CHASKA, MINN. — StorageMart has opened a self-storage facility in the Minneapolis suburb of Chaska. The property contains 544 units and more than 89,000 square feet of rentable space. A variety of storage options include climate-controlled units and drive-through loading bays. Based in Columbia, Mo., StorageMart is privately owned and family operated.
The positive momentum for the Memphis industrial market continues. For the previous three years, the market has had positive absorption every quarter. This momentum continued through 2017, where we saw an annual net gain of 6.6 million square feet of positive absorption. Memphis has not seen this type of multi-year, record-breaking performance since the early 2000s. Achieving year-over-year absorption volume at this level proves Memphis can continue to attract both new developers and investors. Given ideal geographical positioning, Memphis is known as America’s Distribution Center, boasting unparalleled expertise in distribution and logistics. The Memphis International Airport houses the second-busiest cargo airport in the world. Companies recognize that the Memphis MSA offers reliable, cost-effective distribution, with the ability to reach 70 percent of the U.S. population within 24 hours. Moreover, Memphis is one of only three cities with five Class I Rail Systems, and has the fifth-largest inland port, as well as 10 major trucking companies utilizing Interstates 40 and 55. It’s no wonder that FedEx World Hub makes Memphis its home, and UPS chose it to house a major hub. Southeast Submarket The Memphis market continues to see nearly all of its growth to the southeast into Fayette County, Tennessee, …
SCHERTZ, TEXAS — Colony Industrial, a division of Los Angeles-based REIT Colony Northstar, has acquired Enterprise Industrial Park, a 639,797-square-foot property located at 17745 Lookout Road in Schertz, a northeastern suburb of San Antonio. Developed by Atlanta-based Robinson Weeks Partners, the two-building complex was 88 percent leased at the time of sale to nine tenants with a weighted average of 5.3 years remaining on their leases. Space is available at Building II, which features a cross-dock configuration with 32-foot clear heights, 73 trailer spaces, an ESFR sprinkler system and an office finish. Randy Baird, Jonathan Bryan and Ryan Thornton of CBRE brokered the sale. The Dallas Business Journal reports that the sale price was $52.1 million.
ST. LOUIS — Lee & Associates has negotiated the sale of a 672,000-square-foot industrial property in St. Louis for an undisclosed price. The multi-tenant building is located at 4327 Gustine Ave. Herb Feldmann of Lee & Associates represented the buyer, SOA Gustine LLC. Will Mura of CBRE represented the seller, Gustine Avenue LLC.
MILWAUKEE — The Dickman Company Inc./CORFAC International has brokered the sale of a 49,802-square-foot industrial building in Milwaukee for an undisclosed price. The property is located at 8220 W. Sleske Court. Roger Siegel of Dickman represented the seller, Mortara Instrument LLC. Jeff Hoffman of Cushman & Wakefield/Boerke represented the buyer, HMLJ Industries LLC.
HIALEAH GARDENS, FLA. — State Street Realty has arranged a 109,075-square-foot lease with Kuehne + Nagel Inc. at the three-building Miami Industrial Logistics Center (MILC) in Hialeah Gardens. The Switzerland-based global transport and logistics company will lease space at the 255,846-square-foot MILC Building 3, increasing the building’s occupancy from 40 percent to 80 percent. The building features build-to-suit offices, a 120-foot truck court, 32-foot clear heights, four overhead doors per bay, 54-foot column spacing, a 60-foot staging bay, ESFR sprinkler system, fire safety system and LED lighting. Frank Trelles and Brian Cabielles of State Street Realty arranged the lease on behalf of the landlord, Duke Realty. Dan Rose of Real Estate Advisory Partners and David Albert of CBRE represented Kuehne + Nagel.
HUNTERSVILLE, N.C. — Public Storage has opened a 900-unit self-storage facility at 10219 Bryton Corporate Center Drive in Huntersville, roughly 15 miles north of Charlotte. The facility is located adjacent to a Walmart Supercenter and Interstate 485. The three-story building offers indoor, climate-controlled units ranging in size from 25 square feet to 300 square feet. Packing, moving and storage supplies are also offered at the location. Glendale, Calif.-based Public Storage is the world’s largest owner and operator of self-storage facilities with 2,386 locations around the country.
Seaports are often considered the economic engines of the markets they occupy. So when a port is increasing its business and handling more product, that growth is usually accompanied by a spike in industrial development in the surrounding metro areas. Such is the case in Texas, a state where port activity encompasses more than 1.5 million jobs and $360 billion in economic impact, according to the Texas Ports Association. The organization also states that the value of product passing through Texas ports currently represents approximately 25 percent of the gross domestic product (GDP) of Texas and 6.4 percent of GDP for the United States. Overall volumes of maritime commerce are also on the rise following the completion of the Panama Canal expansion, a $5.4 billion project that wrapped in 2016. Ships and their cargoes are getting larger while the logistics of distribution are calling for faster delivery. Times are changing, and Texas ports are changing with them. The passing of the Water Resources and Development Act in 2016 has cleared the way for major improvements and expansion projects to occur on America’s rivers and harbors. And while industrial development is on the rise at and around the Ports of Beaumont, …
NEW YORK CITY — Gramercy Property Trust (NYSE: GPT), a New York-based REIT, has acquired six distribution centers located throughout the United States. The properties are the first acquisitions for a Gramercy-led e-commerce joint venture, which was launched in August 2017. The venture was established to acquire, own and manage Class A distribution centers across the country. Gramercy is a 51 percent partner in the venture. An undisclosed sovereign investor is the other partner. The portfolio is composed of six newly constructed distribution properties totaling 5.2 million square feet for a combined purchase price of $538 million. The first two properties were acquired on Jan. 31 for $178 million. The second pair of properties, totaling $181 million, closed on April 3. The remaining two assets are under contract for $179 million, with the sale expected to close between late 2018 and early 2019. Each building is expected to be fully leased to an e-commerce company on an initial 15-year term. Two of the properties are located in California’s Inland Empire, with the remainder in Dallas; Jacksonville, Fla.; southern New Jersey; and Winchester, Va. Gramercy is a real estate investment trust that specializes in acquiring and managing assets in the United States and Europe. The company’s stock …
DENVER — Clarion Partners has purchased a 3.7 million-square-foot industrial portfolio for $200 million. The portfolio is situated in four states. The Denver portion of the portfolio includes more than 1.9 million square feet, marking Denver’s single largest industrial transaction on record, according to Clarion. This portion has been renamed Clarion Gateway. Clarion Gateway includes 14 Class A logistics properties situated in the Airport submarket, the region’s primary distribution corridor. The properties were constructed between 1995 and 2015. They feature ESFR sprinkler systems, dock-high and drive-in loading, and clear heights ranging from 22 ft. to 32 ft. The Denver portfolio is currently 96.5 percent leased. The remainder of the portfolio focuses on supply chain markets, including two Las Vegas properties totaling 698,300 square feet. The buildings are all new Class A construction, built in 2016 or 2017, with low office finishes and clear heights ranging from 32 feet to 36 feet. Tenants across the portfolio span a mix of global, national and local companies, including United Parcel Service, Simmons, M S International, Whirlpool, SITCO Lumber and Cardinal Health. The portfolio is diversified by industry with no single tenant occupying more than 13 percent of the total rentable area. CBRE represented …