Industrial

CapRock Partners Breaks Ground on 2 MSF Industrial Warehouse Development in Norco, California

by Amy Works April 7, 2022

NORCO, CALIF. — CapRock Partners has broken ground on Phase I of Palomino Ranch, a master-planned industrial warehouse development located at 1811 Mountain Ave. in Norco. Spanning 112 acres, the project will total 2 million square feet across 24 buildings. The initial phase of the Class A project will include eight standalone industrial buildings, totaling approximately 700,000 square feet on 44 acres. Phase I buildings will range from approximately 55,000 square feet to 156,000 square feet with clear heights from 30 feet to 36 feet. Buildings larger than 20,000 square feet will offer up to 6,000 square feet of mezzanine office space. Other features will include secured and unsecured concrete truck courts, 125-foot truck court depth, ESFR sprinklers and up to 4,000 amps of power. At total project completion, Palomino Ranch will be the largest industrial real estate development in Norco’s history. The project will be LEED certified and feature design elements such as wrap-around wooden porches and lantern streetlighting that are reflective of the city’s equestrian background and nickname Horsetown U.S.A. Jeff Ruscigno, Brian Pharris, Paul Earnhart, Ryan Earnhart, Austin Hill and Jeff Smith of Lee & Associates have been retained to market the lease availabilities at the project. …

April 7, 2022

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 279-Unit Self-Storage Facility in Tyler, Texas

by Taylor Williams April 7, 2022

TYLER, TEXAS — Marcus & Millichap has brokered the 1031 exchange sale of Paluxy Drive Self Storage, a 279-unit facility in Tyler, located about 100 miles east of Dallas. The property was built in phases between 1999 and 2010 and spans 35,892 net rentable square feet. Brandon Karr of Marcus & Millichap represented the seller, a locally based family partnership, in the transaction. Karr also procured the buyer, an East Texas-based investor.

April 7, 2022

Acquisitions Arizona Industrial Western

Stonelake Capital Partners Buys Renovated Industrial Building in Gilbert, Arizona for $11.5M

by Amy Works April 7, 2022

GILBERT, ARIZ. — Dallas-based Stonelake Capital Partners has purchased a renovated industrial property located at 1503 W. San Pedro St. in Gilbert. Pallisides Trust sold the vacant asset for $11.5 million. Situated on five acres, the 65,531-square-foot building features 9,000 square feet of office space, 24-foot clear heights, LED lighting, air conditioning, a secured yard with motorized gate, advanced security system, new asphalt parking lot, multiple cranes, air compressors and grade-level loading. The property also includes 1.5 acres of excess yard. Phil Haenel, Mike Haenel and Andy Markham of Cushman & Wakefield’s Phoenix office represented both parties in the deal.

April 7, 2022

Acquisitions Industrial New Jersey Northeast Self-Storage

Storage Post Acquires Self-Storage Facility in Linden, New Jersey

by Taylor Williams April 7, 2022

LINDEN, N.J. — Storage Post, an Atlanta-based self-storage owner-operator, has acquired a facility located at 1051 Edward St. in the Northern New Jersey community of Linden. The number of units was not disclosed, but the property spans approximately 107,000 square feet of net rentable climate-controlled space. The seller was also not disclosed. Storage Post will assume operations of the property, which previously conducted business under the Public Storage brand.

April 7, 2022

Industrial Loans Massachusetts Northeast Self-Storage

Talonvest Capital Arranges $23.1M Acquisition Loan for Metro Boston Self-Storage Facility

by Taylor Williams April 7, 2022

QUINCY, MASS. — Boutique commercial advisory firm Talonvest Capital has arranged a $23.1 million acquisition loan for a 1,351-unit self-storage facility located in the southern Boston suburb of Quincy. The climate-controlled property spans 103,562 net rentable square feet. An undisclosed life insurance company provided the nonrecourse loan, which carried a four-year term and three years of interest-only payments, on behalf of the borrower, Madison Capital Group.

April 7, 2022

Industrial Market Reports Midwest Midwest Market Reports NAI Office Ohio

The Secret Is Out About Investment in Columbus, Ohio

by Kristin Harlow April 7, 2022

There was a time when an investment in the Columbus, Ohio commercial real estate market had to be justified to outsiders and required a higher return to attract investors. After all, it sits squarely in “fly-over country” in the heart of the rust belt. With the exception of getting a superior return, why would an investor choose Columbus, over say, New York or Chicago? But that’s all changed. Cap rates are now as low as, or lower than, other major markets. Investors have been driven to those markets, despite having a lower cap rate, because they knew rent growth was continuous and the sales price would appreciate over time. For decades, Columbus’ sales prices had remained stagnant due to a lack of increase in lease rates. However, over the past two years, lease rates have been rapidly increasing in the industrial market, and projections expect that trend to continue. The Columbus office market hasn’t seen the same rental appreciation — yet. But projections indicate that there will be rental appreciation in office as well, mostly due to increased demand and lack of speculative development over the past two years, but also due to rising land and construction costs. Because of …

April 7, 2022

Development Illinois Industrial Midwest

Contegra Underway on 800,000 SF Spec Distribution Center Near St. Louis

by Kristin Harlow April 6, 2022

EDWARDSVILLE, ILL. — Contegra Construction Co. is underway on Gateway Commerce Center in Edwardsville near St. Louis. The 800,000-square-foot speculative distribution center is slated for completion this fall. EQT Exeter is the developer. Upon completion, the project will feature 146 dock doors, four drive-through doors, 3,000 square feet of office space, a specialized HVAC system and parking for 206 trucks and 538 cars.

April 6, 2022

Acquisitions Illinois Industrial Midwest

Conor Commercial Real Estate Sells Two-Building Industrial Development in Elgin, Illinois

by Kristin Harlow April 6, 2022

ELGIN, ILL. — Conor Commercial Real Estate has sold Northwest Pointe III in Elgin for an undisclosed price. The property consists of two industrial buildings totaling 349,080 square feet and is situated within Northwest Corporate Park. At the time of sale, the property was 72 percent leased to three tenants, including Continental Packaging. Both buildings feature a clear height of 32 feet and 20 dock doors. McShane Construction Co. served as general contractor and Ware Malcomb was the architect. Ed Halibert and John Hugenard of JLL represented Conor in the sale to the private buyer.

April 6, 2022

Acquisitions Industrial Texas

NAI Partners Brokers Sale of 44,304 SF Warehouse in Weslaco, Texas

by Taylor Williams April 6, 2022

WESLACO, TEXAS — NAI Partners has brokered the sale of a 44,304-square-foot warehouse located at 818 E. Expressway 83 in the Rio Grande Valley city of Weslaco. NAI Partners’ Carlos Marquez represented the buyer, Western Industries Corp., in the transaction. Charles Marina of First American Realty represented the seller, Fidelity Bonded Warehouse of Texas.

April 6, 2022

Acquisitions Industrial Lee & Associates Texas

Lee & Associates Arranges Sale of 31,217 SF Industrial Building in Irving

by Taylor Williams April 6, 2022

IRVING, TEXAS — Lee & Associates has arranged the sale of a 31,217-square-foot industrial building located at 3402 Century Circle in Irving. Alex Wilson and Nathan Denton of Lee & Associates represented the buyer, locally based investment and development firm CanTex Capital, in the transaction. Blue Fish Sushi DFW, which operates six Japanese restaurants across the metroplex, sold the property for an undisclosed price.

April 6, 2022

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