Industrial

Jackson-Shaw to Develop 224-Acre Industrial Park in Metro Austin

by Taylor Williams March 7, 2022

GEORGETOWN, TEXAS — North Texas-based developer Jackson-Shaw has purchased 224 acres in the northern Austin suburb of Georgetown for the development of a business park that will be known as CrossPoint. Phase I of CrossPoint will consist of three buildings totaling 488,000 square feet on a 61.7-acre tract. In addition, Onx Homes has signed a 204,000-square-foot lease to occupy Building 1 in the initial phase of development. Joeris is the general contractor, with Powers Brown as the architect and Pacheco Koch as the civil engineering firm. CrossFirst Bank is providing construction financing, and CBRE has been tapped to lease the project. Diamond Realty is the equity partner. Construction of Phase I is slated to begin in April and be complete in the second quarter of 2023.

March 7, 2022

Acquisitions Industrial Texas

Arden Group Acquires 203,421 SF Industrial Complex in Northeast Houston

by Taylor Williams March 7, 2022

HOUSTON — Arden Logistics Parks, a division of Philadelphia-based investment firm Arden Group, has acquired a two-building, 203,421-square-foot industrial complex in northeast Houston. Built in 1999 and renovated in 2008 and 2014, the property features 24- to 30-foot clear heights. Rusty Tamlyn, Trent Agnew, Charlie Strauss and Jack Moody of JLL represented the undisclosed seller in the transaction. James Brolan and John David Johnson of JLL arranged the financing on behalf of Arden Logistics Parks.

March 7, 2022

Delaware Industrial Loans Northeast

IPA Arranges $138M Loan for Refinancing of Industrial Portfolio in New Castle, Delaware

by Taylor Williams March 7, 2022

NEW CASTLE, DEL. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $138 million loan for the refinancing of a portfolio of 14 industrial properties spanning 2.2 million square feet in New Castle. James Conley and Neil Campbell of IPA arranged the loan through Barclays and Citibank on behalf of the undisclosed borrower.

March 7, 2022

112-West-Park-Drive-Mount-Laurel-New-Jersey

Development Industrial Northeast

Prologis to Develop 184,500 SF Logistics Center in Mount Laurel, New Jersey

by Taylor Williams March 7, 2022

MOUNT LAUREL, N.J. — San Francisco-based industrial giant Prologis will develop a 184,500-square-foot logistics center in Mount Laurel, located outside of Philadelphia in Bergen County. Elli Klapper, Jeremy Wernick, Mark Silverman, Charles Berger, Kevin Dudley and Brian Fiumara of CBRE represented Prologis in its acquisition of the 16.8-acre site, which currently houses a 114,676-square-foot office building. Veritas Real Estate sold the land for an undisclosed price. A construction timeline was not disclosed.

March 7, 2022

Development Industrial Midwest Ohio

Kroger, Ocado to Open 270,000 SF Customer Fulfillment Center in Cleveland Area

by Kristin Harlow March 7, 2022

CLEVELAND — The Kroger Co. (NYSE: KR) has unveiled plans to open a new customer fulfillment center in the Cleveland area for grocery delivery services. Technology company Ocado Group will operate the facility, which will span 270,000 square feet. The facility will utilize robotics for automated production, but it also expected to create up to 400 new jobs in the area. Completion of the project is slated for 24 months after construction begins. The warehouse, which will service Northeast Ohio and Pennsylvania, marks the second customer fulfillment center in the state of Ohio for Kroger and Ocado. A specific location for the project was not released.

March 7, 2022

Acquisitions Illinois Industrial Midwest

Cawley Chicago Arranges Sale of 130,000 SF Manufacturing Facility in Cicero, Illinois

by Kristin Harlow March 7, 2022

CICERO, ILL. — Cawley Chicago has arranged the sale of a 130,000-square-foot manufacturing facility in Cicero for an undisclosed price. The property sits on more than three acres at 4620 W. 19th St. Frank Melchert and Matt Garland of Cawley Chicago represented the seller, a private individual who had operated a business at the property for 31 years. Local business and metal fabricator Accurate Perforating Co. was the buyer.

