Industrial

Stream Realty Partners Acquires 599,988 SF Industrial Portfolio in Metro Chicago

by Kristin Harlow July 19, 2024

BUFFALO GROVE, CHICAGO AND MOKENA, ILL. — Stream Realty Partners has acquired a four-building industrial portfolio totaling 599,988 square feet of Class A space in metro Chicago for an undisclosed price. The assets include: Asbury Drive, a 157,000-square-foot building in Buffalo Grove; Rockwell Logistics Center, a 174,262-square-foot property in Chicago; and Mokena Logistics I and II, two buildings totaling 268,226 square feet in Mokena. The portfolio is fully leased to seven tenants. Patrick Russo, Mustafa Ali and Ben Harrison facilitated the acquisition for Stream on an internal basis. Ryan Bain, Michael Caprile, Zach Graham, Judd Welliver, Bentley Smith, Joe Horrigan and Victoria Gomez of CBRE brokered the sale. Local brokers Whit Heitman, Sam Badger, Larry Goldwasser and Terry Grapenthin assisted on the transaction.

July 19, 2024

Acquisitions Industrial Midwest Wisconsin

Transwestern Brokers Sale of Industrial Outdoor Storage Property in Hudson, Wisconsin

by Kristin Harlow July 19, 2024

HUDSON, WIS. — Transwestern Real Estate Services has brokered the sale of a 7.1-acre industrial outdoor storage property in Hudson, about 30 miles east of Minneapolis. The asset is located at 2310 O’Neil Road. Chris Weirens of Transwestern represented the seller, Rajean LLC. Interstate Development purchased the asset for an undisclosed price.

July 19, 2024

Development Industrial Texas

Intersect Power Receives $837M in Financing for Battery Energy Storage Facilities in Texas

by Taylor Williams July 18, 2024

BEAVERTON, ORE. — Intersect Power, an Oregon-based clean energy company, has received $837 million in financing for the construction and operation of three standalone battery energy storage facilities in Texas. The facilities, the specific locations of which were not disclosed, are expected to be operational by the end of the year. The financing includes portfolio-level construction debt, tax equity and term debt financing. Morgan Stanley provided tax equity, and funds and accounts managed by HPS Investment Partners will be making construction debt and term debt investments. Deutsche Bank is partnering in the construction debt facility and providing the operational letters of credit to the projects.

July 18, 2024

Development Industrial Texas

Logistics Property Co. Breaks Ground on 408,000 SF Industrial Project in Northeast Austin

by Taylor Williams July 18, 2024

AUSTIN, TEXAS — Chicago-based Logistics Property Co. has broken ground on a two-building, 408,000-square-foot industrial project at 12821 Titanium St. in northeast Austin. The site is roughly one mile from State Highway 130 and 15 miles from the downtown area. The development will consist of a 175,000-square-foot rear-load building and a 233,000-square-foot cross-dock building. Construction is expected to last about one year. McFarland Architecture is designing the project, and FCL Builders is serving as the general contractor. Locally based brokerage firm AQUILA Commercial is marketing the property for lease.

July 18, 2024

Data Centers Development Industrial Texas

KDC, University of Dallas Receive Zoning Approval for Irving Data Center Project

by Taylor Williams July 18, 2024

IRVING, TEXAS — Developer KDC, in partnership with the University of Dallas, has received approval from the Irving City Council to rezone a site located north of State Highway 114 at Braniff Drive to support the development of a data center. The project, the size and scope of which was not disclosed, is currently in the design phase and expected to be complete in early 2027. Corgan is leading the design of the project, with Telios and Kimley-Horn providing engineering services.

