HENDERSON, NEV. — Panattoni Development has started construction of Building C and D at South15 Airport Center, an office and industrial park located on Bowes Avenue in Henderson. Delivery is slated for early 2020. Building C will be a 183,560-square-foot, cross-dock industrial facility and Building D will be an 83,000-square-foot single-load distribution building. The 153-acre South15 Airport Center also includes a 310,000-square-foot FedEx Ground facility and a 482,300-square-foot distribution building leased to Smith’s Food & Drug. South15 Airport Center is owned by PDCUSIF South 15, a joint venture between Panattoni Development and Hillwood. Alston Construction is serving as general contractor and Tectonics Design Group is serving as architect for the project.
SANTEE, CALIF. — Colliers International San Diego Region has arranged the acquisition of a two-building industrial asset located in Santee. Poway, Calif.-based Zuantasnid purchased the property from San Diego-based Pearl and Herschel LLC for $4.8 million. Situated on 2.1 acres at 8745-8747 N. Magnolia Ave., the asset features total of 36,345 square feet of industrial space. Evan McDonald and Taylor DeBerry of Colliers represented the buyer, while pat Geary of CEG Advisors represented the seller in the deal.
LACEY, WASH. — Marcus & Millichap has arranged the sale of Stowaway Mini Storage, a self-storage facility in Lacey. An undisclosed buyer acquired the property from limited liability company for $2.6 million, or $136 per rentable square foot. Stowaway Mini Storage consists of two non-contiguous parcels located at 927 Bowker St. SE and 5235 Lacey Blvd. The property features 19,100 square feet of self-storage spaces with units in a variety of sizes. Christopher Secreto of Marcus & Millichap’s Seattle office represented the seller, while Matt Gardner, also of Marcus & Millichap Seattle, represented the buyer in the transaction.
CARROLLTON, TEXAS — NAPCO Bag & Film, a provider of bags to a variety of industries, has signed an 81,535-square-foot industrial lease at 2908 Commodore Drive in the northern Dallas suburb of Carrollton. Greg Nelson of Paladin Partners represented the tenant in the lease negotiations. Michelle Hudson and Tom Hudson of Hudson Peters Commercial represented the landlord, ML Realty Partners.
CHICAGO — Westmount Realty Capital and Stockbridge have partnered to acquire a 1.7 million-square-foot light industrial portfolio in metro Chicago. Stockbridge acquired the portfolio on behalf of the firm’s Value Fund III. The portfolio includes 38 buildings in submarkets such as O’Hare, Lake County and Elgin. The mix of properties are 95 percent leased to more than 280 tenants. The buildings were constructed between the 1970s and 2000s. Mark Perkowski and Matthew Wurtzebach of Draper and Kramer’s Commercial Finance Group arranged a nonrecourse acquisition loan with a national bank. Loan terms were undisclosed.
BRIDGEVIEW, ILL. — NAI Hiffman has arranged the sale of a 254,425-square-foot industrial building in Bridgeview, about 16 miles from Chicago’s Loop. The sales price was not disclosed. Located at 7557-7575 S. 78th Ave., the property includes 37 exterior loading docks, one drive-in door, 113 trailer positions and a clear height of 20 feet. It was built in 1970. Lawrence Much, Steve Connolly and Drew Bulson of NAI Hiffman marketed the property on behalf of the seller, Heller Industrial Parks. The team also procured the buyer, TradeLane Properties, an Oak Brook-based private investment group. The new owner intends to immediately begin extensive renovations to modernize the building.
JESSUP, MD. — Terreno Realty Corp. has sold an 88,438-square-foot industrial building in Jessup for $7.5 million. The property is located at 8215 Dorsey Run Road, 16 miles southwest of downtown Baltimore. The property was fully leased to Nave Communications, which supplies telecommunications equipment to its customers, at the time of sale. Terreno Realty acquired the asset in November 2013 for $6 million. The buyer was not disclosed.
HARLINGEN, TEXAS — Marcus & Millichap has arranged the sale of American Self Storage, a 417-unit facility located in the Rio Grande Valley city of Harlingen. The property was built on 6.5 acres in 2004 and spans 49,588 net rentable square feet. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a Houston-based partnership, in the transaction. Jon Danklefs, also with Marcus & Millichap, represented the buyer.
EVERETT, WASH. — The Port of Everett has purchased the 58.4-acre Kimberly-Clark mill property situated on the waterfront in Everett. Kimberly-Clark Worldwide sold the asset, including another site north of the mill property, for $33 million. Kimberly-Clark closed the former pulp mill located on the site in 2012. In July, the City of Everett acquired the north portion of the property; therefore, this sale represents the remainder of Kimberly-Clark’s Everett waterfront holdings. The site includes a 360,000-square-foot warehouse and more than 2,500 lineal feet of waterfront on the East Waterway, which opens to the Puget Sound. The sale property is located between the Port of Everett terminal and Naval Station Everett, a federally secured maritime complex. Port of Everett plans to develop three-quarters of the property into maritime use, with the remaining used for aquatic management and public access. Dave Speers and Matt Henn of Kidder Mathews, along with Eric Dienstbach of Binswanger, represented the seller in the deal.
The surge in demand for Birmingham’s industrial real estate over the last few years has resulted in the highest occupancy rates in over 20 years. Alabama’s level of business friendliness has created a strong economy and high level of job growth since the end of the Great Recession. Manufacturing is a key driver of job growth. Overall vacancy rates in Birmingham’s multi-tenant industrial market have fallen to around 7 percent, which is an all-time low. Average rental rates have crept up to approximately $4.25 per square foot, which is historically high for Birmingham but still significantly lower than rents in larger markets around the Southeast. In spite of the robust activity, there are no active plans for any sort of speculative multi-tenant developments in the market. The last project was the 90,000-square-foot Oxmoor Logistics Center located in the Oxmoor Valley submarket, which was completed in the fourth quarter of 2018. It is currently 100 percent occupied. However, there are over 2 million square feet of individual projects that will be completed before the end of 2019. One is a $1.3 billion expansion at the Mercedes-Benz Tuscaloosa plant, which includes a new body shop, enhancements to the SUV assembly shop and …