The Capital Region continues to experience low vacancy rates across the industrial sector. The region’s growth over the last decade has primarily been driven by multibillion-dollar investments by GlobalFoundries, a semiconductor foundry, and State University of New York Polytechnic Institute (known as SUNY Poly). With limited new construction and virtually no spec-built facilities, the rates on existing spaces have finally experienced some rental appreciation after remaining relatively flat over the decade from 2005 to 2015. For the most part, the region has seen existing tenants shifting to new locations within the marketplace as opposed to companies entering to the marketplace for the first time. Generally, new entrants to the market that have some technology component to their business are locating at the SUNY Poly campus or related facilities. One of the most notable recent transactions was the $57 million sale of The Beltrone Portfolio to The Rosenblum Companies. The portfolio totaled 23 buildings made up of a mix of office and industrial properties. The industrial assets included 10 buildings that would be classified as Class A and B product. Historically the entire portfolio maintained a low vacancy status and at the time of sale it was approximately 5 percent vacant. …
DENVER — Prologis has purchased a 40-acre industrial site in Central Denver for an undisclosed sum. The infill site is located at 6030 Washington St. The area is undergoing a significant redevelopment, which may displace a number of industrial tenants who will need to seek out new spaces within the area. Some of the most notable projects include the redevelopment of the National Western Stock Show, the reconstruction of I-70 between Brighton and Colorado boulevards and the continued transformation of the RiNo district. Matt Trone, Steve Hager and Sam Slaton of Cushman & Wakefield represented the seller, Northwest Pipe Co., in this transaction. The team will also act as Prologis’ leasing agents.
PHOENIX — An affiliate of Cohen Asset Management has purchased a 452,271-square-foot industrial facility in Phoenix for $33.5 million. Breakthru Beverage Group occupies the entire property. The facility is located at 1115 S. 47th Ave. in West Phoenix. The beverage company recently signed a new 15-year lease at the space. Cohen Asset Management purchased the property in a double escrow transaction from Breakthru. Breakthru acquired the property through a 2011 purchase option agreement with then-owner Crexus AZ Holdings 1 LLC. Don and Payson MacWilliam of Colliers International executed the transaction.
SAN JOSE, CALIF. — A partnership between Trammell Crow Company and Principal Real Estate Investors has completed construction of MidPoint@237, a 563,000-square-foot manufacturing project in San Jose. The three-building project is situated at North 1st Street and Nortech Parkway at the top of Silicon Valley’s Golden Triangle. Rob Shannon and Chip Sutherland of CBRE marketed the Class A project. The architect is ARC TEC Inc. and the general contractor is Lusardi Construction Co.
CEDAR PARK, TEXAS — CBRE has arranged $13.6 million in acquisition and development financing and $3.9 million in equity for Brushy Creek Corporate Center, a speculative office and industrial development in Cedar Park, about 20 miles northwest of Austin. The development is a two-building, 231,180-square-foot property. Mike Landon and David Aaronson of CBRE arranged the loan for the borrower, IGX Brushy Creek LLC. American National Insurance Co. provided the financing, while ANICO Eagle LLC, a joint venture partner in the development project, provided the equity for the project.
NEW ALBANY, IND. — General Mills has sold a 455,000-square-foot manufacturing plant in New Albany, just across the state border from Louisville, Ky., to a joint venture of New Mill Capital Holdings and Tiger Capital Group. The sales price was not disclosed. The new owners intend to auction the remaining equipment in early 2017, and remarket the real estate for manufacturing uses. Located at 707 Pillsbury Lane, the plant sits on approximately 34.5 acres. The building has numerous loading docks and access points and can be adapted for a single occupant or multiple tenants. Jeff Counsell of Global Food Properties represented General Mills in the transaction and will continue to represent the new owners.
LAS VEGAS — Majestic Realty Co. has broken ground on a 295,500-square-foot speculative warehouse distribution center at its Beltway Business Park in Las Vegas. The warehouse will be situated just south of the Southern Beltway at the intersection of Jones Boulevard and Badura Avenue. Notable tenants at the park include Switch Communications, GES, NV Energy, Brady Industries and MGM. Thomas & Mack Development Group served as development partner on this project.
FORT WORTH, TEXAS — American Tire Distributors plans to open a 756,000-square-foot regional distribution center at Alliance Gateway 60. The facility is situated within the 18,000-acre, master-planned, mixed-used AllianceTexas development in Fort Worth. Adam Faulk and Ryan Browder of Jackson Cooksey represented American Tire Distributors, while Tony Creme and Bill Burton provided in-house representation for the owner, Hillwood Properties, in the deal. American Tire Distributors is expected to move into the building in early 2017.
ARLINGTON AND IRVING, TEXAS — Stream Realty Partners has arranged two sales of industrial properties in Texas totaling 19,344 square feet. In the first deal, Howell Properties LLC sold a 12,344-square-foot warehouse property located at 2901 Galleria Drive in Arlington to NP Arlington Industrial LLC for an undisclosed sum. Matt Dornak and Luke Davis of Stream Realty Partners represented the seller, while Coy E. Garrett & Associates represented the buyer in the transaction. In the second deal, Midnight Mechanics Inc. acquired a 7,000-square-foot industrial property located at 1720 Peters Road in Irving from BLJC PPTIES LCC for an undisclosed price. Hanes Chatham of Stream Realty Partners represented the buyer, while Henry S. Miller Brokerage represented the seller in the transaction.
NORTON, MASS. — On behalf of NorthBridge Partners, CBRE/New England’s Debt & Structured Finance team has arranged $19 million in acquisition financing for a warehouse and distribution facility located at 192 Mansfield Ave. in Norton. The 347,000-square-foot property is fully leased to Advance Auto Parts Inc. Kyle Juszczyszyn, Chris Coutts and Lenny Pierce of CBRE/NE secured the financing for the borrower.