CONROE, TEXAS — Galdisa USA, a subsidiary of Mexican food producer Galdisa, will open a 47,000-square-foot industrial facility in Conroe, about 40 miles north of Houston, on Friday, July 6. About 25 new jobs will be created at the facility, which is the company’s first in the United States. Galdisa is involved in the production and sale of products such as peanuts, pumpkin seeds, chickpeas and fava beans for retail and industrial uses.
HOUSTON — Colliers International has secured a 113,152-square-foot industrial lease at 5301 Polk St. in southeast Houston. The tenant is CustomSpace, a provider of full-service industrial space for tenants looking for footprints in the 250- to-10,000-square-foot range. Barkley Peschel and Mike Davis of Colliers International, along with Trey Erwin of Lee & Associates, represented CustomSpace, which now has eight locations nationwide.
CINCINNATI — Wilson Investment Properties has acquired a five-building industrial property spanning 100,656 square feet in metro Cincinnati. The fully occupied property is located eight miles from downtown Cincinnati and three miles from the Cincinnati/Northern Kentucky International Airport. The property was acquired at a 9.1 percent cap rate. Wilson Investment is a Silicon Valley-based real estate investment firm. Neither the purchase price nor the seller was disclosed.
HIALEAH, FLA. — ASB Real Estate Investments has acquired a 302,000-square-foot industrial property in Hialeah for $24.3 million. The warehouse is located at 215 S.E. 10th Ave., roughly 12 miles northwest of Miami and roughly two miles from Miami International Airport. The facility includes 23,000 square feet of office space and is fully leased on a long-term basis to Synergy Custom Fixtures, a custom counters and fixtures manufacturer. ASB acquired the property from Terreno Realty Corp. on behalf of its core vehicle, the Allegiance Real Estate Fund. Lincoln Property Co. (LPC) brokered the transaction on behalf of ASB, which has retained LPC to manage the property. The building features 200 parking spaces and 22 dock doors.
LOS ANGELES — Rexford Industrial Realty has acquired a single-tenant industrial property located at 12154 Montague St. in the Pacoima neighborhood of the Los Angeles-San Fernando Valley submarket. An undisclosed seller sold the property for $22.5 million, or $183 per square foot, in an off-market transaction. Situated on 4.9 acres, the fully occupied property features 122,868 square feet of industrial space.
SAN DIEGO — JLL has arranged the sale of two light industrial buildings located within Scripps Ranch Business park in San Diego. Carroll Canyon Properties acquired the properties, located at 9965 Carroll Canyon Road and 9850 Businesspark Ave., from Hill Properties for an undisclosed price in an off-market transaction. At the time of sale, the buildings were fully leased to Kone and Foresight Sports. The two-building asset consists of 27,801 square feet on a 2.1-acre corner lot. Sach Kirpalani, Bob Prendergast and Lynn LaChapelle of JLL represented the seller in the deal.
CHATTANOOGA, TENN. — Urban Story Ventures, a Chattanooga-based commercial real estate developer and owner, is planning the redevelopment of a 112-acre site in Chattanooga’s West End district. Situated along the Tennessee River, the site houses the former Alstom turbine plant, as well as adjacent buildings and land. Preliminary plans call for Urban Story Ventures to preserve the LEED Gold-certified plant and renovate the remaining buildings and land for mixed-use, including office space, restaurants and residences. The developer is also planning a combination distillery, brewery and winery — a first for Tennessee. Urban Story Ventures recently established West End Property LLC to oversee the project. The company hopes to recruit a manufacturer to occupy the space left behind in 2016 by Alstom, a French rail transport company that sold its power and grid business lines to GE Power (NYSE: GE) in 2015. “This is the most significant resurgence of Chattanooga’s riverfront since Mayor Bob Corker implemented the 21st Century Waterfront in 2002,” says Jimmy White, principal of West End Property LLC and owner of Urban Story Ventures. “The development will create hundreds of jobs, connect people to the river and create a whole new district and destination for residents and visitors.” …
Demand for industrial space is soaring and the growth of e-commerce has opened the doors for more competitors to enter the freight and logistics spaces. In addition, the latest data from the Bureau of Labor Statistics (BLS) notes that year-to-date, the United States has added 200,000 new positions in the manufacturing sector, greatly increasing the demand for new industrial space. The advent of new technology is changing the face of the sector’s day-to-day operations. The rising influence of cloud computing and other forms of software that track inventories and model ideal production rates allow for more seamless manufacturing. Automated racking and shelving systems have increased the amount of vertical storage space available to operators and helped get product out the door with greater efficiency. These innovations have yet to significantly eat into industrial job growth, but they are already impacting design trends for new projects. “At this point we are only seeing a minor impact from automation, but it’s clearly present,” says Michael Scheurich, CEO of Arch-Con Construction, a general contracting firm with offices in Dallas and Houston. “Developers are figuring on smaller aisles between racking for conveyors and automated pickup equipment. This allows them to squeeze in more racks …
THEODORE, ALA. — Monmouth Real Estate Investment Corp. has acquired a newly constructed industrial building located at 6735 Trippel Road in Theodore, roughly 15 miles southwest of Mobile, for $33.7 million. The 362,942-square-foot facility, which opened in the second half of 2017, is net-leased to Amazon Fulfillment Service Inc. for 11 years. Johnson Development Associates Inc. developed the facility in partnership with Amazon. The property is situated on 31.3 acres, roughly 14 miles from the Port of Mobile. The acquisition marks Monmouth’s second property leased to Amazon.
DOWNERS GROVE, ILL. — PREMIER Design + Build Group LLC has broken ground on Bridge Point Downers Grove, a three-building, 678,858-square-foot speculative industrial development in suburban Chicago. Bridge Development Partners LLC is the developer. The 57-acre infill site is located at the intersection of I-88 and I-355. Buildings 1 and 2 will feature a clear height of 32 feet, 33 exterior truck docks and four drive-in doors. Building 3, totaling 291,345 square feet, will feature a clear height of 36 feet, 40 exterior truck docks and two drive-in doors. Cornerstone Architects Ltd. is providing architectural services and McCallum Associates is providing landscaping services. Swift Structural Design is the structural engineer while SPACECO is the civil engineer. Jason West, David Friedland, Sean Henrick, Michael Magliano and Doug Pilcher of Cushman & Wakefield will represent Bridge in lease-up of the property. The construction is scheduled to be completed in early 2019.
