Industrial

Bridge Development, Partners Break Ground on 221,542 SF Industrial Building in Fort Lauderdale

by Camren Skelton February 16, 2018

FORT LAUDERDALE, FLA. — Bridge Development Partners, in a joint venture with Akard Street Partners LP, Banner Oak Capital Partners LP and Elion Partners, has broken ground on Bridge Point Riverbend, a 221,542-square-foot industrial building in Fort Lauderdale. The building is under construction at the intersection of Interstate 95 and Broward Boulevard. The joint venture acquired the 12-acre site in July for $10.4 million and secured $16.6 million in financing to develop the project. The speculative industrial building will feature 32-foot clear heights, rear-dock loading, an ESFR sprinkler system and a 1.4 to 1,000 parking ratio. The building will have the flexibility to accommodate tenants starting at 40,000 square feet.

February 16, 2018

Data Centers Illinois Midwest

CoreSite to Build 175,000 SF Data Center in Downtown Chicago

by Kristin Harlow February 16, 2018

CHICAGO — CoreSite Realty Corp. has acquired a two-acre land parcel in downtown Chicago to build CH2, a 175,000-square-foot data center. The four-story facility will support 18 megawatts of power capacity. CoreSite expects to begin construction on the project at the end of 2018 or the beginning of 2019. The company plans to construct the building in three phases, consisting of six megawatts of capacity per phase, with a total estimated cost of $190 million to $210 million. CH2 will be located one mile from CoreSite’s existing CH1 facility and network node. CoreSite plans to connect the two sites via fiber.

February 16, 2018

Industrial Loans New Jersey Northeast

Denholtz Associates Secures $9.2M in Refinancing for Industrial Park in New Jersey

by Amy Works February 15, 2018

BRIDGEWATER AND BOUND BROOK, N.J. — Denholtz Associates has secured a five-year, $9.2 million refinancing from Provident Bank for industrial properties on Chimney Rock Road and Kearney Street in Bridgewater and Bound Brook. Denholtz owns 11 buildings, totaling 264,163 square feet of industrial space, at the 16-building Bridgewater Business Park. Current tenants include Zoned Inc., The Airsoft Factory and Bridgewater Marble. The financing will enable Denholtz to renovate the portfolio of properties. Paul Barrood of Provident Bank arranged the financing for Denholtz Associates.

February 15, 2018

Industrial Lee & Associates Texas

Lee & Associates Negotiates 40,000 SF Industrial Lease in Metro Dallas

by Taylor Williams February 15, 2018

GARLAND, TEXAS — Lee & Associates has negotiated a 40,000-square-foot industrial lease at 850 S. Jupiter Road in the northeastern Dallas metro of Garland. Brett Lewis and Corbin Blount of Lee & Associates represented the tenant, supply chain management firm Galaxy Global Logistics. Michael Peinado of Lincoln Property Co. represented the undisclosed landlord.

February 15, 2018

Industrial North Carolina Southeast

Dilweg Sells 1.2 MSF Warehouse Complex in Durham

by Camren Skelton February 15, 2018

DURHAM, N.C. — The Dilweg Cos. has sold Regional Commerce Center, a 1.2 million-square-foot industrial complex located at 706 Ellis Road in Durham. The 46-building warehouse complex is situated on 65 acres directly adjacent to NC Highway 147. Constructed in 1929, the property operated as a tobacco drying warehouse until 2005. At the time of sale, Regional Commerce Center was 34 percent leased. Chris Norvell, Justin Good and Patrick Nally of HFF arranged the transaction on behalf of Dilweg. The name of the buyer and the sales price were not disclosed.

