Tuesday, May 6, 2025
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Industrial

DevelopmentFloridaIndustrialLoansSoutheast

JLL Secures $52.3M Construction Loan for Logistics Park in Boynton Beach, Florida

by John Nelson

BOYNTON BEACH, FLA. — JLL has secured $52.3 million in construction financing from First Citizens Bank for Egret Point Logistics Center, a 457,110-square-foot industrial development underway at 3800 S. Congress Ave. in Boynton Beach. Steven Klein, Melissa Rose and Mateo Bolivar of JLL arranged the financing on behalf of the borrower, a joint venture between Foundry Commercial and Wheelock Street Capital. Once the site for a Baptist Health System clinic, Egret Point is situated on a 30.8-acre site about 22 miles south of West Palm Beach with frontage along I-95. The development will feature two Class A logistics buildings of varying sizes. The construction timeline was not disclosed.

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DevelopmentIndustrialMidwestOhio

Geis Cos. Completes 248,000 SF Manufacturing Facility for LG America Near Akron, Ohio

by Kristin Harlow

RAVENNA, OHIO — Geis Cos. has completed a 248,000-square-foot manufacturing facility for LG America in Ravenna, about 15 miles east of Akron. The two-building property consists of a three-story, 100,000-square-foot Customer Solutions Building and a single-story, 148,000-square-foot Acrylonitrile Butadiene Styrene (ABS) Compounding Building. The latter building features a fitness room, employee cafeteria and multiple labs for testing, inspection and weighing ABS compounds. Geis and First Energy worked together to engineer a transmission line and substation that is now owned by LG and will power the facility. The project involved significant coordination with the LG design team in South Korea. Geis Construction provided design-build services.

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6447-N-Cutter-Circle-Portland-OR
IndustrialLoansOregonWestern

Gantry Arranges $16.2M Loan for FedEx Warehouse Acquisition in Portland

by Amy Works

PORTLAND, ORE. — Gantry has arranged a $16.2 million permanent loan for the acquisition of a warehouse facility located at 6447 N. Cutter Circle in Portland. FedEx Ground fully occupies the 212,000-square-foot building, which was redeveloped in 2015. The 126-door, cross-docked facility offers ready access to the Port of Portland, Interstate 5, Union Pacific Railroad and Portland International Airport. Tony Kaufmann and Joe Foley of Gantry’s San Francisco production office represented the borrower, a private real estate investor. The long-term, fixed-rate loan was secured from one of Gantry’s correspondent life company lenders and structured with a term that exceeds the tenant’s firm lease term. The loan features interest-only payments for half the term, followed by a 30-year amortization period.

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AcquisitionsIllinoisIndustrialMidwestSelf-Storage

Marcus & Millichap Brokers Sale of 57,040 SF Self-Storage Property in Beach Park, Illinois

by Kristin Harlow

BEACH PARK, ILL. — Marcus & Millichap has brokered the sale of Self Storage of Beach Park, a 57,050-square-foot self-storage property in Beach Park, a city in northeast Illinois. The sales price was undisclosed. Completed in 2021, the asset features 197 non-climate-controlled units and 250 climate-controlled units within three single-story buildings. Sean Delaney of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer, Extra Space Storage. The property will be rebranded as Storage Express.

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PROTO-Park-Dallas
AcquisitionsIndustrialTexas

Newmark Arranges Sale of 257,192 SF Industrial Property in Dallas

by Taylor Williams

DALLAS — Newmark has arranged the sale of PROTO Park, a 257,192-square-foot industrial property located in Dallas. PROTO Park is a redevelopment of a 1960s-era brick warehouse that sits on a nine-acre site in the city’s Brookhollow area and features 24-foot clear heights. Dustin Volz, Stephen Bailey, Dom Espinosa and Zach Riebe of Newmark represented the seller, North Texas-based M2G Ventures, which developed the project in partnership with Pennybacker Capital, in the transaction. The buyer was California-based investment firm Bendetti. At the time of sale, PROTO Park was fully leased to tenants such as Dynasty Spirits, Taxila Stone, Preziosa Stone and an undisclosed aviation firm.

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DevelopmentIndustrialTexas

Shoal Creek Capital Nears Completion of 80,000 SF Industrial Project in Northwest Dallas

by Taylor Williams

DALLAS — Locally based development and investment firm Shoal Creek Capital is nearing completion of Trinity Industrial Park, an 80,000-square-foot industrial project in Dallas. The 5.3-acre site at 8733 N. Stemmons Freeway is located near Love Field Airport on the city’s northwest side, and the development consists of two buildings with 28-foot clear heights. Full completion is slated for July. NAI Robert Lynn is marketing the project for lease.

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DevelopmentIndustrialMassachusettsNortheast

Tishman Speyer to Undertake 700,000 SF Industrial Redevelopment in Peabody, Massachusetts

by Taylor Williams

PEABODY, MASS. — New York City-based Tishman Speyer will undertake a 700,000-square-foot industrial redevelopment project in Peabody, a northern suburb of Boston. For the past 40 years, the 60-acre site at 8 Centennial Drive served as the headquarters of Analogic, a multinational corporation that specializes in healthcare technology and aviation security products and services. The project will convert the former 515,000-square-foot office and manufacturing campus into a warehouse and distribution center with four buildings that will range in size from 130,000 to 260,000 square feet. Tishman Speyer is redeveloping the property in partnership with Mitsui Fudosan America. A construction timeline has not yet been established. Analogic was also the seller of the property.

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Data CentersDevelopmentIndustrialLoansMidwestNorth Dakota

CIM Group Provides $125M in Construction Financing for Applied Digital’s Computing Campus in North Dakota

by Kristin Harlow

ELLENDALE, N.D. — CIM Group has provided a $125 million loan with a potential increase up to $200 million to fund construction of Applied Digital’s High-Performance Computing (HPC) Campus in Ellendale, a city in southern North Dakota. The data center is designed to provide massive computing power and support HPC applications. Applied Digital is a designer, builder and operator of next-generation digital infrastructure for HPC applications. The company began construction on the first building at its HPC campus in October. Applied Digital has also executed a Letter of Intent with a U.S.-based hyperscaler for a 400-megawatt lease at the campus, which has more than 600 megawatts of future capacity. 

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AcquisitionsIndustrialMidwestWisconsin

Brisky Net Lease Brokers $11.7M Sale of 186,588 SF Industrial Property in Green Bay

by Kristin Harlow

GREEN BAY, WIS. — Brisky Net Lease has brokered the sale of a 186,588-square-foot industrial property in Green Bay for $11.7 million. The single-tenant building is located at 3181 Commodity Lane. The tenant, Itasca, Ill.-based Advanced Converting Works, provides solutions for the flexible packaging converting industry. There are 15 years remaining on the lease. Brian Brisky of Brisky Net Lease represented the seller, a REIT. The buyer was undisclosed.

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AcquisitionsIllinoisIndustrialMidwest

Venture One Buys 32,496 SF Industrial Building in Elgin, Illinois

by Kristin Harlow

ELGIN, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has acquired a 32,496-square-foot industrial building in Elgin for an undisclosed price. Located on Church Road and built in 1979, the property is fully leased to three tenants. The facility features three docks, four drive-in doors and parking for 30 cars. Nick Kyriazes of 360 Real Estate Services represented the undisclosed seller, while Matthew Lee and Parker Ray of Core Industrial Realty represented Venture One. VK Industrial VI is co-sponsored by Venture One and Kovitz Investment Group.

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