DELRAY BEACH, FLA. — DRA Advisors has provided $107.5 million for the recapitalization of an industrial portfolio in Florida owned by Redfearn Capital, a private equity firm based in Delray Beach. The portfolio includes 10 properties totaling more than 900,000 square feet in Jacksonville, South Florida, Clearwater and Orlando. Redfearn Capital originally established the portfolio in 2020 with investment partner TPG Angelo Gordon. Redfearn Capital and TPG Angelo Gordon will remain partners in two other joint venture funds. Mike Davis and Dominic Montazemi of Cushman & Wakefield represented Redfearn Capital in the transaction.
LACKAWANNA, N.Y. — UFP Industries (NASDAQ: UFPI) will open a 240,000-square-foot manufacturing and warehousing facility in Lackawanna, located just south of Buffalo, a project that represents a capital investment of about $77 million. The Michigan-based provider of commercial and residential construction products has purchased 30 acres for construction of the facility, which will be used to supply decking products. The facility is being developed as part of a $250 million initiative to grow and expand the company’s Deckorators product line over the next five years. A construction timeline was not disclosed.
CHINO, CALIF. — Marcus & Millichap has arranged the sale of an industrial property located at 14251 Fern Ave. in Chino. An individual/personal trust sold the asset to an undisclosed owner-user for $2.5 million. Built in 2006, the 6,528-square-foot standalone property features an upgraded roof. Mir Ali, Drew Wetherholt and Kevin Struve of Marcus & Millichap represented the seller and procured the buyer in the deal.
ELMHURST, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VII LP, has acquired a 37,287-square-foot industrial building in Elmhurst. The single-tenant property is currently leased on a short-term basis and will be available for lease in September. Constructed in 1970, the building sits on 1.7 acres and features a clear height of 16 feet, two docks, two oversized drive-in doors, parking for over 21 cars and an additional 0.4 acres of secured yard for outdoor storage or additional parking. Joe Karmin, Justin Lerner and Ross Lehrman of Transwestern represented the seller and will be retained to market the property for Venture One. VK Industrial VII is co-sponsored by Venture One and Kovitz Investment Group.
By Taylor Williams So much for “survive ’til ’25.” Until a couple months ago, industrial owners in the markets of New Jersey and Eastern Pennsylvania had good reason to believe that 2025 would be a year in which ground-up development got back on track. And in those markets, which are defined by their density and sticky tenant demand, new supply is rarely a bad thing. According to the latest data available from Colliers, industrial vacancy rates in Philadelphia County, Southern New Jersey and the Lehigh Valley all rose in the fourth quarter by anywhere from 80 to 150 basis points. The regionwide vacancy rate stood at roughly 7 percent at the end of 2024, up from 6 percent in the fourth quarter of 2023. The Colliers report also noted that while more than 6 million square feet of predominantly speculative product came on line in the first quarter of 2025, subsequent deliveries were forecast to decline by 40 to 50 percent in each ensuing quarter, “signaling a slowdown in supply for the remainder of the year.” Demand in the region remains healthy but has undoubtedly moderated from record levels that prevailed several years ago, according to Scott Mertz, SIOR, president …
BAYTOWN, TEXAS — JLL has brokered the sale of Blackline Cold Storage, a 297,640-square-foot facility located in the eastern Houston suburb of Baytown. Built in 2022 within the Cedar Port Industrial Park master-planned development, the facility features 45-foot clear heights, 22 dock doors, over 36,000 pallet positions and an ESFR sprinkler system. Trent Agnew, Will Mogk, Keenan Ryan and Clay Anderson of JLL represented the undisclosed seller in the transaction. The buyer was Atlanta-based cold storage owner-operator Americold Realty Trust.
DALLAS — Leon Industrial, a division of locally based development and investment firm Leon Capital Group, has begun construction on a 118,178-square-foot project near Dallas-Fort Worth (DFW) International Airport. The facility will be known as 161 Airport Center and will feature 32-foot clear heights, 130-foot truck court depths, an ESFR sprinkler system, up to 28 trailer parking spaces and additional outside storage space. Stream Realty Partners is the leasing agent. Completion is slated for late this summer.
SPANISH FORK, UTAH — The Ritchie Group is developing Global Logistics Headquarters Development Park, a speculative industrial development in Spanish Fork. Located at 2100 N. 700 West, the project will feature 13 buildings totaling more than 3.2 million square feet of industrial space. The 1.9 million-square-foot first phase is scheduled for delivery by the end of the year, with full project completion expected by 2031. The development will feature tall clear heights, ample parking for trucks and cars, build-to-suit options tailored to tenant need and immediate access to Interstate 15. Jarrod Hunt, Gordon Jacobson and Andy Blunt of Colliers are handling leasing for the development.
BURBANK, CALIF. — Los Angeles-based Dunleer has purchased a two-building warehouse asset, located at 3312-3314 and 3318 Burton Ave. in Burbank, from a local family for $5 million, or $283 per square foot. Chad Gahr and David Young of NAI Capital represented the buyer, while Mike Maniscalchi of Systems Real Estate represented the seller. At the time of sale, the 17,726-square-foot property was 67 percent vacant. The asset features three units and is adjacent to the Hollywood Burbank Airport.
MOUNT COMFORT, IND. — Simply Good Foods has signed an 805,000-square-foot industrial lease for seven years in Mount Comfort, an eastern suburb of Indianapolis. The tenant is known for its Quest protein bars and shakes. The Class A building features a clear height of 40 feet, an abundance of trailer and auto parking and accessibility to major transportation routes. The Mount Comfort project is now fully leased. The landlord, CT Realty, has also leased its adjacent 250,000-square-foot facility to Schlage Lock.