MIDLAND, MICH. — Zolman Restoration has signed a 30,690-square-foot industrial lease in Midland, about 27 miles east of Mt. Pleasant. The property is located at 2520 Schuette Road. Zolman Restoration is a fire, flood and storm damage repair company. The company needed the space to house furnishings, equipment and fixtures while repairing a building damaged from fire. John Hamburger and Julie Strong of Signature Associates represented the tenant in the lease transaction. The landlord was not disclosed.
The industrial market in Charlotte is healthy, with trends pointing to another solid year of net absorption and rent growth. The market continues to attract institutional capital, as cap rates hover slightly below 6 percent for Class A product in the metro’s primary submarkets. Charlotte’s job growth continues to drive population migration into the market. More than 37,000 new jobs have been added in the past 12 months, dropping the unemployment rate from 5.2 percent to 4.9 percent. North Carolina has a young, educated workforce and boasts 53 universities and colleges. The state is nationally recognized for its labor climate. Major employers span the gamut of the business world, from financial and energy stalwarts such as Bank of America and Wells Fargo, Duke Energy and Siemen’s Energy Inc., to more industrial players such as Daimler Trucks North America, Lowe’s, FedEx and Snyder’s-Lance Inc. Charlotte is a logistically sound market, with the city’s airport ranking as the eighth busiest in the U.S., according to the Federal Aviation Administration. A relatively new intermodal rail facility and continued investment in road infrastructure projects are also helping to foster an optimistic environment. The HB2 legislation, which proved a major obstacle to attracting new companies …
SAN ANTONIO — Casey Development Ltd. has broken ground on The Keep Storage, a 77,000-square-foot self-storage facility located just south of Thousand Oaks Drive and Henderson Pass in San Antonio. The Class A property will feature 500 climate-controlled units totaling more than 55,000 square feet of net rentable space. Archcon Architecture designed the project. Capco Construction, the project’s general contractor, expects to deliver the property in May 2018.
CHICAGO — Bridge Development Partners LLC has sold four industrial buildings totaling 491,010 square feet in Chicago’s O’Hare market for $69 million. The properties include: 1701 Nicholas Blvd. in Elk Grove Village; 11600 Grand Ave. in Northlake; and 9555 and 9655 Soreng Ave. in Schiller Park. With buildings constructed between 2014 and 2017, the property was 78 percent leased at the time of sale. Tenants include Pilot Air Freight Corp., NNR Global Logistics USA Inc. and Fujitrans USA Inc. The buyer was an institutional investor. Bridge has also acquired a 48-acre land site located at 10601 Franklin Ave. in Franklin Park, Ill. Bridge purchased the property from Magellan Pipeline Co., a division of Magellan Midstream Partners, which is an oil pipeline, storage and transportation company. Currently, the site houses 14 storage tanks and multiple smaller buildings associated with the seller’s use of the site. Within the next few weeks, Bridge will begin demolition activities and other site remediation work on the 48-acre site. The development plans call for 656,189 square feet of industrial space spanning three buildings of 174,625 square feet, 277,762 square feet and 203,802 square feet, respectively. All three buildings will be delivered in the third quarter of 2018, and …
BLOOMINGTON, MINN. — Marcus & Millichap has brokered the sale of an 82,350-square-foot industrial building in Bloomington for $3 million. The property is located at 8301 Grand Avenue South. U.S. Venture, a distributor of energy, automotive and lubricants products, was the seller. As part of the sale, U.S. Venture executed a 10-year, triple-net lease and will remain in the building. U.S. Lubricants, a division of U.S. Venture, will continue to use the building as a bulk storage and distribution center. Other tenants include Nikolas Bakery and Companies to Classrooms, a non-profit organization that donates office supplies and furniture to local schools. Marc Paylor and Claire Roberts of Marcus & Millichap represented the seller in the transaction. Nick Leviton of Colliers International secured and represented the buyer, a limited liability company.
MESA, ARIZ. — The Opus Group has announced plans to build a 147,672-square-foot speculative industrial project inside the Longbow Business Park and Golf Club in Mesa. The project will be called Longbow Gateway One. Construction is scheduled to begin this month, with an estimated completion date of January 2018. The project will be situated near the southeast corner of Higley Road and Longbow Parkway, near the 2 million-square-foot Boeing Co. manufacturing facility. Opus Design Build will construct the property, which designed by Opus AE Group will design. CBRE’s John Werstler and Cooper Fratt will lease the space.
HENDERSON, NEV. — Panattoni Development has completed a 482,300-square-foot industrial building at South 15 Airport Center in the Las Vegas submarket of Henderson. The building is situated on a 28-acre parcel on Executive Airport Drive. The $24 million project has a clear height of 36 feet. The project is the only large industrial development located in the south end of the valley, according to Panattoni. PDC USIF South 15 LLC, a joint venture between Panattoni Development and Hillwood, owns the property. Alston Construction built the asset, which Tectonics Design Group designed.
MONTGOMERY, N.Y. — Meridian Design Build has completed the construction of a package sortation and distribution center located at 201 Neelytown Road in Montgomery for developer SunCap Property Group. Situated on 44.1 acres, the 248,370-square-foot facility was built for a leading provider of global shipping and information services. The facility features 63 loading docks, seven drive-in doors, 184 interior van loading positions, 451 auto parking stalls and 190 exterior trailer stalls. Cornerstone Architects provided architectural services, while Langan provided civil engineering work for the property.
ARLINGTON, TEXAS — Lee & Associates has negotiated the sale of a 56,841-square-foot industrial property located at 1721 Susan Drive in Arlington. Mark Graybill and Colton Rhodes of Lee & Associates represented the seller, Package Express, in the transaction. Sean O’Grady of Caliber Property Group represented the buyer, CDI-RE Arlington.
SAVANNAH, GA. — Safavieh, a New-York based manufacturer and distributor of international home furnishings, will invest $60 million to develop a 1.1 million-square-foot fulfillment center at the Savannah River International Trade Park in Savannah. Bob Robers of Cushman & Wakefield represented Safavieh in the acquisition and development of the site, and Bradley Migdal and Carol Henderson of Cushman & Wakefield secured financing for the project. Safavieh currently operates more than 500,000 square feet of warehouse space in Savannah. The new facility will triple the company’s presence in the area and is expected to create 200 jobs upon completion in late 2018.