Industrial

Urban Story Ventures to Redevelop 112-Acre Site Along Chattanooga’s Tennessee River

by John Nelson July 3, 2018

CHATTANOOGA, TENN. — Urban Story Ventures, a Chattanooga-based commercial real estate developer and owner, is planning the redevelopment of a 112-acre site in Chattanooga’s West End district. Situated along the Tennessee River, the site houses the former Alstom turbine plant, as well as adjacent buildings and land. Preliminary plans call for Urban Story Ventures to preserve the LEED Gold-certified plant and renovate the remaining buildings and land for mixed-use, including office space, restaurants and residences. The developer is also planning a combination distillery, brewery and winery — a first for Tennessee. Urban Story Ventures recently established West End Property LLC to oversee the project. The company hopes to recruit a manufacturer to occupy the space left behind in 2016 by Alstom, a French rail transport company that sold its power and grid business lines to GE Power (NYSE: GE) in 2015. “This is the most significant resurgence of Chattanooga’s riverfront since Mayor Bob Corker implemented the 21st Century Waterfront in 2002,” says Jimmy White, principal of West End Property LLC and owner of Urban Story Ventures. “The development will create hundreds of jobs, connect people to the river and create a whole new district and destination for residents and visitors.” …

July 3, 2018

Features Industrial

A New Era for Industrial Design

by Taylor Williams July 3, 2018

Demand for industrial space is soaring and the growth of e-commerce has opened the doors for more competitors to enter the freight and logistics spaces. In addition, the latest data from the Bureau of Labor Statistics (BLS) notes that year-to-date, the United States has added 200,000 new positions in the manufacturing sector, greatly increasing the demand for new industrial space. The advent of new technology is changing the face of the sector’s day-to-day operations. The rising influence of cloud computing and other forms of software that track inventories and model ideal production rates allow for more seamless manufacturing. Automated racking and shelving systems have increased the amount of vertical storage space available to operators and helped get product out the door with greater efficiency. These innovations have yet to significantly eat into industrial job growth, but they are already impacting design trends for new projects. “At this point we are only seeing a minor impact from automation, but it’s clearly present,” says Michael Scheurich, CEO of Arch-Con Construction, a general contracting firm with offices in Dallas and Houston. “Developers are figuring on smaller aisles between racking for conveyors and automated pickup equipment. This allows them to squeeze in more racks …

July 3, 2018

Acquisitions Alabama Industrial Southeast

Monmouth Purchases Amazon-Leased Industrial Building Near Mobile for $33.7M

by Camren Skelton July 2, 2018

THEODORE, ALA. — Monmouth Real Estate Investment Corp. has acquired a newly constructed industrial building located at 6735 Trippel Road in Theodore, roughly 15 miles southwest of Mobile, for $33.7 million. The 362,942-square-foot facility, which opened in the second half of 2017, is net-leased to Amazon Fulfillment Service Inc. for 11 years. Johnson Development Associates Inc. developed the facility in partnership with Amazon. The property is situated on 31.3 acres, roughly 14 miles from the Port of Mobile. The acquisition marks Monmouth’s second property leased to Amazon.

July 2, 2018

Development Illinois Industrial Midwest

PREMIER Breaks Ground on 678,858 SF Industrial Development in Downers Grove, Illinois

by Kristin Harlow July 2, 2018

DOWNERS GROVE, ILL. — PREMIER Design + Build Group LLC has broken ground on Bridge Point Downers Grove, a three-building, 678,858-square-foot speculative industrial development in suburban Chicago. Bridge Development Partners LLC is the developer. The 57-acre infill site is located at the intersection of I-88 and I-355. Buildings 1 and 2 will feature a clear height of 32 feet, 33 exterior truck docks and four drive-in doors. Building 3, totaling 291,345 square feet, will feature a clear height of 36 feet, 40 exterior truck docks and two drive-in doors. Cornerstone Architects Ltd. is providing architectural services and McCallum Associates is providing landscaping services. Swift Structural Design is the structural engineer while SPACECO is the civil engineer. Jason West, David Friedland, Sean Henrick, Michael Magliano and Doug Pilcher of Cushman & Wakefield will represent Bridge in lease-up of the property. The construction is scheduled to be completed in early 2019.

