FORT WORTH, TEXAS — Hillwood has acquired 600 acres of contiguous land within its 26,000-acre AllianceTexas master-planned community in Fort Worth for additional industrial expansion. The land is positioned along FM 156 between Fort Worth Alliance Airport and the BNSF Railway Alliance Intermodal facility. The acquisition raises the capacity for Hillwood’s total development potential in Tarrant and Denton counties to more than 36 million square feet. The seller(s) was not disclosed.
PHILADELPHIA — An affiliate Philadelphia-based Equus Capital Partners has acquired a five-property industrial portfolio and 500 acres of developable land in Virginia’s Hampton Roads region. The five buildings total nearly 1.8 million square feet. Three of the buildings, 1006, 1010 and 1020 CenterPoint Drive in Suffolk, were developed between 2011 and 2017 as build-to-suits. The buildings are fully leased and the original tenants remain. The portfolio also includes 3516 S. Military Highway in Suffolk, which was built in 2007, and 375 Kenyon Road in Chesapeake, which was built in 2008. A third-party logistics provider occupies the buildings, both of which service the Port of Virginia. The 500 acres of land is located near CenterPoint Drive and can support up to 5 million square feet of industrial space. A sales price and seller(s) were not disclosed.
SPRINGETTSBURY TOWNSHIP, PA. — A partnership between affiliates of locally based developer Endurance Real Estate Group LLC and asset manager DWS Group will develop a 352,000-square-foot warehouse and distribution center in Springettsbury Township, located in York County. Construction began recently with the demolition of the existing structures on the 28.1-acre, rail-served site, which is located less than half a mile from I-83. Delivery is slated for the first quarter of 2020. Building features will include 36-foot clear heights, an ESFR sprinkler system, a 185-foot truck court and ample space for automobile and trailer parking.
WARD HILL, MASS. — Cedar’s Foods, a supplier of Mediterranean foods, will soon open a $100 million, 125,000-square-foot production facility in Ward Hill, located near the New Hampshire border. The facility has been under construction for the past year and is scheduled to open in August in a move that will bring 125 new jobs to the area. Cedar’s also operates two other production facilities in the area totaling 174,000 square feet, as well as a 75,000-square-foot dry storage facility. With the completion of this project, the company’s regional footprint will total roughly 375,000 square feet.
DECATUR AND GALESBURG, ILL. — Affiliates of Phoenix Investors have purchased three industrial properties totaling approximately 1.8 million square feet in Decatur and Galesburg for an undisclosed price. Located in central Illinois, the Decatur property was formerly a BorgWarner facility that spans 475,000 square feet on 56 acres. The building features 20 loading docks, 16 overhead doors and clear heights ranging from 16 to 30 feet. The two Galesburg assets were originally constructed by Maytag between 1974 and 1996 and then acquired by Whirlpool Corp.
LINCOLNWOOD, ILL. — CubeWork has signed a 202,259-square-foot industrial lease at 7080 N. McCormick Blvd. in Lincolnwood, a northern suburb of Chicago. CubeWork is an office and warehousing coworking company. The 234,000-square-foot property sits on an 8.6-acre site. The remainder of the building is leased to Service King, a national vehicle collision repair company. Steve Stone of Cushman & Wakefield represented the landlord, New Lincoln LLC. Bill Mass of Mass Realty represented CubeWork.
Industrial properties have experienced unprecedented growth in demand over the past several years as both new and old companies seek to find space. This shift has benefited industrial assets in many metros across the country, although investors may unintentionally limit their focus to the markets with the most outsized gains. Smaller cities can provide equally compelling investment opportunities due to some unique advantages. Multiple factors combine to create such a scenario in Pittsburgh. The city is home to several prominent educational institutions, healthcare providers and technology companies that are fueling job growth, thus dropping the unemployment rate to its lowest in two decades. Opportunities in these high-wage industries are bolstering the metro’s median household income and improving retail sales. Consumer spending is projected to jump 4.4 percent in 2019, about 100 basis points more than last year. As shopping activity expands, the need for distribution centers is becoming more acute. Together with an established manufacturing sector, both sources of demand are supporting the absorption of industrial space. More tenants moving in are enabling properties to perform at a greater level. The metro’s vacancy rate has declined 400 basis points since 2009 and is now under 6 percent. Availability is lowest …
HOUSTON — Strategic Storage Growth Trust II Inc., a private real estate investment trust sponsored by SmartStop Asset Management LLC, has acquired a 637-unit facility in Houston. The property, the name of which was not disclosed, features climate-controlled and drive-up units. The new ownership also notes that the facility is located within an area with a high concentration of multifamily and retail development. The transaction marks the REIT’s third acquisition.
SPICEWOOD, TEXAS — Marcus & Millichap has arranged the sale of A-Max Self Storage, a 320-unit facility in Spicewood, about 35 miles west of Austin. The property is located along State Highway 71 and features 47,530 square feet of rentable space. Jon Danklefs and Mark Diebold of Marcus & Millichap represented the seller, a partnership, and procured the buyer, a limited liability company. Both parties requested anonymity.
CARY, ILL. — Illinois Lift Equipment Inc. has signed a 29,000-square-foot industrial lease at 675 Industrial Drive in Cary. The 53,944-square-foot facility was built in 1987. The equipment dealer, which provides forklifts and scissor lifts, currently occupies more than 75,000 square feet at 640 Industrial Drive and was seeking additional space for overflow storage. Dan Brown of Brown Commercial Group represented the landlord, DOD Technologies Inc. Brian Lindgren of Brown represented the tenant.