March 7, 2022

California Industrial Loans Northmarq Western

Northmarq Negotiates $35M Refinancing for Seven-Building Industrial Campus in San Jose

by Amy Works March 7, 2022

SAN JOSE, CALIF. — Northmarq has arranged $35 million in refinancing for a seven-building industrial asset located at 1100-1070 Commercial St. in San Jose. Built in 1995 on 18.6 acres, the property features 337,585 square feet of industrial space with one-third warehouse space, one-third light industrial and one-third incubator space. John Kerslake and Briana Harney of Northmarq’s San Francisco debt/equity office secured the 10-year, interest-only loan for the borrower through the firm’s correspondent relationship with a life insurance company.

March 7, 2022

Acquisitions Industrial Kentucky Southeast

Hunt Midwest Sells Industrial Development in Louisville for $43M

by Julia Sanders March 4, 2022

LOUISVILLE, KY. — Kansas City-based Hunt Midwest has sold Blankenbaker Logistics Center, a 322,831-square-foot, cross-dock industrial facility, for $43 million. Newport Beach, Calif.-based Bixby Land Co. purchased the property. Piston Automotive signed a lease for the whole building prior to construction completion. Chris Riley and Kevin Grove of CBRE represented Hunt Midwest, and Bixby Land Co. was unrepresented in the transaction. Blankenbaker Logistics Center is located within Blankenbaker Station, a Class A, mixed-use business park in eastern Jefferson County. The property offers access to Interstates 64 and 265, UPS Worldport, Ford’s Kentucky Truck Plant, GE Appliance Park, Ford’s Kentucky Assembly Plant and an adjacent 300,000-square-foot FedEx Ground terminal.

March 4, 2022

Acquisitions Industrial Mississippi Southeast

Stan Johnson Co. Arranges $21.3M Sale of Industrial Facility in Grenada, Mississippi

by Julia Sanders March 4, 2022

GRENADA, MISS. — Stan Johnson Co. has arranged the sale of a single-tenant, 288,000-square-foot industrial facility in Grenada. Mike Sladich and Maggie Holmes of Stan Johnson Co. represented the seller, an Illinois-based industrial developer, Agracel Inc. The buyer, a Dallas, Texas-based REIT, purchased the property for approximately $21.3 million. The property is leased to Advanced Distributors Products (ADP), a producer of residential evaporator coils. The industrial facility serves as the distribution center for the tenant’s manufacturing plant, which is located less than one mile east of the property. Originally built in 2017 as an 84,000-square-foot warehouse, the property was expanded by 70 percent to its current size. Prior to leasing the property, ADP was using part of its neighboring 379,000-square-foot manufacturing facility for warehouse and distribution space. The tenant spent approximately $20 million moving into the new distribution center and repurposing the existing facility into a full manufacturing plant. Adjacent industrial park tenants include Novipax, Resolute Forest Products, Ice Industries and Averitt. Located at 445 American Way, the property has access to Interstate 55, the Grenada Municipal Airport and the Grenada Railroad.

March 4, 2022

Acquisitions Illinois Industrial Midwest

Clear Height Properties, Harbert Acquire Four-Building Industrial Portfolio in Crestwood, Illinois

by Kristin Harlow March 4, 2022

CRESTWOOD, ILL. — A joint venture between Clear Height Properties and Harbert US Real Estate, an investment fund sponsored by Harbert Management Corp., has acquired a four-building industrial portfolio in the Chicago suburb of Crestwood for an undisclosed price. The portfolio spans 131,733 square feet and is 88 percent leased to 19 tenants. The buildings were constructed between 1989 and 1991. Walter Murphy of Lee & Associates represented the undisclosed seller.

March 4, 2022

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