GRAND RAPIDS, MICH. — Microsoft Corp. has acquired 274 acres in Dorr, a southern suburb of Grand Rapids, for an undisclosed price. The property is located at 4400 144th Ave. and 14th Street. Matt Wickstra, Shawn O’Brien and Julie O’Brien of Colliers represented Microsoft in the transaction. Colliers also represented Microsoft in its purchase of 316 acres at 76th Street SE in Caledonia, bringing the company’s total holdings in the region to nearly 590 acres.
LIBERTY, MO. — Colliers has arranged the recapitalization of a 467,708-square-foot industrial asset in Liberty, a northeast suburb of Kansas City. The Class A heavy manufacturing facility is located in Heartland Meadows Industrial Park. Alex Cantu and Alex Davenport of Colliers arranged the joint venture between the property’s developer, Becknell Industrial, and investment funds managed by Morgan Stanley Real Estate Investing. LMV Automotive Systems, a division of Magna International Inc., has fully occupied the property since its completion in February 2023. The building features a clear height of 32 feet, 61 docks, 12,892 square feet of office space and 494 auto parking spaces.
KYLE, TEXAS — MDH Partners has acquired Kyle 35 Logistics Park, a newly built, 1.4 million-square-foot industrial park located in Kyle, approximately 20 miles southwest of Austin. Houston-based Alliance Industrial Co. sold the property for an undisclosed price. Delivered in 2023, Kyle 35 Logistics Park comprises five Class A industrial buildings ranging in size from 140,300 to 474,397 square feet. Electric vehicle manufacturer and technology company Tesla Inc. fully occupies the development. Situated along I-35, the buildings feature 35- to 40-foot clear heights, ESFR sprinkler systems and ample parking. The property offers connectivity between Mexico, San Antonio, Austin and the Dallas-Fort Worth metro. According to a press release issued by JLL, the city of Kyle has roughly doubled in population over the past decade, with more than 25 million people located within a five-hour drive of the industrial park. Trent Agnew, Witt Westbrook, Kyle Mueller, Charlie Strauss and Tom Weber of JLL Capital Markets represented the seller in the transaction. “Kyle 35 Logistics Park represented an exceptional opportunity to acquire a newly built, fully leased industrial asset in one of the fastest growing corridors in Central Texas,” says Agnew. “The property’s high-quality construction, investment grade tenancy and strategic location generated …
WILMER, TEXAS — Cushman & Wakefield has arranged $99.8 million loan for the refinancing of Core45, a 1.6 million-square-foot industrial campus located in the southern Dallas suburb of Wilmer. The development was completed earlier this year and comprises two buildings totaling approximately 1 million and 616,000 square feet on an 88.4-acre site. Building features include cross-dock configurations, 40-foot clear heights, 900 car parking spots, ESFR sprinkler systems and speculative office space. In addition, roofing, insulation and composite materials provider Owens Corning has already signed a 292,680-square-foot lease at Core45. Rob Rubano, Brian Share, Michael Zelin, Max Schafer, Billy Coyle and Nikola Kretschman of Cushman & Wakefield arranged the loan on behalf of the borrower, a joint venture between Grandview Partners and TRG Development. Benefit Street Partners provided the loan, which retires existing construction debt.
SAN ANTONIO — Dallas-based developer VanTrust Real Estate has completed Cornerstone Commerce Center, an approximately 413,000-square-foot industrial project in northeast San Antonio. Cornerstone Commerce Center comprises two buildings that span 222,439 and 190,734 square feet on a 60-acre site. An undisclosed manufacturer of automotive accessories has leased 104,514 square feet at the first building, with CBRE representing both the tenant and landlord in the lease negotiations. VanTrust also purchased an additional 33 acres for Phase II of the project, which can accommodate up to an additional 400,000 square feet of new development. The project was first announced in April 2022.
