Industrial

Merritt Properties Acquires Industrial Park in Metro Richmond for $41.3M

by John Nelson August 24, 2022

ASHLAND, VA. — Merritt Properties has acquired Crescent Business Center, a five-building industrial park totaling 262,256 square feet in Ashland, about 10 miles north of Richmond. An affiliate of Thalhimer Realty Partners Inc. doing business as Crescent Business Center LC sold the asset for $41.3 million. Eric Robison of Cushman & Wakefield | Thalhimer represented the seller in the transaction. Crescent Business Center is situated along I-95 on 20 acres and features an additional 19 acres for future development. The park was fully leased at the time of sale to tenants including Trane U.S., Electronic Systems, Motion Industries and Sunbelt Rentals.

August 24, 2022

Indiana Industrial Leasing Activity Midwest

Rhenus Logistics Signs 139,820 SF Industrial Lease at Gateway Business Park in Metro Indianapolis

by Kristin Harlow August 24, 2022

PLAINFIELD, IND. — Rhenus Logistics has signed a 139,820-square-foot industrial lease at Gateway Business Park in the Indianapolis suburb of Plainfield. The lease transaction with the global logistics provider marks the lease-up of the entire seven-building industrial park, which is owned by Chicago-based HSA Commercial Real Estate. Headquartered in Germany, Rhenus Logistics operates across Europe, Asia, South America and the U.S. Plainfield will be the first Midwest location for the company. Nick Wigoda and Matt Kiger of Newmark represented the tenant, while Terry Busch and Jared Scaringe of CBRE represented ownership.

August 24, 2022

Acquisitions Illinois Industrial Midwest

Venture One Acquires 59,150 SF Industrial Building in Wood Dale, Illinois

by Kristin Harlow August 24, 2022

WOOD DALE, ILL. — Venture One Real Estate has acquired a 59,150-square-foot industrial building in the Chicago suburb of Wood Dale for an undisclosed price. Constructed in 1974, the property at 955 Lively Blvd. features three docks, three drive-in doors, parking for 60 cars, 5,180 square feet of office space and a clear height of 18 feet. Jay Farnam of Lee & Associates represented the undisclosed seller in the sale-leaseback transaction. Venture One utilized its acquisition fund, VK Industrial VI LP, which is a partnership between Venture One and Kovitz Investment Group.

August 24, 2022

Acquisitions Colorado Industrial Western

IG Logistics, Meadow Partners Acquire 26.7-Acre Industrial Site in Central Denver

by Amy Works August 23, 2022

DENVER, COLO. — New York-based IG Logistics LLC and Meadow Partners have purchased a 26.7-acre industrial storage yard/trailer site in central Denver for $19 million. Located at 409 W. 66th Ave., the vacant property is zoned for outside storage and includes a 10,000-square-foot freestanding industrial building with 6,500 square feet of office space, two drive-thru service bays and 14-foot clear heights. IG Logistics, Imperium Capital’s industrial platform, is an owner-operator of industrial properties that have a large outdoor storage or transportation component. The company specializes in acquiring and developing infill assets in high-barrier-to-entry urban growth markets where demand for logistics real estate is driven by e-commerce. The company’s strategy focuses on last-mile facilities that are mission critical to the supply chain. The buyers have retained Matt Trone and Joey Trinkle of Cushman & Wakefield to lead marketing efforts for the asset. The property can accommodate a single user or multiple.

August 23, 2022

Development Industrial Texas

Bauer Group Unveils Plans for 79-Acre Industrial Redevelopment in Conroe, Texas

by Taylor Williams August 23, 2022

CONROE, TEXAS — The Bauer Group, an international construction firm and machinery manufacturer, has unveiled plans for Northstar Industrial Park, a project in the northern Houston suburb of Conroe. The 79-acre site, which currently houses five warehouse and distribution buildings totaling approximately 200,000 square feet, formerly served as the U.S. headquarters for Bauer Group’s subsidiary, NEORig. The development team, which includes leasing agency Avison Young, will market the buildings to distribution and manufacturing users following NEORig’s departure from the site. The team also plans to construct build-to-suit facilities on the site’s 31.5 acres of undeveloped land, which could ultimately yield as much as 500,000 square feet of leasable product.

