AURORA, ILL. — LTD Commodities has signed a 10-year lease renewal at its 694,367-square-foot distribution facility located at 1000 Bilter Road in Aurora. Acquired by e-commerce giant Amerimark Holdings in December 2017, LTD Commodities is a catalog and online merchandiser. Jason West and Chris Cummins of Cushman & Wakefield represented the tenant. Matt Neumann of Cushman & Wakefield represented the landlord, Liberty Property Trust.
INDIANAPOLIS — Colliers International has brokered the sale of a 254,460-square-foot industrial building in Indianapolis for an undisclosed price. The property is located at 4310 Stout Field Drive within the Stout Field Industrial Park. The asset is situated within the southwest submarket of Indianapolis, the most active industrial submarket in the city, according to Colliers. The property offers convenient access to I-70 and the Indianapolis International Airport. The site also includes approximately three acres of excess land for future development. Progressive Logistics, Dugdale Foods, Gilmore Supply and GS Transportation fully occupy the property. Alex Davenport, Alex Cantu and Mike Lubbers of Colliers brokered the transaction on behalf of the seller, SAW Capital. The O’Donnell Group Inc., a southern California-based developer, purchased the building.
SAN FRANCISCO AND DENVER — Prologis Inc. (NYSE: PLD) has signed a definitive merger agreement to acquire Industrial Property Trust Inc. (IPT) in a deal valued just shy of $4 billion. IPT is an industrial real estate investment platform sponsored by Black Creek Group, a real estate investment manager and development firm based in Denver. If approved by IPT’s shareholders, the overall transaction would span 236 properties located across 24 geographic areas. The roughly 37.5 million-square-foot portfolio is currently 97 percent leased. About 96 percent of the affected properties are in markets where Prologis already has a presence. The transaction would expand the San Francisco-based firm’s holdings in Southern California, the Bay Area, Chicago, Atlanta, Dallas, Seattle and New Jersey. “This is a compelling opportunity to acquire a portfolio of excellent asset quality and submarket composition consistent with our U.S. investment strategy and footprint,” says Eugene Reilly, chief investment officer of Prologis. “We expect to capture significant cost and revenue synergies.” The merger will include 100 percent of IPT’s wholly owned real estate assets, but will exclude the firm’s minority ownership interests in two unconsolidated joint venture partnerships valued at approximately $295 million. Black Creek Group expects to determine the …
FORT LAUDERDALE, FLA. — Berger Commercial Realty has arranged the $36.9 million sale of a 34-acre parcel in Fort Lauderdale for the development of a 650,000-square-foot industrial building. Bridge Acquisition LLC, a subsidiary of Bridge Development Partners, acquired the land from Forman Industrial Land LLC. Bridge Development will construct a high-volume warehouse and distribution space in a new multi-building industrial park to be known as Bridge Point 595. Construction is slated to begin in September with completion expected in the third quarter of 2020. Joseph Byrnes and Keith Graves of Berger Commercial, along with John Forman of the selling entity, will serve as Bridge 595’s leasing agents.
ROUND ROCK, TEXAS — NitNeil Partners, a self-storage investment firm with offices in Atlanta, Austin and Tampa, has purchased a 678-unit self-storage facility in Round Rock, a northern suburb of Austin. The newly built, multi-story property spans approximately 78,000 rentable square feet of climate-controlled space. Life Storage manages the property, which is NitNeil’s second in metro Austin, including one under construction within an East Austin opportunity zone. Bill Bellomy and Michael Johnson of Bellomy & Co. represented both NitNeil Partners and the Austin-based seller in the transaction.
HUMBLE, TEXAS — Newmark Knight Frank (NKF) has negotiated a 41,675-square-foot industrial lease extension at 14428 Smith Road in Humble, a northern suburb of Houston. Garrett Gibbons, Trace Elrod and John Brewer of NKF represented the tenant, Global Heat Transfer Houston, in the lease negotiations. Capital Real Estate Commercial represented the undisclosed landlord.
TEXARKANA, TEXAS — Loc Performance Products, a Michigan-based defense contractor, has signed a 12,000-square-foot industrial lease at TexAmericas Center’s campus in Texarkana. The facility will provide kitting, assembly and machining services to the defense industry. Loc is in the process of hiring new employees to work at the facility.
YORK, PA. — National real estate development and investment firm CRG will develop The Cubes at York, a 311,920-square-foot speculative distribution warehouse in York. The location is near the I-81/I-78 Industrial Corridor, just south of Harrisburg, and will be one of seven North American industrial properties in “The Cubes” brand that is owned and developed by CRG. Construction is expected to begin during fourth-quarter 2019. Clayco will be the design-builder on the project and its subsidiary, the Lamar Johnson Collective, is the architect.
STONE MOUNTAIN, GA. — Seefried Industrial Properties will develop a 700,000-square-foot Amazon fulfillment center in Stone Mountain on the Gwinnett-DeKalb county line. Previously dubbed “Project Rocket,” the center will house 1,000 Amazon employees, who will pick, pack and ship customer orders. Jobs will include human resources, operations management, safety, security, finance and information technology. According to the Atlanta Journal-Constitution, Amazon could spend up to $200 million on the project. A timeline for completion was not disclosed.
FOREST PARK, GA. — The Kroger Co. and Ocado, an online grocery retailer based in the United Kingdom, will build a $55 million customer fulfillment center in Forest Park that will create 400 jobs. According to Georgia’s governor’s office, the two companies could invest upwards of $121 million in the center. The announcement of the center, which will be an automated warehouse facility with digital and robotic capabilities, comes on the heels of Kroger and Ocado breaking ground on their first fulfillment center in Monroe, Ohio. The two companies have committed to build 20 centers across the country. This is the second announced center in the Southeast, following a center in Central Florida. The Forest Park customer fulfillment center will be located at 2000 Anvil Block Road within the Gillem Logistics Center and will occupy 375,000 square feet. Kroger already occupies a 1.3 million-square-foot warehouse within the same industrial park. A ground breaking is scheduled for later this year with completion slated for 2021.
