heights and an ESFR sprinkler system. Holmes Davis of Binswanger represented the seller, Albertsons Cos., in the transaction. Cory Driskill and Will Mundinger of Crow Holdings Industrial represented the buyer internally. Crow Holdings plans to expand the facility by developing three additional buildings on the site.

March 22, 2018

SurePoint-Self-Storage-Missouri-City-Texas

Development Industrial Self-Storage Texas

SurePoint, Johnson Development to Build 673-Unit Self-Storage Facility in Metro Houston

by Taylor Williams March 22, 2018

MISSOURI CITY, TEXAS — A partnership between San Antonio-based SurePoint Self Storage and Houston-based Johnson Development Corp. will develop a 673-unit self-storage facility in Missouri City, a southwestern suburb of Houston. The three-story property, which will be SurePoint’s fifth facility in the Houston area, will span 67,000 square feet of mostly climate-controlled rentable space. Construction is scheduled to begin over the summer.

March 22, 2018

Sherwin-Williams-Distribution-Center-Waco-Texas copy

Development Industrial Texas

Sherwin-Williams Opens $39M Distribution Center in Waco

by Taylor Williams March 22, 2018

WACO, TEXAS — Paint manufacturer and retailer Sherwin-Williams has opened its $39 million distribution center in Waco. The 615,000-square-foot center will service eight states, including Texas, and will require a workforce of 326 employees. The company projects that daily activity at the center will involve the rolling out of 65 trucks delivering roughly 3 million pounds of paint to 700 stores. Bob Moore Construction served as general contractor for the project.

March 22, 2018

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 623-Unit Self-Storage Facility in Edmond, Oklahoma

by Taylor Williams March 22, 2018

EDMOND, OKLA. — Marcus & Millichap has brokered the sale of U Storage OK, a 623-unit self-storage facility in Edmond, a northern suburb of Oklahoma City. The Class A property features both climate- and non-climate-controlled units and recently underwent a 28,000-square-foot expansion. Trey Hammond and Michael Mele of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Brian Fulton of Marcus & Millichap represented the buyer, a private investment group. Both parties requested anonymity.

March 22, 2018

Development Georgia Industrial Southeast

PNK Group Breaks Ground on 1.1 MSF Spec Industrial Building in Metro Atlanta

by Camren Skelton March 22, 2018

MCDONOUGH, GA. — PNK Group has broken ground on the first building at Southern Gateway at Lambert Farms, a more than 3 million-square-foot speculative industrial development in McDonough, a southern suburb of Atlanta. The first building is a 1.1 million-square-foot, cross-dock distribution facility with 40-foot clear heights. Additional plans for the Southern Gateway project include an adjacent 1.5 million-square-foot cross-dock building and two rear-load facilities totaling 358,000 and 275,000 square feet. Pat Murphy, Ray Stache, Lisa Pittman and Tara Healy of Cushman & Wakefield are handling the development’s leasing assignment. Upon completion, the park will feature a 1.2-mile landscaped walking trail, a food truck court and electric vehicle charging stations. Pattillo Construction Corp. is the project’s general contractor, Macgregor Architects & Associates is the architect and Eberly & Associates, Contour Engineering and Contour Environmental make up the project’s engineering team.

March 22, 2018

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