EL PASO, TEXAS — Annapolis, Md.-based investment firm Realterm has acquired an 8.5-acre industrial outdoor storage site in El Paso. The 22-door truck terminal is located at 150 Inglewood Drive on the city’s east side and consists of a 15,047-square-foot terminal building and a 4,036-square-foot maintenance shop. The property was fully leased at the time of sale to DC Logistics. The seller was not disclosed.
MOUNT VERNON, ILL. — Contegra Construction is building a 100,000-square-foot, solar-powered manufacturing plant for Manner Polymers in Mount Vernon, a city in southern Illinois. Contegra expects to complete the project in November, with the plant scheduled to be fully operational by fall 2025. Manner Polymers will use the facility to manufacture flexible PVC compounds. The property will be powered by both a roof-mounted solar array and a 15-acre solar field located on site immediately adjacent to the plant. According to Contegra, the project will expand Manner’s production capacity by 100 million pounds and is projected to create 60 new jobs. The rail-served facility offers convenient access to I-57 and I-64. Additional building features include 11 dock doors, three drive-through doors, a 55-foot tower with a three-level production platform and 5,000 square feet of office space. The project team includes Gray Design Group, Alper Audi, Jarrell Mechanical, Haier Plumbing, Bi-State Fire Protection and Clinton Electric.
EWING, N.J. — Locally based developer KRE Group has begun a 345,152-square-foot industrial redevelopment in the Northern New Jersey community of Ewing. The project will convert the 26.3-acre site of a decommissioned former naval air propulsion center into a single-story, 285,152-square-foot warehouse and three standalone flex buildings of 20,000 square feet each. The development team will also undertake various infrastructural improvements, including upgraded landscaping and lighting, the addition of a new bus stop, surface parking lots and walking trail, and enhancements to the surrounding roadways. The U.S. Navy operated the site as a vital jet engine test facility from 1951 until 1997, and a redevelopment plan for the site was introduced in 2013. A tentative completion date for the project was not disclosed.
HOPKINTON, MASS. — JLL has arranged the sale of a 56,324-square-foot office and data center located in Hopkinton, about 30 miles west of Boston. According to LoopNet Inc., the two-story building at 117 South St. was built in 1981 and renovated in 1985. Mike Restivo and Scott Carpenter of JLL represented the undisclosed seller in the transaction. Brett Paulsrud and Tom Sullivan, also with JLL, arranged acquisition financing on behalf of the buyer, locally based investment firm Rhino Capital. The new ownership plans to implement a value-add program.
— By Robert Peddicord, Executive Managing Director, CBRE South Bay — The Greater Los Angeles (GLA) industrial market is showing stability while enduring challenges like higher vacancy rates, negative absorption and an anticipated decrease in lease rates. Markets across the country continue to adjust post-pandemic, and GLA is no exception. Nevertheless, the GLA industrial market is poised for long-term resilience, thanks, in part, to its proximity to the ports of Los Angeles and Long Beach, while LA’s large population base drives the need for warehousing. San Pedro Bay Ports The GLA industrial market continues to rely on the San Pedro Bay ports, the two largest ports by volume in the U.S. Although there has been an average decrease of 1.9 percent in cargo volume over the past five years, the San Pedro Bay terminal operators and dockworkers moved 16.6 million TEUs (twenty-foot equivalent units) in 2023, outpacing the TEUs moved at other ports. Disruptions from the Suez and Panama canals may divert more U.S.-bound cargo ships from Asia to West Coast ports. The West Coast benefits from lower shipping container costs, with about a 40 percent discount shipping to the West Coast compared to the East Coast. U.S. importers, shippers …
JACKSON, TENN. — Strato Capital has acquired a 771,000-square-foot warehouse located in Jackson, a western Tennessee city that sits between Nashville and Memphis via I-40. Strato Capital purchased the asset in a joint venture with an institutional family office. Located on 80 acres within an industrial park, the property features 32-foot clear heights, ESFR sprinklers, a 400-foot truck court and developable land on the site. A publicly traded entity has occupied the building, which was originally a build-to-suit, for 20 years.
GRAPEVINE, TEXAS — New York City-based development and investment firm GTIS Partners has broken ground on 121 Commerce Center, a 272,160-square-foot industrial project located near Dallas-Fort Worth International Airport in Grapevine. The site spans 17 acres, and the facility will feature 36-foot clear heights, 135-foot truck court depths, an ESFR sprinkler system and build-to-suit office space. Construction is scheduled to be complete before the end of the year. Stream Realty Partners has been appointed as the leasing agent. First Citizens Bank provided $24.5 million in financing for the project.
HOUSTON — Festival Trading Co. has signed a 168,193-square-foot industrial lease in southwest Houston. The provider of indoor and outdoor furniture is taking the entirety of Building A at Post Oak Logistics Park, a 43-acre development that is under construction and consists of two buildings totaling 536,992 square feet. North Texas-based Jackson-Shaw is developing Post Oak Logistics Park, which is now 31 percent preleased, in partnership with Greystar. Beau Kaleel and Michael Foreman of Cushman & Wakefield represented ownership in the lease negotiations. Young Ni with Pinnacle Real Estate Group represented the tenant.
HOUSTON — Locally based investment firm Pagewood has acquired Georgibelle Business Park, a 102,100-square-foot industrial property in West Houston. The property comprises nine buildings that range in size from 3,798 to 16,800 square feet on a 4.5-acre site. Nick Spearman represented Pagewood in the transaction on an internal basis. Justin Patchen represented the seller, Buffalo Real Estate Partners, also on an internal basis. Texas First Bank provided acquisition financing for Pagewood, which plans to implement a value-add program at the park.
VISTA, CALIF. — Hana Roads Holdings LLC has completed the disposition of an industrial building in Vista to Dangra Inc. for $8.8 million, or $250 per square foot. Vista is in northern San Diego County. Matt Pourcho, Anthony DeLorenzo, Matt Harris and Casey Sterk of CBRE’s Investment Properties team represented the seller, while Sam Sukut of Matthews Real Estate represented the buyer in the deal. Located at 2350 Oak Ridge Way, the building features 25,969 square feet of warehouse space and 9,500 square feet of office space, with 24-foot clear heights. Built in 1999, the building was renovated in 2012 to add a rooftop solar system that fully powers the building.