HILLSBORO, TEXAS — Bob Moore Construction has been selected to build a manufacturing and distribution complex along with associated infrastructure for Hillsboro IKO, a roofing company. The company’s new complex in Hillsboro will be used to manufacture and distribute roofing materials in the Southwest. The complex will include several buildings spanning more than 250,000 square feet. Site work began in early June.
A new research report from CBRE says that despite the global collapse of commodity prices — including many key inputs to construction — overall construction costs continue to rise nationwide. This is largely because of worker shortages that have driven up labor costs, offsetting any savings on materials. In January, average total construction costs in the United States registered a year-over-year increase of 1.8 percent, according to the RSMeans Construction Cost Index (CCI). Since January 2011, the national CCI has increased by an annual average of 2.3 percent, resulting in a cumulative 11.8 percent increase during that period. “The price of materials is just one driver of overall construction costs,” says Andrea Cross, head of research for the Americas at CBRE and co-author of the report. “The cost of construction labor tends to be much more variable across geographies and over time, so it typically has a larger impact on overall cost trends.” Cross also notes that the collapse of the housing market and subsequent recession affected supply-side dynamics for new construction throughout the country, as a substantial number of construction workers left the industry during the downturn and never returned. Nationally, the number of workers employed in construction-related occupations …
LEWISVILLE, TEXAS — Mohr Capital has acquired a 90,000-square-foot industrial building in the northwest Dallas suburb of Lewisville. The building, located at 651 E. Corporate Drive, is the U.S. headquarters for HOYA Corp., a Forbes Global 2000 company and a supplier of medical and optical products. Cushman & Wakefield’s Randy Baird, Jud Clements and Robby Rieke represented the seller, Cohen Asset Management, in this transaction.
HOUSTON — NAI Partners has represented landlord Carson Cos. in the lease of a 30,721-square-foot industrial warehouse facility located at 7618 Bluff Point in Houston. Travis Land and Nick Peterson of NAI Partners represented Carson Cos. during the negotiations, while David Carter of Colliers International represented the tenant, Akurate Dynamics LLC.
BLOOMINGDALE, ILL. — IDI Gazeley is developing a new 276,250-square-foot industrial business park in Bloomingdale, approximately 30 miles northwest of Chicago. The three-building Bloomingdale Corporate Center is slated for completion by the end of this year. The center will include 255 Madsen, 260 Madsen and 270 Madsen, which will be 51,600 square feet, 70,650 square feet and 154,000 square feet, respectively. Each building will feature loading docks, concrete truck courts, 30-foot clear heights, T-5 lighting and ESFR sprinkler systems. Newmark Grubb Knight Frank will serve as the leasing agent for the complex.
WHEELING, ILL. — Frito Lay has sold 13.9 acres in Wheeling, approximately 30 miles northwest of Chicago, to Hamilton Partners for an undisclosed price. Hamilton Partners plans to build a 134,593-square-foot speculative industrial facility on the land, which is located at 800 Northgate Parkway. The building will include 32-foot clear heights, 35 exterior docks, car and trailer parking and will be divisible by 50,000 square feet. Ryan Bain and Zachary Graham of CBRE represented the seller in the transaction.
BENSENVILLE, ILL. — Zurn Industries LLC has signed a 134,514-square-foot industrial lease at a building in Bensenville, approximately 25 miles northwest of Chicago. Zurn Industries is relocating from Elkhart, Ind. to the facility at 340 County Line Road. The company’s lease will bring the 184,170-square-foot distribution facility to 100 percent occupancy. Geib Enterprises leases the remaining space. The Class A facility was built in 2015 and features 32-foot clear heights, 38 trailer spaces and 162 car spaces. The building is situated on 11.5 acres. Willam Strey of Cushman & Wakefield represented the tenant in the transaction. Kevin Segerson of CBRE represented the landlord, Hamilton Partners.
COLORADO SPRINGS, COLO. — Monmouth Real Estate Investment Corp. has purchased a 225,362-square-foot industrial building in Colorado Springs for $28.8 million. The facility is located at 125 N. Troy Hill Road. It is net leased to FedEx Ground Packaging System for the next 10 years. The property is situated directly across from the Colorado Springs Airport and is in close proximity to Interstate 25.
IRVINE, CALIF. — BLT Enterprises has purchased a four-building portfolio that contains a mix of office, flex and industrial buildings for $28 million. The portfolio contains a total of 170,447 square feet. The assets encompass 11.1 acres and are fully leased. Notable tenants at the facilities include Securitas Security Services USA, Ambry Genetics, Compass Group USA and Exhibitree. The portfolio includes a 73,066-square-foot industrial building at 9700 Toledo Way in Irvine; a 47,662-square-foot industrial building at 12640 Knott St. in Garden Grove; a 41,519-square-foot office/flex building at 15 Argonaut in Aliso Viejo; and an 8,200-square-foot office building in Anaheim. Kurt Bruggeman and Ryan Swanson of Lee & Associates represented BLT. Jeff Chiate and Jeff Cole of Cushman & Wakefield represented the seller, Cordia Capital Management, in this transaction.
CLEBURNE, TEXAS — Hangover Opportunity Fund has sold a fully leased, three-building industrial property situated on 16.8 acres in southeastern Johnson County. The all-cash transaction was made with a private investor from Houston. The seller has spent $250,000 renovating the 144,698-square-foot Grandview Industrial Complex, which was nearly 88 percent vacant when it was bought out of foreclosure three years ago. The fund’s manager, SkyWalker Property Partners, undertook a major upgrade of the shuttered RV conversion plant and subsequently signed three long-term tenants, each leasing an entire building at 8800 FM 916. Noltex Truss DFW Inc. leases the largest building, which spans 82,210 square feet. Leland’s Industries LLC occupies a 44,988-square-foot warehouse, and AES Drilling Fluids LLC leases the smallest structure, which is 17,500 square feet. All three tenants are in place at least three more years. Zane Marcell and Dustin Volz of JLL listed the property. Houston investor Eli Sasson, who represented himself, made an all-cash offer using funds from several 1031 tax-deferred exchanges to complete the acquisition.