HOUSTON — NAI Partners has negotiated a 12,000-square-foot industrial lease at 8020 Leghorn St. in Houston. According to LoopNet Inc., the property was built in 1998, offers 26,000 square feet of rentable space and features 18- to 20-foot clear heights. Andy Parrish and Lesley Rice of NAI Partners represented the landlord in the lease negotiations. The tenant was Texas-based Cooper Flooring.
SAN DIEGO — Innovative Industrial Properties (IIP) has acquired a five-property industrial portfolio in Southern California for $27.1 million. The assets total 102,000 square feet of industrial space. This acquisition marks IIP’s second investment in California, following the company’s acquisition in Sacramento earlier this year. The company claims to be the only real estate company on the New York Stock Exchange focused on the regulated U.S. cannabis industry. Concurrent with the closing of the purchase, IIP entered into a long-term, triple-net lease at each property with a licensed cannabis operator. The tenant intends to operate the properties as licensed cannabis cultivation, manufacturing, processing and distribution facilities in accordance with California regulations.
PHOENIX — Conor Commercial Real Estate and Globe Corp. have assembled 18.8 acres within the Sky Harbor Airport submarket of Phoenix for the development of Airport 40, a 320,700-square-foot speculative industrial development. Construction is slated to begin in June, the two-building project will include Building 1, a 211,900-square-foot rear-load facility featuring 40 dock-high doors and six drive-in doors; and Building 2, a 108,800-square-foot property with 28 dock doors and four drive-in doors. Both buildings will feature 32-foot clear heights, built-to-suit office space, ample vehicle parking and 75 oversized truck trailer stalls. Mike Haenel, Andy Markham and Phil Haenel of Cushman & Wakefield negotiated the purchase of the parcels in three separate transactions for a combined total of $8.1 million.
TUCSON, ARIZ. — The LaClaire Group of Marcus & Millichap has negotiated the sale of National RV Central, a 125,015-square-foot recreational vehicle storage facility in Tucson. A Colorado-based national private self-storage operator acquired the property from a local partnership for an undisclosed price. Situated next to Interstate 10, National RV Central features 112,115 rentable square feet of indoor, climate-controlled RV storage; 5,100 rentable square feet of traditional drive-up self-storage space; and a 7,800-square-foot service bay rented to a third party. Built in 2006, the property features fully enclosed RV and boat storage. Thomas Parson and Adam Schlosser of Marcus & Millichap represented the seller in the deal.
GILLETTE, WY. — Stan Johnson Co. has brokered the sale of an industrial building, located at 2600 E. Second St. in Gillette. New York-based AR Global Investments acquired the property from a local Wyoming developer for $7.1 million. Cummins Inc. occupies the 36,720-square-foot building on a double-net-lease basis. Jason Powell and Colin Couch of Stan Johnson Co. represented both parties in the transaction.
The industrial real estate sector is currently undergoing one of the greatest expansionary periods in the nation’s history. Record development, all-time high occupancy and rental rates and strong leasing activity have been a boon to the U.S. industrial market in the last two years. In addition to these fundamental elements that make up a strong sector, there has been a demand driver that has transformed the industrial market more now than ever: e-commerce. Amazon is now the largest industrial occupier post-recession, which is forcing retailers and wholesalers to modernize their supply chain to keep up. E-commerce is not a new phenomenon, but it is becoming increasingly competitive, and is expected to grow another 55 percent in the next four years, according to Colliers International research. E-commerce has reshaped the way people purchase goods, resulting in new increased requirements on the transportation of products. As such, organizations are needing to reevaluate their supply chain strategies and transportation costs, and demand for smaller fulfillment centers closer to the urban population is exploding. This challenge around the “last-mile delivery” is altering the distribution and logistics sectors. IMS Worldwide defines the last mile as the “last point of distribution or sortation to the final …
CARTERSVILLE, GA. — Chick-fil-A will build its first company-owned distribution center in Cartersville, a project that will create about 300 jobs. The distribution center will open this summer as a pilot facility, serving as a learning lab while the full-scale center is being built. When the full-scale center is delivered at its expected date of summer 2020, it will serve 300 Chick-fil-A restaurants. The property will also house 300 employees with jobs including drivers, warehouse team members, leadership team members and administrative staff. Multiple media outlets report that Chick-fil-A D2 Services LLC paid $3.7 million for a 50-acre site near Cartersville Business Park, which is located about 45 miles north of downtown Atlanta.
DALLAS — A new report from CBRE and Real Capital Analytics has found that in 2018, sources of foreign capital invested $849.1 million in industrial real estate throughout the Dallas-Fort Worth (DFW) market. The metroplex’s volume of industrial investment by foreign capital was second only to Los Angeles. Among foreign countries, Chinese capital sources led the way with 41 percent of the DFW industrial investment, followed by those of Singapore and Canada at 34 and 22 percent, respectively. All told, foreign investors made approximately $14.4 billion of industrial acquisitions in 2018, accounting for about 21 percent of the total investment pie for the asset class across the United States. That figure represents an impressive 152 percent year-over-year increase.
CARLSDADT, N.J. — Michael Halebian & Co., a provider and distributor of specialty flooring products, has signed a 35,000-square-foot industrial lease at 700 Gotham Parkway in Carlsdadt, a city located directly across from Manhattan in New Jersey. The property’s location offers proximity to major thoroughfares like the New Jersey Turnpike and Garden State Parkway, as well as Teterboro Airport. The owner of the 80,000-square-foot facility, Key Properties, purchased 700 Gotham Parkway as an abandoned former paint manufacturing facility in 1997 and repositioned the building from single- to multi-tenant use.
CITY OF INDUSTRY, ORANGE, CARLSBAD AND SAN MARCOS, CALIF. — Rexford Industrial has purchased four industrial properties located in Southern California for a total of $84.5 million. The acquisitions were funded using cash on hand. Totaling 456,000 square feet, the portfolio includes: A 256,993-square-foot facility, located at 13890 East Nelson Ave. in City of Industry, was purchased for $41.8 million, or $163 per square foot. The fully occupied building features 24-foot clear heights, 36 dock positions and active rail service. A 92,647-square-foot property, located at 445 W. Freedom Ave. in Orange, was acquired for $18 million, or $94 per square foot. The three-tenant property is fully leased and offers 24-foot clear heights and 13 dock positions. A 106,311-square-foot facility, located at 2270 Camino Vida Roble in Carlsbad, was purchased for $16.8 million, or $158 per square foot. At the time of sale, the property was 70 percent occupied. In a separate, off-market transaction, Rexford Industrial purchased 980 Rancheros Drive in San Marcos for $7.9 million, or $173 per square foot. The single-tenant industrial building contains 45,678 square feet of industrial space with 24-foot clearance, three dock positions, heavy power and a private yard. At the time of sale, the property …