Industrial

Pennybacker Capital Management Purchases 72,142 SF Industrial Property in Tempe, Arizona

by Amy Works November 3, 2022

TEMPE, ARIZ. — Austin, Texas-based Pennybacker Capital Management has acquired Tempe Industrial Center, a freestanding industrial facility located at 6720 S. Clementine Road in Tempe. An undisclosed seller sold the asset for $11.5 million. At the time of sale, the 71,142-square-foot building was fully leased and serves as headquarters to a high-end bike manufacturing company. Phil Haenel, Mike Haenel, Will Strong and Andy Markham of Cushman & Wakefield represented the seller and buyer in the deal.

November 3, 2022

Development Illinois Industrial Midwest

Contegra Completes Construction of 1 MSF Spec Distribution Center in Pontoon Beach, Illinois

by Kristin Harlow November 3, 2022

PONTOON BEACH, ILL. — Contegra Construction Co. has completed its fourth distribution center at NorthPoint Development’s Gateway Tradeport in Pontoon Beach near St. Louis. Gateway Tradeport IV is a 1 million-square-foot speculative building with a clear height of 40 feet, 112 dock doors and parking for 264 trailers and 752 cars. Contegra also performed infrastructure improvements and will complete tenant finishes. Development at Gateway Tradeport began in 2019. The project now encompasses 2.7 million square feet of industrial space across 600 acres.

November 3, 2022

Industrial Loans Midwest Minnesota Northmarq

Northmarq Arranges $33.9M Construction Loan for Two Industrial Properties in Suburban Minneapolis

by Kristin Harlow November 3, 2022

BROOKLYN PARK AND DAYTON, MINN. — Northmarq has arranged a $33.9 million loan for the construction of two industrial properties in suburban Minneapolis. In Brooklyn Park, 169 Logistics Center will include two buildings totaling 147,250 square feet. Dayton Logistics Center in Dayton will consist of a single building totaling 248,000 square feet. Completion of both properties is slated for spring 2023. Bill Mork of Northmarq arranged the four-year, fixed-rate loan. The borrower was a joint venture partnership between Capital Partners and Eagle Realty Group. The lender was undisclosed.

November 3, 2022

Development Industrial Iowa Midwest Office

Oracle Aviation Breaks Ground on New Aviation Center at Sioux Gateway Airport in Iowa

by Kristin Harlow November 3, 2022

SIOUX CITY, IOWA — Omaha-based Oracle Aviation has broken ground on a new aviation center at the Sioux Gateway Airport in Sioux City. The 40,000-square-foot facility will include hangar space, training classrooms and office space. The project received a $1 million grant from the Economic Development Administration as well as additional funding from the City of Sioux City, The Siouxland Initiative, Morningside University and Western Iowa Tech. Both Morningside University and Western Iowa Tech will now offer degrees in aviation fields. A timeline for construction was not provided.

November 3, 2022

Development Industrial Northeast Pennsylvania

Endurance Real Estate Breaks Ground on 1 MSF Industrial Project in Chambersburg, Pennsylvania

by Taylor Williams November 3, 2022

CHAMBERSBURG, PA. — Pennsylvania-based investment and development firm Endurance Real Estate Group has broken ground on Chambersburg Logistics Park, a 1 million-square-foot industrial project that will be located about 55 miles southwest of Harrisburg. The site spans 93 acres and is located immediately off Exit 10 of I-81. Building features will include a clear height of 40 feet, 166 overhead dock positions, four drive-in doors, 213 trailer stalls (expandable to 303), 375 car parking spaces (expandable to 561) and an ESFR sprinkler system. PNC Bank provided construction financing for the project, which is slated for a fourth-quarter 2023 completion. Endurance is developing Chambersburg Logistics Park in partnership with an affiliate of Guardian Life Insurance Co. and has tapped Cushman & Wakefield to lease the facility. Cushman & Wakefield also advised on Endurance’s capitalization of the project.

November 3, 2022

Acquisitions Industrial New Jersey Northeast

Realterm Acquires Two Northern New Jersey Industrial Buildings Totaling 41,500 SF

by Taylor Williams November 3, 2022

EAST RUTHERFORD, N.J. — Maryland-based industrial investment firm Realterm has acquired two buildings totaling 41,500 square feet in the Northern New Jersey community of East Rutherford. The adjacent buildings at 880 and 890 Paterson Plank Road sit on a combined 4.4 acres and respectively total 5,000 and 36,500 square feet. Scott Perkins, Chris Todd and William Ericksen of NAI James E. Hanson represented Realterm in the transaction. The seller was not disclosed.

