Industrial

Molson Coors to Halt Production at Metro Los Angeles Brewery, Sell Property for $150M

by Alex Tostado January 9, 2020

IRWINDALE, CALIF. — Molson Coors Beverage Co. (NYSE: TAP; TSX: TPX) will cease production at its Irwindale brewery by September. The Denver- and Montreal-based beer company has simultaneously entered into a purchase option agreement with Pabst Brewing Co. for the 40-year-old facility. Pabst has 120 days to exercise its purchase option, according to a filing with the Securities and Exchange Commission. The sales price was undisclosed, but multiple media outlets report the property will trade for $150 million. The brewery, which features iconic beer tanks highly visible from Interstate 210, opened in 1980 and houses 470 employees. The property is located at 15801 W. First St., 23 miles east of downtown Los Angeles. Until September, products produced in Irwindale will be transitioned to other breweries, primarily in Golden, Colo.; and Fort Worth, Texas. The company did not address the status of the 470 employees who currently work at the brewery. “This move will allow us to optimize our brewery footprint while streamlining our operations for greater efficiency across the network,” says Brian Erhardt, chief integrated supply chain officer for Molson Coors. “While it was a very difficult decision, we have extra capacity in our system, and Irwindale’s production can be …

January 9, 2020

Features Heartland Feature Archive Industrial Self-Storage

Strong User Demand, High Returns Keep Self-Storage Buyers Hungry

by Kristin Harlow January 9, 2020

The self-storage industry started its upswing during the Great Recession as more and more Americans turned to storage units as a result of being forced to downsize or foreclose on their home, recalls Alec Pacella, president with NAI Pleasant Valley in Medina, Ohio. “That’s when the industry sparked, but it’s never stopped,” he says. There are three main reasons that the self-storage sector has continued to perform well as a commercial real estate property type, according to Pacella. First, an increase in consumer spending has left Americans with more goods to store. Second, there’s been an influx in larger institutional investors and regional aggregators looking to acquire self-storage properties. Lastly, the advent of technology has enabled operators to run properties remotely and offer services such as automatic payment systems and 24-hour access. While the industry has long been dominated by the local mom-and-pop type operators, there are examples of regional players expanding their portfolios today. One such company that Pacella cites is Valley Storage, which has entered the Ohio market from its headquarters in Maryland. The company now has five locations in Northeast Ohio in addition to facilities in Pennsylvania, Virginia and North Carolina. Oversupply concerns The supply of new …

January 9, 2020

Acquisitions Industrial Northeast Pennsylvania

ROCK Commercial Brokers Sale of 14,138 SF Industrial Property in York, Pennsylvania

by Alex Patton January 7, 2020

YORK, PA. — ROCK Commercial Real Estate has brokered the sale of a 14,138-square-foot industrial property in York, a southern suburb of Harrisburg. Located at 258 West Philadelphia St. at the site of a former steel fabrication facility, the single-tenant building was completed in 1953 and features a 12-foot ceiling height and close access to State Route 30. Ted Turnbull, Jason Turnbull and Kevin Hodge of ROCK Commercial represented the seller, Scott Real Estate Enterprises LLC. The team also procured the buyer, Trombo Enterprises LLC. The sales price was undisclosed.

January 7, 2020

Acquisitions Industrial Southeast Tennessee

Phoenix Investors Purchases 1.4 MSF Former Sears Distribution Center in Memphis

by Alex Tostado January 7, 2020

MEMPHIS, TENN. — Milwaukee-based Phoenix Investors LLC has acquired an approximately 1.4 million square-foot industrial facility located at 3456 Meyers Road in Memphis. The property is currently vacant and will be marketed to new users for lease as a distribution facility. Atlantic Capital Bank provided acquisition financing to Phoenix Investors. JLL’s Jack Wohrman and Russ Westlake represented the seller, Sears Holdings Corp., in the transaction. Originally built in 1973 with an addition in 1981, the facility is a former distribution center for Sears. The property has clear ceiling heights ranging from 24 feet to 31 feet, 145 dock doors, 24-by-36-foot column spacing and trailer parking. The building is currently divisible for multi-tenant occupancy. Phoenix plans to make structural and cosmetic upgrades to the facility in the coming months. Located near Interstates 40 and 240, the property is less than 20 miles from both Amazon and Nike’s new distribution centers.

