LOS ANGELES — With roughly 24 million square feet of space under construction at the end of the first quarter of 2020, Dallas-Fort Worth (DFW) leads the nation’s major markets in terms of volume of new industrial development, according to a new report from Los Angeles-based CBRE. About 19 percent of that space has been preleased. The metroplex also led the nation in this category at the end of 2019 with 23 million square feet of space under construction, and with Texas deeming such projects as essential services, that title has remained intact amid the COVID-19 outbreak. Of the top 20 markets listed in the report, only four — Philadelphia, Oakland, Central New Jersey and Pennsylvania’s I-78/81 Corridor — have shut down industrial construction sites. The report projected that completions of speculative projects across the country would have only a “marginal” impact on the overall industrial vacancy rate in 2020, with many of these projects having been put on hold as debt markets have faced tightening capital reserves and uncertainty on how to accurately price risk. CBRE’s report also noted that while prices for construction materials are declining, developers are also encountering delays in getting materials to sites. Lastly, the …
DALLAS — Locally based firm HBL Towing & Recovery has signed a 121,105-square-foot industrial lease renewal at 5200 E. Grand Ave. in Dallas. Canon Shoults and Josh Barnes represented the landlord, Holt Lunsford Commercial Investments, on an internal basis. The representative of the tenant was not disclosed.
CHICAGO — Cawley Chicago has arranged the sale of a 30,000-square-foot, rail-served warehouse in Chicago for $4 million. The facility is located on 10.5 acres at 3710 S. California Ave. Matt Garland, Frank Melchert and Stevan Arandjelovic of Cawley represented the seller, Romar Transportation. A private investor purchased the asset.
CANNON FALLS, MINN. — JLL Capital Markets has brokered the $7.4 million sale of a 200,000-square-foot distribution center in the Minneapolis-area community of Cannon Falls. The facility is net leased to Mauser Packaging Solutions, an industrial packaging conglomerate that has occupied the property since 2009. The building sits on nearly 17 acres at 100 Holiday Ave. Peter Bauman, Tivon Moffitt and Chris Hickok of JLL represented the undisclosed seller. A private foreign investor purchased the asset.
PALATINE, ILL. — Conor Commercial Real Estate will develop a 162,000-square-foot industrial facility on behalf of a major e-commerce retailer in Palatine, a northwest suburb of Chicago. Amazon is the tenant, according to Crain’s Chicago Business. The build-to-suit distribution center will serve as a last-mile logistics facility. The project, initially planned as a speculative facility known as Northwest Commerce Center, has been adjusted to fit the tenant’s needs. It will feature 146,750 square feet of distribution and warehouse space and 15,250 square feet of office space. Other features include a clear height of 36 feet, 20 truck docks, 14 loading doors and a conveyor system. Completion is slated for October. McShane Construction Co. is the general contractor and Ware Malcomb is the architect.
TEMECULA, CALIF. — Westcore, an industrial real estate acquisition, development and asset management firm, has entered the Temecula market with the purchase of an industrial warehouse located at 27731 Diaz Road. An undisclosed private investor sold the property for $10.8 million. Situated on 10.6 acres, the currently vacant property features 65,625 square feet of space. The facility offers 14 dock-high doors, 30-foot clear heights, cross-dock configuration and a large decomposed granite secured yard. Brad Yates and Stefan Pastor of Colliers International represented Westcore, while Barret Woods of Lee & Associates represented the seller in the transaction.
KENNESAW, GA. — Madison Capital Group will develop a 714-unit Go Store It self-storage facility in Kennesaw. The property will stand five stories and will offer climate-controlled units and 69,550 square feet of net rentable space. A timeline for construction was not disclosed. Kim Bishop, Jim Davies, Eric Snyder and Lauren Maehler of Talonvest Capital Inc. originated a $6.2 million construction loan on behalf of the developer. An undisclosed regional lender provided the partial-recourse, four-year loan, which features interest-only payments at LIBOR plus 3 percent.
SHERMAN, TEXAS — CBRE has negotiated the sale of a 61,000-square-foot, three-building industrial property located at 2709, 2713 and 2717 Fallon Drive in the North Texas city of Sherman. Jared Aubrey, Michael Austry and Johnny Dunn of CBRE represented the buyer, Fallon Industrial LLC, in the transaction. The seller was Datavault Joint Venture.
FREMONT, CALIF. — First Industrial has acquired a light industrial warehouse and manufacturing facility in Fremont. An undisclosed seller sold the property for $9.1 million. The 38,692-square-foot property is located at 4160-4170 Business Center Drive. The asset was built to accommodate a variety of uses from manufacturing to last-mile delivery services. Joe Yamin of Colliers represented the seller, while Century 21 represented the buyer in the transaction.
WHITTIER, CALIF. — Avison Young has arranged the sale of an industrial building located at 8155 Byron Road in Whittier. The undisclosed seller sold the asset to a private buyer for $5.5 million. Built in 1974 on 1.5 acres, the 32,000-square-foot property includes 3,000 square feet of office space, 16 parking spaces, two roll-up doors and 20-foot to 22-foot clear heights. The seller is a company that manufactured racking systems for the grocery industry and vacated the property prior to escrow. The buyer intends to use the building for its business. Chris Maling, David Mailing and Paul Clark of Avison Young represented the seller, while Lee & Associates represented the buyer in the deal.