Industrial

JLL Arranges $78.5M Sale of Industrial Park in Richmond

by Alex Tostado March 9, 2020

RICHMOND, VA. — JLL has arranged the $78.5 million sale of I-95 Logistics Park, a two-building, 923,400-square-foot industrial complex in Richmond. The property is situated on 60 acres at 4747 and 4949 Commerce Drive, along Interstate 95 and six miles south of downtown Richmond. The asset was fully leased to Brother International as well as an undisclosed American multinational technology company at the time of sale. Multiple media outlets report Amazon is the other tenant. John Huguenard, Bruce Strasburg and Patrick Nally of JLL represented the seller, Panattoni Development Co. Inc., in the transaction. Virginia-based Cambridge Property Group represented the buyer, Logistics Park 95 LLC, which is an affiliate of Halle Enterprises.

March 9, 2020

Acquisitions Illinois Industrial Midwest

Avison Young Negotiates Sale of 61,334 SF Industrial Building in Chicago’s Lake County

by Kristin Harlow March 9, 2020

LAKE VILLA, ILL. — Avison Young has negotiated the sale of a 61,334-square-foot industrial building in Chicago’s Lake County submarket for an undisclosed price. The building is located at 436 Park Ave. in Lake Villa. Constructed in 2003, the building includes 5,256 square feet of office space, four exterior doors and four drive-in doors. John Hauser and Thomas Curtis of Avison Young represented the seller, Losch Realty, which operated its Fred W. Losch Beverage Co. out of the facility. Kelly Joyce and Brendan Green of Colliers International represented the buyer, Xttrium Laboratories. Xttrium is a family-owned and operated healthcare manufacturer and supplier.

March 9, 2020

Acquisitions Industrial Nevada Western

CapRock Partners Sells Three Industrial Assets in Las Vegas Totaling 276,912 SF

by Amy Works March 6, 2020

LAS VEGAS — CapRock Partners has completed the disposition of a three-property, 276,912-square-foot industrial portfolio in Las Vegas. Nicola Wealth Real Estate, a Canada-based subsidiary of wealth management firm Nicola Wealth, acquired the assets for an undisclosed price. The acquisition is Nicola Wealth’s first venture into the Las Vegas market. The portfolio includes The Park @ Arville at 4350 Arville St.; Valley View Commerce Center at 5130, 5160, 5190 and 5230 S. Valley View Blvd.; and Valley View Business Park at 3021 S. Valley View Blvd. Built in 1974, The Park @ Arville features 160,554 square feet of multi-tenant space, with suites ranging from 1,000 square feet to 10,000 square feet with private storage yards and 15-foot to 20-foot clear heights. Valley View Commerce Center was constructed in 1989 and features 73,508 square feet of multi-tenant space, with suites ranging from 1,776 square feet to 6,528 square feet, and 15-foot to 17-foot clear heights. Developed in 1986, the 42,850-square-foot Valley View Business Park offers suites ranging from 2,000 square feet to 7,000 square feet. The property is close to Interstate 15, with convenient access to U.S. 95 and McCarren International Airport.

March 6, 2020

Acquisitions Industrial North Carolina Southeast

Dalfen Purchases 58,160 SF Industrial Building Near Charlotte Airport

by Alex Tostado March 5, 2020

CHARLOTTE, N.C. — Dalfen Industrial has purchased CLT Industrial Distribution Center, a 58,160-square-foot building in Charlotte’s Eagle Lake neighborhood. The building was delivered in 2001 and is fully leased to CLT Air Freight Carrier. CLT Industrial Distribution Center is situated at 4325 Beam Road, less than two miles from Charlotte Douglas International Airport and seven miles south of downtown Charlotte. The property features 24 dock high doors, more than 60 parking spaces and a 140-foot truck court. Further details of the transaction were not disclosed.

March 5, 2020

Development Industrial Texas

City of Plainview, Hale County Near Completion of 150-Acre Industrial Project in West Texas

by Taylor Williams March 5, 2020

PLAINVIEW, TEXAS — The City of Plainview and Hale County are nearing completion of Hale County Business Park, a 150-acre industrial development in West Texas. The site is located along the Interstate 27 corridor in Plainview, roughly midway between Amarillo and Lubbock. The park is also situated on the BNSF Rail Line, which runs adjacent to the southern boundary. An official ribbon-cutting ceremony will be held on Tuesday, March 24. Western Equipment, a provider of John Deere tractors and parts, has signed a 45,000-square-foot lease as the park’s first tenant.

