Industrial

LPC Desert West Buys 140-Acre Site for Luke Field Industrial Development in Glendale, Arizona

by Amy Works May 4, 2022

GLENDALE, ARIZ. — LPC Desert West, the Southwest arm of Dallas-based Lincoln Property Co., has purchased a 140-acre development site in Glendale for $53 million. The company plans to develop Luke Field, a $515 million industrial project, on the site. The property’s borders are Litchfield Road, Northern Avenue, Northern Parkway and Luke Air Force Base. Upon completion, the 2.3 million-square-foot Luke Field will include three buildings totaling 1.26 million square feet, 604,000 square feet and 416,000 square feet. All buildings will feature 40-foot clear heights, touchless technology, 25-foot glass entries, 3,000 amps of power, automated dock doors, steel moment frame shear bracing and five-foot by 10-foot clerestory windows on all elevations. Additionally, the project will offer barbecue stations, a shaded outdoor eating area and employee collaboration spaces, as well as extensive car and secure trailer parking. Construction is slated to begin fourth-quarter 2022, with completion slated for first-quarter 2024. All three buildings will be constructed in a single phase. Butler Design Group is serving as architect. A general contractor has not yet been selected.

May 4, 2022

Development Florida Industrial Southeast Top Stories

Butters, BentallGreenOak Plan 2.2 MSF Gulf Landing Logistics Center in Fort Myers, Florida

by Kristin Harlow May 4, 2022

FORT MYERS, FLA. — Butters Group and BentallGreenOak have partnered to develop Gulf Landing Logistics Center, a 2.2 million-square-foot speculative industrial park in Fort Myers. The project will be situated on 284 acres. The partnership anticipates developing the Class A property in several phases, with the first phase consisting of seven buildings totaling 740,000 square feet. Construction is scheduled to begin this fall, with completion of the first buildings slated for the third quarter of 2023. “With the tremendous growth in Southwest Florida, we recognized an opportunity to produce a first-class logistics facility with the flexibility to meet the needs of many different types of users,” says Kyle Jones, director of investments at Butters. The current plan for Gulf Landing Logistics Center includes 14 buildings of various sizes and configurations. A portion of the site plan offers flex space for light industrial and office users, while the remainder of the site is geared toward bulk distribution, e-commerce and other light industrial users. Build-to-suit opportunities are available. Florida-based Butters, a vertically integrated real estate company engaged in construction, development, leasing and property management, has developed more than 22 million square feet totaling over $2 billion. BentallGreenOak is a global real estate …

May 4, 2022

Acquisitions Industrial Texas

KKR Acquires 616,000 SF Industrial Park in Dallas from Trammell Crow

by Taylor Williams May 3, 2022

DALLAS — Global investment firm KKR has acquired TCC Altamoore, an approximately 616,000-square-foot industrial park in Dallas, from Trammell Crow Co. for an undisclosed price. Built in 2021, TCC Altamoore consists of a 298,168-square-foot building and a 206,917-square-foot building that are fully leased to undisclosed, publicly traded companies. The third building spans 110,960 square feet and is currently being marketed for lease. Randy Baird, Jonathan Bryan, Ryan Thornton and Eliza Bachhuber of CBRE brokered the deal on behalf of Trammell Crow Co.

May 3, 2022

Acquisitions Alabama Industrial Southeast

GCP, Highline Purchase 404,000 SF Industrial Park Near Birmingham

by John Nelson May 3, 2022

ALABASTER, ALA. — Growth Capital Partners (GCP) and Highline Real Estate Partners have acquired Shelby West, a 404,000-square-foot industrial park in suburban Birmingham. The property represents the third investment for the GCP-Highline investment platform, which also includes strategic equity placements from the McWane Family and other third-party investors. The facilities at Shelby West include a 250,000-square-foot building at 175 Airview Lane and a 154,000-square-foot property at 1840 Corporate Woods Drive. The Airview building was built in 2006 and recently leased to MailSouth and AGC. The Corporate Woods building was built in 2009 and leased to The Home Depot and U.S. AutoForce. Adam Eason of Cushman & Wakefield | EGS Commercial Real Estate represented the seller in the transaction. Brad Moffatt of Cushman & Wakefield | EGS is handling the leasing at Shelby West. The sales price was not disclosed but the sellers were entities doing business as Shelby West Industrial Enterprises and Shelby West Industrial Enterprises II.

May 3, 2022

Acquisitions Industrial Southeast West Virginia

Time Equities Acquires 363,000 SF Industrial Building in Huntington, West Virginia

by John Nelson May 3, 2022

HUNTINGTON, W.VA. — Time Equities Inc. (TEI) has purchased a 363,000-square-foot industrial facility located at 550 27th St. in Huntington. Sierra Corp. sold the property to the New York City-based firm for $9 million. The property was fully leased at the time of sale to a combination of national, regional and local tenants. The facility is located adjacent to the CSX Transportation rail hub and the Port of Huntington, which is situated along the Ohio River. Sal Ramundo of Marcus & Millichap represented the seller in the transaction. Max Pastor and Brian Soto led the TEI acquisitions team internally.

