Industrial

GCP Buys Home Depot-Leased Industrial Building Near Port of Savannah for $34.8M

by Camren Skelton July 11, 2018

SAVANNAH, GA. — GCP has acquired 150 Portside Court, an 800,000-square-foot industrial facility in Savannah, for $34.8 million. Located within the Port Logistics Center at Crossroads, the facility is less than five miles from the Port of Savannah. The building is fully leased to The Home Depot and is a key component of the home improvement retailer’s East Coast import distribution operation. The warehouse features front-loading configuration, 165-foot deep full concrete truck courts and 25-foot minimum clear heights. CBRE represented the seller, Duke Realty, in the transaction, and GCP was represented internally. Wells Fargo Bank provided acquisition financing on behalf of GCP. The acquisition increases the Birmingham-based company’s portfolio to more than 8.1 million square feet.

July 11, 2018

Acquisitions District of Columbia Industrial Maryland Southeast

FRP Development Sells 40-Property Warehouse Portfolio in Baltimore-D.C. Corridor to Blackstone for $347.2M

by Camren Skelton July 10, 2018

BALTIMORE — FRP Development Corp., a Baltimore-based development and investment company, has sold 40 industrial warehouse properties and three adjacent land parcels in the Baltimore-Washington corridor for $347.2 million. Blackstone Real Estate Partners acquired the assets. Another warehouse property in the portfolio was sold to its current tenants for $11.7 million. The sale of the portfolio will allow FRP to focus on its development pipeline in the metropolitan region, according to David deVilliers Jr., the company’s president and COO. The developer is currently underway on RiverFront on the Anacostia, a four-phase, 1.1 million-square-foot mixed-use development located adjacent to Nationals Park in Washington, D.C. In partnership with St. John Properties, FRP is also developing a 330,000-square-foot office and retail project in Baltimore County. FRP is a wholly owned subsidiary of FRP Holdings Inc., a Florida-based company that also comprises Florida Rock Properties Inc.

July 10, 2018

Industrial Leasing Activity Midwest Minnesota

Cushman & Wakefield Negotiates 134,000 SF Industrial Lease in Minneapolis

by Kristin Harlow July 10, 2018

MINNEAPOLIS — Cushman & Wakefield has negotiated a 134,000-square-foot industrial lease on behalf of Canteen, a food service company. The property is located at 700 24th Ave. SE in Minneapolis. The landlord, Interstate Development, plans to demolish part of the property and reposition the remainder in order to meet Canteen’s needs. Significant landscaping and parking improvements will also be made to the property. Canteen, a division of Compass Group, is a vending, office coffee and refreshments services company. Canteen will move into the new space in October. David Stokes and Chris Weirens of Cushman & Wakefield represented Canteen in the lease transaction.

July 10, 2018

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Arranges Sale of 321-Unit Self-Storage Facility in Orange, Texas

by Taylor Williams July 10, 2018

ORANGE, TEXAS — Marcus & Millichap has arranged the sale of Bear Storage, a 321-unit self-storage facility located in Orange, about 30 miles east of Beaumont. The property features 35,830 net rentable square feet, as well as climate-controlled units, RV and boat storage spaces and a truck rental service. Dave Knobler of Marcus & Millichap brokered the sale on behalf of the seller, a limited liability company, and the buyer, a partnership that operates six facilities in the Houston area. Other terms of sale were not released.

July 10, 2018

Acquisitions Industrial Texas

NAI Partners Purchases 73,105 SF Retail Center in San Marcos

by Taylor Williams July 10, 2018

SAN MARCOS, TEXAS — NAI Partners Investment Fund II, the private equity arm of Houston-based NAI Partners, has purchased San Marcos Place, a 73,105-square-foot office and retail center in San Marcos, located roughly midway between Austin and San Antonio. The four-building property was 84 percent leased at the time of purchase to retail tenants such as Pizza Hut and Nationwide Insurance. Andrew Pappas and Adam Hawkins of NAI Partners internally negotiated the sale for the fund. Cathy Nabours of HFF represented the undisclosed seller.

July 10, 2018

California Industrial Market Reports Western Western Market Reports

The Inland Empire: A Premier Southern California Industrial Market

by Taylor Williams July 10, 2018

The Inland Empire continues to be one of the most dynamic industrial real estate markets in the country from both a user and investor perspective. Rent growth remains exceptionally strong, boasting a growth rate of more than 50 percent in the past five years, with a 10.1 percent increase in 2017. Although current average asking rents are at record highs, they remain at a 40 percent discount when compared to the neighboring infill markets of Los Angeles and Orange County, indicating ample room for further growth. Vacancy remains unchanged at 3.7 percent, despite 20 million square feet of deliveries last year, a testament to the market’s unrivaled user demand. Leasing momentum continues to outpace supply, particularly for recently constructed distribution space. This is demonstrated by the 46 percent pre-lease rate for deliveries greater than 1 million square feet last year. The Inland Empire’s proximity to world-class transportation infrastructure, combined with a relatively large supply of recently delivered distribution facilities, creates a highly optimistic future outlook when considering the projected exponential growth of e-commerce. The Inland Empire’s e-commerce primacy of location as it relates to underlying market fundamentals are attracting best-in-class domestic and global capital. This is creating a hyper-competitive buyer …

