DAYTON, MINN. — States Manufacturing Corp. has signed a 503,440-square-foot industrial lease to occupy half of The Cubes at French Lake in Dayton, a suburb of Minneapolis. CRG developed the 1 million-square-foot facility, which marks the largest speculative industrial project ever completed in the state. Built in 2024, the cross-dock warehouse features a clear height of 40 feet, 169 dock doors, four drive-in dock doors, 60-foot speed bays, a concrete truck court with 185-foot depth, 231 trailer parking spaces and 652 car parking spaces. Dan Swartz, James DePietro and Austin Lovin of CBRE represented CRG in the lease, while Brent Masica and Danny McNamara of Cushman & Wakefield represented the tenant. The lease marks the largest industrial lease signed in the Twin Cities market in the past two years, according to CBRE. States Manufacturing has started building out its space to support the fabrication and manufacturing of custom electronic and metal products. The company will maintain its current headquarters in Champlin, Minn. CRG integrated partner Lamar Johnson Collaborative designed The Cubes at French Lake, and parent company Clayco served as general contractor.
Industrial
GARLAND, TEXAS — Illinois-based Industrial Outdoor Ventures (IOV) has purchased a 3.6-acre industrial outdoor storage (IOS) facility in Garland, a northeastern suburb of Dallas. The property at 2210 Hightower Drive houses an 18,564-square-foot building with 20-foot clear heights and six drive-in doors. Caleb McCoy and Paul Davis of JLL represented the undisclosed seller in the transaction and are marketing the facility for lease.
GREENWICH, N.J. — New Jersey-based Faropoint will develop a 73,800-square-foot industrial project in Greenwich, located on the Delaware Bay in Southern New Jersey. The site spans 9.2 acres along Swedesboro Road, and the facility will feature a clear height of 32 feet, two drive-in doors and an ESFR sprinkler system. Wendy Banscher of Fox & Roach represented the undisclosed sellers in the land deal, while Faropoint was self-represented. A construction timeline was not disclosed.
ORLANDO, FLA. — JLL has brokered the sale of a 513,560-square-foot industrial park located in Orlando’s Northwest Orange County submarket. LaSalle Investment Management purchased the property from an affiliate of PGIM Real Estate for an undisclosed price. Luis Castillo, Cody Brais and Taylor Osborne of JLL brokered the transaction. Built in 2018-2019, the five-building park represents Phase I of Princeton Oaks and was fully leased to 15 tenants at the time of sale. Justin Ruby and Joey Woodman of Foundry Commercial spearhead the leasing assignment at Princeton Oaks.
SALT LAKE CITY — Arizona-based ViaWest Group has completed the sale of a freestanding warehouse located at 3255 W. 500 South in Salt Lake City. A St. Louis-based private real estate investment firm acquired the asset for an undisclosed price. Built in 2016 on 2.2 acres, the property offers 40,709 square feet of single-tenant space, which is fully leased on a long-term basis to a provider and distributor of industrial and manufacturing products. Phil Haenel, Will Strong, Foster Bundy and Katie Repine of Cushman & Wakefield represented the seller in the deal. Phillip Eilers and Jon Schreck of Cushman & Wakefield provided market leasing services.
DENVER — Unique Properties Inc./TCN Worldwide has brokered the sale of an industrial building located at 1301 S. Cherokee St. in Denver. The 11,102-square-foot property traded for $1.6 million, or $144 per square foot. The names of the seller and buyer were not released. Michael DeSantis, Brett MacDougall and Carson Lang of Unique Properties brokered the sale.
HEMLOCK, MICH. — The U.S. Department of Commerce has awarded Hemlock Semiconductor (HSC) up to $325 million in direct funding under the CHIPS Incentive Program’s Funding Opportunity for Commercial Fabrication Facilities. The funding will support the construction of a new manufacturing facility in Hemlock, about 65 miles north of Lansing. The project is expected to create approximately 180 manufacturing jobs and over 1,000 construction jobs. HSC is the only U.S.-owned manufacturer of hyper-pure polysilicon.
Cohen Investment Group Obtains $51.5M Financing for Industrial Complex in Virginia Beach
by John Nelson
VIRGINIA BEACH, VA. — Cohen Investment Group has obtained a $51.5 million financing package for the refinancing of Castleton Commerce Center, a 470,618-square-foot industrial complex in Virginia Beach. Eastern Union arranged the financing through Bank of America, which refinanced a $58.2 million bridge loan that Eastern Union originated when Cohen Investment Group purchased the property in 2021. Castleton Commerce Center features 409 self-storage units, 375 warehouse units totaling nearly 330,000 rentable square feet and 190 boat and RV parking spaces.
CEDAR HILL, TEXAS —JLL has arranged an acquisition loan of an undisclosed amount for a 7.5-acre industrial outdoor storage (IOS) facility in Cedar Hill, located southwest of Dallas. Built in 2015, the facility houses a 15,023-square-foot service building with office space and was fully leased at the time of the loan closing to an undisclosed provider of traffic equipment and services. C.W. Sheehan, Kristi Leonard, Peyton Ackerman and Nate Henderson of JLL arranged the five-year, fixed-rate loan on behalf of the borrower, Apricus Realty Capital, which acquired the property via sale-leaseback. The direct lender was not disclosed.
HOUSTON — US ELogistics Service Corp., a New Jersey-based freight company, has signed a 302,825-square-foot industrial lease in Houston. The space is located within Constellation Post Oak, a two-building, 424,011-square-foot development in the Uptown area that features 32- to 36-foot clear heights. Zack Taylor and Barkley Peschel of Colliers represented the landlord, a partnership between Constellation Real Estate Partners and an affiliate of Crow Holdings Capital, in the lease negotiations. Robert McGee of Lee & Associates represented the tenant.