Industrial

VEREIT, Ocean West Purchase Distribution Center in Dallas for $246.7M

by John Nelson August 11, 2020

DALLAS — VEREIT Inc. and Ocean West Capital Partners LLC have teamed up to acquire a 2.3 million-square-foot industrial facility in Dallas. The newly built property is located at 9314 W. Jefferson Blvd. and is fully leased to The Home Depot. NorthPoint Development sold the build-to-suit property to the buyers for $246.7 million. The Missouri-based developer is staying on as a joint venture partner. There are 20 years remaining on the lease with The Home Depot. “The property’s logistically desirable location along with the tenant’s creditworthiness and the established long-term lease make this a strong investment for the growing partnership,” says Thomas Roberts, VEREIT’s executive vice president and chief investment officer. The property, known as Dallas Global Industrial Center, offers access to Interstate 30, Texas Highway 161, Loop 12, Interstate 20 and Interstate 35E. The park also has a direct spur from the main Union Pacific Rail Service line. The acquisition is the latest in VEREIT’s (NYSE: VER) partnership with Korea Investment & Securities Co. Ltd., a global financial services firm based in Korea that Ocean West advises, as well as Tiger Alternative Investors Ltd. To date, the VEREIT-led partnership has bought seven Class A, single-tenant industrial properties totaling $653.7 …

August 11, 2020

Development Industrial Kentucky Southeast

Ice Cream Maker Dippin’ Dots Opens $3.2M Industrial Facility in Paducah, Kentucky

by Alex Tostado August 10, 2020

PADUCAH, KY. — Dippin’ Dots, maker of flash-frozen beaded ice cream, has opened a $3.2 million, 6,000-square-foot industrial facility in Paducah. The property houses 45 employees and will support Dippin’ Dots Cryogenics LLC, a division of the company that was launched in 2018 and applies the patented flash-frozen technology to other industries. The building is situated at 3865 Industrial Drive, one mile from Interstate 24.

August 10, 2020

Acquisitions Industrial NAI New Jersey Northeast

NAI Mertz Brokers Sale of 63,000 SF Industrial Complex in Medford, New Jersey

by Taylor Williams August 10, 2020

MEDFORD, N.J. — NAI Mertz has brokered the sale of a 63,000-square-foot industrial complex located east of Philadelphia in New Jersey. The property was originally built in the 1970s and consists of five buildings on a 9.7-acre tract. Jonathan Klear of NAI Mertz represented the seller, Medford Industrial Park, which will lease back a portion of the space. An affiliate of Philadelphia-based investment firm Velocity Venture Partners purchased the property, which was fully leased at the time of sale, for an undisclosed price.

August 10, 2020

Acquisitions California Industrial Western

Audio, Video Equipment Supplier Buys Warehouse in North Hollywood for $6.5M

by Amy Works August 10, 2020

LOS ANGELES — Ametron, an audio and video equipment supplier, has purchased an industrial building located at 10919-10939 Vanowen St. in Los Angeles’ North Hollywood neighborhood. An undisclosed local investor sold the asset for $6.5 million. Fred Afamian and Ryan Lin of CBRE represented the buyer in the deal, and an outside broker represented the seller. The 28,400-square-foot property features concrete block construction with two ground-level loading doors and 15- to 16-foot clear heights. The property also includes a cell tower, which will generate additional revenue for the new owner.

August 10, 2020

Acquisitions Industrial Texas

Welcome Group Acquires 23 Acres in Houston for Industrial Development

by Taylor Williams August 10, 2020

HOUSTON — Investment and development firm Welcome Group LLC has acquired 23 acres in Cedar Port Industrial Park in Houston for future projects. Cedar Port is a 15,000-acre, rail-served industrial development on the southeast side of the city that offers access to the Grand Parkway, Interstate 10 and Port Houston. Specific plans for future development of the site were not released. Ryan Wassaff Sr. internally represented Welcome Group in the land sale.

