The Portland industrial market continues to be strong despite softening from a few leading indicators. The overall market vacancy rate is 4.3 percent, which is up from 3.4 percent in the third quarter of 2018, while absorption during this period was 832,000 square feet. Historical absorption during the current cycle has averaged 3.8 million square feet. Almost 5 million square feet came on line in 2018, 2 million of which was speculative space that was 85 percent available in July 2019. This impressive amount of growth expanded the existing overall market size by 2.2 percent. Top tenants have been Amazon’s fulfillment centers, which occupy 918,000 square feet in the Rivergate Industrial Park in North Portland and 857,000 square feet in Troutdale. Both facilities were developed by Trammell Crow. Amazon also signed a lease in Hillsboro in 2016 for 303,000 square feet of space that was developed by Majestic. A United States Postal Service processing and distribution facility moved from a confined, central city location into 818,000 square feet in the Airport Way industrial area in Northeast Portland. Other large users include third party logistics, retailers/wholesalers and local market distributors. Intel announced an additional 1.5-million-square-foot expansion of its existing 2.2 million …
HOUSTON — COE Distributing, a wholesale distributor of office furniture, has signed a 251,754-square-foot industrial lease at Highland Grove Industrial Park in northwest Houston. COE will lease newly renovated cross-dock space that was formerly occupied by grocery chain Randalls. Cory Driskill and Travis Covington of Crow Holdings Industrial and Faron Wiley of CBRE represented the landlord, CRP/CHI Randalls Owner LP, in the lease negotiations. John Parsley, Barrett Gibson and Jason English of Colliers International represented the tenant.
PHOENIX — Griffin Opportunities has completed the sale of Desert Gateway, a two-building industrial project in Phoenix. Greenwood & McKenzie Real Estate Investments purchased the asset for an undisclosed price. The 172,803-square-foot property is located at 909 W. Pinnacle Peak Road and 1000 W. Vista Bonita Drive. Will Strong of Cushman Wakefield’s Capital Markets, along with Chris Rogers and Trevor McKendry of Daum Commercial Real Estate Services, handled the transaction.
OAKLAND, CALIF. — CenterPoint Properties has acquired an industrial facility situated on 6.8 acres at 5901 San Leandro St. in Oakland. Terms of the deal, including the price and seller’s name, were not released. Located in the heavy-haul corridor, the 130,513-square-foot asset offers secured, excess loading with heavy-haul capability and a controlled, fully-lit intersection. Additionally, the property features a secured 200-foot truck court, an above-market loading ratio, 22-foot to 24-foot clear heights, and the opportunity to add Union Pacific rail service. Mark Maguire, Justin Smutko and Nick Mascheroni of Colliers International represented CenterPoint in the transaction.
FRANKLIN, WIS. — Seefried Industrial Properties, in partnership with James Campbell Co. LLC, has completed the shell construction of the 88,667-square-foot Franklin Business Center in suburban Milwaukee. The facility is available for users ranging from 20,000 to 88,667 square feet. Located at Oakwood Park Drive near Mitchell International Airport, the development is situated on 5.7 acres and features a clear height of 28 feet, 92 auto parking spaces, eight dock doors and two drive-in doors. Peak Construction Corp., Partners in Design Architects Inc. and Pinnacle Engineering Group made up the project team. Trent Poole, Christian Chambers and Paula Wink of CBRE are marketing the property for lease.
ROME, GA. — Southeastern Mills has opened a 140,000-square-foot distribution center in Rome. The center is expected to handle more than 300 shipments per month for the Rome-based food company. The facility also offers a video conferencing system and automated doors with trailer restraints. Rome is situated 65 miles north of downtown Atlanta.
ELGIN, ILL. — Meridian Design Build has broken ground on two speculative industrial buildings on behalf of developer Scannell Properties in Elgin. The buildings are located at 2451 Bath Road and 1755 Britannia Drive. The Bath road facility will span 325,020 square feet and feature a clear height of 36 feet, four drive-in doors, 367 auto parking spaces and 56 trailer parking stalls. The Britannia Drive facility will span 80,400 square feet and feature a clear height of 32 feet, two drive-in doors and 93 auto parking spaces. Paul Woody Architects and Manhard Consulting make up the project team. Kenneth Franzese and John Cassidy of Lee & Associates will market the properties for lease.
ROMEOVILLE, ILL. — Crate & Barrel has selected The Pizzuti Cos. to develop a build-to-suit, Class A industrial facility in Romeoville. The property is being developed at Pinnacle Business Center in the heart of Chicago’s I-55 corridor. An affiliate of Heitman LLC owns the property. Crate & Barrel will occupy a facility known as Pinnacle XXIV, a 646,380-square-foot building. The development will serve as an e-commerce facility for the national home décor company. Construction is scheduled to begin immediately with completion slated for the third quarter of 2020. Jules Nissim and Jason West of Cushman & Wakefield represented the tenant while Jeff Kapcheck of CBRE represented ownership.
MCKINNEY, TEXAS — Lee & Associates has secured a 51,288-square-foot industrial least at 1581 Corporate Drive in McKinney, a northeastern suburb of Dallas. Brett Lewis and George Tanghongs of Lee & Associates represented the landlord, Dalfen Industrial, in the lease negotiations. The tenant was not disclosed.
FORT WORTH, TEXAS — Stream Realty Partners has negotiated a 39,950-square-foot industrial lease at Parc North in Fort Worth. Seth Koschak and Forrest Cook of Stream Realty Partners represented the landlord, EastGroup Properties, in the lease negotiations. Todd Hubbard of NAI Robert Lynn represented the tenant, Texas AirSystems.