DES PLAINES, ILL. — Associated Bank has provided a $15.8 million loan for the construction of Sherwin Industrial, a redevelopment project of a 7.8-acre industrial site in Des Plaines. Panattoni Development Co. is the borrower and developer. Panattoni plans to tear down two existing industrial buildings on the site and build a 162,000-square-foot speculative warehouse. Completion is slated for fall 2020. The project is situated in the O’Hare submarket. Krista Casper of Associated Bank handled the loan arrangements and closing.
AURORA, ILL. — Newmark Knight Frank (NKF) has brokered the sale-leaseback of 1175 S. Frontenac St., a 120,000-square-foot industrial building in Aurora. The sales price was undisclosed. Elise Couston and Adam Marshall of NKF represented the seller, design studio Embossed Graphics Inc., which will lease back the property from Exeter Property Group. Located in the Meadow Lakes Corporate Park, the facility was constructed in 1999 as a build-to-suit for Embossed Graphics. The building features a clear height of 24 feet, 10,000 square feet of office space and parking for 135 vehicles.
LINE LEXINGTON, PA. — A partnership between Metro Storage LLC and Fremont Realty Capital (FRC) has opened a 785-unit self-storage facility in Line Lexington, located approximately 30 miles north of Philadelphia. The two-story facility, located at 4671 County Line Road, offers 79,383 rentable square feet of climate-controlled space and features interior loading bays, elevators, security and a retail office. The property is Metro’s 11th self-storage facility in Pennsylvania.
EAST RUTHERFORD, N.J. — Terreno Realty Corp. has acquired a 50,000-square-foot industrial property in East Rutherford, a western suburb of New York City, for $12 million. The property comprises one distribution building featuring 30-foot clear heights and eight loading positions, including seven dock-high and one grade-level doors. Located at 46 Whelan Road, the property is situated less than two miles from the Meadowlands Sports Complex and the New Jersey Turnpike. The property is fully leased to one undisclosed tenant.
SAN DIEGO — Newport Beach, Calif.-based Focus Real Estate has completed the disposition of Copperwood Center, an industrial park located in San Diego’s Oceanside neighborhood. Newport Beach-based CB Copperwood LLC acquired the asset for $20 million. Located at 3365, 3375 and 3385 Mission Ave. and 101, 102, 105, 106 and 110 Copperwood Way, the eight-building complex features 140,945 square feet of industrial space. Originally built in 1984, the property was 97 percent leased to 64 tenants at the of sale across suites ranging from 886 square feet to 7,397 square feet. Additionally, Copperwood Center features visible signage for each unit and more than 350 parking spaces. Matt Pourcho, Anthony DeLorenzo, Gary Stache and Doug Mack of CBRE represented the seller, while Paul Lafrenz, Josh McFadyen and Joe Crotty of Colliers International San Diego Region represented the buyer in the transaction.
HALTOM CITY, TEXAS — Phoenix-based Creation Equity has broken ground on The 820 Exchange, a commercial project located in the Fort Worth suburb of Haltom City that will consist of roughly 1 million square feet of office and warehouse space. LGE Design Build, also based in Phoenix, is the general contractor for the project. According to the Dallas Business Journal, the project is valued at $45 million and is expected to be complete by fall 2020.
CHICAGO — SVN Chicago Commercial has brokered the sale of an approximately 48,000-square-foot flex industrial building in Chicago’s Humboldt Park neighborhood for $3.5 million. The property is located at 1757 N. Kimball Ave., along the 606 Trail. Wayne Caplan of SVN represented the seller. Buyer and seller information was not disclosed.
Much of the national hype surrounding the growth in industrial development, investment and leasing activity in North Texas is centered on Dallas, a national leader in in-migration and employment growth across a variety of industries. The demographic and economic fundamentals of Dallas have made it a highly desirable market for e-commerce and third-party logistics users looking to service an ever-growing last-mile population. But beginning about four years ago, the dwindling supply of quality sites near the Dallas core began to generate rapid rent growth, causing priced-out developers and users to start looking westward. Fort Worth’s transition from a predominantly manufacturing market to a dynamic logistics and distribution hub began with Hillwood’s purchase of 15,000 acres for its AllianceTexas development in the mid 1980s. Since that time, Fort Worth has displayed a more aggressive stance on economic and industrial development. Both cities have long shared access to critical pieces of infrastructure — DFW International Airport, Interstates 20, 30 and 35 — as well as strong availability of land and a quality supply of laborers. But until recently, the growth paths always favored Dallas — the more gentrified of the two cities that was also a preferred destination for corporate relocations and …
DILLION, S.C. — Developer Marlboro Development Team Inc. has unveiled plans for a new, 253,800-square-foot industrial project in the I-95 Mega Site in Dillon, seven miles from the South Carolina-North Carolina state line. The 72-acre property within the site is scheduled for delivery in the third quarter of 2020. The facility will be designed for logistics and distribution, featuring cross-dock capabilities, 200-foot truck court depths, 36-foot clear heights, speed bays and expansion capability up to 650,000 square feet. Adjacent to I-95, the facility will be less than one mile from South Carolina Ports Authority’s (SCPA) Inland Port Dillon, which is CSX-railway served. Marlboro Development Team and its parent company, Marlboro Electric Cooperative, own nearly 4,000 acres surrounding Inland Port Dillon.
ANDERSONVILLE, TENN. — Medical supply distributor HemaSource Inc. has leased 114,800 square feet of a newly developed industrial facility in Andersonville, 18 miles northwest of Knoxville. Built by The Hollingsworth Cos., the building is upfitted for high-volume distribution utilizing tax incentive financing. The remaining 13,100 square feet of the 127,900-square-foot building is office space already leased to metal supplier A&S Building Systems. The Hollingsworth facility has the capacity to expand to 172,600 square feet and features 32-foot clear heights and 12 dock doors.