May 3, 2022

Acquisitions Industrial Texas

US Foam Corp. Sells 43,904 SF Industrial Facility in Lewisville, Texas

by Taylor Williams May 3, 2022

LEWISVILLE, TEXAS — U.S. Foam Corp., a provider of foam rubber products, has sold a 43,904-square-foot industrial building located at 720 E. State Highway 121 in Lewisville, a northern suburb of Dallas. The property was built in 1960 and expanded in 1972. Nathan Denton and Jeremy Mojica of Lee & Associates represented U.S. Foam Corp., which has occupied the property since 1991, in the transaction. Rich Young Jr. with Rich Young Co. represented the undisclosed buyer.

May 3, 2022

Acquisitions Development Industrial Nevada Western

CapRock Partners Sells First Phase of 1.5 MSF Tropical Logistics Complex in North Las Vegas

by Amy Works May 3, 2022

NORTH LAS VEGAS, NEV. — CapRock Partners has completed the disposition of CapRock Tropical Logistics Phase I, a recently completed core industrial logistics facility in North Las Vegas. Terms of the sale were not released. Phase I consists of two Class A warehouse buildings totaling 1.1 million square feet on an 83-acre site. Developed by CapRock, the two buildings are 100 percent leased to three investment-grade credit tenants, including a Fortune 100 ecommerce company. The single-tenant building at 5802 E. Tropical Parkway features 857,000 square feet, 40-foot clear heights, 171 dock-high doors, 8,000 amps of power, 300 trailer stalls and 679 auto parking stalls. Located at 5902 E. Tropical Parkway, the second building features 271,000 square feet, 32-foot clear heights, 54 dock-high doors, 3,000 amps of power, 159 trailer stalls and 162 auto park stalls. Cushman & Wakefield’s Jeff Chiate, Jeff Cole, Mike Adey, Ed Hernandez and Brad Brandenburg, along with JLL’s Rob Lujan, Xavier Wasiak and Jason Simon, arranged the sale. Additionally, CapRock has broken ground on Phase II of the development, located at 6185, 6215 and 6325 N. Beesley Drive. The expansion will include Building 1 with 249,000 square feet, 28 dock-high loading doors, two drive-in doors, a …

May 3, 2022

Illinois Industrial Loans Midwest

JLL Arranges $85M Acquisition Loan for Industrial Portfolio Across Four States

by Kristin Harlow May 3, 2022

CHICAGO — Chicago-based JLL Capital Markets has arranged an $85 million loan for the acquisition of a 12-building industrial portfolio totaling 814,888 square feet across California, Georgia, Maryland and Minnesota. MDH Partners acquired the fully leased portfolio. Chris Drew, Maxx Carney, Jimmy Calvo, Robert Carey, Brock Yaffe and Eric Boucher of JLL arranged the five-year, floating-rate loan with Truist. Mark Hancock of Truist Commercial Real Estate served as the lead on the transaction for Truist.

May 3, 2022

California Industrial Loans Western

LongPoint Realty Partners Receives $52M Acquisition Loan for Van Nuys Industrial Park in Los Angeles

by Amy Works May 3, 2022

LOS ANGELES — JLL Capital Markets has secured $52 million in acquisition financing for Van Nuys Industrial Park, a value-add business park situated on 11.7 acres in the Van Nuys submarket of Los Angeles. The borrower is Boston-based Longpoint Realty Partners. The seller was not disclosed. Totaling 84,346 square feet, Van Nuys Industrial Park features four light industrial buildings constructed between 1963 and 1974, plus two land parcels totaling 3.8 acres used as outdoor storage lots for automobile and truck trailers. At the time of sale, the property was fully leased to six tenants. The buildings are located at 16300-16210, 16251, 16201, 16141, 16161 Raymer St. and 8085 Woodley Ave. Greg Brown and Peter Thompson of JLL Capital Markets placed the three-year, floating-rate, nonrecourse acquisition loan with Prime Finance.

May 3, 2022

Acquisitions Illinois Industrial Midwest

Brown Commercial Group Brokers Sale of 28,810 SF Industrial Building in Addison, Illinois

by Kristin Harlow May 3, 2022

ADDISON, ILL. — Brown Commercial Group Inc. has brokered the sale of a 28,810-square-foot industrial building in Addison. The property is located at 25 W. Official Road. Mike Antonelli of Brown represented the buyer, Pat Mooney Saws, a distributor and importer of metal sawing machinery, accessories and saw blades. The building is across the street from the headquarters of Pat Mooney Saws. The seller and sales price were undisclosed.

May 3, 2022

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