March 5, 2020

Arizona Development Industrial Western

Lincoln Property Co. Breaks Ground on First Phase of 4.5 MSF Industrial Park in Arizona

by Amy Works March 5, 2020

GLENDALE, ARIZ. — Lincoln Property Co. (LPC) has broken ground on Park303, an industrial master-planned development in Glendale. At full build out, the park will accommodate up to 4.5 million square feet of freeway-fronting, Class A industrial space. Situated on 71.5 acres between Loop 303 and Sarival Road, the $115 million Phase I will include two buildings totaling 705,531 square feet and 488,995 square feet. The facilities will feature 40-foot clear heights, steel moment frame shear bracing, efficient LED lighting and 142 large clerestory glass windows to maximize natural light. The gated site will offer full concrete truck courts, ample truck parking, private drives and fully amenitized outdoor spaces with covered canopies, seating and barbecue areas. Phase I is part of the larger Park303 master-planned industrial park that LPC is developing in conjunction with Roth Development and Scottsdale Investment Management. Totaling 265 acres, the project will offer freeway access and easy ingress and egress via two full-diamond Loop 303 interchanges at Bethany Home Road and Glendale Avenue. Butler Design Group is serving as project architect for Phase I, Hunter Engineering is serving as civil engineer and Willmeng Construction as general contractor. Completion of Park303 Phase I is slated for fourth-quarter …

March 5, 2020

Industrial Loans Northeast Pennsylvania

JLL Arranges $111M Refinancing, Construction Loan for Logistics Center in Allentown, Pennsylvania

by Alex Patton March 5, 2020

ALLENTOWN, PA. — JLL has arranged a $111 million loan for the refinancing and construction of Park 100 Logistics Center, an industrial park in Allentown, central Pennsylvania. Wells Fargo Bank provided the three-year, floating-rate loan to the borrower, a partnership between GLP Capital Partners and Ridgeline Property Group. Situated at 7352 Industrial Blvd., the property includes a newly constructed, 730,080-square-foot distribution facility and an adjacent 811,200-square-foot production facility that is currently under construction. The latter component is slated to be complete later this year. Bill Fishel, Jon Mikula and Connor Van Cleef of JLL arranged the financing.

March 5, 2020

Acquisitions Industrial Massachusetts Northeast

Stubblebine Co. Negotiates Sale of 4,600 SF Industrial Building Near Boston

by Alex Patton March 5, 2020

WALTHAM, MASS. — The Stubblebine Co., a CORFAC member, has negotiated the $2 million sale of a 4,600-square-foot industrial building in Waltham, a western suburb of Boston. Located at 1254-1256 Main St., the Class C property was built in 1950 and has been used for light manufacturing. Ellen Garthoff of The Stubblebine Co. represented the seller, 1256 Main LLC, in the transaction. Ben Herman of Valender Properties represented the buyer, private investor Marc Resnick.

March 5, 2020

Illinois Industrial Market Reports Midwest Midwest Market Reports

Industrial Landlord Consolidation Means Chicago-Area Tenants Should Be Ready to Negotiate

by Kristin Harlow March 5, 2020

In December 2019, Prologis, the largest industrial landlord in the world, announced its acquisition of Liberty Property Trust, another publicly traded REIT with a large industrial portfolio of its own. This deal, valued at $12.6 billion, seems to have become the norm in recent months. Companies such as Prologis and Blackstone Group, as well as regional ownership groups, have gobbled up industrial investment opportunities whenever they can. Just 10 years ago, the industrial real estate asset class was battling high supply and low rents, due primarily to the Great Recession. But with the growth of e-commerce and omnichannel logistics, this asset class is now considered one of the best investment opportunities available. So how is this consolidation of industrial ownership impacting the Chicago-area industrial market, and what should tenants know so that they can make informed real estate decisions? Local numbers While it seems like there are just a handful of landlords controlling the marketplace, when you look at the numbers, the prognosis isn’t so bad. Nationally, no single owner controls more than 10 percent of the U.S. market. Instead, landlord dominance is more of a local concern, and typical real estate indicators continue to influence lease terms. However, there …

March 5, 2020

Acquisitions Industrial New Jersey Northeast

Cannabis-Based Healthcare Provider Buys 50,274 SF Industrial Property Near Philadelphia

by Alex Patton March 4, 2020

VINELAND, N.J. — Columbia Care, a cannabis-based health and wellness company, has purchased a 50,274-square-foot industrial property in Vineland, located approximately 40 miles south of Philadelphia. Situated at 1560 N.W. Blvd., the property features 27-foot ceiling heights and 2,749 square feet of office space. The property was vacant at the time of sale. Jonathan Klear and Fred Meyer of NAI Mertz represented the seller, LS Capital, in the transaction. The sales price was undisclosed.

March 4, 2020

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