Industrial

Lee & Associates Arizona Arranges Sales of Two Industrial Properties in Phoenix

by Amy Works February 28, 2019

PHOENIX — Lee & Associates Arizona has brokered the sales of two industrial assets in Phoenix for a combined total of $13.8 million. In the first deal, TWT Real Estate Investments sold a dock-high distribution building to Layman Properties – East University Drive LLC for $8.5 million, or $63.08 per square foot. Located at 2020 E. University Drive, the facility features 134,375 square feet of space and is occupied by Arizona Wholesale Supply and Iron Mountain. Arizona Wholesale Supply built the facility in 1967 for itself with the opportunity to lease a portion out for income. Andrew Ogan of Lee & Associates Arizona represented the buyer and seller. Wells Fargo Real Estate Capital Markets provided $3 million in financing. In the second transaction, Layman Properties LLC acquired a three-building office and industrial project from One Deer Valley JV LLC for $5.3 million, or $109.85 per square foot. Located at One W. Deer Valley Road, the asset includes a 21,181-square-foot office building and two 13,261-square-foot industrial buildings. At the time of sale, the property was 100 percent leased. Ogan represented the buyer, while Matt Hobaica, also of Lee & Associates Arizona, represented the seller.

February 28, 2019

California Development Industrial Self-Storage Western

Westport Properties Buys Land Parcel in Los Angeles to Develop 152,000 SF Self-Storage Facility

by Amy Works February 28, 2019

LOS ANGELES — Irvine, Calif.-based Westport Properties has acquired a 2.2-acre land parcel, located at 4800-4830 Valley Blvd. in Los Angeles’ Eastside submarket, for $5.4 million. The company plans to develop a three-story, 152,000-square-foot US Storage Centers self-storage facility on the site. Ben Spinner of DAUM Commercial Real Estate Services represented the buyer, while James Vu and Michael Collins, also of DAUM, represented the private seller in the deal. Westport Properties recently completed a self-storage facility at 2500 W. Hellman Ave. in Alhambra, Calif., and is currently underway on a development at 1901 W. El Segundo Blvd. in Compton, Calif.

February 28, 2019

Data Centers Industrial Texas

JLL: DFW Posts Strong Data Center Absorption, Inventory Projected to Grow

by Taylor Williams February 28, 2019

DALLAS AND FORT WORTH, TEXAS — The data center market of Dallas-Fort Worth (DFW) continued its impressive run in 2018, absorbing 40.2 megawatts of space, according to a recent report from JLL. As a general rule with data centers, every 150 watts of absorption is equivalent to one square foot of regular absorption. That figure puts the market third in 2018 absorption behind Phoenix and Northern Virginia. DFW’s inventory of data center product is expected to grow in 2019, with approximately 190,000 square feet of new space under construction and an additional 1.1 million square feet planned, per the report. The volume of planned new construction in DFW exceeds that of all other American markets, including Northern Virginia, the largest data center market in the country.

February 28, 2019

Acquisitions Florida Industrial North Carolina South Carolina Southeast Top Stories

Graham Commercial Properties Acquires 16 Distribution Centers in Southeast for $194M

by Alex Tostado February 28, 2019

BIRMINGHAM, ALA. — Graham Commercial Properties (GCP) has acquired a distribution center portfolio that encompasses 16 facilities, 2.7 million square feet and three states in the Southeast for $194 million. The assets are located in Spartanburg, S.C.; Charlotte and Winston-Salem, N.C.; and Tampa and Orlando, Fla. The exact locations were not disclosed, but a press release stated the properties average 170,000 square feet and are situated near interstates, airports, rail and both inland and sea ports. The portfolio was 98 percent leased at the time of the sale and the portfolio has a combined 1.5 million square feet of expansion and development capabilities, according to Birmingham, Ala.-based GCP. “The Southeast distribution portfolio improves GCP’s overall portfolio in every category: quality of tenants, building metrics, geography and lease rollover,” says Taylor Graham, vice president of investments for GCP. “We are excited to increase our holdings in the Carolinas to over 30 percent of the total portfolio.” CBRE represented the privately owned buyer in the transaction. The seller was not disclosed. Wells Fargo provided acquisition financing. GCP’s portfolio now spans 11.7 million square feet across Alabama, Georgia, Florida and North and South Carolina. — Alex Tostado

February 28, 2019

Industrial Leasing Activity Texas

Holt Lunsford Negotiates 13,440 SF Industrial Lease Renewal in Dallas

by Taylor Williams February 27, 2019

DALLAS — Holt Lunsford Commercial has negotiated a 13,440-square-foot industrial lease renewal at 10990 Petal St. in Dallas. Josh Barnes and Ben Wallace of Holt Lunsford represented the landlord, Rialto Capital Management, in the lease negotiations. The representative of the tenant, Ferguson Fire & Fabrication, was not disclosed.