July 2, 2018

Indiana Industrial Leasing Activity Midwest

HSA Commercial Negotiates 49,977 SF Industrial Lease for Pelican BioThermal in Suburban Indianapolis

by Kristin Harlow July 2, 2018

PLAINFIELD, IND. — HSA Commercial Real Estate has negotiated a 49,977-square-foot industrial lease for Pelican BioThermal at Gateway Business Park in Plainfield, a suburb of Indianapolis. The company provides thermal packaging solutions for the safe transportation of pharmaceutical and medical materials. Pelican BioThermal will begin occupying space at Gateway II, a 121,800-square-foot building, in July. HSA Commercial has developed five buildings totaling approximately 630,000 square feet at the 55-acre Gateway Business Park. Terry Busch and Jared Scaringe of CBRE represented ownership in the lease transaction with Pelican BioThermal. Bryan Augustin of Alliance Commercial Group represented the tenant.

July 2, 2018

Acquisitions Industrial Self-Storage Texas

SkyView Brokers Sale of 784-Unit Self-Storage Facility in San Antonio

by Taylor Williams June 29, 2018

SAN ANTONIO — Tampa-based SkyView Advisors has brokered the sale of a 784-unit Extra Space Storage facility in San Antonio. Situated on 3.3 acres, the property totals 88,875 net rentable square feet of climate-controlled space. Ryan Clark of Skyview Advisors represented the seller in the transaction. The buyer and seller were not disclosed.

June 29, 2018

Acquisitions Industrial Self-Storage Texas

Merit Hill Acquires 782-Unit Self-Storage Facility in Metro Houston

by Taylor Williams June 29, 2018

BAYTOWN, TEXAS — New York-based Merit Hill Capital has acquired Safe-Keeping Self Storage, a 782-unit facility located in the eastern Houston metro of Baytown. The property totals 76,485 net rentable square feet and offers climate-controlled units, electronic access control and 24-hour surveillance. Steve Mellon and Brian Somoza of JLL represented the seller, Weiss Realty Group Inc., in the transaction. The property was 93 percent leased at the time of sale.

June 29, 2018

Acquisitions Arizona Industrial Office Retail Western

Dunbar Real Estate Acquires 134,886 SF Business Park in Tempe, Arizona

by Amy Works June 29, 2018

TEMPE, ARIZ. — El Segundo, Calif.-based Dunbar Real Estate Investment Management purchased Mill Avenue Business Park, located at 40 E. Baseline Road, 5030 S. Mill Ave. and 5005-5025 S. Ash Ave. in Tempe. San Juan Capistrano, Calif.-based Birtcher Anderson Realty sold the property for $14.2 million. Bob Buckley, Steve Lindley and Tracy Cartledge of Cushman & Wakefield Phoenix negotiated the transaction on behalf of the seller. Built in 1983, Mill Avenue Business Park features 134,886 square feet of office, industrial and retail space. The property recently underwent a $1.3 million renovation. At the time of sale, the asset was 87.7 percent occupied.

June 29, 2018

Development Industrial North Carolina Southeast

Avison Young Negotiates Sale of 42.6-Acre Site in Charlotte, Buyer Plans 420,000 SF Industrial Project

by Camren Skelton June 29, 2018

CHARLOTTE, N.C. — Avison Young has negotiated the sale of a 42.6-acre site near the Norfolk Southern intermodal facility in Charlotte. The buyer, The Silverman Group, plans to develop a 420,000-square-foot industrial facility at the site, which is located at Charlotte Douglas International Airport, less than a mile from the $96 million Charlotte Regional Intermodal Facility. Dubbed the Charlotte Intermodal Logistics Center, the new facility will feature 36-foot clear heights and cross-docking designed to suit a single tenant or multiple tenants. The intermodal facility at the airport is capable of handling up to 200,000 lifts annually and is part of the Southern Crescent project, Norfolk Southern’s capital improvement project for its rail transportation network. Chris Skibinski, Chris Loyd and Henry Lobb of Avison Young arranged the land sale on behalf of The Silverman Group. Avison Young will also handle the property’s leasing assignment. A construction timeline for the project was not disclosed.

June 29, 2018

Acquisitions Industrial New York Northeast

Cushman & Wakefield Arranges Sale of Industrial Facility in Long Island City for $5.1M

by David Cohen June 28, 2018

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a 9,700-square-foot, two-story warehouse located at 43-05 35th St. in Long Island City. The final closing price was $5.1 million, or $526 per square foot. Stephen R. Preuss, Andreas Efthymiou of Cushman & Wakefield represented seller, Ehrenbell Realty Corp., in the transaction. Greiner-Maltz represented the buyer, Skytron Holdings. The property is made up of warehouse, office and mezzanine space and features 19-foot ceiling heights as well as two roll up gates.

June 28, 2018

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