OKLAHOMA CITY — Tampa-based brokerage firm SkyView Advisors has negotiated the sale of the Shepherd & Mustang Portfolio, a self-storage portfolio in the Oklahoma City area that consists of two properties totaling 145,115 net rentable square feet across 978 units. Scott Schoettlin and Ryan Clark of SkyView Advisors represented the seller, a locally based limited liability company, in the transaction. The buyer is a Texas-based developer that is considering vertically expanding the facilities with climate-controlled space.
GREENWOOD, IND. — CA Industrial and Clarion Partners have broken ground on the Indy South Logistics Center, a two-building speculative industrial development spanning 708,000 square feet in Greenwood, about 12 miles south of Indianapolis. Completion of both buildings is slated for summer 2022. Situated at 955 N. Graham Road, the project will offer immediate access to I-65 and I-465. The Peterson Co. is the general contractor. JLL’s Steve Schwegman and Brian Seitz will market the project for lease.
WILMINGTON, OHIO — Time Equities Inc. (TEI) has acquired three industrial buildings totaling 526,019 square feet in Wilmington, which is located midway between Cincinnati and Columbus. Located along Progress Way, the buildings are fully occupied by PC Connection, DealerTrack and New Sabina Industries. Max Pastor and Brian Soto of TEI led the acquisition. Michael Sullivan of Cushman & Wakefield represented the undisclosed seller.
EAST HANOVER, N.J. — San Francisco-based Terreno Realty Corp. (NYSE: TRNO) has sold an industrial property in East Hanover, located about 25 miles west of New York City, for $32.7 million. The property consists of three buildings totaling approximately 167,000 square feet that are situated on an 11.7-acre site. Terreno Realty purchased the property, which was 88 percent leased to 32 tenants at the time of sale, in September 2013. The buyer was not disclosed.
By Richard Gorodesky, SIOR, senior managing director, Colliers International; and Adam Gorodesky, associate, Colliers International Commercial real estate is historically a cyclical business. There is a fairly predictable pattern of oversupply, recession, recovery and finally expansion before starting all over again. While the cycle isn’t always this cleanly defined, it generally follows this pattern, and has done so for decades. While this formula can be very useful for understanding the cycles and what occurs during them, it lacks one key ingredient: timing. There’s no way to accurately predict when one stage is ending or how long each phase will last. On a basic level, like in all markets, the commercial real estate market cycle responds to the balance, imbalance and rebalancing of supply and demand. The factors that influence the market and determine the length of each cycle are and will continue to be moving targets. Demand Overview While e-commerce represents about 18 percent of retail sales today, and it is widely believed in commercial real estate circles that that number could grow to 30 percent by 2025. Amazon, online retailers and other e-commerce companies have not only fueled demand for last-mile distribution facilities, which are necessary to reach as …
DUNCAN, S.C. — Atlanta-based Seefried Industrial Properties has broken ground on Victor Hill Distribution Center, a 185,250-square-foot industrial project in Duncan. Located at 1117 Victor Hill Road on a 15-acre site, Victor Hill is situated about 3.6 miles from Greenville-Spartanburg International Airport, 17.8 miles from downtown Greenville and 2.3 miles from BMW’s plant in Spartanburg, S.C. The Class A distribution center is being built on a speculative basis and is slated for completion and for tenant occupancy by July 2022. The building will have 32-foot clear heights, a rear-load configuration with a 185-foot truck court, 30 dock doors, 135 parking spaces and 50 trailer spaces. Additionally, the building will offer 2,300 square feet of office space. Doug Smith and Joseph Tripp of Seefried Industrial Properties will internally lead leasing for the building. Pattillo Construction Corp. is the general contractor at Victor Hill, and MCA Architecture is the project architect.
FORT WORTH, TEXAS — Hillwood will develop Alliance Center North 8 and 9, two speculative industrial buildings totaling approximately 1 million square feet within the firm’s 27,000-acre AllianceTexas master-planned development in Fort Worth. The cross-dock buildings will be marketed to e-commerce, logistics and manufacturing users and will feature 36-foot clear heights, 185-foot truck court depths, office space and LED warehouse lighting. In addition, Alliance Center North 8 will offer 140 car parking spaces (expandable to 260) with 116 trailer parking spaces, and Alliance Center North 9 will provide 150 car parking spaces with 221 trailer parking spaces. The groundbreaking is set for December, and completion is slated for the third quarter of 2022.
MILWAUKEE — Founders 3 Real Estate Services has brokered the sale-leaseback of a 146,560-square-foot industrial facility in Milwaukee for an undisclosed price. The property serves as a processing plant for tenant Klement’s Sausage Co. The facility features climate-controlled manufacturing space as well as significant cold and freezer storage space. Klement’s has occupied the building since its construction in 1989. Since then, the property has gone through extensive renovations and expansions in 1997, 2004 and 2019. Klement’s, a subsidiary of Tall Tree Foods, has signed a long-term lease for the facility. Bob Flood, Andy Hess and Kemp Collings of Founders 3 represented Tall Tree Foods in the transaction. Madison-based SARA Investment Real Estate was the buyer.
BLAINE, MINN. — The Opus Group has broken ground on a 137,178-square-foot speculative industrial building known as Sanctuary Business Center in Blaine, a northern suburb of Minneapolis. The property will feature two drive-in doors, 32 dock positions, parking for 160 vehicles, trailer parking and LED lighting. Completion is slated for July 2022. Opus is the developer, design-builder, interior designer, architect and structural engineer. Stantec is the civil engineer. Danny McNamara of Cushman & Wakefield is the listing broker for the property.
By Peter Loehrer, Colliers MSP Minneapolis has secured its position as the darling market of the Midwest industrial investment community. Minneapolis was the quintessential Midwest city: cautious real estate development, durable rents with stately growth and moderate but unwavering absorption growth year to year. This, however, is no longer the case. A combination of repeated institutional capital injections, a highly constrained land market and exponential growth in tenants looking for new space has transformed Minneapolis into an institutional and foreign capital target market. Institutional capital By far the most transformational event in recent history for the Minneapolis industrial market was Link Industrial’s entrance into the market. Beginning in 2018 with the Gramercy acquisition, and continuing in 2019 with the Space Center acquisition — both of which have bits and pieces of the national portfolio located throughout Minneapolis — Link made its first real foray into Minneapolis in May of 2019 with the acquisition of the 2.2 million-square-foot Industrial Equities portfolio. Link quickly followed this up with pieces of the GLP and Colony Capital acquisitions, as well as the largest real estate purchase in Minneapolis history, the 7.2 million-square-foot CSM Corp. industrial portfolio, and most recently the 2.5 million-square-foot Prologis portfolio. …