Industrial

Phillips Realty Capital Arranges $67M Refinancing Loan for Data Center, Office Building in Northern Virginia

by Alex Tostado August 26, 2019

VIENNA, VA. — Phillips Realty Capital has arranged a $67 million refinancing loan for a 199,097-square-foot Tier III data center and office building in Vienna. The borrowers acquired the building in 2016 and immediately began renovations. The funds are being used to refinance the initial construction loan as well as add 130,000 square feet of raised floor, including an 8 MW expansion of critical power. The data center is categorized as a Tier III center due to having 99.982 percent operational time and not more than 1.6 hours of downtime per year, according to The Uptime Institute. The property also features a “N+1 configuration,” which gives the building 72-hour power outage protection. The building is located 17 miles west of Washington, D.C. William Lawson, Adam Bieber, and Harmon Handorf of Phillips Realty Capital arranged the loan through EagleBank on behalf of the borrowers, Element Critical, Safanad and Industry Capital.

August 26, 2019

Acquisitions Industrial Midwest Ohio

IPB Negotiates $13.7M Sale of Industrial Property in Findlay, Ohio

by Kristin Harlow August 26, 2019

FINDLAY, OHIO — Industrial Property Brokers (IPB) has negotiated the sale of a 402,604-square-foot industrial facility in Findlay for $13.7 million. The building is situated on 55 acres. The sale also included 66 acres of undeveloped land that is located immediately adjacent to the facility. Tim Echemann of IPB represented the buyer, Nick Reinhart. American Tire Distributors was the seller.

August 26, 2019

Arizona Industrial Market Reports Western Western Market Reports

Phoenix Eyes Industrial Prospects, Industrial Prospects Eye Phoenix

by Taylor Williams August 24, 2019

Phoenix is known for its strength as a logistics and distribution market. This is particularly true in the Southwest Valley, which has become the poster child for all that makes Phoenix industrial space great: strong population growth, a deep and qualified workforce, an abundance of land and building opportunities, and a lower-cost, business-friendly regulatory environment. As of the second quarter, these benefits helped the Southwest Valley emerge as No. 1 in the nation for industrial prospects looking for space (based on interest from at least 83 tenants with a maximum requirement of more than 30 million square feet). These prospects include national and regional distribution centers, third-party distribution providers, major ecommerce users, and a robust food and beverage sector led by companies like Fairlife Dairy, UFI, Ferrara Candy and Red Bull. It also comes from the reshoring of manufacturing from organizations like Hutamaki, Ball Enclosure and Anderson Windows. Data centers continue to flock to Phoenix as well, purchasing about 2,000 acres over the past 24 months and positioning the Valley among the nation’s top five U.S. data center markets. Data center interests like Microsoft, Vantage Data and Google have selected Phoenix for its low natural disaster risk, ample affordable land …

August 24, 2019

Colorado Development Industrial Top Stories Western

Brennan Investment Breaks Ground on 954,111 SF Speculative Industrial Park Near Denver

by Alex Patton August 23, 2019

COMMERCE CITY, COLO. — Brennan Investment Group, a Chicago-based developer, has broken ground on Colorado Logistic Park, a speculative industrial development consisting of five buildings totaling 954,311 square feet. The property is located in Commerce City, a northeastern suburb of Denver. Brennan and New York Life Real Estate Investors, on behalf of an institutional client, formed a joint venture to acquire, construct and lease the project. Brennan has started Phase I of the construction, which consists of three Class A industrial buildings totaling approximately 558,000 square feet. The buildings will feature 36-foot clear heights. The development is situated on approximately 61 acres, close to the intersection of Interstate 76 and E-470. The location provides direct access to Interstate 80, a major Midwestern distribution line. “Colorado Logistics Park will feature Class A distribution buildings for tenants in the Denver area that require close connectivity to their supply chain and access to workforce labor,” says Brian Roach, managing principal at Brennan. “The park’s proximity to the Denver metro area will provide users with lower transportation costs and faster delivery times to customers.” Brennan purchased the property in November 2018. Roach noted at the time that the location was chosen for its close proximity to transportation routes as well as …

