PHOENIX — A joint venture between Confluent Development and DPC Cos. has announced plans to develop a 225,000-square-foot spec industrial development in Phoenix. The project will be situated in the Sky Harbor International Airport submarket. The JV acquired a former grocery warehouse building, which will be torn down ahead of construction. This is Confluent Development’s first ground-up development in the market.
HARTWELL, GA. — Nestlé Purina PetCare Co. has unveiled plans to deliver a $320 million manufacturing facility and distribution center in Hartwell, a city in northeast Georgia. Purina, a global producer of pet products, currently employs more than 8,000 individuals in the U.S., including an existing factory southwest of Atlanta in Fairburn. The Hartwell site will be the company’s first new U.S. factory in 20 years and will create up to 240 jobs over the next five years. Joshua Stephens of the Georgia Department of Economic Development represented the organization’s Global Commerce division throughout the project. Stephens worked in collaboration with the Hart County Industrial Development Authority and Georgia Power. Nestle Purina’s distribution center operations are expected to begin in 2018, with production to follow in 2019. Leading Purina brands include Purina ONE, Dog Chow, Friskies, Tidy Cats and Pro Plan.
TAMPA, FLA. — JLL has brokered the $22.5 million sale of a 334,279-square-foot industrial portfolio located at 5802-5912 Breckenridge Parkway within Breckenridge Park in Tampa. John Dunphy, Ryan Vaught and Robyn Hurrell of JLL represented the seller, Triangle Capital Group, in the transaction. MLG Capital acquired the asset. The 51-acre Breckenridge Park is located at the intersection of Highway 301 and Interstate 4 and is home to tenants including Swagelok, Rosetta Technologies and Audio Fidelity Holdings. The property features a garden, ample parking, on-site property management and grade-level and dock-high loading options.
WISCONSIN — Walker & Dunlop Inc. has arranged a portfolio of loans totaling $39.3 million for the refinancing of four industrial properties in Wisconsin. WOW Logistics, a private warehousing company serving the dairy and paper industries, was the borrower. One property located in Idaho was also part of the loan transaction. The buildings are all owner-occupied, but some facilities are leased to subtenants. Matthew Lund of Walker & Dunlop arranged the fixed-rate loans with separate lenders, including three life insurance companies and two banks.
COLUMBUS, OHIO — The Meritex Co. has selected The Opus Group to build a 250,050-square-foot industrial building in Columbus. The speculative building, which will feature 32-foot clear heights and truck ports, will accommodate up to four tenants. The project is slated for completion in May 2018. Opus Design Build LLC will serve as design-builder and Opus AE Group will serve as the architect and structural engineer. Rick Trott and Kevin McGrath of CBRE will market the property for lease on behalf of developer Meritex.
The St. Louis industrial market has enjoyed robust growth in recent years in part because of a growing economy, the rise of e-commerce and 3PL activity, favorable tax incentives and abatement packages and a movement to quality from existing users. With a population of 37.5 million in a 300-mile radius and over 96 million in a 500-mile radius, St. Louis is a distribution force to be reckoned with. Over the past five years, vacancy has dropped from 9 percent to 4.1 percent as of the second quarter of 2017. This number, paired with asking lease rates rising 9 percent during that same time frame, illustrate the health of the market. With more than 2.7 million square feet of space absorbed already this year, the 4.2 million square feet currently under construction will be absorbed quickly. Low vacancies have spurred the need for speculative space, which has increased at a rate not seen before in this market. Recent ongoing or completed projects include a 548,850-square-foot space at Aviator Business Park, 158,000 square feet at Fenton Logistics Park and two 100,000-square-foot buildings at Hazelwood Logistics Center. Having spec product on the market places St. Louis on the radars of users that require …
PERRIS, CALIF. — National Distribution Centers has leased an 864,000-square-foot industrial facility within the Perris Distribution Center. The cross-dock distribution facility is situated on 43.2 acres within the Perris Valley Commerce Center in Perris. The center is bordered by Nance and Markham streets, as well as by Webster and Indian avenues. It is slated for completion in early October. Perris Distribution Center will feature energy-efficient LED lighting, solar panels and electric vehicle charging stations. Cushman & Wakefield represented National Distribution Centers, while NKF’s Mark Kegans and Ron and Dean Washle represented the owner and developer, Industrial Property Trust, in this transaction.
FARMERS BRANCH, TEXAS — Colliers International has arranged the sale of a 24,080-square-foot warehouse located at 3225 Garden Brook Drive in the Dallas metro of Farmers Branch. Lizzy Blake and Brad Balke of Colliers represented the seller in the transaction. Stonelake Capital Holdings IV LLC purchased the asset for an undisclosed price.
HAZLE TOWNSHIP, PA. — Trammell Crow Co. and its partner, Allstate, through real estate investment manager CBRE Global Investors, have broken ground for Humboldt East Trade Center, a speculative warehouse building located within Humboldt Industrial Park in Hazle Township. The 440,504-square-foot building will feature 36-foot clear heights, employee and trailer parking, and a flexible design that can accommodate multiple tenants with separate entrances. Completion is slated for the first quarter of 2018. Sean Bleiler and Bill Wolf of CBRE are handling project leasing and marketing.
ALBANY, N.Y. — The Rosenblum Cos. has opened a ValuSpace Personal Storage facility, located at 40 N. Russell Road in Albany. The $7 million, 88,000-square-foot facility features 630 self-storage units, code-controlled access and security features.