COMMERCE CITY, COLO. — Indianapolis-based Ambrose Property Group has purchased Ascent Commerce Center, an industrial park situated on 33 acres in Commerce City, a northeast suburb of Denver, for $61 million. Ascent Commerce Center is located at 17776, 17956 and 18146 E. 84th Ave. Built in 2021, the three-building park offers 595,000 square feet of Class A industrial space. At the time of sale, the asset was 45.6 percent leased to four tenants. La-Z-Boy and PCL Construction occupy the 154,831-square-foot Building I. McKesson leases 135,053 square feet at Building II, a 313,080-square-foot, cross-dock facility at the center of the site. The Lawless Group occupies 26,463 square feet of Building III, a 127,631-square-foot asset on the east side of the park. The buildings offer 32- and 36-foot clear heights, dock-high and drive-in loading, ESFR sprinklers, multiple points of ingress and egress and trailer parking. Will Strong, Molly Hunt, Michael Matchett and Dean Wiley of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the seller, an undisclosed asset manager, in the deal. Drew McManus, Bryan Fry and Ryan Searle of Cushman & Wakefield provided local advisory services. Additionally, Rob Rubano, Brian Share, Max Schafer, Garrett Stasand, Lars Weston, Niki …
MORROW AND DORAVILLE, GA. — JLL has negotiated the sale of two infill industrial properties in the Atlanta suburbs of Morrow and Doraville totaling 253,545 square feet. Jim Freeman, Matt Wirth, Dennis Mitchell and Britton Burdette of JLL represented the undisclosed seller in the transaction. Faropoint purchased both facilities for an undisclosed price. The properties include a 163,524-square-foot, cross-dock facility located at 48-50 Best Friend Road in Morrow that was fully leased at the time of sale to Currey & Co. Inc., as well as a 90,012-square-foot, rear-load facility located at 1056 Personal Place in Doraville that is fully leased to MWD Logistics Inc.
CHICAGO, BUFFALO GROVE AND MOKENA, ILL. — JLL Capital Markets has arranged a $63 million loan for the refinancing of a five-building industrial portfolio in metro Chicago. The portfolio comprises the following properties: Asbury Drive, a 157,000-square-foot building in Buffalo Grove; Rockwell Logistics Center, a 174,262-square-foot property in Chicago; Mokena Logistics I and II, two buildings totaling 268,226 square feet in Mokena; and Halsted Pershing Business Center, a 104,008-square-foot asset in the Stockyards submarket of Chicago. The properties total 703,996 square feet with suites ranging from 25,100 to 174,262 square feet. The portfolio is home to 10 tenants spanning industries such as IT, electronics manufacturing, healthcare, construction, food distribution and government agencies. Colby Mueck, Brian Walsh and Tara Hagerty of JLL arranged the five-year, fixed-rate loan on behalf of the owner, Stream Realty Partners.
CHICAGO — Development Solutions Inc. (DSI) and Karis Cold have broken ground on Stockyards Cold, a 100,000-square-foot cold storage facility in Chicago’s McKinley Park neighborhood. The project is situated on five acres at 3815 S. Ashland Ave. Completion is slated for the third quarter of 2025. Stockyards Cold will feature technology capable of maintaining temperatures as low as minus 10 degrees Fahrenheit. The project marks the first cold storage facility in Chicago to offer a clear height of 50 feet, according to the development team. Customizable features will include blast freezing, automated racking and advanced temperature monitoring systems. John Basile of NAI Hiffman is the leasing agent.
KENILWORTH, N.J. — CoreWeave, a data center owner and operator based in Roseland, N.J., plans to invest $1.2 billion into the development of a new data center facility in Kenilworth, roughly 20 miles outside New York City and 35 miles from Princeton, N.J. The facility marks CoreWeave’s first data center in New Jersey, despite the state housing the company’s corporate headquarters. The company — which trademarks itself as “the AI Hyperscaler” — has signed a full-building industrial lease at 11 NEST, a 280,000-square-foot former lab and manufacturing building within The Northeast Science & Technology (NEST) Center. CoreWeave will convert the industrial building into a new hyperscale data center. “CoreWeave’s commitment to invest over $1 billion at the NEST campus demonstrates New Jersey’s leading role in artificial intelligence (AI), and our innovation strategies are working,” says New Jersey Gov. Phil Murphy. “Through collaboration with utilities, government, investors and real estate developers, we’re committed to attracting businesses that will build an innovation economy for the future.” A partnership between Onyx Equities, Machine Investment Group and Pivot Real Estate Partners owns NEST. The partnership plans to invest $50 million for the new data center project, which will be powered by utility provider PSE&G. A construction timeline was …