VERNON HILLS, ILL. — A partnership between Avgeris and Associates Inc., The Missner Group and Wylie Capital has acquired International Corporate Park, commonly known as the former American Hotel Register site, in the Chicago suburb of Vernon Hills. The venture paid $29.5 million for the site from an entity affiliated with American Hotel Register, according to Crain’s Chicago Business. Originally developed in 1996, the 70-acre site features a 257,927-square-foot warehouse, which will remain in the redevelopment, and a five-story, 202,000-square-foot office building, which will be demolished. Plans call for more than 900,000 square feet of new industrial space in up to four buildings. Redevelopment of the site is anticipated to begin later this year. The Missner Group will also serve as general contractor. American Hotel Register is a hospitality supplies distributor.
TEJON RANCH, CALIF. — Tejon Ranch Co. has begun construction on a distribution center for Nestlé USA Inc., the world’s largest food and beverage company. The development is located on 58 acres of Tejon Ranch Commerce Center (TRCC) in Tejon Ranch, approximately 100 miles northwest of Los Angeles. The multi-story, 700,000-square-foot building will be fully automated to serve Nestlé’s portfolio and designed to support future growth and expansion plans. No official opening date has been announced, but Nestlé is targeting 2025 for initial completion of construction and 2026 for commencement of operations. TRCC represents more than 2.5 million square feet of industrial space either under construction or completed. Mac Hewett, Mike McCrary and Brent Weirick of JLL represented Tejon Ranch Co. in the 58-acre land sale transaction.
RED OAK, TEXAS — Alabama-based general contractor Brasfield & Gorrie has topped out a 103,000-square-foot manufacturing facility in Red Oak, about 20 miles south of Dallas. The facility is a build-to-suit for Schneider Electric, and the site is located near the campus of one of the company’s partners, Compass Datacenters. Full completion is scheduled for the second quarter.
COMPTON, CALIF. — Bridge Logistics Properties (BLP) has purchased an infill, last-mile logistics facility in Compton, just south of Los Angeles. Terms of the transaction were not released. Located at 1215 W. Walnut St., the 57,671-square-foot, rear-load warehouse features 25-foot clear heights, eight dock-high positions, a secured truck court and 83 parking spaces. The property is fully leased through June 2025. The asset is located adjacent to the 91 Freeway in Compton, with connectivity to the ports of Los Angeles and Long Beach, Los Angeles International Airport and downtown Los Angeles. Rob Flores and Brian Held of CBRE represented BLP in the deal.
BRISTOL, WIS. — Haribo of America Inc. has signed a full-building industrial lease for 447,216 square feet at Bristol Highlands Commerce Center East in Bristol, a city in Southeast Wisconsin. Chicago-based HSA Commercial Real Estate owns the 68-acre industrial park. The lease marks the largest industrial lease executed in the Southeast Wisconsin submarket last quarter, according to HSA. Haribo, a global manufacturer of gummi products, currently occupies the 157,656-square-foot Building 1 at Bristol Highlands Commerce Center East. The warehousing and distribution operations will move from Building 1 to Building 3 upon completion of the interior build-out in the second quarter. Completed in 2022, Building 3 features a clear height of 36 feet, 73 truck docks and ample employee parking. Once Haribo moves into Building 3, the company’s former space in Building 1 will be available for lease. Haribo also maintains a North American production plant two miles away in Pleasant Prairie. Whit Heitman and Sam Badger of CBRE represented Haribo in the lease. Jeff Hoffman of Cushman & Wakefield | Boerke, Eric Fischer of Cushman & Wakefield and Tim Thompson of HSA represented ownership.
BATH, PA. — San Francisco-based Prologis has acquired a 449,500-square-foot speculative warehouse in Bath, located north of Allentown in the Lehigh Valley. The building is located within the 40-acre Cubes at Lehigh Valley development and features a clear height of 40 feet, 42 dock-high doors, four grade-level doors, an ESFR sprinkler system and parking for 111 trailers and 237 cars. CRG, a development and investment firm with eight offices around the country, developed and sold the building, which was fully leased to Smart Warehousing at the time of sale.
WHITESTOWN, IND. — CBRE has brokered the $24.5 million sale of Park 130 at Whitestown Building 2, a 356,900-square-foot industrial building in the Indianapolis suburb of Whitestown. The property at 5828 Commerce Drive is triple net leased to Maxxis Tires, a global manufacturer of high-quality tires. Completed in 2019, the building is situated on nearly 22 acres within the larger Park 130 at Whitestown. The property features a clear height of 32 feet, 42 insulated dock doors and two drive-in doors. Kevin Foley, Anthony DeLorenzo, Andrew Morris and Jeremy Woods of CBRE Investment Properties represented the private seller. A private, high-net-worth buyer purchased the asset at a cap rate of 5.6 percent.
BOLINGBROOK, ILL. — Bridge Industrial has acquired a 22-acre site in Bolingbrook within the I-55 submarket. The developer plans to build Bridge Point I-55 Commerce Center, a two-building speculative industrial project totaling 292,011 square feet. Bridge acquired the site from Chicagoland-based Orange Crush LLC, which previously used the facility as an asphalt crushing and transloading facility. Construction is scheduled to begin in the second quarter with completion slated for mid-2025. Dan Leahy of NAI Hiffman represented Bridge in the sale and will serve as the leasing agent for the development.
By Taylor Williams The Houston industrial market has generally performed quite well over the past few years, even as a global pandemic, record inflation and hard-hitting interest rate hikes have rocked the commercial real estate industry as a whole. Demand for industrial space has held firm due to rebounding energy prices and expansions in infrastructure and traffic at Port Houston, as well as organic population growth and economic diversification that has elevated the market’s role as a distribution hub. According to data from CBRE, the market has a 6 percent vacancy rate and posted 5.1 million square feet of positive net absorption through the first three quarters of 2023. The volume of new construction was on track to outpace absorption in 2023 when the report was released. But that was not the case in 2021 and 2022, years in which net absorption equaled and exceeded 7 million square feet, respectively. New deliveries totaled approximately 5.6 million and 5.4 million square feet in each of those years, driven not only by the aforementioned factors but also by a temporary uptick in demand for e-commerce services in the wake of the pandemic. In any market or asset class, when absorption exceeds supply …
HOUSTON — Locally based brokerage firm Finial Group has arranged the sale of a 190,714-square-foot industrial park in North Houston. The master-planned development comprises nine buildings on a 15.1-acre site at 1531-15342 Vantage Parkway E. A family office sold the park to a private equity group for an undisclosed price, with both parties requesting anonymity. Keith Bilski, Dylan Schopper, Jack Gaffney, Chase Tucker and John Buckley of Finial Group brokered the deal.