HOUSTON — Lee & Associates has negotiated the sale of a 14,000-square-foot industrial asset located at 6635 Theall Road in Houston. According to LoopNet Inc., the single-tenant property was built in 2017 and features 28-foot clear heights. Robert McGee, Thomas Leger and Chase Cribbs of Lee & Associates represented the seller, Axis Texas Development Group LLC, in the transaction. Clint Hankla, also with Lee & Associates, represented the buyer, CCIRF LLC.
Phoenix has long enjoyed the benefits of land, labor and logistics. In today’s ecommerce-driven market, however, those benefits are propelling the Valley’s industrial activity, and opportunity, to new heights. The region has absorbed more than 5.8 million square feet of industrial space year-to-date. It has also welcomed almost 5 million square feet of new industrial construction, while industrial vacancy rates still sit below 7 percent — their lowest levels in 12 years. Some of this activity can be credited to the price and availability of our land. This typically involves large parcels in the West Valley within close proximity to freeways that are often available at $5 per square foot to $6 per square foot. This is attracting tremendous big box interest, particularly in the Southwest Valley submarket where much of the metro’s more than 5.7 million square feet of new construction is occurring. Lincoln Property Company delivered one of the largest of these developments this past December: the $85 million, 901,700-square-foot Lincoln Logistics Center 40. Underscoring high confidence in the industrial sector, Lincoln Logistics 40 was developed fully speculative with amenities that target ecommerce and logistics-focused users. Among these are 40’ clear height ceilings, sophisticated cross-dock configuration, and extensive …
LAREDO, TEXAS — An affiliate of Fort Worth-based Tailwind Real Estate Equities LLC has acquired 10.5 acres in the south Texas city of Laredo for the development of a 132,000-square-foot warehouse. Building features will include 32-foot clear heights, 46 dock doors, administrative/office space and 76 trailer parking spaces. The development team includes Dallas-based Gulf Corp. USA and Laredo-based Park Avenue Construction. Completion is scheduled for early 2020.
INDIANAPOLIS — LifeNet Health has signed a 68,175-square-foot industrial lease at the Gateway V distribution center in Indianapolis. HSA Commercial Real Estate is developing the 262,758-square-foot speculative facility, which is scheduled for completion this month. LifeNet Health, a provider of transplant solutions, will take occupancy in July. The building features a clear height of 32 feet, 30 truck docks, four drive-in doors, 185 parking stalls and 70 trailer positions. Terry Busch and Jared Scaringe of CBRE represented ownership in the lease transaction.
RICHLAND, MICH. — Marcus & Millichap has negotiated the sale of Weathervane Self Storage in Richland for an undisclosed price. The 54,462-square-foot self-storage facility features 419 units. Located at 7906 Gull Road, the property includes 10 buildings on 8.2 acres. The facility was built in 2005 and renovated in 2014. Brett Hatcher and Gabriel Coe of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also procured the buyer, a limited liability company.
WOODSIDE, N.Y. — NAI Queens has arranged the $3.6 million sale of an 8,000-square-foot warehouse in Woodside. Located on 56th St., the two-story property was built in 1970 and features two drive-in doors as well as 10-foot clear heights. Brian Sarath of NAI Queens represented the seller, Nancy Siegel, in the transaction. The buyer was Susan Wu.
AMARILLO AND GRAPEVINE, TEXAS — National investment firm Industrial Realty Group LLC (IRG) has purchased two facilities totaling 603,800 square feet in the West Texas city of Amarillo and the northern Fort Worth suburb of Grapevine. The Amarillo property is a light industrial facility spanning 412,000 square feet on 54.9 acres, and the Grapevine asset is a manufacturing plant totaling 191,800 square feet on 10.8 acres. The sellers were not disclosed. IRG’s portfolio now spans approximately 100 million square feet across 28 states.
MISSOURI CITY, TEXAS — NAI Partners has secured a 15,000-square-foot industrial lease for Gupta Management Co. at 1535 Industrial Drive in Missouri City, a southwestern suburb of Houston. The property is located within a four-building industrial park that is currently under construction. Jake Wilkinson and Darren O’Conor of NAI Partners represented the landlord in the transaction.
GREENWOOD, IND. — The Opus Group has completed the lease-up of Greenpointe Logistics Center in Indiana. VMInnovations Inc., an e-commerce company, has fully leased the 496,416-square-foot speculative industrial development. Situated on 31 acres, the property offers convenient access to major transportation routes, including I-65. The facility features a clear height of 36 feet. Opus developed the project in partnership with Diamond Realty Investments Inc. Luke Wessel of Cushman & Wakefield represented Opus in the lease transaction. Adam Campbell of Cushman & Wakefield represented the tenant, which sells toys, home and outdoor products and electronics.
GRAND PRAIRIE, TEXAS — Airbus Helicopters Inc. and France-based Helisim have broken ground on a $40 million helicopter training facility in Grand Prairie, roughly midway between Dallas and Fort Worth. The facility will serve as the new training center for pilot personnel and flight simulations. Completion is slated for later this year. The venture is expected to bring several thousand pilots and maintenance personnel to Grand Prairie every year, sometimes for two weeks or more.