Sunday, June 22, 2025
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Industrial

IndianaIndustrialLeasing ActivityMidwest

Marathon Electric Inks 233,618 SF Industrial Lease Near Indianapolis International Airport

by Kristin Harlow

PLAINFIELD, IND. — Marathon Electric LLC has signed a full-building industrial lease totaling 233,618 square feet at Terminus at Hobbs Station in the Indianapolis suburb of Plainfield. The owner and developer, Chicago-based HSA Commercial Real Estate, recently completed the two-building speculative development near the Indianapolis International Airport. The 497,540-square-foot project is now 45 percent leased. Marathon Electric expects to take occupancy in September following an interior build-out. The manufacturer of motors and generators will use most of the space for warehousing and distribution. The building features a clear height of 32 feet, 36 dock doors, three drive-in doors, 163 car parking spots and 48 trailer parking stalls. The adjacent building, which is still available for lease, spans 263,922 square feet. Andrea Hopper of Colliers represented ownership in the lease with Marathon Electric. Jimmy Cohoat and Darren Ross of Colliers represented the tenant.

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Industrial-Complex-Reno-NV
DevelopmentIndustrialNevadaWestern

Standard Real Estate, Mohr Capital Plan 180,000 SF Industrial Project in Reno, Nevada

by Amy Works

RENO, NEV. — Standard Real Estate, in partnership with Mohr Capital, is developing an industrial facility on 11 acres in Reno. Located at 9865 N. Virginia St., the project will offer 180,000 square feet of multi-tenant industrial space. Developed by Mohr Capital, the single-story facility will offer 14- by 16-foot grade-level doors designed for logistics and distribution tenants; 32-foot clear heights; 25 dock positions outfitted with 40,000-pound levelers and seals; motion-sensing LED light fixtures; an ESFR fire protection sprinkler system; 3,000 amp, 277/480 volt, 3-phase power; and 80/20 outside-air, roof-mounted, gas-fired make-up air units. Additionally, the facility will include options to build office spaces on the end caps and in-line. Completion is slated for third-quarter 2025. Greg Shutt of CBRE will manage leasing for the development.

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AcquisitionsColoradoIndustrialWestern

Dalfen Industrial Divests of I-70 Center, Aurora Center in Metro Denver

by Amy Works

DENVER AND AURORA, COLO. — Dalfen Industrial has completed the dispositions of two industrial facilities totaling 150,000 square feet in Denver and Aurora. Acquisition prices were not disclosed for either deal. Denver-based Armstrong Capital Development acquired I-70 Industrial Center, a two-building, 77,222-square-foot light industrial warehouse complex in Denver. CBRE arranged the transaction. Dalfen originally purchased the asset in August 2019. Wanko, a design, engineering and manufacturing firm, purchased Aurora Center I, a 75,000-square-foot, Class A industrial building in Aurora. Built in 2003, the facility features side- and rear-loading options, a fully gated and secured truck court, trailer parking, and additional land on the east side of the building that could be used for additional trailer parking or as a potential 30,000-square-foot building expansion. Cushman & Wakefield executed the transaction.

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IndustrialMarket ReportsWashingtonWesternWestern Market Reports

Pacific Northwest Industrial Market Stays Stable

by Jeff Shaw

— By Vanessa Herzog, SIOR, CCIM, Principal, Lee & Associates | Seattle — Industrial markets in the Pacific NW are adjusting to new parameters but remaining steady. Vacancy rates are hovering around 7% in the 6-county region along the I-5 corridor (Arlington to Vancouver, WA). Leasing activity slowed in the first quarter but started picking up as we progress through the second quarter. New construction is active with permitted projects, but the regional project pipeline is diminishing, not due to demand, but due to high land price expectation, stabilized rental rates and continued high costs of new construction. We think this trend will continue well into 2025 leaving Developers and Land Sellers frustrated. Regionally, large land parcels are difficult to find or assemble, leaving Developers looking at infill assemblages, land use changes or full site redevelopment. IOS specialized properties are slowing in demand from Tenants. Finally, we are seeing the small owner user facilities for sale or lease, and the demand from this user group level off.  Here are some statistics: Total Inventory at 398M SF, Current Vacancy rate 7% (27.8M SF), Market Asking Rates $1.12/SF/Mo., Sublease Space 20% of total vacancy (5.6 M/SF): New Construction underway 9.9M SF. Demand …

