By Jonathan Quinn, associate, RODE Architects The industrial typology is no longer reserved for business parks in remote locations. As economic issues, changes in technology and increased demand for skilled labor highlight the need for more localized production and distribution, industrial buildings are moving back to cities and residential areas. This presents a major opportunity for cities to reclaim and revitalize their aging industrial districts and increase employment opportunities within their markets. Proximity to population centers provides access to large customer bases, but it also requires that industrial architecture be approached in a different way. The scale reduction of the manufacturing systems and the movement to more clean and sustainable processes has solved part of this problem. As a profession, architects need to recognize that there are opportunities for good design to help integrate industrial projects as well. The program and needs of industrial projects are always unique, and in urban settings, it is critical that they respond well to the site and its adjacencies. One of RODE’s projects, 250 Marginal Street in Chelsea, Massachusetts, is a 146,000-square-foot freight forwarding facility that uses its materiality as one of its main design features. As the building is a large …
Industrial
Coldwell Banker Commercial Brokers $3.8M Acquisition of Industrial Building in Riverside, California
by Amy Works
RIVERSIDE, CALIF. — Coldwell Banker Commercial has arranged the purchase of a multi-tenant industrial property located at 661 Arlington Ave. in Riverside. The asset traded for $3.8 million. The names of the seller and buyer were not released. Constructed in 1989 on 1.7 acres, the building features 25,850 square feet of industrial space. Carey Paster of Coldwell Banker Commercial SC represented the buyer in the transaction. The buyer plans to hold the property as an investment.
Fueled by the acceleration of e-commerce amid the COVID-19 pandemic, the Memphis industrial market’s record-setting momentum continued into the first half of the year. Demand fundamentals are the strongest they’ve ever been, with lease transaction volume at mid-year exceeding 12.2 million square feet for the second year in a row and total market direct net absorption reaching an unprecedented 5.3 million square feet. To put these numbers in perspective, lease transaction volume and direct absorption through June of pre-pandemic years averaged 5.8 million square feet and 1.6 million square feet, respectively. The market’s direct vacancy rate has hovered around 6.5 percent since the end of 2019, an impressive feat given the exceptional amount of speculative product that has been added to inventory over the past year and a half. New to the market The region’s central location, complemented by its world-class transportation infrastructure and low rental rates, make Memphis an attractive option for industrial users. Notable deals that have occurred since the beginning of 2020 include Milwaukee Tool’s 1.1 million-square-foot lease at I-269 Industrial Park, as well as two new Amazon leases totaling nearly 2 million square feet, growing the e-commerce giant’s Memphis-area footprint to more than 6.7 million square …
WEST PALM BEACH, FLA. — Dalfen Industrial has acquired Turnpike Logistics Center, a 317,499-square-foot logistics facility in West Palm Beach. The sales price was $60.6 million. John Huguenard, Luis Castillo, Cody Brais, Sky Groden of JLL Capital Markets represented the developer and seller, Jeff Greene. Completed in 2020, Turnpike Logistics Center is a two-building facility comprising a 124,479-square-foot building at 1673 Meathe Drive and a 193,000-square-foot building at 1715 Meathe Drive. The rear-load buildings have features such as 32-foot clear heights, concrete tilt-wall construction, deep column spacing, a total of 94 dock-high doors, two drive-in doors, ESFR fire protection and vehicle parking. Formerly known as Greene Space Industrial, Turnpike Logistics Center has direct on-ramp access to the Florida Turnpike and is located about 5.9 miles from Palm Beach International Airport. The property is also about 6.8 miles from downtown West Palm Beach.
ELK GROVE VILLAGE, ILL. — Prime Data Centers has unveiled plans to build a 750,000-square-foot data center campus in the Chicago suburb of Elk Grove Village. The three-facility project will be one of the largest data center campuses in the O’Hare market, according to the company. Prime Data Centers plans to invest up to $1 billion for the project. A timeline for completion was not provided.
MINNEAPOLIS — Colliers International has arranged the sale of a 22-building industrial portfolio spanning 1.9 million square feet in metro Minneapolis. The sales price was undisclosed. Half of the portfolio features a high office finish and is located in the southwest submarket of Minneapolis, while the other half is comprised of warehouse and distribution product. Mark Kolsrud, John McCarthy, Peter Carbonneau, Peter Loehrer, Kyle Delarosby and Lydia Paasch of Colliers represented the seller, a national industrial owner. The team also procured the buyer, Nicola Wealth Real Estate Acquisitions LTD. Mike Taylor, Brian Bonipart and Pat Taylor of Gantry secured a $130 million loan on behalf of the buyer. A life insurance company provided the seven-year loan, which featured a sub-3 percent rate and a 30-year amortization schedule.
ETNA, OHIO — CRG and its capital partner Lexington Realty Trust have broken ground on Building E at The Cubes at Etna 70 in Etna, about 20 miles east of Columbus. The more than 1 million-square-foot speculative distribution facility will be located at 9800 Schuster Way. Completion is slated for spring 2022. The building will feature a clear height of 40 feet and 108 dock positions. Contegra Construction is the general contractor and Lamar Johnson Collaborative, a subsidiary of CRG’s parent company, Clayco, is the architect. Jeff Lyons of CBRE will market the project for lease. This is the second development at The Cubes at Etna 70, which encompasses 289 acres of former farmland that CRG and Lexington purchased in 2018. CRG completed development of a 1.2 million-square-foot build-to-suit for Kohl’s in 2020. Four sites remain available for development. All told, the site can accommodate up to 2 million square feet of additional construction.
HOUSTON — NAI Partners has brokered the sale of a 35,634-square-foot industrial building located at 9260 Bryant St. in southeast Houston. According to LoopNet Inc., the single-tenant property as built on 2.5 acres in 1961. NAI Partners’ Darren O’Conor represented the buyer, TEHO International (USA) LLC, in the transaction. Ryan Fuselier and David Buescher with JLL represented the seller, an entity doing business as Bryant Street Building Ltd.
PICO RIVERA, CALIF. — DAUM Commercial Real Estate has arranged the acquisition of an industrial property located at 8500 Mercury Lane in the Los Angeles suburb of Pico Rivera. Chicago-based CenterPoint Properties acquired the property from the undisclosed occupant for $63 million in an off-market, sale-leaseback transaction. The 173,134-square-foot facility features a 32-foot clear heights, 24 dock-high doors with the potential for six additional doors and an ESFR sprinkler system. The asset is situated less than two miles from Interstate 5. Jordan Lara, Rudy Lara and Nick Peukpiboon of DAUM handled the transaction.
Brass Cap Development Divests of 25,000 SF Brass Diablo Industrial Complex in Las Vegas for $5M
by Amy Works
LAS VEGAS — Brass Cap Development has completed the disposition of Brass Diablo, an industrial property located at 5401 W. Diablo Ave. in Las Vegas. An undisclosed buyer acquired the recently completed asset for $5 million. Featuring more than 25,000 square feet, Brass Diablo offers three dock-high doors, one grade-level dock door, a 60-foot concrete dock apron and easy access to valley freeways and the Stadium District. LM Construction designed and built the property.