Industrial

LAS VEGAS — The Las Vegas industrial market was built on supporting the city’s tourism and hospitality industry, which brings in nearly $60 billion per year, according to a study by Applied Analytics. But in recent years, the segment has evolved and grown thanks to the emergence of e-commerce and the harsh market conditions of nearby Southern California. A panel at the InterFace Las Vegas Industrial conference, held at the Four Seasons Hotel in Las Vegas on April 24, brought together eight regional developers and owners to discuss the changing state of the Las Vegas industrial market in 2018. Included on the panel were Michael Dermody, CEO at Dermody Properties; Taylor Arnett, vice president at CapRock Partners; Kevin Higgins, senior vice president and partner at CBRE; Doug Roberts, partner at Panattoni Development Co.; Fritz Wyler, managing director at Prologis; Rod Martin, director of development at Majestic Realty Co.; and Jordan Schnitzer, president at Harsch Investment Properties. Phil Ralston, president at American Nevada Co, moderated the panel. “Historically, the Southwest [Las Vegas] submarket has brought a premium in rents [compared] to what you see in the other submarkets, and 80 percent of the tenant base there is doing business on the …

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COPPELL, TEXAS — Stream Realty Partners has negotiated a 63,911-square-foot industrial lease at Park West Crossing, a 74-acre, eight-building business park located in the northern Dallas metro of Coppell. Jeremy Kelly and Ryan Boozer of Stream Realty represented the landlord, MLRP Park West Crossing F LLC. Bryan Graham of BLG Commercial RE represented the tenant, Black Horse Carriers Inc., an Illinois-based freight company.

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CARROLLTON, TEXAS — CCG Valwood, a Dallas-based investment firm, has acquired a 22,506-square-foot warehouse located at 1208 Tappan Circle in Carrollton. The property, which offers convenient access to Interstates 635 and 35 East and the George Bush Turnpike, was 60 percent leased at the time of sale. Richmond Collinsworth of Bradford Commercial represented the buyer in the transaction. Scott Gregory of Caddo Holdings represented the seller.

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SAN FRANCISCO AND DENVER — San Francisco-based Prologis Inc. (NYSE: PLD) and Denver-based DCT Industrial Trust Inc. (NYSE: DCT) have entered into a definitive merger agreement wherein Prologis will acquire DCT Industrial Trust for $8.4 billion. The sale will be structured as an all-stock transaction. DCT shareholders will receive 1.02 shares of Prologis stock for each share of DCT stock they own. Under the terms of the transaction, which is expected to close during the third quarter, Prologis will assume all of DCT’s outstanding debt. During a conference call on the morning of April 30, the leaders of both companies pointed to the similarities in their operating strategies as key incentives behind the merger. “For some time, we have considered DCT’s realigned portfolio to be the most complementary to our own in terms of product quality, market position and growth potential,” said Hamid Moghadam, Prologis’ chairman and CEO. “This high level of strategic fit will allow us to capture significant economies of scale immediately.” “We competed against Prologis for many years and it has always been apparent that their approach to developing and operating is very similar to ours,” said Phil Hawkins, president and CEO of DCT. “This merger represents …

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The Greenville-Spartanburg economy has a long legacy of being fueled by industrial activity. Today, the whole Upstate market continues to experience record levels of growth as it evolves into advanced manufacturing, automotive and distribution related activities. South Carolina is the largest exporter of goods on a per capita basis in the Southeast and has one of the highest densities of foreign direct investment per capita in the United States. The Upstate is the manufacturing center of South Carolina, with approximately 55 percent of the market’s 177 million square feet of industrial space classified as manufacturing. Due to the strong fundamentals of the market, manufacturing is expected to continue to grow. The metro offers manufacturers a pro-business environment, with skilled and affordable labor, a critical mass of industry and a solid transportation infrastructure with access to high population bases. Strategic Location The region is also becoming increasingly crucial to supply chains serving the East Coast and Southeast. The Upstate can reach over 95 million people within a day’s truck drive. With the continued proliferation of e-commerce, the Greenville-Spartanburg market provides an opportunity to mitigate transportation costs by allowing companies to leverage Inland Port Greer, which provides overnight service to and from …

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DALLAS — Lee & Associates has secured a 55,376-square-foot industrial lease at 2115 Exchange Drive in Arlington. Mark Graybill and Colton Rhodes of Lee & Associates represented the landlord, Global Logistic Properties, in the lease negotiations. Reed Parker of Lee & Associates represented the tenant, Blue Ribbon Delivery Inc., a transportation and logistics firm.  

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HOUSTON — JLL has negotiated a 41,458-square-foot industrial lease at 7875 Northcourt Road in northwest Houston on behalf of Asia Cabinetry, a wholesale cabinet distributor. The space will continue to serve as the company’s headquarters, although it represents an expansion from its previous space. Jeff Venghaus and Geoff Perrott of JLL represented Asia Cabinetry in the lease negotiations. Darryl Noon of Transwestern represented the landlord, CPF Alamo Crossing LLC.

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GARDENA, CALIF. — Partners Capital has purchased a 15,000-square-foot industrial building, located at 510 E. Airline Way in Gardena. Jennifer M Anderson sold the property for $2 million. The building offers direct access to interstates 110, 91 and 405. At the time of sale, Sparks Recycling fully occupied the space. Remington Moss and David Bales of Lee & Associates represented the buyer, while Brent Daniels and Robert Colacion of Gateway Business Properties represented the seller in the deal.

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CORINTH, TEXAS — Karr Self-Storage, a division of Marcus & Millichap, has arranged the sale of Anchor Bay Boat & RV Storage, a 593-unit facility in the North Texas city of Corinth. The property’s net rentable square footage is 71,185 square feet. Brandon Karr of Karr Self-Storage represented the seller, a private investor, in the sale. Karr, Danny Cunningham and Will Parisi of Karr Self-Storage procured the buyer, a Texas-based private investment group.

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ORLANDO, FLA. — Exeter Property Group has broken ground on a 561,750-square-foot distribution center located at 9775 Air Commerce Parkway in Orlando. Situated adjacent to Orlando International Airport, the speculative building will feature 36-foot clear heights, 535-foot building depth, cross dock configuration, an ESFR sprinkler system, 185-foot truck court, 60-foot concrete truck apron, storage spaces for 112 trailers, 312 auto parking spaces and spec office space. GMA Architects designed the building, which is situated within the 230-acre Air CommercePark. Tampa-based ARCO Murray is the general contractor for the project, and Orlando-based Florida Engineering Group is the project’s civil engineer. Exeter expects to wrap up construction on the facility in February 2019.

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