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Industrial

IndustrialNorth CarolinaSoutheast

McCraney Acquires Land Near Charlotte Airport to Develop 610,700 SF Industrial Asset

by Camren Skelton

CHARLOTTE, N.C. — McCraney Property Co. has acquired a 54-acre land parcel in Charlotte for the development of a 610,700-square-foot speculative industrial project. Dubbed Airport South Business Park, the property will be located near the intersection of Billy Graham Parkway and West Boulevard, less than one mile from Charlotte Douglas International Airport. Upon completion, the development will include five Class A industrial buildings. Warren Snowdon and David Hanna of Foundry Commercial arranged the land acquisition on behalf of McCraney Property Co. The project is part of the developer’s more than 2 million-square-foot industrial pipeline currently under development or planned throughout the Southeast.  

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IndustrialMarket ReportsNew HampshireNortheastNortheast Market Reports

Southern New Hampshire Industrial Overview

by Taylor Williams

With a statewide unemployment rate of 2.7 percent, New Hampshire has one of the lowest unemployment rates in the nation, and is well below the national unemployment rate of 4.4 percent. The New Hampshire labor market has continued to tighten, with unemployment having dropped 0.2 percentage points since third quarter of last year. Employment gains have not been seen in two traditionally industrial sectors: trade, transportation & utilities or manufacturing. Employment in these sectors has remained relatively flat year-over-year, at -0.4 percent and 0.6 percent growth respectively. Year-to-date industrial absorption was pushed up to 623,485 square feet by continued positive absorption in the third quarter. The three largest submarkets — Nashua, Manchester, and Portsmouth —made up the majority of that absorption, while two of the smaller submarkets — Concord and Bedford — are the only ones experiencing negative year-to-date absorption. The largest new lease of the fourth quarter of 2017 was Bensonwood Woodworking’s lease of more than 100,000 square feet of space at 25 Production Avenue in Keene. The space will be used mainly for manufacturing purposes. On the capital markets front, the largest transaction of the quarter was the purchase of 55 and 85 Mechanic Street, a 119,000-square-foot multi-tenant …

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IndustrialNortheastPennsylvania

First Industrial Realty Trust to Develop 738,720 SF Distribution Center in Central Pennsylvania

by Amy Works

LEBANON COUNTY, PA. — First Industrial Realty Trust is developing First Logistics Center @ I-78/81 in Lebanon County in Central Pennsylvania. The company has commenced site work and development for a 738,720-square-foot distribution center. Slated for completion in the fourth quarter of 2018, the distribution center will feature 40-foot clear heights, 185-foot truck courts, 135 dock-high door positions, four drive-in doors, 246 trailer stalls, 289 auto stalls, ESFR sprinklers and LED lighting. The total investment for the distribution center is estimated at $49 million. The site plan for the industrial park includes 12 acres of land on which the company is readying a pad for the future construction of a 250,000-square-foot facility. The project team includes Blue Rock Construction as general contractor and Joseph V. Belluccia as architect. Patrick Lafferty, Michael Hess, Bart Anderson and Fred Ragsdale II of CBRE have been retained to lease the project.

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IndustrialLoansTexas

JLL Secures $65M in Development Financing for 3 MSF Industrial Project in Metro Houston

by Taylor Williams

BAYTOWN, TEXAS — JLL has secured $65 million in financing for the development of the first phase of Port 10 Logistics Center, an industrial project in Baytown that upon completion will span more than 3 million square feet across eight buildings. The first phase of the project, which is scheduled for a third-quarter 2018 completion, will deliver four buildings situated on a 100-acre site totaling 992,669 square feet. First Tennessee Bank provided the first lien while Nationwide Mutual Insurance provided mezzanine financing. Paul House, James Brolan and Jonathan Paine of JLL led the financing effort.    

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IndustrialNorth CarolinaSoutheast

Foundry Commercial, PGIM to Deliver 700,000 SF Industrial Project in Metro Charlotte

by Camren Skelton

HUNTERSVILLE, N.C. — Foundry Commercial, in a joint venture with PGIM Real Estate, has acquired 48 acres of land in Huntersville for the development of Bryton Commerce Center, a 700,000-square-foot light industrial project. The development will be located within Bryton Town Center, a 425-acre mixed-use campus located roughly 15 miles north of Charlotte. The six-building project will deliver in two phases. Construction on the first phase will begin in early 2018 and is expected to complete by the end of the year. Bryton Commerce Center will feature 30-foot clear heights, tilt-wall construction, ESFR sprinkler systems, glass-heavy exteriors and high parking ratios. In addition to industrial space, the Bryton Town Center master plan will include more than 1 million square feet of retail space and 1 million square feet of office space, as well as multifamily and single-family residential units.

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IndustrialSouth CarolinaSoutheast

CBRE Arranges $5.4M Sale of Industrial Property in Upstate South Carolina

by Camren Skelton

FOUNTAIN INN, S.C. — CBRE has arranged the $5.4 million sale of 110 Milacron Drive, a 182,534-square-foot industrial facility in Fountain Inn, a suburb of Greenville. Campbell Lewis of CBRE arranged the transaction on behalf of the buyer, 844 S.E. Main LLC. CBRE’s Marcus Cornelius and Nick Hollstegge represented the undisclosed seller. Constructed in 1980, the facility features 28-foot clear heights, motion-activated T-8 lighting in the warehouse, eight dock-high doors, 130 parking spaces and 26,941 square feet of office space. The new owner plans to improve the facility’s exterior and interior features, as well as parking and truck court surfaces.

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ArizonaIndustrialLoansWestern

Globe Corp. Receives $86M in Financing for Arizona Office, Industrial Portfolio

by Nellie Day

PHOENIX — Globe Corp. has obtained $86 million in financing for a four-property office and industrial portfolio based in Arizona. The portfolio contains two Class A office buildings and two industrial warehouses in Phoenix, Tempe and Scottsdale. The loan for one property, 101 Corporate Center, served as acquisition financing and the remaining were refinancings. Debt for the two industrial warehouses, 8990 S. Kyrene Road and Riverside Commerce Park, was consolidated into a single loan structure. Each of the three long-term, fixed-rate loans were closed with separate life insurance companies. Walker & Dunlop arranged the loans.

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IndustrialOfficeTexas

NAI Robert Lynn Secures 36,450 SF Flex Lease in Arlington

by Taylor Williams

ARLINGTON, TEXAS — NAI Robert Lynn has secured a 36,450-square-foot industrial/office lease at 640 107th St. in Arlington. Michael Stanzel of NAI Robert Lynn represented the landlord in the lease negotiations. George Curry and Blake Rogers of JLL represented the tenant, Incab America LLC, a Georgia-based manufacturer of fiber optic cable.

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IndustrialSouth CarolinaSoutheast

Frampton Breaks Ground on 46,028 SF Manufacturing Facility in Coastal South Carolina

by Camren Skelton

CONWAY, S.C. — Frampton Construction Co. LLC has broken ground on a 46,028-square-foot manufacturing facility located within Atlantic Center in Conway, roughly 15 miles northwest of Myrtle Beach. Agracel Inc. is developing the project, which will be leased to Teknoware, a Finnish manufacturer of interior lighting systems for commercial vehicles. In addition to manufacturing space, the building will include 5,000 square feet of office space. The project is slated for a May 2018 completion.  

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