July 10, 2018

Acquisitions Industrial Lee & Associates Texas

Lee & Associates Brokers Sale of 76,202 SF Warehouse in Metro Houston

by Taylor Williams July 9, 2018

HUMBLE, TEXAS — Lee & Associates has brokered the sale of a 76,202-square-foot warehouse situated on 30 acres at 6750 Bender Road in Humble, a northern suburb of Houston. Mike Spears and Robert McGee of Lee & Associates represented the buyer, 6750 Bender Road Ltd., in the transaction. Houston-based RBIP Transportation LLC purchased the property for an undisclosed price.

July 9, 2018

Cornwell-Technology-Center-Scottsdale-AZ

Acquisitions Arizona Industrial Western

KPN Industrial Acquires 56,634 SF Industrial Center in Arizona for $9.9M

by Amy Works July 9, 2018

SCOTTSDALE, ARIZ. — KPN Industrial had purchased Cornwell Technology Center, located at 17301 N. Perimeter Drive in Scottsdale. Andersen Equities sold the property for $9.9 million, or nearly $175 per square foot. Situated on 4.7 acres, the 56,634-square-foot asset consists of two freestanding multi-tenant R&D industrial buildings. Built in 2000, the fully occupied asset is 100 percent air conditioned and offers high-quality space for tenants with complex and precise processes requiring clean rooms and labs. Current tenants include Hemisphere GNSS, Provista Diagnostics and Plastic Design Co. Andersen Equities arranged its own acquisition financing for the transaction. Mark Linsalata, Patrick Dempsey and Jan Fincham of Lee & Associates Arizona represented the seller, while Ron Schooler and Ken Elmer of Commercial Properties represented the buyer in the deal.

July 9, 2018

Washington-Dulles-Gateway-Loudoun-County-Virginia

Acquisitions Data Centers Industrial Southeast Top Stories Virginia

Sentinel Acquires 280 Acres for Data Center Development in Northern Virginia for $82.5M

by Taylor Williams July 9, 2018

LOUDOUN COUNTY, VA. — New York-based Sentinel Data Centers has acquired Washington Dulles Gateway, a 280-acre tract in northern Virginia, for $82.5 million. The site features 140 acres of net developable land for a new data center project, which equates to a purchase price of about $589,000 per developable acre. The site is one of the largest contiguous tracts for data center development in in Loudoun County, located northwest of Washington, D.C. “Seventy percent of the world’s internet activity runs through Loudoun County,” says Jay Taustin, a representative for the seller. “We are extremely pleased to have sold this important land parcel to Sentinel Data Centers, which provides world-class facility infrastructure, engineering acumen, technical personnel and operations protocols to its users.” Mark Levy, Matthew Gallagher and Jonathan Walk of JLL represented the seller, which according to datacenterdynamics.com was developer and majority owner H. Christopher Antigone, in the sale. “Significant demand continues to exist for data center product in Loudoun County,” says Levy. “When we began the conversation with Sentinel, it was clear it had the market knowledge and sophistication necessary to execute a complex transaction such as this.” Sentinel also acquired 65 acres in Loudoun County for the same purpose …

July 9, 2018

Georgia Industrial Market Reports Property Type Southeast Southeast Market Reports

Booming Atlanta Industrial Market Continues Surge Thanks to E-Commerce

by John Nelson July 9, 2018

Atlanta is the logistics hub and economic engine of the Southeast, which is the fastest growing region in the country. Its 700 million square feet of industrial space makes it the fifth largest logistics market in the United States. Traditionally, population and job growth are key drivers of industrial demand, and Atlanta has had strong growth in each. The metro added 78,000 people in 2017, or nearly 214 new residents every day, which is reminiscent of the solid population growth of the 1990s when Atlanta averaged nearly 100,000 new residents every year. Additionally, Atlanta has had solid job growth, growing 2.5 percent last year, second only to Dallas/Fort Worth among the 12 largest metro areas in the U.S. E-commerce has caused a surge in demand for industrial space that has benefitted the Atlanta industrial market. Online retail sales now make up over 9 percent of total retail sales, according to the U.S. Census Bureau, up from 5 percent in 2012. A recent report from Cushman & Wakefield stated that while e-commerce accounted for just 5 percent of leases in 2013, it now commands over 20 percent of all warehouse leasing. As Amazon and others ramp up delivery times from two-day …

July 9, 2018

Newer Posts

Older Posts