HUNTLEY, ILL. — Midwest Industrial Funds has purchased a 71,000-square-foot industrial building in Huntley, about 50 miles northwest of Chicago. The property is located at 12007 Smith Drive. The building features 22-foot clear heights, eight exterior docks and parking for 60 cars. An additional three acres at the site can be developed separately. The facility is currently fully leased to one tenant that uses the property for warehousing and light manufacturing. Midwest Industrial plans to improve the exterior façade, install new windows, perform landscaping enhancements and eventually perform interior improvements to reposition the property in the marketplace. Dan Tobin of CTK Chicago Partners represented Midwest Industrial in the purchase. Michael Magliano of Cushman & Wakefield represented the seller, a private investor. The purchase price was not disclosed.
FORT WORTH, TEXAS — Majestic Realty Co., a California-based industrial developer, will build a 320-acre, master-planned business park approximately 2.5 miles south of the Interstate 20 and Interstate 35 interchange in Fort Worth. Branded Majestic Fort Worth South Business Park, the property will feature more than 6 million square feet of office, industrial and administrative space. Phase I of construction, which is scheduled for a June 2018 completion, will deliver 1.8 million square feet of industrial space across 110 acres.
HOUSTON — Industrial Outdoor Ventures (IOV), a Chicago-based investment firm, has acquired an 80,000-square-foot industrial property located at 13500 John F. Kennedy Blvd. in Houston. A division of Houston-based Clay Development and Construction Inc. sold the asset for $11.2 million. Developed in 2016 for the current tenant, industrial shipping and packing firm MEI Rigging and Crating LLC, the facility features 30-foot clear heights, three exterior docks and four extra-large drive-in doors.
CARROLLTON, TEXAS — Lee & Associates has negotiated a 38,282-square-foot industrial lease at 1624 W. Crosby Road in Carrollton. Ken Wesson and Adam Graham of Lee & Associates represented the landlord, EastGroup, in the lease negotiations. Nick Lee of NAI Robert Lynn represented the tenant, Transitions Group, a Kansas-based furniture and housewares supplier.
OLIVE BRANCH, MISS. — IDI Gazeley plans to develop two industrial facilities totaling nearly 2 million square feet within Crossroads Distribution Center in Olive Branch, a Mississippi suburb of Memphis. IDI Gazeley has broken ground on Building I for an expected November delivery. The next facility, Building J, is slated to span nearly 1.1 million square feet and is scheduled to start construction in mid-2018. Crossroads is currently home to 11 buildings totaling more than 6 million square feet of logistics space. Building I will feature a Ductilcrete floor slab and paving, 36-foot clear heights, R-19 roof insulation and a white TPO roof. JLL will be the listing agent for Crossroads I. IDI Gazeley has over 27 million square feet developed in the metro Memphis market.
LAS VEGAS — CapRock Partners has purchased two industrial parks in Las Vegas for an undisclosed sum. The acquisitions include a 160,554-square-foot park at 4350 Arville St. and a 42,580-square-foot park at 3021 Valley View Blvd. The Arville park contains 40 units and the Valley View asset contains 24 units. Both properties are situated less than two miles from the Las Vegas Strip. The assets will be the last investments via CapRock Partners Fund II. JLL’s Rob Lujan represented CapRock in the transaction.
LOCUST GROVE, GA. — John Hancock Real Estate and CRG are teaming up to develop a 1 million-square-foot industrial building located in Locust Grove, roughly 30 miles south of Atlanta in the city’s South Atlanta industrial submarket. The facility will feature 36-foot clear heights, 236 trailer spaces, 148 dock-high doors and 386 parking spaces. CRG’s parent company Clayco will serve as the design-builder, and its subsidiary Forum Studio is the architect on the project. Situated a half mile from the Interstate 75-Bill Garner Parkway interchange, the facility will be the first component of a 311-acre development that can accommodate 4.5 million square feet of industrial space. The development team expects the building to be available for occupancy in early 2018.
ELMHURST, ILL. — Peak Construction Corp. has completed a 38,000-square-foot industrial renovation for MedTorque Inc. in Elmhurst, a western suburb of Chicago. Peak coordinated installing new power, plumbing, HVAC and millwork at the multi-tenant building. MedTorque’s Chicago location specializes in the machining and assembly of complex medical instruments for the orthopedic industry.
NORTHBOROUGH, MASS. — Transwestern Consulting Group (TCG) has arranged the sale of One Beeman Road in Northborough on behalf of Stockbridge Capital Group. According to public records, the sale price was $33 million. TH Real Estate purchased the 342,900-square-foot, high-bay industrial facility. TH Real Estate is an affiliate of Nuveen, the investment management arm of TIAA. The facility is 100 percent leased to FedEx SmartPost, serving as the company’s sole New England hub. TCG’s Chris Skeffington, John Lashar and Joe Olin represented the seller and sourced the buyer in the transaction. The firm has been retained by the new ownership to provide leasing and property management services for the building. One Beeman Road features 104 tailboard doors with cross-dock capability and building clear height up to 33 feet. A tenant since 2001, FedEx recently extended its term through 2023.
In many ways, Portland’s industrial market has experienced a dramatic shift over the past five years, emerging as a market to be reckoned with. Demand has exceeded supply for the past six years, pushing vacancy to a 25-year low and rents up 18 percent year-over-year. Industrial users have grown in size, and large users have grown in number. Developments are bigger and migrating further from the traditional industrial submarkets. Investors are keen on Portland assets and are willing to pay a premium for quality product with a solid tenant roster. Portland’s population grew by 8 percent from 2010 to 2015, ranking it among the top 20 of the 50 largest U.S. cities. This growth in metro-area population has propelled strong demand from large e-commerce and distribution companies as they expand into new locations to service our growing consumer base. In 2010, we saw 11 users lease or build spaces of 100,000 square feet or more, and our average size lease was 24,854 square feet. By 2016, our average-sized industrial lease had grown to 39,218 square feet, an increase of 57.8 percent. We also saw 18 users build or lease space greater than 100,000 square feet. Portland’s industrial market users are …