Industrial

Bridge to Develop Three Industrial Buildings Totaling 926,947 SF in Waukegan, Illinois

by Kristin Harlow May 22, 2018

WAUKEGAN, ILL. — Bridge Development Partners LLC has unveiled plans to develop Bridge Point North Phase II, which consists of three industrial buildings totaling 926,947 square feet in Waukegan. Completion is slated for the end of this year. One of the buildings is nearly 60 percent pre-leased to Bolke-Miller Co., a contract packager headquartered in Waukegan. Bridge Point North is a 225-acre business park owned by a joint venture that includes Bridge Development Group, Banner Oak Capital Partners LP, Globe Corporate, Wanxiang America Real Estate Group and an undisclosed institutional investor. Whit Heitman, Sam Badger, Jared Paff and Brad Weiner of CBRE have been named as the leasing representatives for Bridge Point North.

May 22, 2018

Development Industrial Texas

H-E-B to Open 871-Acre Distribution Center in San Antonio

by Taylor Williams May 21, 2018

SAN ANTONIO — H-E-B, the leading grocer in Texas by market share, will open an 871-acre distribution center in San Antonio, the city in which the grocery chain is based. Situated on the city’s east side, the facility will also allow for food processing and storage. According to local news outlet KSAT, the project is expected to create 300 new jobs over the next five years. Construction is scheduled to begin later this year with a target completion date of late 2019.

May 21, 2018

Acquisitions Illinois Industrial Midwest

ML Realty Purchases 55,120 SF Industrial Building in Addison, Illinois

by Kristin Harlow May 21, 2018

ADDISON, ILL. — ML Realty Partners has purchased a 55,120-square-foot industrial building in Addison, about 20 miles west of Chicago. The purchase price was not disclosed. The single-tenant property is located at 31 S. Mitchell Court. Justin Lerner and Joe Karmin of Transwestern represented the undisclosed seller. Transwestern will also handle lease-up of the building.

May 21, 2018

Industrial Leasing Activity Michigan Midwest

Corrigan Worldwide Signs 21,600 SF Industrial Lease in Grand Rapids, Michigan

by Kristin Harlow May 21, 2018

GRAND RAPIDS, MICH. — Corrigan Worldwide Inc. has signed a 21,600-square-foot industrial lease in Grand Rapids. The company, which specializes in residential and commercial relocation services, is in the process of expanding its Grand Rapids facility. The property is located at 1120 36th St. Kevin Tamer of CORE Partners represented the tenant. John Kupier of Colliers International represented the undisclosed landlord.

May 21, 2018

Acquisitions Industrial Lee & Associates Texas

Lee & Associates Negotiates Sale of 36,227 SF Industrial Asset in Dallas

by Taylor Williams May 18, 2018

DALLAS — Lee & Associates has negotiated the sale of a 36,227-square-foot industrial asset located at 121 La Paz St. on Dallas’ southeast side. Corbin Blount and Nathan Denton of Lee & Associates represented the seller, La Paz Partners Ltd., in the transaction. Caleb Bates of Bates & Myers Co., represented the buyer, Jessup Charitable Remainder Trust.

May 18, 2018

Acquisitions Indiana Industrial Michigan Midwest Net Lease Ohio

Global Net Lease Acquires Five Industrial Assets in Midwest for $83M

by Kristin Harlow May 18, 2018

MICHIGAN, INDIANA AND OHIO — Global Net Lease Inc., a real estate investment trust focused on the acquisition of net lease industrial properties, has acquired five industrial assets representing approximately 1.4 million square feet for $83 million. Three of the buildings are located in Michigan with one in Indiana and one in Ohio. The properties are leased to Contractors Steel Co., a steel service supplier. The industrial buildings included in this transaction comprise all of Contractors Steel Co.’s facilities and also house the company’s offices, central inventory and processing depot.

May 18, 2018

Acquisitions Industrial Midwest Minnesota

CBRE Brokers $11M Sale of Two Industrial Buildings in Eden Prairie, Minnesota

by Kristin Harlow May 18, 2018

EDEN PRAIRIE, MINN. — CBRE Capital Markets has brokered the $11 million sale of City West Business Center North and South in Eden Prairie, 12 miles southwest of Minneapolis. The pair of industrial flex buildings total 172,904 square feet. Constructed in 1984, the properties feature a 67 percent office finish and a clear height of 12 feet. Tenants include Third Wave, InstyMeds, Augustine Biomedical and HRST Inc. Ryan Watts, Sonja Dusil, Judd Welliver and Tom Holtz of CBRE represented the seller, Provident Real Estate Ventures LLC. Finke Associates Inc. purchased the assets.

May 18, 2018

Acquisitions Industrial North Carolina Southeast

Meritex Acquires 100,286 SF Industrial Building Near Charlotte Douglas International Airport

by Camren Skelton May 18, 2018

CHARLOTTE, N.C. — The Meritex Co. has acquired Airpark West V, a 100,286-square-foot industrial property located three miles from Charlotte Douglas International Airport. Justin Smith and Rob Speir of Colliers International arranged the transaction on behalf of Meritex. The name of the seller and sales price were not disclosed. Airpark West V was initially constructed in 2004 and expanded in 2007. Meritex acquired the building completely vacant, and will invest in capital improvements to the property. Planned renovations include the addition of more dock doors, energy-efficient LED lighting, new HVAC systems, exterior enhancements and newly updated office suites. Foundry Commercial will manage the property and handle the building’s leasing assignment.

May 18, 2018

Development Illinois Industrial Midwest

Dayton Street to Develop 116,000 SF Distribution Center in Bensenville, Illinois

by Kristin Harlow May 17, 2018

BENSENVILLE, ILL. — Dayton Street Partners is developing a 116,000-square-foot distribution center in Bensenville near O’Hare International Airport. Black Creek Group LLC owns the property. Construction will involve the demolition of an outdated facility located at 1055 Sesame St. The new building will feature a clear height of 32 feet, 24 exterior dock doors and 137 parking spots. Construction is scheduled to begin in June with completion slated for spring 2019.

May 17, 2018

Acquisitions California Industrial Western

Pacific Industrial Buys 157,204 SF Asset in California for $33M

by Amy Works May 17, 2018

COSTA MESA, CALIF. — Pacific Industrial, along with a private equity fund advised by Crow Holdings Capital, has acquired a two-building industrial asset in Costa Mesa for $33 million. Located at 3030 and 3080 Airway Ave. and adjacent to John Wayne Airport, the 157,204-square-foot asset comprises one building occupied by the U.S. headquarters of RipCurl, and a second building that was recently vacated by Karma. The buyer plans to make interior and exterior upgrades to the vacant building. Trent Walker and Carl Johnson of Voit Real Estate Services represented the buyer in the off-market transaction.

May 17, 2018

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