WEST SACRAMENTO, CALIF. — Brennan Investment Group has acquired a three-building manufacturing facility in West Sacramento and simultaneously leased the property back to the seller, Manna Beverages & Ventures. Totaling 213,000 square feet, the assets are located at 2150 and 2286 Stone Blvd. and 1691 Cebrian St. Manna is a leading beverage manufacturer specializing in co-packing, co-manufacturing and distribution of juices, teas and carbonated beverages. Terms of the transaction were not released.
NOVI, MICH. — Novi-based cold storage REIT Lineage Inc. has launched its initial public offering (IPO) of 47 million shares of its common stock, valuing the company at around $19 billion. In addition, the underwriters of the offering will have a 30-day option to purchase from the company up to 7 million additional shares of its common stock at the IPO price, which is expected to be between $70 and $82 per share. The company expects its stock to be listed on the Nasdaq under the ticker symbol “LINE.” Morgan Stanley, Goldman Sachs & Co. LLC, BofA Securities, J.P. Morgan and Wells Fargo Securities are acting as joint lead book-running managers for the proposed offering. Lineage claims to be the world’s largest global temperature-controlled warehouse REIT with a network of more than 480 facilities totaling over 84 million square feet and 3 billion cubic feet of capacity across North America, Europe and Asia-Pacific.
BOLINGBROOK, ILL. — Chicago-based Invenergy, a privately held developer, owner and operator of sustainable energy solutions, has broken ground on its Center of Excellence, a $30 million clean energy training and manufacturing facility in the Chicago suburb of Bolingbrook. Located at 790 Remington Blvd., the property will total 135,000 square feet and is slated to open in the fourth quarter. The build-out of the site will employ over 250 local construction workers. The Center of Excellence will be comprised of four main components: a 35,000-square-foot machine shop designed to refurbish and assemble key clean energy components; a 30,000-square-foot central warehouse to manage and store infrastructure, including long-lead wind turbine and solar components; a 35,000-square-foot training center and learning lab with the capacity to support over 1,300 clean energy trainees annually; and a 20,000-square-fot generation control center to monitor and control Invenergy’s energy generation assets.
DALLAS — Developer IAC Properties has broken ground on an approximately 435,000-square-foot industrial project in South Dallas. IAC Beckleymeade will be a two-building speculative development that will be situated on a 28.2-acre site. The buildings will total 234,900 and 199,800 square feet and will include 81 dock doors and 5,500 square feet of office space. Azimuth Architecture designed the project, and Krusinski Construction Co. is serving as the general contractor. A tentative completion date was not disclosed.
FORT WORTH, TEXAS — F.O.H. Events has signed a 23,465-square-foot industrial lease in Fort Worth. The provider of services for entertainment venues is expanding and relocating its headquarters space to 8803 Forum Way on the city’s south side from a space across town that was roughly a third of that size. Shane Benner of Bradford Commercial Real Estate Services represented the tenant in the lease negotiations. Benson Williams of LanCarte Commercial represented the landlord, Dundee Investments LLC.
NEW YORK CITY — Sagard Real Estate, the Denver-based firm formerly known as EverWest Real Estate Investors, has broken ground on 1 Nassau Place, a 332,000-square-foot warehouse on Staten Island. The site is located less than a mile from State Route 440, and the design calls for two points of ingress/egress. The building will feature a clear height of 36 feet, 60 dock doors, 175 car parking spaces, rooftop solar panels and an ESFR sprinkler system. Delivery is slated for late 2025.
MILLSTONE, N.J. — Soligent has signed an industrial lease in the Central New Jersey community of Millstone. The distributor of clean energy products and services will occupy just under half of a 132,930-square-foot building. The space features a clear height of 32 feet, 4,000 square feet of office space and battery charging stations inside the warehouse for electric forklifts. Peak Construction Corp. is handling the build-out of the space. Boston-based Cabot Properties owns the building.
SPARKS, NEV. — CapRock Partners has acquired 3200 USA Parkway, a cross-dock industrial warehouse in the Reno suburb of Sparks. An institutional investor sold the asset for an undisclosed price in an off-market transaction. Situated on 48 acres within the Tahoe-Reno Industrial Center, 3200 USA Parkway features 707,010 square feet of space with 36-foot clear height, up to 131 dock-high doors, three grade-level doors and 14,890 square feet of office space, as well as ESFR sprinklers, ample power, LED lighting and 435 skylights. The property includes a 190-foot secured truck courts with dedicated truck access points. The asset was built in 2014. Brian Armon of NAI Alliance represented CapRock Partners on the acquisition.
BROOMFIELD, COLO. — Ryan Cos. and PGIM Real Estate, on behalf of its U.S. core-plus investment strategy, have formed a joint venture and received financing for the development of Northwest Commerce Center. The Class A industrial development will be located in Broomfield, a suburb north of Denver. Situated within Verve Innovation Park, Northwest Commerce Center will consist of two buildings offering a total of more than 343,000 square feet with 32-foot clear heights, LED lighting, an ESFR sprinkler system, 22 trailer parking spots and heavy power with 4000-amp electrical service. The buildings are designed to accommodate a wide range of tenants such as warehousing, advanced manufacturing and other industrial uses. Ryan is the developer and builder for Northwest Commerce Center. Ware Malcomb is the architect of record. Carmon Hicks, Patrick McGettigan and Jason White of JLL have been selected to market and lease the project. Construction is slated to begin in August, with completion scheduled for second-quarter 2025.
WHEAT RIDGE, COLO. — Pinnacle Real Estate Advisors has arranged the sale of an office, industrial and warehouse facility situated on 3.3 acres in Wheat Ridge, just west of Denver. Tecta LLC and Solo@LHC LLC sold the asset to an undisclosed buyer for $4.8 million. Located at 4725 Independence St., two tenants fully occupy the 38,114-square-foot property. John Reynolds and James Wachholz of Cushman & Wakefield, along with RC Myles of Pinnacle Real Estate Advisors, represented the seller, while Mark Alley and Paul Schneider with Pinnacle Real Estate Advisors represented the buyer in the deal.