In 2015, the Memphis industrial sector reached a record-breaking 8.4 million square feet net absorption. Achieving absorption in 2015 at a level that was higher than before the recession would have seemingly set 2016 up for a downturn. However, industrial growth, with Memphis at the epicenter of world distribution, allowed the positive trajectory to continue. The Memphis MSA absorbed approximately 6 million square feet in 2016. Given ideal geographical positioning, Memphis is known as America’s Distribution Center, boasting unparalleled expertise in distribution and logistics. The Memphis International Airport houses the second-busiest cargo airport in the world. Companies recognize that Memphis offers reliable, cost-effective distribution, with the ability to reach 70 percent of the U.S. population within 24 hours. Moreover, Memphis is one of only three cities with five Class I Rail Systems and has the fifth largest inland port, as well as 10 major trucking companies utilizing interstates I-40 and I-55. It’s no wonder that FedEx World Hub makes Memphis its home, and UPS chose it as a major hub. With those constants in place, the most notable recent change is the expansion of the submarkets, and how they compete for the warehouse and distribution business. In the past, when …
HOUSTON — Lee & Associates has arranged an 8,460-square-foot industrial lease on behalf of the landlord, Liberty Property Trust, at Northgreen Business Park in Houston. The industrial park is located at 1428 N. Sam Houston Parkway East. Ryan Searle and Justin Tunnell of Lee & Associate’s Houston office represented Liberty Property Trust, and Northwinds Commercial Realty LLC represented the tenant, Threading & Sealing Technologies LLC.
CHICAGO — Associated Bank has provided a $4.9 million loan for the construction of a self-storage facility in Chicago. The 49,182-square-foot facility will be located at 3914 W. 111th St. Banner Storage Group is developing the climate-controlled facility. Edward Notz of Associated Bank managed the loan and closing.
PLYMOUTH, MICH. — Party City Corp. has signed a 38,640-square-foot industrial lease in Plymouth, about 30 miles west of Detroit. The property is located at 41100 Plymouth Road. Larry Kelly of Signature Associates represented the landlord, Plymouth 1848 LLC, in the lease transaction.
HOUSTON — McCord Development has broken ground on Lockwood Business Park, a 25-acre industrial flex campus situated within Generation Park, a 4,000-acre, master-planned development in northeast Houston. The industrial project will comprise three buildings totaling approximately 163,000 square feet built on a speculative basis. Completion of Lockwood Business Park is scheduled for the first half of 2018, according to the Houston Business Journal.
ELLENWOOD, GA. — Hillwood plans to build Clayton Commerce Center, a 797,580-square-foot distribution center located near Interstate 675 in Ellenwood, about nine miles east of Hartsfield-Jackson Atlanta International Airport. The facility will be Hillwood’s first metro Atlanta project built on a speculative basis. The property will include 36-foot clear heights, an ESFR sprinkler system, cross-dock configuration, 231 trailer storage spaces and 442 parking spaces for automobiles. Clayton County is the only county in metro Atlanta to be designated Tier 1 by the Georgia Department of Community Affairs, and Hillwood’s development is expected to offer potential tenants job tax credits and property tax reductions. Hillwood has selected Reliant Real Estate Partners to lease Clayton Commerce Center, which is expected to come on line in December.
MEMPHIS, TENN. — NAI Saig and Avison Young have arranged the $33.1 million sale of a nine-property, 1.1 million-square-foot industrial portfolio located within Memphis International Airport Center (MIAC). Faropoint Ventures purchased the portfolio from Connecticut-based Greenfield Partners LLC. The portfolio was 93.1 percent leased at the time of sale to tenants such as FedEx, Kohler, United States Postal Service and DHL. Brian Califf of NAI Saig represented Faropoint in the transaction, and Shane Soefker and Jacob Biddle of Avison Young represented Greenfield Partners. Faropoint has retained Califf and Elliot Embry of NAI Saig to handle the portfolio’s leasing assignment.
SCHILLER PARK, ILL. — PREMIER Design + Build Group LLC will construct a 157,525-square-foot industrial property in Schiller Park near the Chicago O’Hare International Airport. The project will include demolition of a bakery in order to build two separate industrial buildings in its place. Easily accessible to I-294, the property will feature an 84,700-square-foot building and a 72,825-square-foot building. Both facilities will feature 32-foot clear heights, truck courts, loading docks, ESFR sprinklers and retention ponds. Each building will be able to accommodate multiple tenants. Mark Melone, Christopher Kiziak and Zach Gadomski of PREMIER are responsible for the project. Cornerstone will provide architectural services, and Swift Structural Design and Knight Engineering will provide engineering expertise. Bridge Development Partners is the developer. The project will be completed by the end of the second quarter this year.
JANESVILLE, WIS. — Coldwell Banker Commercial has brokered the sale of a 26,029-square-foot airplane hangar located at 4618 S. Columbia Drive in Janesville, about 40 miles south of Madison. The hangar, previously used for Blackhawk Technical College’s aircraft maintenance program, was vacated when the program was discontinued in 2013. Meisner Aircraft Inc. purchased the property for an undisclosed price. Bill Mears of Coldwell Banker represented both parties in the transaction.
NORTH LAS VEGAS, NEV. — VanTrust Real Estate has commenced construction on a new building at Northgate Distribution Center in North Las Vegas. The 170-acre site is located at 4410-4490 Nexus Way. This is the fifth of eight buildings VanTrust intends to erect on the site, which will eventually feature 3.2 million square feet of distribution space. This building is scheduled for completion by December. Martin Harris Contracting is building the property, which HPA Architecture designed.