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Industrial

FloridaIndustrialSoutheast

Easton Group Buys New Distribution Center in Metro Miami for $21.8M

by John Nelson

MEDLEY, FLA. — An affiliate of The Easton Group has purchased a newly built, 182,000-square-foot distribution center in Miami’s Medley submarket for $21.8 million. The affiliate, EWE Airport North Logistics Center LLC, purchased the asset from the developer, Ridge Development, in an all-cash transaction. The Easton Group is handling leasing and management for the property, which is situated on 10 acres at the corner of 87th Avenue and 90th Street, about six miles north of Miami International Airport.

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IndustrialOfficeSoutheastVirginia

Avison Young Arranges $19.9M Sale of Two Flex Buildings in Metro D.C.

by John Nelson

CHANTILLY, VA. — Avison Young has arranged the $19.9 million sale of two flex buildings in Washington, D.C.’s Dulles South industrial submarket totaling 245,888 square feet. Beckham Gumbin Ventures purchased the buildings from CIM Group. Built in 1986, the assets are located within Sullyfield Business Park at 14320 and 14340 Sullyfield Circle in Chantilly, about 30 miles west of Washington, D.C. John Kevill, Chip Ryan, Bert Harrell and Jesse Martin of Avison Young represented CIM Group in the sale. Sullyfield Commerce Center I was 95 percent leased at the time of sale to seven tenants including Northrop Grumman, and Sullyfield Commerce Center II was 63 percent leased.

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IndustrialMassachusettsNortheast

Novaya Real Estate Ventures Signs New Tenant at Industrial Property in Greater Boston

by Haisten Willis

FRANKLIN, MASS. — Novaya Real Estate Ventures has signed a lease with defense contractor Qinetiq North America for 100 percent of the space at 130 Constitution Blvd. in Franklin. Novaya acquired the 59,970-square-foot industrial building in 2013 and launched a capital improvement program. Transwestern’s John Lashar represented Novaya and Bill Bailey of JLL represented Qinetiq North America in the transaction.

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IndustrialKansasMidwest

UPS, NorthPoint to Develop 197,000 SF Distribution Center in Edgerton, Kansas

by Kristin Harlow

EDGERTON, KAN. — United Parcel Service Inc., in collaboration with NorthPoint Development, is developing a 197,000-square-foot distribution center in Logistic Park Kansas City (LPKC) in Edgerton. The facility will include a UPS Customer Center and will dispatch trucks for routes in the area. Missouri-based NorthPoint is the real estate developer for LPKC, a 1,700-acre distribution hub now containing over 10 million square feet of warehouse and distribution space. The new UPS operation will be located on the west side of LPKC at 19400 Essex St. The location is less than a mile from the BNSF intermodal facility and is accessible to I-35 via Homestead Lane.

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IllinoisIndustrialMidwest

Meridian Completes 226,616 SF Industrial Tenant Build-out in Romeoville, Illinois

by Kristin Harlow

ROMEOVILLE, ILL. — Meridian Design Build has completed a 226,616-square-foot industrial tenant build-out for Molto Properties and LASCO Fittings Inc. in Romeoville. The property is located at 1881 Normantown Road. The new facility includes 4,486 square feet of office space and a 221,616-square-foot distribution warehouse with 35 loading docks, 205 auto parking stalls, 39 trailer stalls and two drive-in doors. Additional work consisted of a shipping office, dock upgrades and modifications to the overhead lighting. Ware Malcomb served as project architect and V3 Cos. provided civil engineering services for the project.

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GeorgiaIndustrialSoutheast

CT Realty, PGIM, River Oaks to Develop 3.5 MSF Industrial Park in Atlanta

by John Nelson

ATLANTA — CT Realty, through its affiliate Port Logistics Realty, and joint venture partners PGIM Real Estate and River Oaks Capital Partners have purchased 213 acres of land in Atlanta for the development of Palmetto Logistics Park, a 3.5-million-square-foot industrial park. The joint venture also has a purchase option on an adjacent 145 acres. Situated across from a CSX intermodal facility and near Interstate 85, Palmetto Logistics Park will be built in three phases with buildings ranging in size from 1 million square feet to 1.5 million square feet. Fifth Third Bank will provide construction financing for the first phase building of Palmetto Logistics Park. Ben Logue and Price Weaver of Colliers International’s Atlanta office will handle the park’s leasing assignment. No timeline for groundbreaking or delivery was disclosed. Dallas-based Port Logistics Realty is a partnership between CT Realty and Xebec Realty, two Southern California-based industrial development firms.

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IllinoisIndustrialLoansMidwest

Bellwether Arranges $9M Refinancing Loan for Industrial Property in Chicago

by Kristin Harlow

CHICAGO — Bellwether Enterprise has arranged a $9 million loan for the refinancing of a 700,000-square-foot industrial property in Chicago. Constructed in the late 1990s, the building features 30-foot clear heights and 120-foot truck courts. Shelley Magoffin and Max Sauerman of Bellwether arranged the loan for the Los Angeles-based owner. Thrivent Financial for Lutherans provided the loan.

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IndustrialTexasTop Stories

Daikin Industries Opens $400M HVAC Manufacturing Campus Near Houston

by John Nelson

WALLER, TEXAS — Daikin Industries Ltd., a manufacturer of indoor heating and cooling systems and refrigerants, has opened the 500-acre Daikin Texas Technology Park (DTTP) in Waller, about 43 miles northwest of Houston. The Japanese company’s new $400 million business campus consolidates many of the company’s HVAC (heating, ventilating and air conditioning) manufacturing and logistics facilities in Texas and Tennessee. “The DTTP is the largest facility investment our company has made in its 90-year history, and we believe that investing in Texas and keeping jobs in the United States is mutually beneficial for both our company and the economy,” says Takeshi Ebisu, president and CEO of Goodman Global Group Inc., a subsidiary of Daikin. Spanning roughly 4 million square feet, the DTTP supports the design, engineering and assembly of heating and cooling products for residential and commercial use, marketed under the Daikin, Goodman and Amana brands. Amana is a registered trademark of Maytag Corp. or its related companies (including Whirlpool) and is used under license to Goodman Co. Daikin also plans to assemble VRV (variable refrigerant volume) products at the DTTP that were previously imported from other Daikin business units outside of North America. Noriyuki Inoue, Daikin’s chairman of the …

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IndustrialMarket ReportsMidwestMidwest Market ReportsOhio

Toledo’s Industrial Market Is in Need of Large-Format Speculative Construction

by Kristin Harlow

A snapshot of Toledo’s industrial real estate market at the end of 2016 reveals a well-performing sector, maintaining the steady improvement recorded during the prior year. In fact, the vital signs of the property sector hit some of their best levels in a decade last year. By the end of the year, every key metric was up from midyear 2016 and year-end 2015. One bit of cloudiness trying to sneak in on the otherwise very sunny picture, however, is the limited supply of available space options. Demand clearly exists for additional space, but users are unable to find options that fit their needs. The dearth of adequate space alternatives is restraining potential transaction volume and, by extension, probable job growth. By Toledo standards, the market has been absorbing an impressive amount of space over the past several years. Overall, the 85 million-square-foot market absorbed 763,065 square feet in the second half of 2016. However, as strong as the absorption numbers have been, it is easy to speculate they would be much higher if more of the right kind and sizes of space existed in the market. There is a shortage among all building sizes, but the need is most acute …

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