DEER VALLEY, ARIZ. — Griffin Opportunities has purchased 22 acres of industrial land for an undisclosed sum. The parcel is situated on the southeast corner of 23rd Avenue and West Alameda Road in Deer Valley, just north of Phoenix. The land was previously part of a 40-acre nursery. Griffin plans to hold the property for future real estate development. Robert Lundstedt, Trevor McKendry and Chris Rogers of Daum Phoenix represented both the buyer and seller, Arizona Wholesale Nursery of Phoenix, in this transaction.
CHANNAHON, ILL. — IDI Gazeley has broken ground on a 749,554-square-foot speculative industrial building in Channahon, approximately 55 miles southwest of Chicago. The facility is the first of four buildings to be constructed at the Channahon Corporate Center, a 100-acre, master-planned industrial and logistics park that will offer approximately 2 million square feet of space once complete. The first building, located at 23700 W. Bluff Road, is scheduled for completion in the first quarter of 2017. The facility will be expandable to 1.3 million square feet and will include amenities such as 36-foot clear heights, 86 loading docks, 440 parking spaces and 192 trailer spaces.
CHICAGO — Cenveo Corp., a paper products company, has sold two industrial buildings located in Chicago in a sale-leaseback transaction for an undisclosed price. An affiliate of Hackman Capital Partners LLC acquired the facilities, which total 195,436 square feet. The adjacent property consists of a 150,084-square-foot manufacturing facility at 3001 N. Rockwell St. and a 45,351-square-foot warehouse and distribution building at 2950 N. Campbell Ave.
ONTARIO, CALIF. — Majestic Realty Co. has broken ground on a 239,400-square-foot, build-to-suit warehouse and manufacturing/production facility in Ontario. The site, which was the former home of the Sunkist factory, is located at 752 Campus Ave. Melmarc will occupy the property. The screen printing package company will consolidate its multiple Orange County operations and headquarters into this single facility. The building is scheduled for completion and occupancy in early 2017.
HOUSTON — NAI Partners has brokered the purchase of a 15,000-square-foot warehouse facility on two acres within Hardy Industrial Center located at 21430 Spring Bridge Drive in Houston. Michael Keegan of NAI Partners represented the buyer, Spring Bridge Properties LP, during the negotiations. Richard Quarles and Mark Nicholas of JLL represented the seller, Vigavi Realty LP.
DURHAM, N.C. — A joint venture between Trinity Capital Advisors and SilverCap Partners has purchased Research Tri-Center North III and IV, a 272,396-square-foot warehouse and distribution facility located at 2910 and 2710 Weck Drive in Durham. The facility features 25 dock-high doors, 40-foot by 40-foot column spacing, an ESFR sprinkler system and a truck court with trailer parking. Trinity Capital plans to upgrade the facility with new T5 lighting, renovated office space and paved access off Alson Avenue, which will re-orient the property as a rear-loading facility. Bryan Everett of CBRE | Raleigh represented the seller, B F Properties II NC LLC, in the transaction. The joint venture has selected Trinity Partners to manage the property and Everett and Daniel Jackson, also with CBRE | Raleigh, to lease the project.
AUSTIN, TEXAS — Centric Commercial/CORFAC International has represented Daryl Flood Logistics in the lease of 104,146 square feet within Vista Industrial Park at 15833 Long Vista Drive in north Austin. Daryl Flood Logistics leased an entire building from Global Logistics Properties (GLP), which owns numerous buildings in the park. The 2.5 million-square-foot industrial park is located near I-35 and Grand Avenue Parkway. Russell Todd and Andrew Swanson of Centric Commercial/CORFAC International, along with Bob Berry of Avison Young, represented Daryl Flood Logistics in the long- term lease. Daryl Flood Logistics is headquartered in Coppell and maintains service and distribution facilities in Austin, Houston, El Paso, Lubbock and Grand Prairie. The company provides retail, e-commerce, home and technology-oriented logistics, shipping and fulfillment services.
GRAND PRAIRIE, TEXAS — JLL has brokered an 86,100-square-foot industrial lease for Shorr Packaging in Grand Prairie. The packaging solutions company’s new distribution center will be in Wildlife Commerce Park, Building II located at 2250 Lion Country Parkway. This is the company’s first location in Texas. JLL’s Craig Jones and Elizabeth Jones negotiated the lease on behalf of the tenant. Will Mundinger, John Bateman and Drew Tappan internally represented the landlord, Crow Holdings. Shorr Packaging is based in Aurora, Ill., and currently has 15 locations across the United States.
Outsiders looking at the Houston industrial real estate market may automatically presume doom and gloom for all commercial real estate segments due to the significant downturn in the oil and gas industry during 2015 and 2016. When it comes to the Houston industrial sector, we caution not to jump to that conclusion too fast! In 2016, the Houston regional economy has much more going for it that creates industrial real estate demand than simply oil and gas. Momentum from economic drivers not dependent upon the oil and gas industry are stabilizing industrial real estate. They are also helping counter the drag on the area’s economy that may be attributed to excess inventory and price deflation in oil and gas. Through the end of the year, we expect activity in industrial leasing to remain relatively stable and to offer rental rates that are comparable to early 2016. Our confidence in the stability of industrial real estate is partially based on our fundamental understanding about segmentation in the energy industry that directly impacts Houston’s industrial real estate utilization. Oil and gas is not a simple, homogenous industry with all segments moving in lock step. Clearly, the energy downturn has hit oil and …
ORANGE, CALIF. — BC 2 Environmental has leased 34,215 square feet of industrial manufacturing facilities in Orange. The leased space includes 3,600 of office space. The environmental and geotechnical drilling services provider signed two five-year leases for 1150 & 1250 W. Trenton Ave. The leases are valued at $2.1 million. Bryan Miller and Jim Snyder represented the landlord, Sukut Real Properties, in these transactions.