February 15, 2018

Data Centers Texas Top Stories

Equinix to Purchase Infomart Dallas Data Center Complex from ASB for $800M

by John Nelson February 15, 2018

DALLAS — Equinix Inc. (NASDAQ: EQIX), a data center owner and operator based in Redwood City, Calif., has agreed to purchase Infomart Dallas from ASB Real Estate Investments for $800 million. The 1.6 million-square-foot Infomart Dallas is a highly visible data center facility located at 1950 N. Stemmons Freeway near the intersection of Interstate 35 and Dallas North Tollway. Equinix is the facility’s largest tenant, representing approximately 40 percent of lease revenues. The facility houses four of eight Equinix Dallas International Business Exchange (IBX) data centers. Infomart Dallas is home to 45 tenants, including global companies such as Bank of America and Verizon Wireless. The transaction includes developable land adjacent to the facility that will allow the new ownership to potentially increase the facility’s current capacity of 11MW of power to 40MW. The capital consideration will consist of $31 million in cash and $750 million in debt securities that will be paid out to ASB over a three-year period following closing, which is expected to occur in the second quarter. (The notes will be valued at roughly $769 million when adjusted to current trading value of Equinix’s outstanding bonds.) Washington, D.C.-based ASB, a division of ASB Capital Management LLC, originally …

February 15, 2018

Industrial Texas

HFF Raises $40M in Capital for Development of 1 MSF Industrial Project in Irving

by Taylor Williams February 14, 2018

IRVING, TEXAS — HFF has raised $40 million in capital for the development of Phase I of DFW Commerce Center, a 1 million-square-foot industrial project being built on land owned by Dallas-Fort Worth International Airport in Irving. The overall project will consist of four buildings totaling 2.8 million square feet upon completion. Phase I will deliver a cross-dock distribution and warehouse building with 40-foot clear heights, 184 dock doors and significant overflow parking. Joe Thornton, Adam Herrin and Stephen Bailey of HFF arranged the funds on behalf of the developer, Copeland Commercial LLC. Completion of Phase I is expected to occur within 11 to 12 months of the groundbreaking, which occurred in late January.

February 14, 2018

Industrial Texas

Power Company Leases 110,000 SF at Industrial Property in Metro Houston

by Taylor Williams February 14, 2018

PASADENA, TEXAS — Calpine Corp., a Houston-based power company, has leased 110,000 square feet at an industrial property located at 9311 Bay Area Blvd. in the Houston metro of Pasadena. The property was built in 2008 and consists of 219,000 square feet of net rentable space, according to CoStar Group. Lucian Bukowski of CBRE represented Calpine Corp. in the lease negotiations. The representative of the landlord, Bay Bluff LP, was not disclosed.

February 14, 2018

Illinois Industrial Midwest

Colliers Brokers Sale of 462,300 SF Industrial Portfolio in Green Oaks, Illinois

by Kristin Harlow February 14, 2018

GREEN OAKS, ILL. — Colliers International has brokered the sale of Green Oaks Business Center in Green Oaks, about 40 miles north of Chicago. The sales price was not disclosed. The three-building industrial portfolio totals 462,300 square feet. The facilities feature clear heights of 24 to 28 feet, ESFR sprinkler systems, 48 docks and parking for 270 autos. At the time of sale, the portfolio was 86 percent occupied by five tenants. Jeff Devine and Steve Disse of Colliers represented the seller, New York Life Investment. A comingled fund managed by Dermody Properties was the buyer.

February 14, 2018

Industrial South Carolina Southeast

Binswanger Brokers Sale of 310,000 SF Industrial Building in Upstate South Carolina

by Camren Skelton February 14, 2018

LIBERTY, S.C. — Binswanger has brokered the sale of a 310,000-square-foot industrial facility located at 7240 Moorefield Memorial Highway in Liberty, a city in Upstate South Carolina. The single-story building is located roughly 17 miles west of Greenville and 35 miles from the Greer Inland Port. Doug Faris and Shaun Kirchin of Binswanger arranged the transaction on behalf of the buyer, Eliken Property Management LLC. Kidco Liberty LLC sold the property for an undisclosed price. Eliken plans to renovate the property to attract new tenants or investors.

February 14, 2018

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