LAS VEGAS — RealComm Advisors has brokered the sale of a 34,982-square-foot industrial building located at 7090 W. Arby Ave. in Las Vegas. 7090 Arby LLC purchased the asset for $7.3 million. Greg Pancirov and Paul Hoyt of RealComm Advisors represented the seller, Palo Alto Properties, in the transaction.
DALLAS — Locally based investment firm M2G Ventures has acquired eight industrial buildings totaling approximately 207,000 square feet in the West Brookhollow submarket of Dallas. The properties, the six-building Commonwealth Industrial Park and two buildings plus an adjacent parcel on Woodall Street, comprise a total of 11.6 acres. M2G Ventures plans to implement a value-add program. The seller and sales price were not disclosed.
ROUND ROCK, TEXAS — Seattle-based developer and operator Sabey Data Centers will develop a facility in the northern Austin suburb of Round Rock that will have the capacity to produce up to 72 megawatts of power. The two-building development will be situated on a 40-acre site and will be primarily marketed to hyperscale cloud users. Preliminary sitework is underway, and Sabey plans to break ground in June and to deliver the facility in the first quarter of 2023.
JACKSONVILLE, FLA. — Kansas City-based VanTrust Real Estate LLC has broken ground on three industrial buildings at its Imeson Park South property in Jacksonville totaling approximately 1.7 million square feet. The three projects currently underway include a 200,000-square-foot build-to-suit building, one 547,200-square-foot speculative building on approximately 33 acres and a 1 million-square-foot building on about 63 acres. Building amenities at both speculative buildings include ample automobile, dock and trailer parking. Construction on all three buildings is expected to be complete by the second quarter of 2023. Located at 1511 Zoo Parkway, the property is situated 10.5 miles from Jacksonville International Airport and 3.1 miles from the Jacksonville Zoo. VanTrust purchased the 196-acre Imeson Park South property in October 2021.
NEW YORK CITY — Chase Bank has provided a $60.8 million loan for the refinancing of a portfolio of seven light industrial properties totaling 199,457 square feet in New York City. Three of the properties are located in Brooklyn; two are in Queens, and two are in The Bronx. The Class B properties offer clear heights ranging from 16 to 28 feet, 20 loading positions, some office finish and ample parking. The portfolio was fully leased to eight tenants at the time of the loan closing. Greg Nalbandian, Jim Cadranell, Michael Lachs and Alex Staikos of JLL arranged the 10-year, nonrecourse loan, which carried a fixed interest rate, on behalf of the borrower, metro Philadelphia-based Seagis Property Group.
LAS VEGAS — RealComm Advisors has arranged the sale of an industrial property located at 4750 W. Sunset Road in Las Vegas. Oulette DS acquired the 42,000-square-foot building for $10.7 million. Greg Pancirov and Paul Hoyt of RealComm handled the transaction.
SUMMERVILLE, S.C. — WRS Inc. Real Estate Investments has acquired three fully tenanted industrial/flex buildings totaling 55,643 square feet in Summerville. Patrick Marr of WRS Inc. represented the firm internally. The seller and sales price were not disclosed. The industrial/flex buildings include the following: 114-A&B Trigard Lane (20,803 square feet); 215-A&B Varnfield Drive (25,000 square feet); and 220 Varnfield Drive (9,840 square feet). The properties are located about 25 miles from Charleston and 18 miles from Charleston International Airport.
FENTON, MO. — U.S. Capital Development has selected IMPACT Strategies to build two new speculative industrial buildings at Fenton Logistics Park in Fenton, a southwest suburb of St. Louis. Building 6A will span 125,000 square feet, while Building 6B will total 160,000 square feet. Completion of both buildings is slated for the fourth quarter of this year. IMPACT is also handling site development for earthwork, utilities, parking lots and landscaping. Fenton Logistics Park is the redevelopment of a former Chrysler plant that will span more than 2.5 million square feet upon full buildout.
CRESTWOOD, ILL. — Entre Commercial Realty has arranged the sale of a 20,273-square-foot industrial building in Crestwood, a southwest suburb of Chicago. The sales price was undisclosed. The property features five drive-in doors and an outdoor storage yard. The building is fully leased to two tenants. Jeff Locascio and Chris Wilbur of Entre represented the seller, TFZ Enterprises. Matthew Lee of Darwin Realty/CORFAC International represented the buyer, Commercial Business Properties LLC.
Content PartnerFeaturesIndustrialLeasing ActivityLee & AssociatesMarket ReportsMidwestMultifamilyNortheastOfficeRetailSoutheastTexasWestern
Lee & Associates’ First-Quarter 2022 Economic Rundown by Sector
Lee & Associates’ newly released Q1 2022 North America Market Report scrutinizes first-quarter 2022 industrial, office, retail and multifamily outlooks throughout the United States. This class-by-class review of commercial real estate trends for the first quarter of the year focuses on how real estate is adjusting to long-term post-COVID attitudes. Lee & Associates has made the full market report available here (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city), but the overviews offered below provide sweeping looks at the overall health and obstacles for four major commercial real estate sectors. Industrial: Rents Pushed on Strong Demand Strong demand for industrial space throughout North America continued in the first quarter as vacancies fell to record lows and rent growth hit double digits. First quarter net absorption in the United States totaled 92.8 million square feet, which was up 25 percent year over year but down 35 percent from the 143-million-square feet average of the last three quarters of 2021. Annualized rents rose 10.1 percent in the U.S. and the average vacancy rate fell to 4.1 percent. Part of this trend was due to a pause in new construction starts early in the pandemic. However, …