July 18, 2024

Development Industrial South Carolina Southeast

Magnus Development Completes 210,600 SF Industrial Facility Near Columbia, South Carolina

by John Nelson July 18, 2024

BLYTHEWOOD, S.C. — Magnus Development Partners has completed Access 77, a 210,600-square-foot speculative industrial facility in Blythewood, a city near Columbia in Richland County. Situated near I-77, the property is located adjacent to the Scout Motors facility underway and within Northpoint Industrial Park, a county-owned park spanning 340 acres and housing companies including Coca-Cola, Constantia, Koyo and Spirax Sarco. Access 77 is a tilt-up facility that can house a single or multiple users. Features include a minimum clear height of 32 feet, 54- by 50-foot bay spacing, 130-foot truck court, LED lighting, trailer parking, 13 dock doors (expandable to 48) and two drive-in doors. Chuck Salley, Thomas Beard and John Peebles of Colliers are marketing Access 77 for lease.

July 18, 2024

Acquisitions Industrial New York Northeast

Realterm Acquires Industrial Outdoor Storage Facility in Valley Cottage, New York

by Taylor Williams July 18, 2024

VALLEY COTTAGE, N.Y. — Maryland-based investment firm Realterm has acquired an industrial outdoor storage facility in Valley Cottage, located just across the New York-New Jersey border. The 37,560-square-foot facility was built on a 5.4-acre site in 2009 and consists of a seven-bay, drive-thru maintenance facility, a concrete storage yard and office spaces. Realterm plans to implement a value-add program. The seller was not disclosed.

July 18, 2024

Acquisitions Arizona Industrial Western

EQT Exeter Acquires 326,018 SF Falcon Park Phase II Industrial Property in Glendale, Arizona

by Amy Works July 18, 2024

GLENDALE, ARIZ. — EQT Exeter, a real estate division of EQT, has purchased Falcon Park 303 – Phase II, a 326,018-square-foot, Class A industrial building on more than 21 acres in Glendale. US Capital Development (USCD) and an institutional investor sold the asset for $50 million. A single tenant occupies the freestanding building, which was completed on a speculative basis in 2023. Totaling 925,504 square feet, Falcon Park 303 – Phase I and II are located at 15132 and 15152 W. Camelback Road, respectively. Will Strong, Michael Matchett, Molly Hunt and Dean Wiley of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the sellers in the disposition. Cushman & Wakefield’s Mike Haenel, Andy Markham, Phil Haenel and Foster Bundy provided market leasing advisory in the sale, as well as brokered the full-building lease with the existing tenant in fourth-quarter 2023. In 2023, the Cushman & Wakefield team brokered the sale of Falcon Park – Phase I to Cohen Asset Management for $81.7 million, while the Cushman & Wakefield equity debt structured finance team arranged the financing for the buyer.

July 18, 2024

Acquisitions California Industrial Leasing Activity Western

Brennan Completes Sale-Leaseback of Manna Beverage Manufacturing Facility in West Sacramento

by Amy Works July 18, 2024

WEST SACRAMENTO, CALIF. — Brennan Investment Group has acquired a three-building manufacturing facility in West Sacramento and simultaneously leased the property back to the seller, Manna Beverages & Ventures. Totaling 213,000 square feet, the assets are located at 2150 and 2286 Stone Blvd. and 1691 Cebrian St. Manna is a leading beverage manufacturer specializing in co-packing, co-manufacturing and distribution of juices, teas and carbonated beverages. Terms of the transaction were not released.

July 18, 2024

Industrial Michigan Midwest

Lineage Cold Storage REIT Launches IPO at $19B Valuation

by Kristin Harlow July 18, 2024

NOVI, MICH. — Novi-based cold storage REIT Lineage Inc. has launched its initial public offering (IPO) of 47 million shares of its common stock, valuing the company at around $19 billion. In addition, the underwriters of the offering will have a 30-day option to purchase from the company up to 7 million additional shares of its common stock at the IPO price, which is expected to be between $70 and $82 per share. The company expects its stock to be listed on the Nasdaq under the ticker symbol “LINE.” Morgan Stanley, Goldman Sachs & Co. LLC, BofA Securities, J.P. Morgan and Wells Fargo Securities are acting as joint lead book-running managers for the proposed offering. Lineage claims to be the world’s largest global temperature-controlled warehouse REIT with a network of more than 480 facilities totaling over 84 million square feet and 3 billion cubic feet of capacity across North America, Europe and Asia-Pacific.

July 18, 2024

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