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Industrial

AcquisitionsMississippiSelf-StorageSoutheast

Marcus & Millichap Closes Sale of 314-Unit Self-Storage Facility in Columbus, Mississippi

by John Nelson

COLUMBUS, MISS. — Marcus & Millichap has closed the sale of Friendly City Mini Warehouses, a 314-unit self-storage property located on a 3.3-acre site at 7627 Highway 45 N in Columbus. Phase II of the property is currently in lease-up. Matthew Porter of Marcus & Millichap’s Memphis office represented the seller, Peter Imes, in the sale. The buyer and sales price were not disclosed. Mickey Davis, Marcus & Millichap’s broker of record in Mississippi, assisted in closing the transaction. Built in 2022 and expanded earlier this year, Friendly City Mini Warehouses features 163 climate-controlled units and 145 non-climate-controlled units across 47,720 net rentable square feet. The facility, which was 91 percent leased at the time of sale, features 24-hour digital surveillance and gated entry with coded access.

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17215-W-Camelback-Rd-Goodyear-AZ
ArizonaDevelopmentIndustrialWestern

ViaWest Completes 599,351 SF Sub-Zero Warehouse Facility in Goodyear, Arizona

by Amy Works

GOODYEAR, ARIZ. — Phoenix-based ViaWest Group has completed the development of a manufacturing and warehouse facility in Goodyear for kitchen appliance manufacturer Sub-Zero Group. Situated on 36.4 acres at 17215 W. Camelback Road, the 599,351-square-foot property features ultra-high-efficiency HVAC units and 34 truck bays. The warehouse is Sub-Zero’s third facility in the West Valley market. Scottsdale Investment Management is the partner on the industrial build-to-suit project. DLR Group served as architect, Kimley-Horn provided engineering services and Willmeng Construction led the building team.

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DevelopmentIndustrialKentuckySoutheast

Philip Morris to Invest $232M to Expand Zyn Manufacturing Facility in Western Kentucky

by John Nelson

OWENSBORO, KY. — Philip Morris International plans to invest $232 million via one of its Swedish Match affiliates for the expansion of its Owensboro manufacturing facility in western Kentucky. The direct investment into this facility, which produces Zyn nicotine pouches, will increase production capacity by 40 percent (around 900 million cans of capacity for 2025). The expansion is currently underway and is expected to create an additional 450 direct jobs with an ongoing annual economic impact of $277 million, as well as an additional 410 indirect jobs. The Swedish Match Owensboro facility currently has about 1,100 employees. Philip Morris expects to complete the expansion by second-quarter 2025. In July, Philip Morris announced plans to invest $600 million to open a Zyn manufacturing plant in Aurora, Colo.

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DevelopmentIndustrialTexas

Southwire Opens 1.2 MSF Distribution, Customer Service Center in North Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Southwire, a Georgia-based manufacturer of wire and cable used in the transmission and distribution of electricity, has opened its 1.2 million-square-foot distribution and customer service center at AllianceTexas in North Fort Worth. The facility is housed within Alliance Westport 25, which was originally launched as a 1 million-square-foot speculative building in August 2022 and subsequently expanded to meet Southwire’s requirements. At peak operational capacity, about 250 people are expected to be employed at the facility, which will also feature modernized storage solutions and automated material handling. Southwire first committed to Alliance Westport 25 in summer 2023.

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AcquisitionsFloridaIndustrialSoutheastTennessee

Faropoint Purchases Industrial Portfolio in Jacksonville, Memphis for $105M

by John Nelson

JACKSONVILLE, FLA. AND MEMPHIS, TENN. — Faropoint has purchased a 16-building industrial portfolio in two Southeast markets: Jacksonville and Memphis. The Hoboken, N.J.-based firm acquired the 1.7 million-square-foot portfolio from New York-based Brookfield Asset Management for $105 million. Eastdil Secured brokered the off-market transaction. The names and addresses of the assets were not disclosed, but the portfolio comprises 45 suites across four Jacksonville properties and 12 buildings in Memphis.

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AcquisitionsFloridaIndustrialOfficeSoutheast

Merritt Properties Acquires 200,328 SF Office Park in Jacksonville for Industrial Conversion

by John Nelson

JACKSONVILLE, FLA. — Merritt Properties has acquired a five-building, single-story office park located at 5022 Gate Parkway in Jacksonville for $19.6 million. Karl Johnston and Traci Jenks of Cushman & Wakefield represented the seller, Boston-based Taurus Investment Group, in the transaction. Formerly known as The Meridian at Deerwood, the newly acquired property has been renamed Merritt at Gate Parkway and is being converted to light industrial use. Plans are already underway to enhance the property by installing drive-in docks and further upgrading the facilities to meet modern industrial standards. Situated within St. Johns Town Center, the 200,328-square-foot park is located directly off J. Turner Butler Boulevard in south Duval County. Space is available beginning at 3,500 square feet. Merritt at Gate Parkway’s existing tenants include DB Structured Products and MMI. Since entering the market in 2021, Merritt Properties’ Jacksonville portfolio now exceeds 500,000 square feet.

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IndustrialLeasing ActivityTexas

Direct Air Flow Distributors Signs 13,200 SF Industrial Lease in Montgomery, Texas

by Taylor Williams

MONTGOMERY, TEXAS — Direct Air Flow Distributors has signed a 13,200-square-foot industrial lease in Montgomery, about 55 miles north of Houston. According to LoopNet Inc., the single-tenant building at 18904 Freeport Drive was built in 2012. Travis Land and Braedon Emde of Partners Real Estate represented the landlord, Kudzu Construction & Development, in the lease negotiations. Griffin Rich of Newmark represented the tenant.

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AcquisitionsIllinoisIndustrialLee & AssociatesMidwest

Lee & Associates Arranges Sale of 101,577 SF Industrial Building in Itasca, Illinois

by Kristin Harlow

ITASCA, ILL. — Lee & Associates of Illinois has arranged the sale of a 101,577-square-foot industrial building located at 701 Rohlwing Road in Itasca. The sales price was undisclosed, but the transaction marks the largest user sale in the O’Hare submarket this year by both sales price and square feet, according to Lee & Associates. Jeffrey Janda and Jeff Galante of Lee & Associates represented the seller, a private owner. Chris Nelson and Calvin Gunn of Lee & Associates represented the buyer, TR Property Management.  

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AcquisitionsIndustrialMassachusettsNortheast

Marcus & Millichap Brokers $2.8M Sale of Vacant Industrial Building in Holliston, Massachusetts

by Taylor Williams

HOLLISTON, MASS. — Marcus & Millichap has negotiated the $2.8 million sale of a vacant industrial building in Holliston, a southwestern suburb of Boston. The building at 91 Kuniholm Drive totals 52,000 square feet and features multiple loading docks and a clear height of 16 feet. Harrison Klein of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The new ownership plans to renovate the building to be able to support multiple small users.

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IndustrialLeasing ActivityNew JerseyNortheast

Vision Wheel Signs 32,456 SF Industrial Lease in Flemington, New Jersey

by Taylor Williams

FLEMINGTON, N.J. — Vision Wheel Inc. has signed a 32,456-square-foot industrial lease in Flemington, about 60 miles southwest of Manhattan. The supplier and distributor of custom wheels and tires is taking space at Flemington Junction Business Center, a four-building development. Jason Fisch of Greek Real Estate Partners represented Vision Wheel in the lease negotiations. Rob Marek represented the landlord, locally based investment firm Larken Associates, on an internal basis. The deal brings the property to full occupancy.

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