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Industrial

FloridaIndustrialMarket ReportsSoutheastSoutheast Market Reports

Six Emerging Trends to Watch in the Robust Tampa Bay Industrial Market

by John Nelson

In the Tampa Bay area, industrial activity remains strong to this point in 2024. According to market research from Colliers, the industrial market closed the first quarter of the year with a vacancy rate below 6 percent. From 2019 to 2022, leasing activity increased, with some fluctuations between quarters. Meanwhile, 2023 saw more than 12.2 million square feet of renewals, expansions and new leases in the greater Tampa Bay area. The data backs up what we are seeing as brokers – a high-demand market with positive net absorption. With that, there are also several trends that have emerged in 2024. 1.) A generally competitive but well-balanced market. While the Tampa Bay industrial market is competitive, it’s overall well-balanced — favoring neither the landlord nor tenant in its current state (of course, dependent on size and submarket).  This balance can be attributed to a slowdown in new construction, high occupancy rates, rising rental rates and continued strong demand. However, rates are not rising as quickly as they have been in the past few years, and tenants are selective about space and want to see several options and thoroughly survey the market before executing a deal.  There are also pockets of the …

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Fort-West-Commerce-Center-Fort-Worth
AcquisitionsIndustrialTexas

Creation, J.P. Morgan Asset Management Sell 532,000 SF Industrial Property in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — A partnership between Phoenix-based developer Creation Real Estate and J.P. Morgan Asset Management has sold Fort West Commerce Center, a 531,601-square-foot industrial property in Fort Worth. The development comprises three buildings on a 30-acre site on the city’s north side. Tenants at Fort West Commerce Center include Lockheed Martin (136,135 square feet) and Big Ass Fans (221,444 square feet). The buyer was High Street Logistics Properties, an investment firm based in metro Boston. No third-party brokers were involved in the deal.

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IndustrialLeasing ActivityLee & AssociatesTexas

AFSI Preleases 94,413 SF Industrial Building in Allen, Texas

by Taylor Williams

ALLEN, TEXAS — Amphenol Fiber Systems International (AFSI) has preleased a 94,413-square-foot industrial building in Allen, a northeastern suburb of Dallas. The manufacturer of harsh-environment fiber optic cables is taking space at 121 Technology Park, a development by Stillwater Capital, that will serve as its new headquarters. Mike Kay of Colliers represented the tenant in the lease negotiations. Ken Wesson of Lee & Associates represented the landlord. Occupancy is slated for October.

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DelawareIndustrialLeasing ActivityNortheast

AirJoule Signs 30,000 SF Industrial Lease in Newark, Delaware

by Taylor Williams

NEWARK, DEL. — AirJoule, which provides atmospheric water harvesting services, has signed a 30,000-square-foot industrial lease in Newark, Del. The space can support both manufacturing and office operations, and AirJoule is also leasing 500 square feet at The Innovation Space in Wilmington’s DuPont Experimental Station for research and development activities. The company expects to invest about $15 million in its Newark operation and hire about 60 people over the next several years.

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AcquisitionsArkansasIndustrialSoutheast

Phoenix Investors Purchases Three Industrial Properties in Southwest Arkansas Totaling 816,000 SF

by John Nelson

NASHVILLE, ARK. — Phoenix Investors has purchased three industrial properties in Nashville, a city in southwest Arkansas. Swedish power tool manufacturer Husqvarna sold the properties, which total roughly 816,000 square feet, for an undisclosed price. Husqvarna had previously decided to shutter its Nashville plants in July 2023 with the goal to phase out the properties by the end of 2024. The acquisition includes a 351,763-square-foot facility located at 630 Highway 27 Bypass; a 299,885-square-foot property at 1 Poulan Drive; and a 165,046-square-foot facility at 139 Old Airport Road. Phoenix Investors plans to implement a capital improvement plan to attract high-quality industrial users to the area. The acquisition also included a solar farm of an undisclosed size.

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4261-Business-Dr-Cameron-Park-CA
AcquisitionsCaliforniaIndustrialWestern

Marcus & Millichap Brokers Sale of 33,183 SF Industrial Building in Cameron Park, California

by Amy Works

CAMERON PARK, CALIF. — Canada-based Can-Windoor Hardware USA LLC has entered the United States market with the acquisition of an industrial headquarters property in Cameron Park, approximately 30 miles east of Sacramento. Reynolds Family Trust sold the asset for $5.3 million. The seller originally built the 33,183-square-foot property, located at 4261 Business Drive, as headquarters for its business, Snowline Engineering. The property includes a full rooftop solar array. Mark Hefner of Marcus & Millichap represented the seller, while David Campbell of Marcus & Millichap Capital Corp. advised the buyer and seller in the deal.

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18435-Bear-Valley-Rd-Hesperia-CA
AcquisitionsCaliforniaIndustrialSelf-StorageWestern

Merit Hill Capital Purchases 726-Unit Bear Valley RV Park and Self Storage in Hesperia, California

by Amy Works

HESPERIA, CALIF. — New York-based Merit Hill Capital has acquired Bear Valley RV Park and Self Storage, a self-storage facility at 18435 Bear Valley Road in the Inland Empire city of Hesperia. The price was not disclosed. Brian Somoza of JLL Capital Markets Self Storage team represented the undisclosed seller and procured the buyer in the deal. Built in 1996 on 49.6 acres, Bear Valley RV and Self Storage features 726 units spread across a single-story structure, RV parking units, surface parking units and portable storage units. Additionally, the facility offers electronic gate access, 24-hour video surveillance, climate-controlled units and an on-site office. Right Move Storage manages the property, which is 87 percent occupied.

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IndustrialLoansTexas

JLL Arranges Acquisition Financing for 250,000 SF Warehouse in Laredo, Texas

by Taylor Williams

LAREDO, TEXAS — JLL has arranged an undisclosed amount of acquisition financing for a 250,000-square-foot warehouse located on an 18-acre site in the Rio Grande Valley city of Laredo. Completed in late 2023, the property was fully leased at the time of the loan closing. Building features include 30-foot clear heights, 48 docks, 3,000 square feet of office space and parking for 272 cars and 233 trailers. Peter Rotchford, David Sitt, Jarrod McCabe, Foster Huggins and Jordan Buck of JLL arranged the floating-rate loan through Connecticut-based Shelter Growth Capital Partners. The borrower is New York City-based Thor Equities.

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IndustrialLeasing ActivityLee & AssociatesTexas

Xtera Ltd. Signs 21,192 SF Industrial Lease in Allen, Texas

by Taylor Williams

ALLEN, TEXAS — Xtera Ltd. has signed a 21,192-square-foot industrial lease in Allen, a northeastern suburb of Dallas. The provider of underwater cable systems is taking space at 121 Technology Park, a 735,000-square-foot development by Stillwater Capital. Christopher Schafer of Cresa represented the tenant in the lease negotiations. Ken Wesson of Lee & Associates represented the landlord.

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AcquisitionsIndustrialMaineNortheast

MAG Capital Partners Buys 84,800 SF Manufacturing, Headquarters Facility in South Paris, Maine

by Taylor Williams

SOUTH PARIS, MAINE — In a sale-leaseback transaction, MAG Capital Partners has acquired the manufacturing and headquarters facility of KBS Builders, a wholly owned subsidiary of Star Equity Holdings. The 84,800-square-foot facility, which is located about 30 miles from the Maine-New Hampshire border in South Paris, was originally built on 18.6 acres in 2004 and features a clear height of 40 feet and nine dock doors. Jeff Lizzo and Krupa Shah of STREAM Capital Partners represented KBS Builders in the transaction. The sales price was not disclosed.

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