PALMETTO, FLA. — Stonemont Financial Group has broken ground on Palmetto Industrial Park, a 427,000-square-foot industrial facility located in the Sarasota suburb of Palmetto. Situated near I-75 and I-275 in Manatee County, the property will feature three rear-load facilities, each spanning more than 100,000 square feet. The speculative buildings will feature 32-foot clear heights and the campus will feature 354 car parking spaces and 127 trailer parking spaces. General contractor Landmark Construction Services plans to deliver Palmetto Industrial Park in the second quarter of 2023.
LOS ANGELES — Cushman & Wakefield has arranged the sale of Sherman Way Industrial Center, a fully leased industrial park located on 5.4 acres in the North Hollywood neighborhood of Los Angeles. The Ben B. and Joyce E. Eisenberg Foundation, a charitable organization, sold the asset to a joint venture between affiliates of Captiva Partners and Westbrook Partners for $37 million. The seller is donating 100 percent of the proceeds from the sale to multiple charitable organizations that it supports. Totaling 139,567 square feet, Sherman Way Industrial Center consists of five buildings that were fully leased to 20 tenants at the time of sale. David Hasbrouck, Lars Platt, Benjamin Cooper and Mitchell Neff of Cushman & Wakefield’s Capital Markets team represented the seller in the deal. Paul Sims, also of Cushman & Wakefield, provided leasing advisory for the property.
FORT COLLINS, COLO. — Comunale Properties is nearing completion of Mulberry Connection, a two-building industrial facility in Fort Collins. The Class A speculative property is the first of its kind built in Fort Collins since the 1990s, according to the developer. Situated on 13 acres at 4036 and 3874 Redman Drive, Mulberry Connection will offer 164,000 square feet of industrial space upon delivery next month. The buildings feature 22 dock-high and eight drive-in doors, 28- to 32-foot clear heights, ESFR systems, generous power and interstate-fronting signage opportunities. The company has secured two pre-leases from two national credit tenant companies for the properties. Gustave A. Larson, a regional distributor of HVACR equipment, parts and supplies, will occupy 16,500 square feet. The Fort Collins branch of Winlectric, a national full-service electric wholesaler, will occupy 14,900 square feet. The project team includes Alcorn Construction and Grey Wolf Architecture. Travis Ackerman of Cushman & Wakefield is the project’s leasing broker.
HOPKINS, MINN. — Schafer Richardson has acquired a 106,663-square-foot flex industrial building in Hopkins, a western suburb of Minneapolis. The purchase price was undisclosed. Named Excelsior Industrial Center, the property is located just off Minnesota State Highway 169 and is nearly 98 percent leased to multiple tenants. Originally constructed in 1955, the building features a clear height of 20 feet. Judd Welliver and Bentley Smith of CBRE represented the seller, The Beard Group.
NORTH CHARLESTON, S.C. — SHL Medical, a manufacturer of medical delivery solutions products, plans to invest $90 million for its new manufacturing facility in North Charleston. The developer, SunCap Property Group, leased the entirety of the 245,000-square-foot Palmetto Trade Center II to SHL Medical. The Charlotte-based developer plans to deliver the shell of the building this month, and SHL Medical plans to upfit the property over the next 18 months. Operations at the automated plant are expected to launch by 2024, at which point the facility is expected to support 165 new jobs. Bob Barrineau and Brendan Redeyoff of CBRE represented SunCap in the lease deal, and Sean McKee of PharmaBioSource represented SHL Medical.
DULUTH, GA. — Avison Young has brokered the $45 million sale of Chattahoochee Corners at River Green, an office/flex campus in the Atlanta suburb of Duluth. Built in 1997, the property spans 388,213 square feet across nine single-story buildings. Pennsylvania-based Somerset Properties purchased Chattahoochee Corners from Miami-based B Group Co. Capital Management. Casey Keitchen of Avison Young’s Atlanta office brokered the transaction. Situated off Peachtree Industrial Boulevard, the property features floor-to-glass windows across all nine buildings, as well as a fitness center. Somerset plans to invest in capital improvements at Chattahoochee Corners, including boosting the curb appeal and enhancing onsite amenities.
BONHAM, TEXAS — Marcus & Millichap has brokered the sale of X Extreme Storage, a 57-unit self-storage facility in Bonham, about 75 miles northeast of Dallas. The facility spans 61,560 net rentable square feet, and individual units measure 25 by 45 feet. Danny Cunningham and Brandon Karr of Marcus & Millichap represented the seller and procured the Texas-based buyer in the transaction. Both parties were private investors that requested anonymity.
PARAMUS, N.J. — Locally based brokerage firm Jeffery Realty has negotiated the sale of a 53,000-square-foot industrial building located at 404 Sette Drive in the Northern New Jersey community of Paramus. New Jersey-based investment firm The STRO Cos. purchased the property from an unnamed seller for an undisclosed price. Bill Farkas of Jeffery Realty brokered the deal.
GOLDEN, COLO. — The Coors family, a magnate responsible for Coors beer products, has begun Phase I of the mixed-use redevelopment of its CoorsTek Inc. campus in downtown Golden, just west of Denver. CoorsTek, formerly Coors Porcelain, was founded in 1910 at the multi-block site at Washington Avenue and 9th Street, which is the historical location of the invention of the aluminum beer can in 1959. The new global headquarters for CoorsTek will anchor the 1.3 million-square-foot project, which is the largest redevelopment in the history of downtown Golden. At full buildout, the development will feature new and adaptive reuse office space, multifamily residences, shops, restaurants and a hotel. The costs for the redevelopment weren’t disclosed, but the Denver Business Journal reports that the Coors family is investing $900 million in the project. AC Development, a master-planned community developer established by the Coors family in 2020, is overseeing construction. Owned by the Coors family since 1884, the site was in continuous use for industrial purposes for over 100 years, ceasing its operations earlier this year. CoorsTek is privately owned by the Coors family and is not part of Molson Coors Beverage Co. (NYSE: TAP), the producer of beer and seltzer …
By Paul Sweetland, Senior Vice President, Colliers After a record year in 2021, Southern Nevada’s industrial market does not appear to be slowing down. The first-quarter vacancy decreased to 1.7 percent with 2.9 million square feet of net absorption. This is the lowest vacancy rate we have ever recorded in Southern Nevada. For comparison, vacancy only went as low as 3.1 percent during the boom that preceded the Great Recession. Demand was positive for all industrial subtypes for the first quarter, while rents for warehouse and distribution space increased 46 percent year over year. All industrial sectors added jobs on a year-over-year basis, with the largest increase being in logistics, which added 8,100 jobs. The current industrial boom has been driven by the influx of relocations and expansions from all over the U.S., but primarily from California. Southern Nevada’s strategic location, with its ability to service 12 markets within one day, has also made it an ideal location for regional and national distribution. New industrial completions totaled 2.1 million square feet this quarter, almost all of it being warehouse/distribution product. Southern Nevada is in its third major wave of post-Great Recession industrial development, with more than 8 million square feet now under …