August 23, 2022

Development Georgia Industrial Southeast

LPC Southeast to Break Ground on 305,000 SF Industrial Project in Emerson, Georgia

by John Nelson August 23, 2022

EMERSON, GA. — Lincoln Property Co. Southeast (LPC Southeast) plans to break ground on LakePoint 75, a 305,000-square-foot distribution center in Emerson, a city near the north Atlanta suburb of Cartersville. The property will be situated off Joe Frank Harris Parkway, a half-mile from I-75 and 28 miles from I-285. The facility will feature 36-foot clear heights, 67 dock-high doors, 37 trailer parking spaces and 170 auto parking spaces. The complex will also include grills, outdoor activity space, communal seating and open-air meeting space. LPC Southeast plans to deliver the property in fall 2023.

August 23, 2022

Acquisitions Industrial Kentucky Office Southeast

MAG Capital Partners Acquires Flex Industrial Facility in Nicholasville, Kentucky in Sale-Leaseback Deal

by John Nelson August 23, 2022

NICHOLASVILLE, KY. — MAG Capital Partners has purchased a 112,400-square-foot flex industrial facility located on 40.9 acres at One Security Drive in Nicholasville, a suburb of Lexington. The Fort Worth, Texas-based firm acquired the property in a sale-leaseback deal with Los Angeles-based OpenGate Capital, parent company of the tenant, Sargent & Greenleaf. Founded in 1857, Sargent & Greenleaf is an electronic and mechanical lock manufacturer for the banking, residential, railroad and government sectors. Nick Foster of JLL’s Newport Beach, Calif., office represented MAG Capital in the transaction. The sales price was not disclosed. The property comprises 90,000 square feet of manufacturing space with 22-foot clear heights and 22,400 square feet of office space.

August 23, 2022

Acquisitions Industrial Midwest Minnesota Self-Storage

Marcus & Millichap Arranges Sale of Self-Storage Portfolio in Minnesota

by Kristin Harlow August 23, 2022

MINNESOTA — Marcus & Millichap has arranged the sale of a 24-property self-storage portfolio in Minnesota for an undisclosed price. Nathan Coe, Gabriel Coe and Brett Hatcher of Marcus & Millichap represented the seller, KO Storage, and procured the undisclosed buyer. The portfolio spans more than 700,000 net rentable square feet.

August 23, 2022

Acquisitions Industrial Iowa Midwest

MAG Capital Partners Sells 48,237 SF Manufacturing Facility in Marion, Iowa

by Kristin Harlow August 23, 2022

MARION, IOWA — MAG Capital Partners LLC has sold a 48,237-square-foot manufacturing facility in Marion, a northwest suburb of Cedar Rapids. A private West Coast-based partnership purchased the asset for an undisclosed price. Judd Dunning of DWG Capital Group represented both the buyer and seller. The property serves as the corporate headquarters of Advanced Material Processing, which focuses on material processing equipment for the food and beverage, pharmaceutical, nutraceutical and chemical sectors. MAG Capital Partners acquired the property in a sale-leaseback transaction in October 2020.

August 23, 2022

Arizona Development Industrial Top Stories Western

Intel, Brookfield to Jointly Invest $30B for Expansion of Semiconductor Manufacturing Plants in Chandler, Arizona

by John Nelson August 23, 2022

CHANDLER, ARIZ. — Tech giant Intel Corp. (NASDAQ: INTC) has signed a definitive agreement with the infrastructure affiliate of Brookfield Asset Management (NYSE: BAM), a global alternative asset management firm, to fund the expansion of its Ocotillo semiconductor manufacturing campus in Chandler. Under terms of the agreement, the companies will jointly invest up to $30 billion in the buildout, with Intel providing 51 percent and Brookfield Infrastructure Partners providing 49 percent of the total project costs. Dubbed the “Semiconductor Co-Investment Program,” the partnership will create two new production facilities on the 700-acre campus, which Intel established in 1980. Santa Clara, Calif-based Intel will retain majority ownership and operating control of the two new chip factories. No construction details or timeline were disclosed. Semiconductors, or chips, are an essential element of most all electronic and computing devices, including electric vehicles, phones, tablets, TVs, home appliances, solar panels and gaming consoles. “Semiconductor manufacturing is among the most capital-intensive industries in the world,” says David Zinsner, Intel’s chief financial officer. “Our agreement with Brookfield is a first for our industry, and we expect it will allow us to increase flexibility while maintaining capacity on our balance sheet to create a more distributed and …

August 23, 2022

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