BOGOTA, N.J. — JLL has arranged an undisclosed amount of predevelopment and construction financing for a 150,917-square-foot speculative warehouse that will be located in the Northern New Jersey community of Bogota. The site spans 10.8 acres at 14-22 River Road. Building features will include a clear height of 40 feet, 28 dock doors, three drive-in doors, an ESFR sprinkler system, 15 trailer parking stalls and 225 automobile parking spaces. David Sitt, Peter Rotchford, Matthew Pizzolato and Michael Lachs of JLL arranged the loan through Centennial Bank on behalf of the borrower, Thor Equities Group.
DEKALB, ILL. — Facebook parent company Meta has unveiled plans to expand its data center that is currently under construction in DeKalb, more than doubling the square footage from two buildings to five. With the increased footprint, the project now represents a total investment of more than $1 billion. Meta previously announced that it was building its 12th U.S. data center in DeKalb in June 2020. Development costs were estimated at $800 million at that time. Crain’s Chicago Business reports that the five-building campus will be the largest data center in the state of Illinois. Meta says it selected DeKalb, which is located about 65 miles west of Chicago, for its access to renewable energy, talent pool and community partners. Meta is collaborating with the University of Illinois at Urbana-Champaign on a pilot program with the goal of developing a more sustainable concrete mix to help reduce the carbon footprint. Meta has also invested in two new wind energy projects in the Illinois counties of Morgan and DeWitt.
BENSENVILLE, ILL. — Transportation company Grane Distribution Services LLC has renewed its 174,824-square-foot industrial lease at 703 Foster Ave. in the Chicago suburb of Bensenville. The building, constructed in 1972, features 21 exterior docks, 14 interior docks and one drive-in door. George Cibula and Rick Daly of Darwin Realty/CORFAC International represented the landlord, Welbic Investments LLC, of which Speedwagon Capital Partners LLC is a partner. Grane has operated in the Chicago area since 1925.
HOUSTON — Cushman & Wakefield has brokered the sale of two Houston industrial portfolios totaling approximately 1.4 million square feet. The Northwest Houston Portfolio consists of eight buildings totaling 740,925 square feet located along the U.S. Highway 290 corridor, and the Loop 610 Portfolio comprises five buildings totaling 709,114 square feet in various submarkets. Jim Carpenter, Jud Clements, Robby Rieke, Taylor Starnes, Jim Foreman and Brooke Forrest of Cushman & Wakefield represented the undisclosed seller in the transaction. At the time of sale, the portfolios had a combined occupancy rate of 97.4 percent. The buyer was also undisclosed.
MCKINNEY, TEXAS — South Carolina-based development and management firm Greystar has broken ground on Phase I of McKinney Airport Trade Center, a 70-acre industrial project located north of Dallas. Phase I will consist of three buildings spanning 320,000 square feet. Phase II will feature two buildings totaling 434,000 square feet. Completion of Phase I is slated for the end of the year. NAI Robert Lynn and Carey Cox Co., which jointly represented Greystar in its acquisition of the land, have also been retained to market and lease the property.
CONCORD, N.H. — Storage Ventures, a Connecticut-based self-storage investment and management firm, has acquired a 385-unit facility located along Concord’s Loudon Road corridor. Built in 1988, the six-building complex offers drive-up self-storage space and a rental apartment, as well as outdoor parking for cars, recreational vehicles and boats. The seller and sales price were not disclosed.
What does the Lincoln, Nebraska commercial real estate market have to offer? Quite simply it has land, room to grow, affordability and a centralized location. Pair these attractive and unique features with an educated workforce in a culturally diverse community and the answer becomes clear. Lincoln’s commercial real estate market has a lot of potential. Despite Lincoln’s small size of approximately 300,000 people, it is experiencing the same challenges and triumphs as the bigger metropolitan areas. Warehouse space One of the biggest challenges in the Lincoln market is the low supply of industrial space in a high-demand environment. The industrial vacancy rate as of year-end 2021 was 1.6 percent. Any new product that comes on market is leased quickly and the per-square-foot selling price is trending up with a 31 percent increase in just three years. Unfortunately, in the Lincoln market, the value of new industrial construction building permits has been trending down over the last five years. The rising cost of construction makes this trend even more significant; many developers are unwilling to invest in speculative product without the certainty that tenants will pay the rental rate necessary to provide an adequate rate of return. One local developer, Las …
NEW HILL, N.C. — JLL has secured an approximately 340,000-square-foot lease with FedEx Ground at TIP West within Triangle Innovation Point, a 2,200-acre life sciences and advanced manufacturing park in New Hill. Matt Winters and Al Williams of JLL handle marketing and leasing for the park on behalf of ownership, a joint venture between Samet Corp., Lee-Moore Capital and a Denver-based family office. FedEx Ground will fully occupy Building One at TIP West, which is currently under construction. The building is part of the first phase of development at Triangle Innovation Point and will deliver by the end of the year. FedEx Ground is set to occupy the space in early 2023. Triangle Innovation Point can be subdivided for specific users as needed, with lot sizes ranging from 10 to 1,000 acres, and building layouts from 35,000 square feet up to 1 million square feet. Triangle Innovation Point is located close to the Research Triangle Park and Raleigh-Durham International Airport.
WINSTON-SALEM, N.C. — Chicago-based Brennan Investment Group has broken ground on a Class A industrial building on the former RJ Reynolds Headquarters campus in Winston-Salem known as Whitaker Park. Landmark Construction is the general contractor on the project. The construction timeline was not disclosed. The tilt-wall, speculative building will span 110,000 square feet and is designed to be divisible from one to four tenants. Bob Lewis, Chris Lowe and Jamie Newell of NAI Piedmont Triad are handling leasing on behalf of Brennan Investment Group. The Whitaker Park sits in a strategic last-mile, infill location near downtown Winston-Salem, Wake Forest University and five nearby interstates.
FORT WORTH, TEXAS — New York-based investment firm Clarion Partners has purchased Intermodal Commerce Park, a 1.4 million-square-foot industrial development located within the 26,000-acre AllianceTexas master-planned community in Fort Worth. Built in 2021, the property consists of three buildings with 36- to 40-foot clear heights, 266 dock-high doors, 10 ramp doors, 325 trailer parking stalls and 641 car parking spaces. Tenants include H-E-B, Volkswagen, Prairie Industries and ANEW Business Solutions. Dustin Volz, Stephen Bailey, Dom Espinosa, Wells Waller and Jack Copher of JLL represented the seller, a partnership between Gruene Real Estate Partners, Weber & Co. and Crow Holdings Development, in the transaction. JLL has also been retained by Clarion to lease the property.