DALLAS — Cornerstone RPC Storage Development, a joint venture between real estate development firms Rosewood Property Co. and Cornerstone Development, has begun construction on Phase II of a $75 million self-storage development plan. The firm will build three self-storage facilities in infill locations located in Dallas, Carrollton, Texas and Denver. Cornerstone has begun preparation to break ground on a 105,606-square-foot, 928-unit self-storage facility on the southeast corner of Maple Avenue and Butler Street in Dallas. Located in the Dallas Medical District, the facility is expected to open in the fourth quarter of 2016. In addition to the Dallas facility, Cornerstone plans to break ground on an 110,150-square-foot storage facility on E. Hebron Parkway in Carrollton. The 776-unit, multi-story facility will offer climate control in 94 percent of its units and is expected to open in the third quarter of 2016. The development company also closed on a property in metro Denver to develop an 116,325-square-foot self-storage facility. All three new developments will be managed by and branded Extra Space Storage.
DUNCAN, S.C. — Exeter Property Group has purchased a 307,132-square-foot, Class A industrial building located at 1375 Howell Road in Duncan. Exeter purchased the asset from TIC Properties for an undisclosed price. Located within Hillside Industrial Park, the property is leased to Benore Logistics, a third-party logistics and sequencing provider for BMW. Givens Stewart, Garrett Scott and Brockton Hall of Colliers International represented Exeter in the transaction.
CREST HILL, ILL. — Ridgeline Property Group has unveiled plans to develop a 438,150-square-foot distribution center in Crest Hill, approximately 40 miles southwest of Chicago. Along with capital partner Cabot Properties Inc., Ridgeline will build the Class A facility on a 29-acre site that the two companies acquired in September. Site work will begin in January and completion is slated for August 2016. David Bercu and Jim Estus of Colliers International will market the property for lease. The cross-dock facility, located at 16824 Enterprise Blvd., will feature 32-foot clear heights, four drive-in overhead doors, 36 exterior docks, 319 car parking spaces and 163 trailer parking spaces.
PONTIAC, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 26,202-square-foot industrial building in Pontiac, approximately 30 miles north of Detroit. TSLLC Liquidation Co. LLC sold the property to Knight Properties Group LLC for an undisclosed price. The building is located at 1450 E. Highwood Blvd. Larry Schultz of Friedman represented the buyer in the transaction and Mike Koenigbauer of Friedman represented the seller.
MERIDEN, CONN. — Press/Cuozzo Commercial Services has arranged the sale of an industrial building located at 170 Pond View Drive within Medway Business Park in Meriden. Aperture Optical Sciences acquired the 23,000-square-foot property for $1.1 million. Constructed in 1985, the property features 18,000 square feet of high-bay industrial space and 5,000 square feet of office and sales support space. Stephen Press and Ted Schaffer of Press/Cuozzo represented the undisclosed seller, while Kyle Roberts of CBRE/New England represented the buyer in the transaction.
FREDERICK, MD. — Matan Cos. has begun construction on Wedgewood West Business Park, a six-building, 675,000-square-foot industrial park in Frederick. The 30-foot clear warehouse facilities are situated at the corner of New Design Road and English Muffin Way. Phase I of construction comprises Buildings B and F totaling 180,000 square feet. Matan expects to complete Phase I in the summer of 2016 and deliver the remaining four facilities beginning in early 2017. M&T Bank provided construction financing for the development, and Morgan Keller is providing general contracting services.
TOMBALL, TEXAS — Reed Vestal and Taylor Schmidt of Lee & Associates’ Houston office represented Worldwide Rock Enterprises in the purchase of 6.7 acres on Theis Lane in Tomball. Caldwell Cos.’ Keith Edwards, Clay Roper and Daniel Greco represented the unnamed seller. Wycoff Development & Construction will break ground in January on a 20,000-square-foot building on five acres of concrete for the buyer. Reed and Taylor also represented the buyer in the design-build and land re-zoning process.
HOUSTON — Marcus & Millichap has arranged the sale of A-Alamo Storage, a 76,720-square-foot, 919-unit self-storage facility in Houston. Charles LeClaire of Marcus & Millichap’s Denver office, along with Dave Knobler of the firm’s Houston office, represented the seller and procured the buyer, Extra Space Storage. A-Alamo Storage is located less than two miles from downtown Houston. The property is located on 2.4 acres at 3535 Katy Freeway with frontage on the Katy Freeway. Constructed in 1999, A-Alamo Storage is composed of one three-story building and two two-story buildings, and consists of 854 storage units, 51 outdoor parking spaces and 14 postal boxes. The property’s amenities include a gated entrance with key code access, video surveillance, manager’s office, elevators and concrete driveways.
TAYLOR, MICH. — Friedman Integrated Real Estate Solutions has arranged a 40,489-square-foot industrial lease at a property in Taylor, approximately 18 miles southwest of Detroit. Trolley Investors LLC is leasing the space to KACE Logistics. The building is located at 21146 Trolley Industrial Drive. Bob Dabrowski of Friedman represented the tenant in the transaction.
In the Capital Region, an industrial/warehouse market with a little over 63 million square feet of space (spread over a 10-county area), vacancy rates have returned to pre-recession levels. It has been a long and steady climb out of a deep recessionary market, which hit this sector of the market the hardest during 2009. During that time, vacancy rates were hovering around the 11 percent mark. In the second quarter of this year, the regional vacancy rate stood at 7.3 percent. Compare this figure to the fourth quarter of 2014, when the vacancy rate was 8.9 percent. As a region, we are again enjoying the absorption of industrial space, as some regional operators expand and some new faces enter the market. We are constantly examining and reviewing the market to understand the current activity, and to anticipate and prepare for the coming trends and changes. So what has lead to the Capital District’s industrial/warehouse market recovery? Several factors are responsible. First and foremost, the overall recovery of both the national and local economies has played a significant role in our industrial recovery. According to the Bureau of Labor Statistics, the unemployment rate in the United States stood at 5.3 percent …