LOS ANGELES — Goodman Birtcher has purchased a 130-acre logistics portfolio that spans two infill sites in the Los Angeles submarkets of Santa Fe Springs and El Monte. The sites were purchased for a reported $240 million. The Santa Fe Springs site contains a six-building logistics campus that totals about 1 million square feet of space over 75 acres. The facility includes 18 acres of trailer parking and ambient refrigerated and freezer facilities suitable for food users, last-mile logistics and ecommerce companies. The transaction also includes a 55-acre site in El Monte that will be developed into a 1.2 million-square-foot, Class A logistics facility. It will be constructed with a flexible and sustainable design for logistics and ecommerce customers. The redevelopment efforts will commence once the sites’ current leases expire. JLL’s Louis Tomaselli, Zach Niles and Mark Detmer executed the transaction.
LOS ANGELES — Bridge Development Partners has announced plans to build a 429,840-square-foot warehouse and office facility in the City of Industry, a submarket of Los Angeles. The facility will be located near the 60 Freeway. The Class A property is scheduled for completion on Dec. 1. A 260,000-square-foot warehouse on the site will be demolished to make way for the new facility. Bridge Development is targeting high-tech tenants. Premier Design + Build will build the facility. HSA & Associates will provide engineering services, while HPA will deliver architectural services. Stuart Milligan of Cushman & Wakefield and Tony Phu of Colliers International will act as the building’s leasing agents. JP Morgan Chase Bank provided financing.
GRIMES, IOWA — The Opus Group has completed the construction of the Gateway Industrial Center, an 182,000-square-foot industrial warehouse and office facility in Grimes, approximately 15 miles northwest of Des Moines. The speculative facility is already 100 percent leased to tenants such as Owens & Minor, American Contract Systems and Laser Resources. Gateway Industrial Center, which is situated on 16 acres, features an ESFR sprinkler system, 23 dock doors, two drive-in doors and 32-foot clear heights. Opus Development Co. and Founders Properties LLC own the Gateway Industrial Center.
DALLAS — LaSalle Investment Management has acquired RiverPoint Commerce Center in Dallas. The property includes two fully leased industrial buildings in the Great Southwest submarket. Developed and leased by Stream Realty Partners, RiverPoint Commerce Center spans 602,958 square feet with direct access to the George Bush Turnpike, SH 183, SH 360 and I-30.
DAVIE, FLA. — Pets Supermarket has signed a 97,200-square-foot industrial lease at Bridge Point Davie, a new Class A distribution facility in Davie, a town in south Broward County. The 145,800-square-foot property is located on a 9.8-acre site at 3501 Burris Road and features 32-foot clear heights, an ESFR sprinkler system and leasing bay sizes of approximately 12,150 square feet. David Wigoda and Steven Wasserman of JLL represented the landlord, Bridge Development Partners LLC, in the lease transaction. Wit Truitt of JLL’s Atlanta office represented Pets Supermarket.
DURHAM, N.C. — CBRE | Raleigh has arranged a 95,353-square-foot lease at Whilden Industrial Centre, a two-building, 453,785-square-foot industrial park in Durham. Guardian Logistics Solutions, a freight delivery and storage management firm, will occupy the last available suite in the park at the 2534 Whilden Drive facility. J.D. Butch and Ann-Stewart Patterson of CBRE | Raleigh represented the landlord, CBRE Global Investors, in the lease transaction. Bryan Everett of CBRE | Raleigh represented Guardian Logistics.
ST. FRANCIS, WIS. — The Dickman Company Inc./CORFAC International has brokered the sale of a 30,100-square-foot industrial building in St. Francis, approximately six miles south of Milwaukee, for an undisclosed price. Price Avenue Partners LLC purchased the building, located at 4630 S. Brust Ave., from Airport I LLC. Samuel M. Dickman Jr., Samuel D. Dickman and Cale Berg of The Dickman Company brokered the transaction.
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.