January 7, 2020

Development Georgia Industrial Southeast

PCCP, Panattoni to Develop 328,000 SF Spec Industrial Building in Cartersville, Georgia

by Alex Tostado January 7, 2020

CARTERSVILLE, GA. — PCCP LLC has formed a joint venture with Panattoni Development Co. Inc. for the speculative development of a 328,000-square-foot industrial building in Cartersville, 51 miles northeast of Atlanta. The project is located directly off Interstate 75 in Bartow County. PCCP and Panattoni recently acquired the 104-acre site that allows for the development of up to 724,000 square feet across two buildings. Two buildings are planned for two separate phases of development. PCCP and Panattoni expect to deliver the first facility, a rear-load building with 32-foot clear heights, in the third quarter. Mike Chambers, Jack Haden and Kane Chambers of NAI Brannen Goddard are leading the leasing effort of the property.

January 7, 2020

Industrial Leasing Activity Midwest Missouri

Distribution Management Signs 375,200 SF Industrial Lease in St. Peters, Missouri

by Kristin Harlow January 7, 2020

ST. PETERS, MO. — Distribution Management Inc. has signed an industrial lease to occupy an entire 375,200-square-foot warehouse within Premier 370 Business Park in St. Peters. The building is situated at 1001 Premier Parkway, about 30 miles west of St. Louis. The landlord and developer, Duke Realty Corp., has now completed the lease-up of the five buildings within the 2.5 million-square-foot park. Art Leichner and Andrew Crites of Newmark Knight Frank along with Kevin McLaughlin and Dan Lesinski of Newmark Grubb Zimmer represented the tenant in the lease transaction. Geoff Orf of Colliers International served as the property’s listing agent. Distribution Management is an imaging supplies distributor and order fulfillment company.

January 7, 2020

Acquisitions Illinois Industrial Midwest

Stream Capital Partners Brokers $16.8M Sale-Leaseback of Industrial Facility in Buffalo Grove, Illinois

by Kristin Harlow January 7, 2020

BUFFALO GROVE, ILL. — Stream Capital Partners LLC has brokered the sale-leaseback of a 161,976-square-foot industrial facility in Buffalo Grove for $16.8 million. The property, occupied by Safco Dental Supply Co., is located at 1111 Corporate Grove Drive. Chelsea Mandel and Phil DiGennaro of Stream represented Safco, a national distributor of dental supplies, in the sale. A REIT acquired the property and simultaneously entered into a long-term lease agreement with Safco.

January 7, 2020

Industrial Leasing Activity New Jersey Northeast

Modell’s Sporting Goods Signs 312,373 Industrial Lease in Bordentown, New Jersey

by Alex Patton January 6, 2020

BORDENTOWN, N.J. — Modell’s Sporting Goods has signed a 312,373-square-foot industrial lease in Bordentown, a southeastern suburb of Trenton. The retailer will house its logistics and distribution operations at the facility, which is located at 201 Old York Road. Bill Waxman, Mindy Lissner and Steven Beyda of CBRE worked with Brett Weinblatt of Compass Commercial to represent Modell’s in the lease negotiations. Matrix Development owns the facility.

January 6, 2020

Development Georgia Industrial Southeast

Lidl to Develop $100M Distribution Center in Covington, Georgia

by Alex Tostado January 6, 2020

COVINGTON, GA. — German discount grocer Lidl plans to develop its fourth U.S. distribution center in metro Atlanta. The project will span 925,000 square feet and cost $100 million to build. The center will be located in Covington and will also serve as the company’s regional headquarters. Covington is situated along Interstate 20 and 35 miles southeast of downtown Atlanta. The new facility will house 270 full-time employees over the next five years. A timeline for construction as well as details about the design team were not disclosed. Lidl has opened four stores in Georgia and has hired more than 150 employees in Augusta, Mableton, Marietta and Snellville. Lidl first established its U.S. headquarters in Virginia in June 2015. Today the grocer operates more than 85 stores across nine East Coast states. Lidl’s other three distribution centers are in Fredericksburg, Va.; Graham, N.C.; and Perryville, Md.

January 6, 2020

Industrial Loans Michigan Midwest

Bernard Financial Group Arranges $8.5M Refinancing for Industrial Property in Romulus, Michigan

by Kristin Harlow January 6, 2020

ROMULUS, MICH. — Bernard Financial Group has arranged an $8.5 million loan for the refinancing of a 139,733-square-foot industrial property in Romulus, about 25 miles southwest of Detroit. Dan Duggan of Bernard arranged the loan with the life insurance company Aegon. The borrower was DNM Industrial Park LLC.

January 6, 2020

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