HOUSTON — Lee & Associates’ Houston office has arranged a 16,800-square-foot lease for distribution/warehouse space at 8811 Wallisville Road, Suite D in Houston. Justin Tunnell of Lee & Associates represented the tenant, Flamingos Vintage Kilo, a vintage clothing manufacturer. John Kruse of Holt Lunsford Commercial represented the landlord, Buckhead Houston Industrial Portfolio, in the lease deal.
NEW YORK CITY — NorthStar Real Estate Income II has closed on two portfolio transactions in which it committed approximately $370 million of equity capital, substantially investing all of the company’s current investable capital. Through subsidiaries of its operating partnership, NorthStar Income II originated a $98 million subordinate interest investment in a portfolio of 39 industrial properties in 17 states. The more than 6 million-square-foot portfolio is currently 100 percent leased with an average remaining lease term of 11 years. Additionally, NorthStar Income II acquired a diversified portfolio of limited partnership or similar equity interest in 41 private equity real estate funds, managed by 20 institutional-quality real estate managers from a company managed by NorthStar Income II’s sponsor. NorthStar Income II acquired the funds for $273 million, or a price equal to 92.25 percent of the record date net asset value. Twenty-five percent of the acquisition was funded at closing and the remaining will be funded on December 31. Located in 24 states as well as international locations, the properties include mixed-use, multifamily, office and hotel assets.
MCDONOUGH, GA. — Wayfair, a Boston-based e-commerce retailer specializing in home furnishings and décor, will locate its newest distribution center in McDonough, a southern suburb of Atlanta in Henry County. Wayfair will lease space within Phase II of King Mill Distribution Park, an 846,496-square-foot distribution center/warehouse located at 130 Distribution Drive. Trammell Crow Co. and Allstate co-developed the property. Wayfair’s new location will create more than 150 jobs in logistics and fulfillment. Founded in 2002, Wayfair offers more than 7 million products from over 7,000 suppliers across five brands: Wayfair.com, AllModern, Birch Lane, DwellStudio and Joss & Main. The company has more than 5,300 employees in North America and Europe. Wayfair worked with the Georgia Department of Economic Development, Henry County Development Authority, Georgia Ports Authority, Metro Atlanta Chamber, Georgia Power and Transwestern on the new project.
CHARLOTTE, N.C. — Avison Young has arranged a nearly 100,000-square-foot industrial lease within Westlake Business Park in Charlotte. Printful, a Los Angeles-based print-on-demand e-commerce retailer, will occupy the entire building located at 11025 Westlake Drive, which will serve as the home of the company’s East Coast operations. Christopher Skibinski and Alex Spears of Avison Young’s Charlotte office represented Printful in the lease deal. Warren Snowden and David Hanna of Foundry Commercial represented the landlord.
FORT WORTH, TEXAS — Hangover Opportunity Fund LLC has sold a 138,000-square-foot, two-building project in Fort Worth’s Carter Industrial Park. The 11.5-acre property at 1200 Forum Way S. is net-leased to May Group International, a custom sign manufacturer. Shortly before the property hit the market, the advertising company signed a seven-year renewal for the 60,000-square-foot and 78,000-square-foot office/warehouses, which are used as its headquarters and production facility, respectively. Texas-based SkyWalker Property Partners is liquidating Hangover’s 21-property portfolio. The 1200 Forum Way campus, bought by Hangover in mid-November 2013, is the ninth asset in Hangover’s portfolio to sell. Two more properties are under contract. Theron Bryant and Joe Hamilton of Coldwell Banker Commercial Advisors represented the seller. Chance Olin of Holt Lunsford Commercial negotiated for the local buyer, Forum Way Investments LLC. Bryant also negotiated the lease renewal with May Group.
CENTENNIAL, COLO. — Central Development has announced plans to build Encompass Business Park, a 55-acre office and industrial park, in Centennial. The Class A park will be situated on South Blackhawk Street, between East Arapahoe Road and East Fremont Avenue. The site, formerly known as Centennial East Corporate Center, will soon contain a 150,000-square-foot spec industrial building. This will be the largest individual spec industrial project in southeast Denver, according to Central Development. The new Encompass Business Park will offer a total of 13 development sites, ranging from 14,000 square feet to 150,000 square feet, with broad and flexible zoning that can accommodate retail, office, flex, industrial, medical and storage uses. Central Development purchased the land for Phase I from Jordan-Arapahoe LLC for $4.5 million. NGKF’s Kittie Hook and Wade Fletcher represented the LLC and assisted Central Development in the acquisition. The team is also handling the marketing, sales and leasing for Encompass. Central Development’s capital partner on the project is an LLC managed by Washington Capital Management.
Chicago’s nearly 1.2 billion-square-foot industrial market continues to be a strong performer, garnering national attention. Tightening vacancies, healthy absorption and rising rental rates have spurred increased construction across our region. In fact, 7.7 million square feet in new industrial product came on line during the first six months of the year, with another 16.6 million square feet currently under development, earning metro Chicago the distinction of having the second largest pipeline of new inventory in the country. As vacancies dwindle across the metro area, surging demand for quality, close-in manufacturing and distribution space is driving a critical mass of new speculative development in the city proper for the first time in more than a decade. From January 2015 through the second quarter of 2016, developers delivered 317,000 square feet of spec industrial product in metro Chicago, according to Cushman & Wakefield Research. To put that figure into context, a total of 238,000 square feet of spec product was introduced in the city during the prior 10 years (2005-2014). Another 369,000 square feet of spec development is underway and scheduled to be delivered in 2017, but the new construction will only partly mitigate the pent-up demand for space within city limits. …
PERRYBURG, OHIO — CPA:17 – Global, a non-traded real estate investment trust, has acquired a distribution and light manufacturing facility in Perrysburg. InSite Real Estate sold the property for $14 million. The facility is net leased to First Solar Inc. under a 10-year term. The 391,700-square-foot facility serves primarily as warehousing for solar panels with about 80,000 square feet dedicated to light assembly. W. P. Carey Inc. brokered the transaction.
GEORGETOWN, TEXAS — Brennan Investment Group LLC, a private real estate investment firm, has acquired a three-building industrial campus located at 3000 S. Austin Ave. in Georgetown. The 192,060-square-foot development is 100 percent leased to Manitex Inc., a provider of lifting and loading products. The property has access to I-35.
EDGERTON, KAN. — Aerospace parts supplier Triumph Group has opened its new factory in Edgerton. The Berwyn, Pa.-based company began relocating its operations from Grandview, Mo., to the new facility in September and expects the move to be complete by June 2017. Located within Logistics Park Kansas City, the 156,000-square-foot manufacturing plant was built to accommodate the company’s growth and expanding technologies. The factory is the company’s new Small and Medium Parts Center of Excellence, which makes machining and assembly of aircraft components made from aluminum and various hard metal alloys. Products that will be made at the plant include landing gear structure and assemblies, seat/cargo tracks, floor beams, thrust reverser beams, stringer end fittings, wing attach fittings, installation brackets, hinge arm assemblies and engine inlet assemblies.
