FORT WORTH, TEXAS — Houston-based developer McCormack Commercial has broken ground on Meacham Commerce Center, a 1.3 million-square-foot industrial project in Fort Worth. Meacham Commerce Center will consist of four buildings with cross-dock and rear-load configurations that will be situated on an 80-acre site on the city’s north side. The first building will span 334,750 square feet and will feature 36-foot clear heights and parking for 240 cars and 103 trailers. Completion of that building is slated for the third quarter. Holt Lunsford has been tapped as the leasing agent.
Industrial
DENTON, TEXAS — Illinois-based investment firm ML Realty Partners has acquired a 153,150-square-foot industrial building located at 2340 I-35 W. Service Road in the North Texas city of Denton. According to commercialcafé.com, the freestanding property was built on a 36.3-acre site in 2006. The seller and sales price were not disclosed. ML Realty Partners has tapped CBRE to lease the building.
COPPELL, TEXAS — Biotechnology firm Genera has signed a 260,819-square-foot industrial lease renewal and expansion at 600 Freeport Parkway in Coppell, located near Dallas-Fort Worth International Airport. Matt Hyman and Bryan Parker represented the landlord, Indianapolis-based Duke Realty, in the lease negotiations on an internal basis.
BAYONNE, N.J. — Locally based developer Lincoln Equities Group will soon break ground on Lincoln Logistics Bayonne, a 332,640-square-foot speculative industrial project in Northern New Jersey. The facility will be situated on a 24-acre tract within a 153-acre waterfront site at which an 886,256-square-foot UPS shipping hub is currently under construction. Lincoln Logistics Bayonne will feature five acres of parking space that can support 195 trailers and 225 cars, or 45 trailers and 800 cars. Cushman & Wakefield is marketing the project for lease. Construction is expected to be complete by the end of the year.
EAST BRUNSWICK, N.J. — A joint venture between global asset manager Oxford Properties Group and Denver-based EverWest Real Estate Investors has purchased a 78,000-square-foot warehouse in East Brunswick, about 40 miles south of Manhattan. The sales price was $18 million. The property was vacant at the time of sale, and the new ownership plans to redevelop the eight-acre site to house a modern logistics facility. The seller was not disclosed.
NEWARK, DEL. — LaMotte Co., a Maryland-based provider of water-quality testing supplies, will open a 79,000-square-foot office and manufacturing facility at Pencader Corporate Center in Newark, Del. The company will immediately hire 50 people to staff the new facility and plans to employ more than 100 workers at the site within three years. In addition, LaMotte will invest $3.3 million in the interior build-out of its new space.
By John Stater, Research Manager, Colliers Southern Nevada gained 15,400 industrial jobs between August 2020 and August 2021, according to the Nevada Department of Employment, Training and Rehabilitation. The logistics and wholesale sectors added jobs on a year-over-year basis, while the natural resources and construction sectors lost jobs. Unemployment in the Las Vegas-Paradise MSA was 8.3 percent in August 2021. Over the past 12 months, total employment in Southern Nevada increased by 55,600 jobs, a 6.1 percent increase. Southern Nevada lost 241,900 jobs between February and April 2020 and had regained 71 percent of those lost jobs by August 2021. Southern Nevada is in its third major wave of post-Great Recession industrial development, with 6.6 million square feet of product now under construction. The fourth quarter of 2021 could see 2.3 million square feet of product added to inventory. Projects scheduled for completion in the fourth quarter of 2021 are currently 58 percent pre-leased. Projects completed this quarter were 98.8 percent pre-leased when completed. Net absorption this quarter was a record 4.45 million square feet. This brought net absorption up to 9.79 million square feet year-to-date, higher than the previous record for annual net absorption recorded in 2017. Warehouse/distribution net absorption …
HENDERSON, NEV. — M&J Enterprises Construction has purchased an industrial property located at 7501 Eastgate Road in Henderson. Eastgate LLC sold the asset for $3.7 million. Greg Pancirov and Paul Hoyt of RealComm Advisors represented the buyer and seller in the transaction.
COPPELL, TEXAS —Dynamic Glass Products, a Wisconsin-based provider of glass products for the real estate and advertising industries, has signed a 116,980-square-foot industrial lease at 611 S. Royal Lane in Coppell, located near Dallas-Fort Worth International Airport. According to LoopNet Inc., the property was built in 2001 and totals 383,925 square feet. Matt Hyman and Bryan Parker represented the landlord, Indianapolis-based Duke Realty, in the lease negotiations on an internal basis. David Eseke and Clay Balch of Cushman & Wakefield represented Dynamic Glass.
MCALLEN, TEXAS — NAI Rio Grande Valley has brokered the sale of a 61,000-square-foot cold storage facility in McAllen, located near the Texas-Mexico border. The property features 17 climate-sensitive loading docks and 26,000 square feet of cold storage space, as well as dry storage and office space. Wonderful Citrus Packaging LLC sold the property to Green Light Go, a California-based provider of logistics services to the agriculture sector. The sales price was not disclosed. The property had been vacant for several years at the time of sale.