August 10, 2020

Industrial Leasing Activity Texas

Continental Office Group Signs 22,374 SF Industrial Lease Renewal in Metro Dallas

by Taylor Williams August 10, 2020

GARLAND, TEXAS — Continental Office Group, a wholesaler of new and used office furniture, has signed a 22,374-square-foot industrial lease renewal at Gateway East Business Center in the northeastern Dallas suburb of Garland. Matt Dornak and Ryan Wolcott of Stream Realty Partners represented the landlord, Barings, in the lease negotiations. JLL represented the tenant.

August 10, 2020

Industrial Leasing Activity NAI Texas

NAI Partners Negotiates 11,900 SF Industrial Lease in South Houston

by Taylor Williams August 10, 2020

HOUSTON — NAI Partners has negotiated an 11,900-square-foot industrial lease at 10425 Moers Road in south Houston. According to LoopNet Inc., the property was built in 1961 and consists of four buildings. Zane Carman and Clay Pritchett of NAI Partners represented the landlord in the lease negotiations. Barrett Gibson of Colliers International represented the tenant, Supreme Plant Services LLC, a provider of tank cleaning services.

August 10, 2020

Industrial Market Reports Mississippi Southeast Southeast Market Reports

Jackson’s Industrial Market Doesn’t Miss a Beat During COVID-19 Pandemic

by Alex Tostado August 10, 2020

Like most markets, regardless of sector, Jackson experienced a moment in time when deals were shelved due to the coronavirus pandemic. However, the industrial market in Jackson tells a different story in the early innings of COVID-19. While most deals were put on hold for several weeks in early April to mid-May, we saw activity pick up with users signing leases, contracting on vacant buildings and resuming due diligence timelines for land purchases, all without any repricing or discount. These trends, while hopefully permanent in nature, are all due to a lack of industrial supply and consistent demand in the Jackson market. If you have quality product in a good area, it will sell or lease, even during a pandemic. The Jackson industrial market spans around 40 million square feet if you include all specialty and manufacturing properties, as well as true warehouse and flex product. According to CoStar Group, the market’s vacancy rate is hovering around 7 percent, but it feels tighter since there’s a bulk of obsolescent product — either low ceiling heights or being in less desirable areas. Jackson is considered a minor industrial market and is well-suited for future growth. As Mississippi’s capital city, Jackson is …

August 10, 2020

Colorado Development Industrial Leasing Activity Office Western

Subaru Signs 550,000 SF Build-to-Suit Lease With Majestic in Aurora, Colorado

by Amy Works August 7, 2020

AURORA, COLO. — Subaru of America has signed a long-term lease with Majestic Realty Co. for a 550,000-square-foot build-to-suit facility at Majestic Commercenter in Aurora. Located at the intersection of Interstate 70 and Tower Road, the master-planned park encompasses 1,600 acres. Subaru will relocate from a smaller existing location and expand into the new regional office, parts distribution and technical training center for its retail service technicians. Groundbreaking is scheduled for late 2020, with completion of Subaru’s full buildout and occupancy in late 2021. Constructed by Commerce Construction, Building 16 will feature 36-foot clear heights, 70-foot speed bays, 115 dock doors and signage fronting I-70. In addition to the Subaru development, Majestic Realty is developing a 32-acre retail complex at the park’s entrance. The retail component will offer space for up to 15 tenants, including at least one hotel. Earlier this year, Amazon signed a long-term lease agreement to occupy Building 15, a 702,000-square-foot facility, and Shamrock Foods purchased land at the park resulting in a 1.3 million-square-foot complex now under construction. Upon completion of these projects, Majestic Commercenter will feature more than 9 million square feet, valued at approximately $500 million.

August 7, 2020

Acquisitions California Development Industrial Western

Trammell Crow, CBRE Global Investors Buy 24-Acre Site in Silicon Valley for Industrial Development

by Amy Works August 7, 2020

MORGAN HILL, CALIF. — Trammell Crow Co. (TCC) and Los Angeles-based CBRE Global Investors have acquired a fully entitled, 24-acre land site within Morgan Hill Ranch Business Park in Morgan Hill. Terms of the transaction were not released. The buyers plan to develop up to 440,000 square feet of light industrial space across five Class A buildings at the site. Dallas-based TCC plans to submit a development application for the new project to the City of Morgan Hill during the third quarter. The intended project is consistent with the existing development agreement for the land.

August 7, 2020

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