ROCKWALL, TEXAS — Lollicup USA Inc., a Chino, Calif.-based producer and distributor of beverage and paper products, will develop a $50 million, 700,000-square-foot manufacturing facility in Rockwall, about 25 miles east of Dallas. The project is expected to create approximately 200 new positions. Construction is scheduled to begin by November, with completion slated for October 2018.
HOUSTON — Burton Construction has begun work on Lockwood Business Park, a 25-acre industrial park located at 13300 Lockwood Drive in Houston. The property will be part of the 4,000-acre Generation Park, which is owned by McCord Development. Energy equipment producer GHX Industrial LLC signed a 143,500-square-foot lease in June to become the park’s anchor tenant.
LEWISVILLE, TEXAS — Stream Realty Partners has negotiated a 78,847-square-foot industrial lease at 301 Leora Lane in Lewisville. Blake Kendrick and Eric Crutchfield of Stream represented the landlord, EastGroup Properties. ESRP represented the tenant, Infinite Electronics Inc., an Irvine, Calif.-based supplier of engineering-grade wired and wireless connectivity products.
ELGIN, ILL. — Newmark Knight Frank (NKF) has arranged the sale of a 30,864-square-foot industrial property in Elgin, 35 miles northwest of Chicago. The sales price was not disclosed. Situated on a two-acre site, the property is located at 1320 Holmes Road. Designated for light manufacturing and warehouse use, the property features one exterior dock, two drive-in doors, four existing cranes, and 18- to 24-foot clear heights. Adam Marshall and Mark Deady of NKF represented the seller, Reis Robotics USA Inc. The firm relocated to a nearby property earlier this year, which provided more space efficiency and functionality for its operations. Rick Anesi of Lee & Associates represented the buyer, Ultra Polishing Inc. The metal polishing company is based in Schaumburg.
MONTREAL, SAN FRANCISCO AND FORT WORTH, TEXAS — Montreal-based investment firm Ivanhoé Cambridge has acquired the 150-property portfolio of Evergreen Industrial Properties from TPG Real Estate. Canadian newspaper The Globe and Mail reports a sale price of approximately US$1 billion. Evergreen specializes in operating infill, multi-tenant assets under 250,000 square feet. The portfolio totals roughly 16 million square feet across 18 major American markets, including Dallas, Portland, Atlanta, Denver and Chicago. Evergreen’s industrial facilities largely focus on handling logistics of local distribution for e-commerce companies. San Francisco- and Fort Worth-based TPG created Evergreen in 2014, building the platform with a 7.5 million-square-foot portfolio as its base. In subsequent years, Evergreen acquired an additional 127 properties via 11 different transactions. “Industrial real estate offers an attractive current return and good diversification for our office portfolio in terms of underlying economic drivers,” says Arthur Lloyd, president of Ivanhoé Cambridge’s North American office. “We believe we have found the right fit with Evergreen.” With the acquisition, Ivanhoé Cambridge’s holdings total roughly CA$56 billion, or US$44.3 billion, based on the exchange rate on Monday, July 17. TPG’s assets under management now total approximately $73 billion. — Taylor Williams
NEW YORK CITY — TerraCRG has brokered the sale of a mixed-use building located at 87 Luquer St. in the Carroll Gardens neighborhood of Brooklyn. An undisclosed buyer acquired the three-story, 6,875-square-foot building for $2.9 million. The property features a certificate of occupancy that allows for semi-industrial on the ground floor, office space on the second floor and residential space on the top floor. The building can also be completely rehabilitated for residential use. Dan Marks and Mike Hernandez of TerraCRG facilitated the sale. The name of the seller was not released.
BRIDGEPORT, CONN. — Brooklyn-based Spray Market has acquired an industrial facility located at 330 Pine St. in Bridgeport. As the building’s tenant, Spray Market exercised its option to purchase the 14,500-square-foot property for $1 million. The company specializes in applying and installing spray polyurethane foam. Bruce Wettenstein of Vidal/Wettenstein represented the undisclosed seller, while Bob Miller of Berkshire Hathaway HomeServices represented the tenant-buyer in the deal.
PLAINFIELD, IND. — HSA Commercial has negotiated a 55,000-square-foot industrial lease for Kuehne + Nagel at Gateway Business Park in Plainfield, a southwest suburb of Indianapolis. The Switzerland-based global logistics provider will occupy the space within the new Gateway Industrial IV building, constructed in early July. The 151,220-square-foot distribution center is located at 845 S. Columbia Road. The company currently occupies 160,230 square feet in a separate building at the business park. Gateway Industrial IV is the fifth and final building at the park developed by HSA Commercial in partnership with Boston-based Washington Capital Management. The building features 30-foot clear heights, 16 expandable truck docks, four drive-in doors and parking for 156 vehicles. John Hanley, Terry Busch and Jared Scaringe of CBRE are handling leasing for the remaining 95,720 square feet at Gateway Industrial IV. Mark Writt and Daniel Rose of CBRE represented Kuehne + Nagel in the lease transaction. Meyer Najem is the general contractor for the project, while KJG Architecture provided design services. The PrivateBank provided the project financing.
JEDBURG, S.C. — Ridge, the industrial division of Transwestern Development Co., has broken ground on two industrial buildings totaling 686,300 square feet of speculative space in Jedburg, roughly 30 miles northwest of Charleston. Located within Charleston Logistics Center, the two Class A buildings will feature 32-foot clear heights, 54-by-48-foot column spacing, a 60-foot staging bay, ESFR sprinkler systems, 64 dock doors, two drive-in doors, 202 car parking spaces and 76 truck parking spaces. The two buildings are slated for delivery in the first quarter of 2018. Simons Johnson and Peter Fennelly of Colliers International will handle leasing of the properties.
WESTMINSTER, COLO. — A joint venture between Conor Commercial Real Estate and WHI Real Estate Partners has broken ground on Park 12 Hundred Tech Center, a 324,000-square-foot industrial center in Westminster. The center will be situated on a 26-acre infill parcel within the Park 12 Hundred mixed-use business park. Park 12 Hundred Tech Center will contain four buildings that will incorporate ESFR sprinkler systems, flexible office space and sizable truck courts for optimal maneuverability. It is scheduled for completion in the second quarter of 2018. McShane Construction Co. and Ware Malcomb are providing the design-build construction services for the center. Chris Ball and Joe Krahn of Cushman & Wakefield represent the exclusive marketing team.