November 3, 2022

Development Industrial New York Northeast Top Stories

Edwards Vacuum to Build $319M Manufacturing Facility in Western New York

by John Nelson November 3, 2022

ALABAMA, N.Y. — Edwards Vacuum, a British-based manufacturer of vacuum and abatement equipment and part of the Atlas Copco Group, plans to develop a new $319 million manufacturing facility in Western New York. The 240,000-square-foot project will be situated within Western New York Science & Technology Advanced Manufacturing Park (STAMP), a 1,250-acre industrial park located in the Genesee County town of Alabama. The facility will house manufacturing, storage and administration for the production of dry pump equipment for the U.S. semiconductor industry. Edwards Vacuum will create 600 jobs for the larger Buffalo-Rochester Tech Corridor. The announcement builds on Micron’s recent $100 billion investment in Central New York, as well as the as New York’s recently signed Green CHIPS legislation and the federal CHIPS and Science Act, to make New York a central figure in the global semiconductor industry. “We are now seeing energy flow into Upstate’s manufacturing sector like never before, and this investment will further cement that the future of microchips will be built with American made products, crafted by New York workers,” says Senate Majority Leader Charles Schumer. As part of the agreement with Edwards Vacuum, New York’s chief economic development agency, Empire State Development, has offered up …

November 3, 2022

Acquisitions Content Partner Development Features Industrial Leasing Activity Lee & Associates Midwest Multifamily Northeast Office Retail Southeast Texas Western

Lee & Associates’ Third-Quarter 2022 Economic Rundown by Sector

by Sarah Daniels November 3, 2022

Lee & Associates’ newly released 2022 Q3 North America Market Report examines third-quarter 2022 industrial, office, retail and multifamily outlooks throughout the United States. This sector-based review of commercial real estate trends for the third quarter of the year examines the difficulties facing each asset class and where opportunities in the commercial real estate landscape may be emerging. Lee & Associates has made the full market report available here (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city), but the summaries below provide high-level considerations of the overall health and obstacles for the industrial, office, retail and multifamily sectors. Industrial Overview: High Rent, Low Vacancy Everywhere North American industrial space availability is tight everywhere while rent growth and property prices remain near or have moved beyond historic highs. Through the third quarter, the United States’ vacancy rate settled at 4 percent, up 10 basis points from second quarter 2022. Average rents increased 11.4 percent year over year with gains of 19 percent in Miami, 18.7 percent in Southern California’s Inland Empire, 16 percent in Phoenix and 14.6 percent in Atlanta. Since the COVID lockdown in March of 2020, developers of U.S. logistics space have been …

November 3, 2022

Acquisitions Industrial Texas

Partners Arranges Sale of 50,000 SF Industrial Property in North Houston

by Taylor Williams November 2, 2022

HOUSTON — Partners, the brokerage and investment firm formerly known as NAI Partners, has arranged the sale of a 50,000-square-foot industrial property in North Houston. Cary Latham and Hunter Stockard of Partners represented the seller, an entity doing business as Isham Interests Ltd., in the transaction. Fort Worth-based investment firm Fort Capital purchased the asset for an undisclosed price.

November 2, 2022

Acquisitions Industrial Kentucky Southeast

Campari Group Agrees to Purchase Wilderness Trail Distillery in Kentucky for $600M

by John Nelson November 2, 2022

DANVILLE, KY. — Campari Group, a global spirits distributor based in Milan, has agreed to purchase Wilderness Trail Distillery, a bourbon and rye whiskey distiller based in Danville. Campari purchased an initial 70 percent stake in the company for $420 million, and in 2031 will have the option to purchase the remaining 30 percent interest for $180 million. Wilderness Trail was founded in 2012 and in 2018 launched two new whiskey brands: Wilderness Trail Bourbon and Wilderness Trail Rye Whiskey. The company operates a 168-acre campus in Danville and has approximately 100,000 barrels aging in its six rickhouses, according to the company’s website. This is the second largest acquisition for Campari, with its 2016 purchase of Grand Marnier being the largest, according to Reuters. The Wilderness Trail transaction, which is subject to customary closing conditions, is expected to close before the end of 2022. Wilderness Trail will continue to operate independently until the transaction closes. William Blair & Co. acted as exclusive financial advisor to Wilderness Trail, and Benesch, Friedlander, Coplan and Aronoff LLP acted as its legal advisor. McDermott Will & Emery LLP acted as tax and legal advisor to Campari Group, whose other whiskey labels include Wild Turkey …

November 2, 2022

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