SOUTH SAN FRANCISCO, CALIF. — Kilroy Realty Corp. has completed the acquisition of a development site, located at the intersection of Oyster Point and Marina boulevards in South San Francisco, for $308 million. The site is fully entitled for 2.5 million square feet. Kilroy Realty plans to develop Kilroy Oyster Point, a multi-phased life science development, on the site. Upon build out, the laboratory and office campus will encompass 11 buildings across the nearly 40-acre waterfront site.
MESA, ARIZ. — CyrusOne has acquired 68.2 acres of land within Mesa Elliot Technology Park in Mesa for the development of a cloud storage campus for the Fortune 1000. Upon completion, the campus will feature five buildings with up to 198 megawatts of critical power to power cloud computing services for clients. Details of the acquisition were not released. CyrusOne operates 45 data center facilities across the United States, Europe and Asia.
FLOWER MOUND, TEXAS — Duke Realty Corp. has broken ground on a 635,000-square-foot distribution center in Flower Mound, a northern suburb of Fort Worth. The building, which is slated for a May 2019 delivery, will feature a cross-dock configuration and 36-foot clear heights. Approximately 450,000 square feet, or 71 percent of the space, has been preleased to PPG Industries Inc., a Pittsburgh-based supplier of architectural paints and coatings.
HOUSTON — The Jenkins Organization is underway on development of EaDo Storage, an 830-unit self-storage facility that will be located in downtown Houston. The Class A facility will consist of 108,000 square feet and offer both climate- and non-climate-controlled units. Additional features will include gated entry, electronic security monitoring throughout and space for a live-in, on-site manager. Construction began this year and completion is slated for later in the summer.
BLUE SPRINGS, MO. — LandMark Group Cos. is developing a $40 million manufacturing build-to-suit for Faurecia in the Kansas City metro area of Blue Springs. The 250,000-square-foot facility will be located on 25 acres of land adjacent to 20th Street on the north side of I-70. LandMark Construction, a division of LandMark Group Cos., will design and construct the property. Faurecia is an automotive technology company.
WAUKEGAN, ILL. — PREMIER Design + Build Group LLC has completed an industrial build-to-suit for Visual Pak Cos. in Waukegan. The 197,000-square-foot facility features a clear height of 32 feet, 9,500 square feet of office space, 30 exterior truck docks and 244 car parking spaces. Visual Pak provides solutions in the contract packaging industry. The project team also included Cornerstone Architects Ltd., Manhard Consulting Ltd., Swift Structural Design, MVP Plumbing, MK Industries and Connelly Electric.
GARLAND, TEXAS — Bellomy & Co. has arranged the sale of Storage House of Texas, a 480-unit self-storage facility located in the Dallas metro of Garland. The Class A facility is situated on 3.9 acres and consists of 55,000 net rentable square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the Rockwall, Texas-based seller in the transaction. The duo also procured the buyer, Pinnacle Storage Properties. The property will be rebranded as Storage Plus of Garland.
The Pittsburgh industrial market has historically been a relatively small property sector due to several limiting factors, including difficult topography, infrastructure constraints and Pittsburgh’s location between two major industrial markets (Columbus to the west and Pennsylvania’s Central Valley to the east). However, with the emergence of e-commerce fulfillment centers, the growth of the Pittsburgh economy and major infrastructure improvements, we are starting to see strong demand for well-located industrial properties in the region. The size of the industrial market for the greater Pittsburgh metro is 185 million square feet. of which, 23.6 million square feet is flex and 161.1 million square feet is warehouse. Flex vacancy rate is currently 9.4 percent with 98,000 square feet under construction while warehouse vacancy is 5.8 percent with 263,000 square feet under construction. Based upon the tight vacancy and limited new construction in the warehouse space, there is believed to be significant pent-up demand, particularly for Class A users requiring 250,000 to 500,000 square feet. Accordingly, there are a number of planned speculative projects in this size range in the Airport, Butler County and Beaver County submarkets breaking ground in 2018. Lenders in the region are also bullish on the strength of the Pittsburgh …
BLACKWOOD, N.J. — Colliers International has brokered the $2.5 million sale of a 44,800-square-foot industrial building located at 100 Freeway Drive in Blackwood. The property is situated on 3.7 acres and features 18-foot ceilings as well as 5,000 square feet of office space. Marc Isdaner of Colliers represented the buyer, FLCR LLC, in the transaction. The seller, Colfin Cobalt I-II LLC, was represented by David Ricci and Tony Rod of Flynn Co. Bank of Hope provided acquisition financing.
ALLENTOWN, PA. — The Markward Group has arranged the sale of 211 Lloyd Street, an 18,086-square-foot industrial facility located on 2.26 acres in Allentown. The sales price was not disclosed. Chip Miers of Markward Group represented the seller, Kay Louise Krapf, in the transaction. The buyer, Serfass Development and Acquisitions, was represented by Ann Kline of Markward Group. The building has been in use as a truck terminal and service repair garage for Ransome CAT. Prior to the sale, the property was leased to ABLE Equipment Rental Inc. ABLE is a supplier of construction equipment rentals and plans to open the Lloyd Street facility in Allentown as its fifth location in the Northeast.