Industrial

Wentworth Property Co. Sells 34,132 SF Flex Building Near Phoenix for $9.9M

by Amy Works August 5, 2019

GILBERT, ARIZ. — Wentworth Property Co. has completed the sale of a build-to-suit office/flex building located at 2228 W. Guadalupe Road in Gilbert. A private trust acquired the property for $9.9 million. Built this year by Wentworth Property Co., the property features 34,132 square feet of office and flex space. New York-based Moog Inc., a designer and manufacturer of high performance motion control products, solutions and services, occupies the building, which features a custom build-out for the company with specific amenities to support Moog’s work in the aircraft, industrial, medical and space and defense markets. Brian Ackerman and Steve Sayre of JLL represented the seller, while Ian Hackett of Hackett Real Estate Solutions represented the buyer in the deal. Deutsch Architecture Group served as architect for the build-out.

August 5, 2019

Florida Industrial Market Reports Southeast Southeast Market Reports

Distribution, Warehouse Demand Continues to Outpace Supply in South Florida

by Alex Tostado August 5, 2019

Miami-Dade continues to be propelled by persistent economic growth, bustling port activity, positive investor sentiment and strong leasing, creating a perfect recipe for industrial demand. Following its most successful year ever in 2018, PortMiami broke records yet again in first-quarter 2019, recording its highest ever monthly cargo activity amount in January with a total of 104,183 twenty-foot equivalents (TEUs) of containerized cargo, a 17 percent increase over January 2018. Meanwhile, a $437.5 million expansion project, the largest ever, is planned for Port Everglades in nearby Broward County. The positive fundamentals reverberate throughout the overall South Florida market. Despite the differing industrial inventories of each South Florida market with Miami-Dade County at 186.2 million square feet, Broward County at 96.9 million square feet and Palm Beach County at 39 million square feet, demand for space across the region has fueled unprecedented development activity. Logistics, e-commerce Net industrial absorption in Miami-Dade was impressive during the first quarter, posting positive 1.2 million square feet, a notable 45 percent increase from the net absorption recorded for first-quarter 2018. Several (mostly) preleased, speculative developments contributed to the spike in net absorption. Demand trends against development indicate healthy industrial markets in Broward and Palm Beach as …

August 5, 2019

Acquisitions Industrial Office Southeast Virginia

Minkoff Development Buys Office, Industrial Portfolio in Northern Virginia

by Alex Tostado August 2, 2019

CHANTILLY, VA. — Minkoff Development has acquired a five-building flex/industrial portfolio within Avion Business Park in Chantilly. The portfolio includes office buildings at 14500 Avion Parkway and 14520 Avion Parkway; and flex/industrial buildings at 14700 Avion Parkway, 3635 Concorde Parkway and 3650 Concorde Parkway. Minkoff will add a shared conference facility and tenant lounge at 14500 Avion Parkway overlooking a pond. These new amenities, along with an existing fitness facility, are open to all tenants within the portfolio. Minkoff will also be introducing modern spec suites to the office buildings. Avion Business Park is located adjacent to Dulles International Airport and 25 miles west of downtown Washington, D.C. Andy Klaff, Jeff Tarae and Dominic Orcino of Newmark Knight Frank (NKF) will handle the leasing of the office buildings. Larry FitzGerald and Cole Spalding, also with NKF, are overseeing the leasing of the flex buildings. The seller and sales price were not disclosed.

August 2, 2019

Acquisitions Industrial Lee & Associates Texas

Lee & Associates Brokers Sale of 143,332 SF Industrial Property in Houston

by Taylor Williams August 2, 2019

HOUSTON — Lee & Associates has brokered the sale of a 143,332-square-foot industrial property located at 9411 Alcorn St. in Houston. Mike Spears, Derek Riggleman and Robert LaCoure of Lee & Associates represented the seller in the transaction. Abbas Rajabi of Mohegan Capital LLC represented the buyer, Mohegan Alcorn LP.

