The agriculture industry, long an economic staple of the Rio Grande Valley (RGV), has been at the forefront of the region’s industrial expansion and is seeing its role elevated with more product coming from Mexico. Over the last several years, road and bridge infrastructure improvements throughout Mexico’s southwestern regions have laid the groundwork for increased traffic of produce-carrying trucks headed northeast to the border area. Ports of entry throughout the RGV have become the top destinations for agricultural imports, surpassing the longtime leader of Nogales, Ariz. This has heightened cross-border trade activity throughout the South Texas ports of entry. Most notably, the Pharr, Texas, port of entry has increased the most in terms of activity, which has led to greater absorption and development of industrial product throughout the McAllen metro area. The prime example of this infrastructural development is the Baluarte Bicentennial Bridge. The 3,700-foot, cable-stayed bridge opened in 2013, connecting the Mexican coastal city of Mazatlan to the inland port of Durango and shortening delivery times for product en route to the U.S. border by four to six hours. As a result, a significant amount of the new industrial development in recent years has centered on cold storage facilities. …
Industrial
DARIEN, ILL. — Premier Design + Build Group has broken ground on a 153,000-square-foot speculative warehouse on behalf of Sterling Bay in Darien, about 25 miles southwest of Chicago. The industrial building will feature a clear height of 30 feet, 31 exterior truck doors and two drive-in doors. The nine-acre site, located near I-55, will also include 161 parking stalls. Completion is slated for November. The project team includes Cornerstone Architects Ltd. and civil engineer Spaceco.
SKOKIE, ILL. — Panattoni has purchased three industrial properties located near each other in Skokie: a 78,101-square-foot building at 7515 Linder Ave., a 35,000-square-foot building at 7555 Linder Ave. and a 44,000-square-foot building at 7520 Long Ave. The developer plans to demolish the buildings in order to construct a 140,000-square-foot speculative distribution facility. The development will feature a clear height of 32 feet, 30 exterior docks, two drive-in doors and parking for 141 cars. Completion is slated for the fourth quarter of this year. Volkert will market the property for lease. Chris Volkert of Colliers International represented the private sellers.
SUMNER, WASH. — Bridge Development Partners has acquired a 2.9-acre land parcel, located at 1710 136th Ave. East in Sumner, from an independent seller for an undisclosed price. The company plans to develop Bridge Point Sumner 60 on the site. The project will feature 64,574 square feet of industrial space, 30-foot clear ceiling heights, an ESFR sprinkler system, three grade-level doors, 10 dock-high doors, a 120-foot truck court and parking for 54 cars. The facility will offer flexible space options ranging from 20,000 square feet to 65,000 square feet. Construction is slated to begin in the next 30 days, with delivery by first-quarter 2020. Kermit Jorgensen and Scott Price of Neil Walter Co. represented Bridge in the acquisition and will serve as leasing agents for the project.
Realty Advisory Group Negotiates $8.9M Sale of 75,286 SF Industrial Asset in the Inland Empire
by Amy Works
RIVERSIDE, CALIF. — Realty Advisory Group has arranged the sale of a single-tenant industrial property, located at 7275 Sycamore Canyon Blvd. in Riverside. An undisclosed seller sold the property for $8.9 million. Situated on 4.3 acres, the freestanding, 75,286-square-foot facility features 28-foot clear heights, 10 dock-high positions and future divisibility. At the time of sale, the property was fully leased to a Fortune 200 tenant. John Repstad and Mark Repstad of Realty Advisory Group represented the seller and undisclosed buyer in the deal.
KATY, TEXAS — Marcus & Millichap has arranged the sale of Storage Place of Katy, a 529-unit self-storage facility located west of Houston. The property comprises 137 climate-controlled units, 363 non-climate-controlled units, 25 covered parking spots and four outdoor parking spots for a total of 131,003 net rentable square feet. Dave Knobler and Charles LeClaire of The LeClaire Group, a division of Marcus & Millichap, represented the seller, a Houston-based partnership, in the transaction. The buyer and additional terms of sale were not disclosed.
AUSTIN, TEXAS — NAI Partners has negotiated a 17,850-square-foot industrial lease for Beacon Roofing Supply Inc. at 20 Strandtman Cove in Austin. Troy Martin of NAI Partners represented the tenant, which distributes roofing and building supplies, in the lease negotiations. Adam Green of Stream Realty Partners represented the landlord.
LOUISVILLE, KY. — NorthMarq Capital has arranged a $10 million refinancing loan for Crossings Center Nine, a 500,000-square-foot distribution facility in Louisville. Crossings Center Nine is situated within Commerce Crossings Business Park, 14 miles south of downtown Louisville and 10 miles south of Louisville International Airport. A life insurance company provided the 15-year, fixed-rate loan with a 20-year amortization schedule. The borrower was not disclosed.
HOUSTON — Local firm Davis Commercial Development has broken ground on Cypress Preserve Logistics Center, a 560,000-square-foot distribution center in Houston. The 31.9-acre site offers proximity to Interstate 45 and Hardy Tollway. Cypress Preserve Logistics Center will feature two cross-dock buildings that will offer spaces ranging in size from 64,500 to 258,000 square feet. The development will also include two tilt-wall buildings totaling 41,500 square feet. The cross-dock buildings will feature 32-foot clear heights, 165 trailer parking spaces and office space, while the tilt-wall buildings will have 24-foot clear heights, ESFR sprinkler systems and custom office finishes. Delivery is slated for October. Walker Barnett and Ryan Byrd of Colliers International will handle leasing of the development.
CHESTNUT RIDGE, N.Y. — Cushman & Wakefield has brokered the sale of 3 Alpine Court, a 68,862-square-foot industrial facility in Chestnut Ridge, New York, located just north of New Jersey. Situated on 6.3 acres, the property is 30 miles west of Manhattan and within a one-hour drive of Port Newark and all three metro area commercial airports. Privately held firm Weiss Real Estate Investments purchased the asset from CMS Holding Co. Inc. for an undisclosed price. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt, Stan Danzig and Stephen Elman of Cushman & Wakefield brokered the deal.