DALLAS — JLL has negotiated the sale of a portfolio of 19 industrial buildings totaling 764,156 square feet. The buildings are located in various cities throughout the Dallas-Fort Worth metroplex. At the time of sale, the portfolio was 96 percent leased to 29 tenants with an average remaining lease term of 4.3 years. Stephen Bailey, Dustin Volz, Dom Espinosa, Wells Waller, Pauli Kerr and Cole Sutter of JLL represented the seller, Dallas-based investment firm MoxieBridge, in the transaction. Arden Logistics Park, the industrial investment arm of Philadelphia-based Arden Group, acquired the portfolio in partnership with global investment management firm Arcapita.
PHILADELPHIA — A fund managed by Ares Investment has purchased a 105,000-square-foot cold storage facility in Philadelphia. The property, which is currently leased to FreezPak Logistics, is located at 1801 N. 5th St., in between the Norris Square and Olde Kensington neighborhoods. Bob Yoshimura of Lee & Associates represented the seller, locally based investment and development firm BG Capital, and the buyer in the transaction. BG Capital originally purchased the facility as a part of a four-property portfolio deal in 2018.
STURTEVANT, WIS. — Ashley Capital has broken ground on two new speculative industrial buildings at Enterprise Business Park in Sturtevant, a southern suburb of Milwaukee. Buildings V and VI will each span 390,000 square feet and are slated for completion in the first quarter of 2023. Ashley is also renovating Building IV and expects to have it available for occupancy by the end of this summer. Upon full buildout, Enterprise Business Park will comprise six buildings totaling more than 2.1 million square feet. Current tenants include CNH, Fresenius, Andis and Ryder Logistics. Terence McMahon and Cody Ziegler of Cushman & Wakefield/Boerke Co., along with John Sharpe and Tom Boyle of Lee & Associates, are the leasing agents for the business park.
WEST DUNDEE, ILL. — Elgin Recycling has signed a 63,800-square-foot industrial lease at 1101 Wesemann Drive in West Dundee, a far northwest suburb of Chicago. The newly built facility is located less than two miles from Elgin Recycling’s headquarters at 46 East End Drive in Gilberts. The new property will be utilized for the company’s electronics division, which disassembles and recycles a wide variety of computer equipment. Dan Brown and Collin Tyrrell of Brown Commercial Group represented the tenant in the lease. The landlord was not disclosed.
NEW YORK CITY — Locally based brokerage firm TerraCRG has arranged the $10.2 million sale of a 68,000-square-foot warehouse in Brooklyn’s Red Hook district. The property comprises 36,400 square feet of above-grade space and 32,400 square feet of below-grade space. Ofer Cohen, Dan Marks, Daniel Lebor and Jackson O’Neill of TerraCRG represented the seller, an entity doing business as M-Kids LP, in the transaction. The buyer was J&R Acquisition LLC.
In a constantly evolving and unprecedented era, Charlotte is an extremely well-positioned industrial market experiencing significant rent growth, an influx of new capital and development in new frontiers. As of first-quarter 2022, Charlotte was nearing an all-time low vacancy rate and rental rate growth reached more than 12 percent year-over-year. Needless to say, Charlotte has become a prime target for industrial investors, developers and tenants. Staggeringly low vacancy, strong tenant demand and rapid rent growth are trends the industrial real estate sector is experiencing around the county. While these trends are not necessarily unique to Charlotte, they are having a particularly large impact on how Charlotte is growing. These strong underlying leasing fundamentals accompanied by land scarcity left Charlotte under-supplied with developers on the hunt for land. A recent announcement by the Silverman Group is a great example. After closing on a 200-acre site just 30 minutes northeast of Charlotte in Rowan County, the Silverman Group announced a speculative industrial development capable of up to 1.9 million square feet and quickly signed a lease with Macy’s for an e-commerce distribution center spanning 1.4 million square feet. On the west side of Charlotte in Gaston County, NorthPoint Development has seen similar …
BAYTOWN, TEXAS — Chicago-based Dayton Street Partners will develop a 164,640-square-foot speculative industrial project near Port Houston. The facility will be situated on a 47.4-acre site within the 15,000-acre TGS Cedar Port Industrial Park in Baytown and function as a truck terminal as well as a storage and distribution center. Building features will include 24-foot clear heights, 214 dock doors and 6,000 square feet of office space. Completion is slated for the second quarter of 2023. Veritex Community Bank is providing construction financing NAI Partners will market the project for lease.
RENO, NEV. — Locus Development Group is constructing McCarran Business Park, a two-building Class A industrial/flex property in Reno. Slated for delivery in second-quarter 2023, McCarran Business Park will feature two 50,450-square-foot buildings with suites divisible to 6,250 square feet. Each building will offer high-visibility showroom and office space. Each suite will include a tenant allowance for a build-to-suit office/showroom and warehouse space with 24-foot clear heights, 12-foot by 14-foot grade-level motorized overhead doors and motion-sensor LED lighting. Construction is scheduled to begin this month, with Metcalf Builders serving as general contractor. Joel Fountain, Nick Knecht and Baker Krukow of Dickson Commercial Group’s industrial team will represent Locus Development on all leasing operations.
PHOENIX — Phoenix-based Refrigeration Supplies Distributor has purchased a freestanding industrial property, located at 3935 W. Adams St. in Phoenix. BECMED LLC sold the asset for $7.2 million in an off-market transaction. Michael Kitlica and Jason Ward of Cushman & Wakefield represented the buyer in the transaction. The 40,794-square-foot building features 24-foot clear heights, dock-high loading and a secured, fenced yard.
WISCONSIN AND NORTH CAROLINA — Affiliates of Phoenix Investors have acquired three former manufacturing facilities totaling more than 1 million square feet in Wisconsin and North Carolina. Phoenix plans to make various capital improvements to each facility in the coming months. The first property was formerly home to Silgan Container Manufacturing Corp. and is located at 500 Libby St. in Waupun, about 70 miles northwest of Milwaukee. The 260,000-square-foot building features 10 dock doors and a freight elevator. Scott Furmanski of CBRE brokered the sale. The second transaction involved a 375,000-square-foot facility formerly occupied by Eaton Corp. in Necedah, a city in central Wisconsin. Adam Matson and Patrick Hanrahan of Newmark represented the seller, MVP Logistics. The sales price was $3 million. The third facility is a 410,000-square-foot property formerly occupied by Alamac American Knits in Lumberton, a city in southern North Carolina. The property features manufacturing, warehousing and office space as well as parking for up to 650 vehicles. Thomas Turner of Newmark brokered the sale.