August 2, 2019

Industrial Leasing Activity Texas

Cypressbrook Negotiates 55,826 SF Industrial Lease in Metro Houston

by Taylor Williams August 2, 2019

HUMBLE, TEXAS — Locally based brokerage firm Cypressbrook Co. has negotiated a 55,826-square-foot industrial lease at 8575 Volta Drive in Humble, a northern suburb of Houston. According to LoopNet Inc., the property was built in 2016 and totals 168,400 square feet. John Hornbuckle of Cypressbrook represented the landlord, Nuveen Real Estate, in the transaction. Jim Stark of CBRE represented the tenant, Neutron Holdings Inc., the company behind Lime electric scooters.

August 2, 2019

Development Industrial Northeast Pennsylvania

Amazon to Open 1MSF Distribution Facility in Pittsburgh, Create 800 Jobs

by Alex Patton August 2, 2019

PITTSBURGH — Amazon will construct a 1 million-square-foot distribution center in Pittsburgh, a move that will create 800 new full-time jobs. The property will be Amazon’s 15th operations facility in Pennsylvania. The Pittsburgh Post-Gazette reports that Amazon will invest $30 million in the facility and that once the jobs are in place, Amazon will receive $1.6 million in job creation tax credits from the state Department of Community and Economic Development. Hillwood, a Fort Worth-based industrial firm, will lead the development of the project, a construction timeline for which has not yet been established.

August 2, 2019

Industrial Leasing Activity Midwest Ohio

Dakkota Integrated Systems Signs 66,603 SF Industrial Lease in Toledo, Ohio

by Kristin Harlow August 2, 2019

TOLEDO, OHIO — Dakkota Integrated Systems has signed a 66,603-square-foot industrial lease in Toledo. The supplier of Jeep parts is expanding and doubling its size at the facility, which spans 1.1 million square feet and is situated on 46 acres at 315 Matzinger Road. The lease term is for five years and five months. Ron Jurgenson of Reichle Klein Group and Rob Hughes of Newmark Knight Frank negotiated the lease. I.B.C. Inc. is the landlord.

August 2, 2019

Acquisitions Arizona Data Centers Industrial Western

CBRE Global Investors Acquires 191,000 SF Data Center in Metro Phoenix for $72.7M

by Amy Works August 2, 2019

CHANDLER, ARIZ. — CBRE Global Investors has purchased a data center, located at 2500 W. Frye Road in Chandler, an eastern suburb of Phoenix, for $72.7 million. The seller was Lincoln Rackhouse, the data center division of Lincoln Property Co., in partnership with Principal Real Estate Investors. Kristina Metzger and James McCarthy of CBRE Data Center Capital Markets represented the seller in the deal. Lincoln Rackhouse and Principal Real Estate Investors originally purchased the data center in 2018 as part of a three-property portfolio. A global data center services provider fully occupies the 191,000-square-foot facility.

August 2, 2019

Industrial Leasing Activity Michigan Midwest Office

Bluewater Technology Signs Lease for 90,000 SF Build-to-Suit in Novi, Michigan

by Kristin Harlow August 1, 2019

NOVI, MICH. — Bluewater Technology has signed a 90,000-square-foot lease for a new build-to-suit facility at 45833 12 Mile Road in Novi. Bluewater will relocate from a 57,000-square-foot facility in Southfield. Bluewater is an event technology firm that specializes in audiovisual integration. Conner Salsberry and David Giltner of CBRE represented Bluewater in the lease transaction. (Giltner now works for Colliers International.) The team also represented the landlord and developer, Amson Nassar Development. Scott Cave and Shane Ferrell of CBRE will work with Bluewater in the build-out process.

August 1, 2019

Development Illinois Industrial Midwest

Darwin Begins Development of Bo Jackson Elite Sports Facility in Bensenville, Illinois

by Kristin Harlow August 1, 2019

BENSENVILLE, ILL. — Darwin Realty has begun development of a Bo Jackson Elite Sports Facility in Bensenville. The 114,140-square-foot indoor sports training center will be the third Bo Jackson facility in the United States and the second in Illinois. Completion is slated for the end of the year. The facility is designed to accommodate training for sports such as baseball, soccer, football and lacrosse. The building will also include a track, weight room and climbing wall. Sports legend Vincent “Bo” Jackson attended a groundbreaking ceremony on Thursday, July 18. Jackson, a graduate of Auburn University, is the only professional athlete in history to be named an All-Star in both baseball and football. Triumph Construction is the general contractor and Charles Smith of Arete Design Studio Ltd. is the architect.

August 1, 2019

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