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Industrial

IndustrialLoansMidwestWisconsin

Walker & Dunlop Arranges $39.3M Refinancing for Industrial Properties in Wisconsin

by Kristin Harlow

WISCONSIN — Walker & Dunlop Inc. has arranged a portfolio of loans totaling $39.3 million for the refinancing of four industrial properties in Wisconsin. WOW Logistics, a private warehousing company serving the dairy and paper industries, was the borrower. One property located in Idaho was also part of the loan transaction. The buildings are all owner-occupied, but some facilities are leased to subtenants. Matthew Lund of Walker & Dunlop arranged the fixed-rate loans with separate lenders, including three life insurance companies and two banks.

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IndustrialMidwestOhio

Opus to Build 250,050 SF Industrial Building in Columbus, Ohio

by Kristin Harlow

COLUMBUS, OHIO — The Meritex Co. has selected The Opus Group to build a 250,050-square-foot industrial building in Columbus. The speculative building, which will feature 32-foot clear heights and truck ports, will accommodate up to four tenants. The project is slated for completion in May 2018. Opus Design Build LLC will serve as design-builder and Opus AE Group will serve as the architect and structural engineer. Rick Trott and Kevin McGrath of CBRE will market the property for lease on behalf of developer Meritex.

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IndustrialMarket ReportsMidwestMidwest Market ReportsMissouri

St. Louis Industrial Market Is a Force to Be Reckoned With

by Kristin Harlow

The St. Louis industrial market has enjoyed robust growth in recent years in part because of a growing economy, the rise of e-commerce and 3PL activity, favorable tax incentives and abatement packages and a movement to quality from existing users. With a population of 37.5 million in a 300-mile radius and over 96 million in a 500-mile radius, St. Louis is a distribution force to be reckoned with. Over the past five years, vacancy has dropped from 9 percent to 4.1 percent as of the second quarter of 2017. This number, paired with asking lease rates rising 9 percent during that same time frame, illustrate the health of the market. With more than 2.7 million square feet of space absorbed already this year, the 4.2 million square feet currently under construction will be absorbed quickly. Low vacancies have spurred the need for speculative space, which has increased at a rate not seen before in this market. Recent ongoing or completed projects include a 548,850-square-foot space at Aviator Business Park, 158,000 square feet at Fenton Logistics Park and two 100,000-square-foot buildings at Hazelwood Logistics Center. Having spec product on the market places St. Louis on the radars of users that require …

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CaliforniaIndustrialWestern

National Distribution Centers Leases 864,000 SF at Perris Distribution Center

by Nellie Day

PERRIS, CALIF. — National Distribution Centers has leased an 864,000-square-foot industrial facility within the Perris Distribution Center. The cross-dock distribution facility is situated on 43.2 acres within the Perris Valley Commerce Center in Perris. The center is bordered by Nance and Markham streets, as well as by Webster and Indian avenues. It is slated for completion in early October. Perris Distribution Center will feature energy-efficient LED lighting, solar panels and electric vehicle charging stations. Cushman & Wakefield represented National Distribution Centers, while NKF’s Mark Kegans and Ron and Dean Washle represented the owner and developer, Industrial Property Trust, in this transaction.

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IndustrialTexas

Colliers Arranges Sale of 24,080 SF Warehouse in Metro Dallas

by Taylor Williams

FARMERS BRANCH, TEXAS — Colliers International has arranged the sale of a 24,080-square-foot warehouse located at 3225 Garden Brook Drive in the Dallas metro of Farmers Branch. Lizzy Blake and Brad Balke of Colliers represented the seller in the transaction. Stonelake Capital Holdings IV LLC purchased the asset for an undisclosed price.

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IndustrialNortheastPennsylvania

TCC, Allstate Break Ground on 440,504 SF Speculative Warehouse in Hazle Township, Pennsylvania

by Amy Works

HAZLE TOWNSHIP, PA. — Trammell Crow Co. and its partner, Allstate, through real estate investment manager CBRE Global Investors, have broken ground for Humboldt East Trade Center, a speculative warehouse building located within Humboldt Industrial Park in Hazle Township. The 440,504-square-foot building will feature 36-foot clear heights, employee and trailer parking, and a flexible design that can accommodate multiple tenants with separate entrances. Completion is slated for the first quarter of 2018. Sean Bleiler and Bill Wolf of CBRE are handling project leasing and marketing.

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FloridaIndustrialSoutheast

JV Secures $16.6M in Financing for Development of Industrial Asset in Fort Lauderdale

by Camren Skelton

FORT LAUDERDALE, FLA. — A joint venture between Bridge Development Partners, Akard Street Partners LP (an investment partnership operated by Banner Oak Capital Partners LP) and Elion Partners has secured a $16.6 million construction loan for the development of Bridge Point Riverbend, a 221,542-square-foot industrial building in Fort Lauderdale. Steve Roth of CBRE arranged the loan through Webster Bank. The seller was not disclosed. The joint venture originally acquired the 12-acre property, located at the intersection of Interstate 95 and Broward Boulevard, in July for $10.4 million. Bridge Point Riverbend will feature 32-foot clear heights, rear-dock loading, ESFR sprinkler systems, a 1.4 to 1,000 parking ratio and the flexibility to accommodate tenants from 40,000 square feet to 221,542 square feet.

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FloridaIndustrialSoutheast

Cushman & Wakefield Arranges $14.9M Sale of Manufacturing Facility in Broward County

by Camren Skelton

CORAL SPRINGS, FLA. — Cushman & Wakefield has brokered the $14.9 million sale of 4520 Coral Ridge Drive, a 245,000-square-foot manufacturing facility in Coral Springs. Richard Etner Jr., Christopher Metzger, Christopher Thomson and Matthew McAllister of Cushman & Wakefield represented the buyer, Philadelphia-based Exeter Property Group. Hoerbiger Corp. of America sold the asset. Formerly known as the Alliance Building, 4520 Coral Ridge Drive is situated on 38.4 acres within Corporate Park of Coral Springs. Of that land, 17.6 acres is developable. Constructed in 1981 and fully renovated in 1995 to meet Category 5 hurricane safety standards, the building features 196,000 square feet of warehouse and manufacturing space, 63,000 square feet of office space, a data room, auditorium-style theater and 537 parking spaces. In addition, 4520 Coral Ridge Drive offers ceilings heights ranging from 24 to 35 feet, nine dock-high doors and one drive-in door.

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IllinoisIndustrialMidwest

Principle to Build 107,000 SF Industrial Warehouse in Elk Grove Village, Illinois

by Kristin Harlow

ELK GROVE VILLAGE, ILL. — Seefried Properties has selected Principle Construction Co. to build a 107,000-square-foot industrial warehouse in Elk Grove Village. The speculative property will be located at 2080 Lunt Ave. The building will feature 32-foot clear heights with 16 dock positions, two drive-in doors and parking for 134 vehicles. The property will be able to accommodate a single user or multiple tenants. Completion is slated for December. Mark Augustyn, Darrin Dehmlow and Mark Frane are leading the project team for Principle. Harris Architects is the project architect.

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