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.
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 …
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 …
LANCASTER, TEXAS — Arch-Con Construction has completed Park 20 Distribution Center, a tilt-wall, cross-dock industrial property situated on 36 acres in Lancaster. Built for Denver-based developer Huntington Industrial Partners, the property measures 468,000 square feet and features 32-foot clear heights and 101 overhead doors. Meinhardt & Associates Architects PLLC designed the project.
CHICAGO — Flex-N-Gate has signed a 288,000-square-foot industrial lease on Chicago’s south side. The property, slated to open early next year, is located at 2924 126th St. The automotive equipment supplier will begin its lease of the facility in January 2018 and will convert the existing warehouse into a modern automotive operation that will serve multiple automakers, including the nearby Ford Chicago Assembly Plant. Conversion of the space is slated for completion by the first quarter of 2019. Flex-N-Gate has entered into a 10-year Economic Development for a Growing Economy (EDGE) partnership with the State of Illinois and the City of Chicago. Through the partnership, Flex-N-Gate has committed to hiring at least 286 full-time employees over the next three years and investing $30 million into the facility over the next 10 years. The firm will receive various tax credits and abatements during the 10-year period. CBRE Asset Services manages the property and surrounding Chicago Manufacturing Campus. Mitch Adams and George Maragos of CBRE represented ownership in the transaction, while Jason West and Mike Magliano of Cushman & Wakefield represented Flex-N-Gate.
LAKE ZURICH, ILL. — PREMIER Design + Build Group is constructing a 49,835-square-foot expansion for ECHO Inc.’s headquarters in Lake Zurich, a suburb of Chicago. The new addition will bring the outdoor power equipment supplier’s corporate campus to 578,000 square feet of office and manufacturing space. The property is situated on 35 acres at 400 Oakwood Road. The new parking lot will feature space for 212 cars. Mark Melone, Samantha Skopek and Tom Johnson of PREMIER are responsible for the project. Stephen Rankin Associates is the architectural firm for the expansion. Structurelogic Inc. is providing structural engineering expertise, while Kimley-Horn is providing civil engineering services.
BRISTOL, HATBORO & PHILADELPHIA, PA. — Joe Sternberg of NAI Mertz has arranged three industrial leases totaling over 19,000 square feet in metro Philadelphia. The lease agreements include: A 5,000-square-foot warehouse lease at 200 Rittenhouse Circle in Bristol on behalf of Stiles Machinery. Stiles Machinery manufactures equipment, serving the woodworking, plastics and composites industries and markets. Whitesell Co. owns the facility. A 9,460-square-foot warehouse and office lease at 3235 Sunset Lane in Hatboro. Mike Borski Jr. of the Flynn Co. represented the tenant, Express 4X4 Truck Rental. NAI Mertz represented the building owner. A 5,000-square-foot warehouse and office lease on behalf of Capitol Adjustment Co.at 12285 McNulty Road in Philadelphia.
FORT WORTH, TEXAS — Wilson & Stonaker LLLC, a Texas-based investment firm, has acquired Northbrook Business Center, a four-building 334,082-square-foot industrial business park located at 1001 NE Loop 820 in Fort Worth. Jeff Givens and Sarah LanCarte of Transwestern represented the seller, Fort Worth Northbrook Ltd., which sold the asset for an undisclosed price. The property was 85 percent occupied at the time of sale.
MANSFIELD, TEXAS — Coldwell Banker Commercial Advisors (CBCA) has brokered the sale of nearly 41 acres of land slated for industrial development at U.S. Highway 287 and Commerce Drive in Mansfield. All Storage purchased 5.3 acres from LEJJ Realty LLC for the development of two climate-controlled self-storage facilities totaling 216,723 square feet. Premier Funding Group sold the adjacent 35.5-acre tract, which will be used for the development of an unbranded business park. Sales prices were not disclosed.
DALLAS — Lee & Associates has negotiated a 69,047-square-foot industrial lease at 11025-11035 Switzer Ave. in Dallas. Brett Lewis, Ken Wesson and George Tanghongs of Lee & Associates represented the landlord, Colony Northstar, in the lease negotiations. The name and representative of the tenant were not disclosed.