MEDLEY, FLA. — Prologis has signed Seaboard Marine Ltd. to two lease renewals at Prologis Palmetto Tradeport, an 880,000-square-foot industrial park in Medley, a city in Miami-Dade County. The two leases, for facilities located at 7800-7890 N.W. 80th St. and 8001 N.W. 79th Ave., total 308,000 square feet. Brian Smith of JLL represented Prologis in the lease transactions. Jonathan Kingsley of Colliers represented the tenant. Situated near Miami International Airport and PortMiami, Prologis Palmetto Tradeport is located adjacent to the Medley Metrorail Station and features three acres of outside storage. Seaboard Marine is a global ocean carrier offering shipping services between the Caribbean, North, Central and South America. The company, which is the largest cargo operator at PortMiami, has a 25-vessel fleet and more than 60,000 shipping containers.
MESQUITE, TEXAS — Dallas-based CapStar Real Estate Advisors will develop a 765,668-square-foot industrial project on a 40.4-acre site at 2800 Skyline Drive in the eastern Dallas suburb of Mesquite. The facility is already fully preleased to Canadian Solar, which will use the facility for distribution support for its manufacturing operation next door at 3000 Skyline Drive. Building features will include 40-foot clear heights, 190 dock-high doors and parking for 351 cars and 134 trailers. Jody Thornton, Trent Agnew, Tom Weber and Greer Shetler of JLL arranged joint venture equity for the project with an undisclosed partner on behalf of CapStar. Construction is scheduled to begin in the first quarter and to last about 12 months.
RIDGECREST, CALIF. — Marcus & Millichap has arranged the sale of a self-storage facility, located 909 S. China Lake Blvd. in Ridgecrest, approximately 110 miles east of Bakersfield. Terms of the transaction were not released. Dean Trammell and Adam Schlosser of Marcus & Millichap represented the seller, an Alabama-based developer. Jim Markel of Marcus & Millichap’s Encino, Bakersfield, Fresno and Ventura branch served as the broker of record. Converted from a former Walmart in 2022, the 48,450-square-foot property features 457 first-floor, climate-controlled units. CubeSmart manages the asset.
ENGLEWOOD, COLO. — John Propp Commercial has arranged the sale of a multiple-property industrial asset in Englewood, just south of Denver. DSR 4 Tejon LLC and DSR Investments LLC acquired the buildings at 3064 S. Umatilla, 3063 S. Tejon and 3030 S. Umatilla in Englewood for a total of $1.3 million. The transaction includes two freestanding buildings on a 12,922-square-foot lot at 3063 S. Tejon St.; a 1,800-square-foot building on a 7,029-square-foot lot at 3064 S. Umatilla St.; and a 21,040-square-foot storage yard at 3030 S. Umatilla St. John V. Propp of John Propp Commercial Group represented the seller, Alive Jay Ratliff Trust & Mary Shirleen Ratliff Trust, while Oleg Tsybulskiy of RE/MAX of Denver represented the buyer in the deal.
WESLACO, TEXAS — Partners Real Estate has brokered the sale of a 107,560-square-foot industrial facility that sits on a 21-acre site in the Rio Grande Valley city of Weslaco. According to LoopNet Inc., the single-tenant property at 2300 Vo Tech Drive was built in 1985 and features 16-foot clear heights and 15 dock-high doors. Gustavo Torres of Partners represented the seller, the estate of Daniel E. Arnold, in the transaction. The buyer and sales price were not disclosed.
DAYTON, MINN. — CRG has completed The Cubes at French Lake, a 1 million-square-foot speculative industrial development in Dayton, a northwest suburb of Minneapolis. The project marks the largest speculative industrial project to date in Minnesota, according to CBRE. Dan Swartz, James DePietro and Austin Lovin of CBRE are marketing the property for lease. The facility features a clear height of 40 feet, 652 parking spaces, 231 trailer parking spaces, 100 dock doors, four drive-in doors, 60-foot speed bays and a 185-foot-depth concrete truck court. The 65-acre project is located approximately 35 miles from the Minneapolis-Saint Paul International Airport and offers convenient access to I-94 via the Dayton Parkway exchange. CRG’s integrated partner Lamar Johnson Collaborative served as the architect and its parent company, Clayco, was the design-builder. Construction began in 2022.
SOUTH BEND, IND. — Colliers has brokered the sale of an 81,600-square-foot industrial building in South Bend for an undisclosed price. The property is located at 6851 Enterprise Drive. Alex Cantu and Alex Davenport of Colliers represented the sellers, Brennan Investment Group and Farallon Capital. A private investor was the buyer. JB Products Inc., a plumbing and heating equipment supplier, has fully occupied the building for nearly 25 years. The building serves as the company’s headquarters and distribution hub for its sales representatives across the country. The facility features 9,000 square feet of office space, a clear height of 24 feet, four dock doors and ample employee parking.
EDISON, N.J. — CBRE has secured an 80,250-square-foot industrial lease in the Northern New Jersey community of Edison. The building at 74 Carter Drive features a clear height of 32 feet, 14 loading docks and 29 parking spaces. Chad Hillyer, Kevin Dudley, Tristan Askew, Jake Westfall, Nicholas Klacik and Kate Granahan of CBRE represented the tenant, Roca Tile, which is relocating from nearby Carteret, in the site selection and lease negotiations. Wick Cos. owns the building.
ROWLETT, TEXAS — Jackson-Shaw, a national real estate development firm based in North Texas, plans to develop Lakeview Business District, an industrial park in the Dallas-Fort Worth metroplex city of Rowlett. The development will feature seven buildings spanning more than 1.8 million square feet at full build-out. Jackson-Shaw plans to develop Lakeview Business District in two phases. Situated near I-30 in Rowlett’s North Shore area, the park will span 165 acres along President George Bush Turnpike, with one phase situated at the Merritt Road intersection and the other at Liberty Grove Road. “Lakeview is a prime location in the middle of the nation’s fastest-growing counties and adjacent to the Garland labor pool,” says Miles Terry, vice president of development at Jackson-Shaw. “Combined with strong market fundamentals and a need for product in this area, Lakeview is poised to become a major economic hub.” Phase I will consist of five buildings totaling more than 1 million square feet of Class A industrial space, with a mix of front- and rear-load facilities, as well as cross-docks. The facilities will feature oversized glass entries and ample car and truck parking. Building sizes will range from 88,000 to 417,000 square feet, and construction is set …
— By Robert Ritschel and Andrew Herron, Senior Vice Presidents, The Saywitz Company — The industrial sector for Orange County commercial real estate continues to be one of the strongest in the country. Vacancy rates in Orange County for industrial space remain at approximately 2 percent. What this means for tenants out in the marketplace is a continued struggle to find viable space. When combining limited availability with the fact that some of the buildings are older or obsolete, or may have lower ceiling height or reduced power, this makes the challenge even more difficult. With that said, we have seen the sales prices for industrial space level off and we have also now, for the first time in the past several years, begun to see landlords offer free rent and move-in concessions, and come off of their asking prices. The days of five or 10 different tenants looking at one available space in the marketplace seem to be over, and those with good credit looking to sign long-term leases clearly stand out from the mom-and-pop operator that may be looking to sign a short-term lease. Landlords on the industrial side appear to be much more conscious of the changing …