August 23, 2019

Industrial Leasing Activity Texas

Lighting, Electrical Contractor Signs 72,900 SF Industrial Lease in Irving

by Taylor Williams August 23, 2019

IRVING, TEXAS — Facility Solutions Group Inc., an Austin-based provider of lighting, electrical and energy management products, has signed a 72,900-square-foot industrial lease at 2800 Valley View Lane in Irving. According to LoopNet Inc., the property was built in 2018 and totals 294,795 square feet. Jeremy Kelly and Sarah Ozanne of Stream Realty Partners represented the landlord, Alpha Industrial Properties, in the transaction. NAI Robert Lynn represented the tenant.

August 23, 2019

Industrial Leasing Activity Texas

NKF Negotiates 40,648 SF Industrial Lease Renewal in Houston

by Taylor Williams August 23, 2019

HOUSTON — Newmark Knight Frank (NKF) has negotiated a 40,648-square-foot industrial lease renewal at Eastwood Industrial Park, located at 4545 Eastpark Drive in Houston. Griffin Rich of NKF represented the tenant, Tri Star Freight Systems, Inc., in the lease negotiations. The representative of the landlord, Kadiwal Investments LP, was not disclosed.

August 23, 2019

Industrial Leasing Activity New Jersey Northeast

NAI Hanson Negotiates 31,550 SF Industrial Lease in Saddle Brook, New Jersey

by Alex Patton August 23, 2019

SADDLE BROOK, N.J. — NAI Hanson has negotiated a 31,550-square-foot industrial lease for Leco Plastics Inc. in Saddle Brook, a western suburb of New York City. The building features 5,000 square feet of office space and 20-foot ceiling heights. Steven Leitner and Scott Perkins of NAI Hanson represented the landlord, Wilbur ’96 LLC, in the lease negotiations. Dean Brody of JLL represented Leco.

August 23, 2019

Indiana Industrial Loans Midwest Self-Storage

Alliant Provides $12.1M Refinancing for Self-Storage Portfolio in Indiana, Arkansas

by Kristin Harlow August 23, 2019

EVANSVILLE, IND. AND PINE BLUFF, ARK. — Alliant Credit Union has provided $12.1 million for the refinancing of a three-property self-storage portfolio in Evansville, Ind. and Pine Bluff, Ark. The properties total 1,565 units, including standard units, climate-controlled units and outdoor vehicle storage. Chicago-based Alliant provided an initial funding of $9.8 million, with the balance structured for earn-out after the first 12 months of the loan, enabling the undisclosed borrower to complete property upgrades and increase occupancy. Devin Huber of The BSC Group arranged the financing.

August 23, 2019

Acquisitions California Industrial Lee & Associates Western

Lee & Associates Arranges $2.4M Acquisition of 11,971 SF Industrial Asset in Vista, California

by Amy Works August 23, 2019

VISTA, CALIF. — Lee & Associates – North San Diego County has brokered the purchase of a net-leased investment property located at 1046-1050 La Mirada Court in Vista. Sterndahl Group 3 LLC acquired the asset from The San Diego 17 Trust for $2.4 million, or $205 per square foot. At the time of sale, the 11,971-square-foot building was leased to H2O Innovation USA on a long-term basis. The tenant specializes in water filtration, wastewater treatment and water reuse. Isaac Little, Marko Dragovic, TJ Donnelly and Matt Weaver of Lee & Associates – North San Diego County represented the buyer, while Rocket Glass represented the seller in the transaction.

August 23, 2019

Acquisitions Industrial Kentucky Southeast

IDI Logistics Sells 442,304 SF Industrial Building in Metro Cincinnati

by Alex Tostado August 22, 2019

BOONE COUNTY, KY. — IDI Logistics has sold Building I within its Park South at Richwood Industrial Park. Building I spans 442,304 square feet. The undisclosed buyer plans to open a package sorting center at the location. Park South offers seven buildings, totaling nearly 5 million square feet. The property is located along Interstate 75/71, about 20 miles from downtown Cincinnati. Jeremy Kraus of CBRE represented the buyer in the transaction. Mike Lowe, also of CBRE, represented IDI Logistics.

August 22, 2019

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