GLEN ROSE, TEXAS — Amazon plans to open a data center campus in Glen Rose, about 55 miles southwest of Fort Worth, an initiative that the Seattle-based conglomerate says will create about 550 new full-time jobs. The acreage of the site and total power capacity of the campus were not disclosed, but Data Center Dynamics reported earlier this year that according to a tax abatement application filed by Amazon, the project “could total up to 18 two-story buildings across some 435 acres and some $5 billion invested.” Those figures were also reported by Crypto Briefing in early November, at which time that outlet also reported that the campus would be known as Project Spectrum and was tied to a power purchase agreement of up to 1,200 megawatts.
HOUSTON — Holt Lunsford Commercial Investments (HLCI), the investment and development arm of the Dallas-based brokerage firm of the same name, has broken ground on The Bend at 249, a 191,768-square-foot industrial project in northwest Houston. The site spans 14.4 acres along State Highway 249, and the development will consist of a single rear-load building with 36-foot clear heights, drive-in ramps with oversized doors, 44 dock-high doors and 61 trailer parking stalls. HLCI has tapped CBRE to market the project for lease. Construction is expected to be complete in the second quarter of next year.
HOBOKEN, N.J. — New Jersey-based investment firm Faropoint has received a $474 million loan for the refinancing of a national portfolio of 85 industrial buildings. The addresses of the buildings were not disclosed, but the portfolio spans 12 states, with concentrations in the Chicago, Philadelphia and New York/Northern New Jersey markets. Truist Bank and Capital One co-provided the debt, with the $474 million representing an initial advance and the lenders committing an additional $84 million that will be available through an earn-out and holdback as the portfolio’s net operating income (NOI) increases. The loan also includes an accordion feature of up to $700 million to fund new properties and/or further earn-out beyond the $557 million as NOI increases and valuations grow.
JACKSON, GA. — Prologis has broken ground on a nearly 1.3 million-square-foot cross-dock logistics facility at Prologis 75 Commerce Center in Jackson, a city southwest of Atlanta in Butts County. The development sits in Atlanta’s I-75 South submarket and will feature 42-clear heights, 258 dock doors, four drive-in doors, a 190-foot truck court, parking for more than 500 cars and 600 trailers, 70-foot speed bays, an 8-inch reinforced slab and two 4,000-amp connections. Prologis is pursuing LEED Silver certification for the project, which will have the capacity for both solar arrays and electric vehicle parking.
GLENDALE, ARIZ. — Panattoni Development Co. has received $58.7 million in refinancing for Northern Logistics Center, a Class A industrial portfolio in Glendale. Jason Carlos, Frank Choumas, Ross Jorgensen and Andrew Mings of JLL Capital Markets secured the three-year, floating-rate loan through Mesa West Capital for the borrower. Completed in 2025, Northern Parkway Logistics Center features 445,187 square feet of industrial space spread across three buildings at 12815 W. Northern Ave. and 12795 W. Northern Ave. The property features 32- to 36-foot clear heights, 73 dock-high doors, eight grade-level doors, heavy power capabilities ranging from 3,000 to 6,000 amps, ESFR sprinkler systems, 62 trailer parking stalls and 451 vehicle parking spaces. The buildings are designed to accommodate both single-tenant and multi-tenant users. At the time of financing, the property was 57.9 percent leased.
By Taylor Williams (Editor’s note: This story was finalized in advance of the Federal Reserve meeting on Wednesday, Oct. 28.) When it comes to “normalization” in commercial real estate, the investment sales community is usually last in line to experience the trend. Recovery, rightsizing, recalibration — whatever “R” word you prefer — increased tenant absorption is usually one of the first indicators of a positive inflection point in any commercial market. Although investors and their brokers can see leasing activity in real time — and for the industrial markets of the Northeast, that activity is encouraging at the moment — determining whether said absorption is a trend or a blip requires a certain amount of data. Aggregating sufficient data takes time. And when the broader economy is subject to violent, unexpected swings like it is today, by the time that information has been digested by the investment sales community, the broader landscape may have shifted considerably. In addition, now that fundamentals and supply-demand balances across most Northeast industrial markets have settled back to more normal dynamics, investors too must get back to more standard underwriting practices. That means stipulating an exit cap rate that is legitimately achievable and putting forth …
LAREDO, TEXAS — Atlanta-based investment firm MDH Partners has acquired a 129,301-square-foot industrial building in the South Texas city of Laredo. Built in 2000 within Milo Industrial Park, the single-tenant, rail-served facility at 302 Grand Central Blvd. features 44 dock-high doors and 47 trailer parking stalls and was fully leased at the time of sale to an affiliate of German logistics company DHL Supply Chain. Craig Tomlinson of Northmarq represented the undisclosed seller in the transaction. Makenna Barbara represented MDH Partners on an internal basis.
FRISCO, TEXAS — Lee & Associates has negotiated a 32,375-square-foot industrial lease in Frisco, located north of Dallas. The tenant is Austin-based energy storage company Base Power Inc. The building at 15691 FM 423 is one of three within Frisco Trade Center, a 581,256-square-foot development owned by Dallas-based Dalfen Industrial. Brett Lewis, Taylor Stell and George Tanghongs of Lee & Associates represented the landlord in the lease negotiations.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $10.7 million sale of a 90,000-square-foot vacant industrial building in The Bronx. The four-story facility at 425 Devoe Ave. features 60,000 square feet of above-grade space and 30,000 square feet of below-grade space and includes covered truck-level loading docks and four drive-in doors. Jason Gold, Sean Kelly and Daniel Mahfar of Ariel the seller, Abingdon Square Partners, in the transaction. The buyer was MADDD Equities.
COLUMBUS, OHIO — JLL Capital Markets has arranged a $155 million construction loan for Buckeye Yards, a four-building industrial development totaling 1.8 million square feet in Columbus. The project is being developed on a former rail yard site west of downtown Columbus. The first phase of the master-planned development will encompass 153 acres of logistics and distribution space. Danny Kaufman, Lucas Borges, Brian Walsh, Michael Gurwin and Emma Berner of JLL worked on behalf of the borrower, Xebec and its institutional capital partner, to secure a loan through Oxford Properties. Buckeye Yards is the redevelopment of a former Norfolk Southern rail yard into a large-scale logistics campus. Upon completion, the first phase will feature four buildings ranging from approximately 205,000 square feet to more than 910,000 square feet. The development will include both rear-load and cross-dock configurations, clear heights ranging from 36 to 40 feet, 349 dock doors, 1,180 automobile parking spaces and 477 trailer parking stalls. The property will benefit from a 10-year tax abatement structure.
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