MORROW AND DORAVILLE, GA. — JLL has negotiated the sale of two infill industrial properties in the Atlanta suburbs of Morrow and Doraville totaling 253,545 square feet. Jim Freeman, Matt Wirth, Dennis Mitchell and Britton Burdette of JLL represented the undisclosed seller in the transaction. Faropoint purchased both facilities for an undisclosed price. The properties include a 163,524-square-foot, cross-dock facility located at 48-50 Best Friend Road in Morrow that was fully leased at the time of sale to Currey & Co. Inc., as well as a 90,012-square-foot, rear-load facility located at 1056 Personal Place in Doraville that is fully leased to MWD Logistics Inc.
CHICAGO, BUFFALO GROVE AND MOKENA, ILL. — JLL Capital Markets has arranged a $63 million loan for the refinancing of a five-building industrial portfolio in metro Chicago. The portfolio comprises the following properties: Asbury Drive, a 157,000-square-foot building in Buffalo Grove; Rockwell Logistics Center, a 174,262-square-foot property in Chicago; Mokena Logistics I and II, two buildings totaling 268,226 square feet in Mokena; and Halsted Pershing Business Center, a 104,008-square-foot asset in the Stockyards submarket of Chicago. The properties total 703,996 square feet with suites ranging from 25,100 to 174,262 square feet. The portfolio is home to 10 tenants spanning industries such as IT, electronics manufacturing, healthcare, construction, food distribution and government agencies. Colby Mueck, Brian Walsh and Tara Hagerty of JLL arranged the five-year, fixed-rate loan on behalf of the owner, Stream Realty Partners.
CHICAGO — Development Solutions Inc. (DSI) and Karis Cold have broken ground on Stockyards Cold, a 100,000-square-foot cold storage facility in Chicago’s McKinley Park neighborhood. The project is situated on five acres at 3815 S. Ashland Ave. Completion is slated for the third quarter of 2025. Stockyards Cold will feature technology capable of maintaining temperatures as low as minus 10 degrees Fahrenheit. The project marks the first cold storage facility in Chicago to offer a clear height of 50 feet, according to the development team. Customizable features will include blast freezing, automated racking and advanced temperature monitoring systems. John Basile of NAI Hiffman is the leasing agent.
KENILWORTH, N.J. — CoreWeave, a data center owner and operator based in Roseland, N.J., plans to invest $1.2 billion into the development of a new data center facility in Kenilworth, roughly 20 miles outside New York City and 35 miles from Princeton, N.J. The facility marks CoreWeave’s first data center in New Jersey, despite the state housing the company’s corporate headquarters. The company — which trademarks itself as “the AI Hyperscaler” — has signed a full-building industrial lease at 11 NEST, a 280,000-square-foot former lab and manufacturing building within The Northeast Science & Technology (NEST) Center. CoreWeave will convert the industrial building into a new hyperscale data center. “CoreWeave’s commitment to invest over $1 billion at the NEST campus demonstrates New Jersey’s leading role in artificial intelligence (AI), and our innovation strategies are working,” says New Jersey Gov. Phil Murphy. “Through collaboration with utilities, government, investors and real estate developers, we’re committed to attracting businesses that will build an innovation economy for the future.” A partnership between Onyx Equities, Machine Investment Group and Pivot Real Estate Partners owns NEST. The partnership plans to invest $50 million for the new data center project, which will be powered by utility provider PSE&G. A construction timeline was …
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Emerging Trends Report Predicts Rebound in Transaction Volume in 2025 as Capital Markets Are ‘Poised for Recovery’
LAS VEGAS — At the September meeting of the Federal Open Market Committee (FOMC), the Federal Reserve lowered the federal funds rate by 50 basis points, which is the first easing of monetary policy in four years. This move lowered the short-term interest rate to a target range of 4.75 to 5 percent. Elevated borrowing costs have stifled commercial real estate transaction volumes the past couple years as buyers and sellers found that values were a moving target. Now with a reduction in interest rates, many real estate professionals expect transaction volume to rebound at least moderately. “In 2025, we expect lower interest rates will reduce borrowing costs, aid in price discovery and ultimately encourage an uptick in [commercial real estate] transactions,” said Angela Cain, global CEO of the Urban Land Institute (ULI). Cain’s comments came in a prepared statement to summarize the findings of Emerging Trends in Real Estate 2025, an annual report jointly produced by PwC US and ULI. The report was published in conjunction with ULI’s Fall Meeting, which is taking place this week at Resort World Las Vegas. Cain said that the real estate professionals surveyed for the report relayed that sentiment is improving, though many remain cautious. …
SHELBYVILLE, KY. — Colliers has brokered the sale of I-64 Commerce Center, a 1 million-square-foot industrial building located in Shelbyville, approximately 30 miles outside Louisville. W. P. Carey Inc. acquired the facility from Flint Development for an undisclosed price. Canadian Solar, the world’s largest solar and renewable energy company, fully occupies the property, which is situated at 139 Logistics Drive. Delivered in 2023, the building facility features 40-foot clear heights, an ESFR sprinkler system, 348 car parking spaces, 230 trailer parking spaces and full circulation. Canadian Solar plans to invest up to $500 million into the property to develop its principal United States battery assembly facility. Alex Cantu, Alex Davenport, Jeff Devine and Steven Disse of Colliers represented the seller in the transaction.
SAN ANTONIO — Developer DXD Capital has broken ground on an 870-unit self-storage project in San Antonio. The multi-story facility at 11202 Misty Woods St. will feature 80,490 net rentable square feet of climate-controlled space. Reliable Commercial Construction is the general contractor for the project, which is being financed by Illinois-based financial holding company Wintrust. Extra Space Storage will manage the facility, which is slated for a third-quarter 2025 opening.
HILLSIDE, ILL. — Dynamic Manufacturing Inc., a family-owned and operated automotive manufacturer, has signed a 79,532-square-foot industrial lease at 4160-4190 Madison St. in Hillside, a western suburb of Chicago. The tenant will occupy the entire facility, which is part of a seven-building portfolio that EQT Exeter recently acquired. The property features a clear height of 19.5 feet, LED lighting, four dock doors, two drive-in doors and ample car parking. Corey Chase of Newmark represented the tenant.
PLANO, TEXAS — Orlando-based Foundry Commercial will undertake a 323,000-square-foot industrial conversion project in Plano. The 22-acre site at 2700 W. Plano Parkway houses a 250,000-square-foot office building that will soon be demolished to construct two industrial buildings. These buildings will total 226,900 and 96,100 square feet and have 32-foot clear heights. JLL arranged construction financing for the redevelopment, which will be known as Plano Midpoint and is slated for an early 2026 completion.
FORT WORTH, TEXAS — SQUAN Construction Services, a New Jersey-based infrastructure design-build firm, has signed a lease at Sun Valley Industrial Park in Fort Worth. The square footage was not disclosed. Todd Hubbard and Joe McLiney of NAI Robert Lynn represented the landlord, Empire Holdings, in the lease negotiations. Landon Brune of CBRE represented the tenant.