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IndustrialLeasing ActivityTexas

Specialty Building Products Signs 550,000 SF Industrial Lease in Midlothian, Texas

by Taylor Williams

MIDLOTHIAN, TEXAS — A subsidiary of Specialty Building Products has signed a 550,000-square-foot industrial lease in Midlothian, a southern suburb of Dallas. The metro Atlanta-based building materials provider will occupy a full building at Southern Star Logistics Park, the site of which features dual rail service and 25 acres for outdoor storage. Jim Hazard and Barrett Bufkin of Cresa represented the tenant in the lease negotiations. Kacy Jones, Steve Koldyke and Brian Gilchrist of CBRE represented the landlord, Chicago-based Logistics Property Co., in conjunction with internal agents J.C. Hay and Max Mueller.

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AcquisitionsIndustrialSelf-StorageTexas

Versal Arranges Sale of 306-Unit Self-Storage Facility in Corpus Christi

by Taylor Williams

CORPUS CHRISTI, TEXAS — Self-storage brokerage firm Versal has arranged the sale of a 306-unit facility in Corpus Christi. The property spans 41,848 net rentable square feet. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented the seller, Andover Properties, which operated the facility under its Storage King USA brand, in the transaction. The team also procured the buyer, an undisclosed, publicly traded REIT.

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IndustrialLeasing ActivityTexas

Colliers Negotiates 10,533 SF Industrial Lease in Houston

by Taylor Williams

HOUSTON — Colliers has negotiated a 10,533-square-foot industrial lease in Houston. According to LoopNet Inc., the property at 7420 Wynnpark Drive was built in 1967 and totals 49,088 square feet. John Parsley and Jeff Peltier of Colliers represented the tenant, furniture provider Meredith O’Donnell Inc., in the lease negotiations. Boone Smith of Stream Realty Partners represented the undisclosed landlord.

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IndustrialIowaLeasing ActivityMidwest

Covetrus Signs 80,000 SF Industrial Lease in Grimes, Iowa

by Kristin Harlow

GRIMES, IOWA — Covetrus has signed a lease to relocate its operations to an 80,000-square-foot distribution center at Prairie Business Park in Grimes, a northwest suburb of Des Moines. The animal health technology and services company is expanding its footprint by 27,000 square feet. From its new location, Covetrus will serve veterinarians and their practices across several states. Austin Barrett of Savills represented Covetrus. R&R Realty Group owns the property.

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DevelopmentFloridaLoansSelf-StorageSoutheast

Eastern Union Arranges $10.1M Construction Financing for Self-Storage Development in Davenport, Florida

by John Nelson

DAVENPORT, FLA. — Eastern Union has arranged a $10.1 million loan for the ground-up construction of a self-storage facility in Davenport, roughly 65 miles east of Tampa. Marc Tropp of Eastern Union secured the four-year loan on behalf of the undisclosed borrower. The lender was also not disclosed. Upon completion, the development will comprise 690 units across five stories, with a gross square footage of 103,020 square feet and 76,431 square feet of rentable space. Malvern, Pa.-based CubeSmart will operate the facility.

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DevelopmentIndustrialLeasing ActivityNew JerseyNortheast

Seagis Completes Renovation of 202,490 SF Northern New Jersey Industrial Building, Signs New Tenant

by Taylor Williams

EAST RUTHERFORD, N.J. —Seagis Property Group has completed the renovation of a 202,490-square-foot industrial building located at 13 Manor Road in the Northern New Jersey community of East Rutherford. The metro Philadelphia-based development and investment firm has also signed an undisclosed tenant to a full-building lease at the property, which features a clear height of 22 feet, 16 docks and 84 car parking spaces. Seagis purchased the building, which previously functioned as a manufacturing facility, in 2006.

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