February 27, 2019

California Development Industrial Western

Dermody Properties Buys 19-Acre Inland Empire Site to Develop 411,330 SF Distribution Facility

by Amy Works February 27, 2019

RIALTO, CALIF. — Dermody Properties has acquired a 19-acre site in Rialto for the development of LogistiCenter at Rialto I. Terms of the transaction were not released. The 411,330-square-foot distribution facility will feature 36-foot clear heights, a 185-foot concrete truck court, 49 dock-high doors, 77 truck trailer spots and 245 auto parking stalls. Dermody Properties selected HPA as the architect and Fullmer Construction as the general contractor for the project. The company plans to begin construction soon on the property, with delivery slated for December. The facility is situated within Renaissance Rialto Business Park, which is home to Amazon, Target, Under Armour, Ozburn-Hessey Logistics, Niagara Bottling, Medlin Industries, Monster Energy, Distribution Alternatives and Lifetime Brands. Darla Longo and Barbara Perrier of CBRE represented all parties in the sale. Dan De La Paz, David Consani and Jim Koenig, also of CBRE, will be the leasing brokers for the project.

February 27, 2019

Acquisitions Industrial Loans New Jersey Northeast Uncategorized

Cushman & Wakefield Secures $41M Acquisition Financing for Industrial Portfolio in New Jersey

by David Cohen February 27, 2019

WARREN AND SOMERSET, N.J. — Cushman & Wakefield has arranged a $41 million acquisition loan for a 768,244-square-foot industrial portfolio in Warren and Somerset. The seven-property portfolio is comprised of three industrial buildings, two flex buildings and two office buildings. The properties include 7 Powder Horn Drive, 30 Technology Drive, 40 Technology Drive and 45 Technology Drive in Warren as well as 1 Riverview Drive, 50 Randolph Road and 100 Randolph Road in Somerset. John Alascio, Sridhar Vankayala and Zachary Kraft of Cushman & Wakefield represented the borrower, Ivy Realty, in the transaction. BBVA Compass provided the loan.

February 27, 2019

Acquisitions Industrial Southeast Tennessee

Sealy & Co. Acquires 124,800 SF Industrial Facility Near Memphis

by John Nelson February 27, 2019

COLLIERVILLE, TENN. — Sealy & Co. has acquired a 124,800-square-foot distribution center in Collierville. The asset, located at 500 Distribution Parkway, is situated on seven acres about 30 miles east of downtown Memphis. The property features a rear-load configuration and 22 dock doors. Jason Gandy and Scott Sealy Jr. of Dallas-based Sealy worked with Hank Martin of NAI Saig Co. in arranging the sale. The sales price and seller were not disclosed.

February 27, 2019

Development Industrial Michigan Midwest

Fiat Chrysler Plans to Invest $4.5B in Michigan Plants

by Kristin Harlow February 27, 2019

DETROIT — Fiat Chrysler Automobiles (FCA) plans to invest a total of $4.5 billion in five of its existing Michigan plants as well as build a new assembly plant within the city of Detroit. The move would increase capacity to meet growing demand for the automobile manufacturer’s Jeep and Ram brands, including production of two new Jeep-branded white space products as well as electric models. The proposed projects would create nearly 6,500 new jobs. In response to a shift in consumer demand toward SUVs and trucks, the company in 2016 began discontinuing compact car production and retooled plants in Illinois, Ohio and Michigan to make full use of available capacity to expand the Jeep and Ram brands. Those actions have resulted in the recent launches of the all-new Jeep Wrangler, Ram 1500 and the introduction of the Jeep Gladiator. FCA would invest $1.6 billion to convert two plants that comprise the Mack Avenue Engine Complex into the future assembly site for the next-generation Jeep Grand Cherokee, as well as a three-row Jeep SUV and plug-in hybrid models. FCA plans to start construction of the new Detroit facility by the end of the second quarter. The first three-row vehicles are expected …

February 27, 2019

Development Illinois Industrial Midwest

Pizzuti to Develop 274,000 SF Industrial Building in Aurora, Illinois

by Kristin Harlow February 27, 2019

AURORA, ILL. — The Pizzuti Companies, and its partner Molto Properties, has unveiled plans to develop a 274,000-square-foot speculative industrial building in Aurora. The property will be situated on 16 acres on Mitchell Road. The project will feature a clear height of 32 feet, 52 loading docks, 49 trailer spaces, 238 car parking spaces and LED lighting. Construction is scheduled to begin this spring, with completion slated for the third quarter. David Prell and Jeff Kapcheck of CBRE will handle leasing for the property.

February 27, 2019

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