Industrial

Investcorp Acquires Two Industrial Portfolios in Minneapolis, Baltimore Totaling $335M

by Hayden Spiess February 25, 2025

MINNEAPOLIS AND BALTIMORE — Global alternative investment firm Investcorp has acquired two industrial portfolios for a total of more than $335 million. Located in the Minneapolis and Baltimore markets, the portfolios feature a combined 2.7 million square feet across 27 properties. The 17-building Minneapolis portfolio totals 1.9 million square feet, and the Baltimore portfolio comprises 10 buildings with 881,000 square feet. The seller and specific addresses of the properties were not disclosed. “The Minneapolis and Baltimore portfolio acquisitions offer us a unique opportunity to scale our presence in two markets with highly diversified tenancies,” says Michael Moriarty, managing director and head of commercial acquisitions at Investcorp. “The properties making up each of these portfolios feature favorable characteristics, such as high average clear heights, ample loading docks, plentiful parking and convenient locations.” According to a press release issued by Investcorp, industrial market rent growth in Baltimore and Minneapolis has averaged 13.4 percent and 11.4 percent, respectively, over the past three years. Fortune 500 companies with a presence in Minneapolis include Target Corp., Best Buy Co. Inc., 3M Co. and General Mills Inc. Baltimore hosts corporations including Optum Inc., JLL, Under Armour Inc. and Morgan Stanley & Co., among others. Founded in …

February 25, 2025

Acquisitions Industrial Texas

JLL Brokers Sale of 1.6 MSF Industrial Complex in Lancaster, Texas

by Taylor Williams February 24, 2025

LANCASTER, TEXAS — JLL has brokered the sale of Midpoint Logistics Center, an approximately 1.6 million-square-foot industrial complex in Lancaster, a southern suburb of Dallas. Completed in 2023, Midpoint Logistics Center comprises two cross-dock distribution facilities with 38- to 40-foot clear heights, ESFR sprinkler systems, LED lighting and ample trailer and vehicle parking. Midpoint Logistics Center was 100 percent leased at the time of sale to two global firms: logistics provider DSV Solutions and appliance manufacturer Electrolux Consumer Products. Trent Agnew, Tom Weber, Parker McCormack, Pauli Kerr, Matthew Barge and Brennan Fewin of JLL represented the seller, California-based Panattoni Development, in the transaction. The buyer and sales price were not disclosed.

February 24, 2025

Development Industrial Texas

Apple to Open 250,000 SF Manufacturing Facility in Houston

by Taylor Williams February 24, 2025

HOUSTON — Apple (NASDAQ: AAPL) will open a 250,000-square-foot manufacturing facility in Houston. Apple plans to use its new Houston facility, which is expected to come on line in 2026, to manufacture servers that support the company’s artificial intelligence projects and programs. The development of the facility represents part of a larger initiative in which the Silicon Valley-based tech giant has pledged to invest $500 billion in U.S. innovation and technological infrastructure, creating about 20,000 new jobs in the process. That initiative also calls for the creation of a training academy in Michigan.

February 24, 2025

Industrial Leasing Activity Texas

Expal USA Renews Lease at TexAmericas Center in Texarkana, Texas

by Taylor Williams February 24, 2025

TEXARKANA, TEXAS — Expal USA, a weapons and armaments manufacturer, has renewed its lease at TexAmericas Center (TAC), a development in Texarkana that comprises more than 10,000 development-ready acres and 3.5 million square feet of commercial and industrial product and serves four states. Expal USA is a long-term tenant at TAC, occupying approximately 156,000 square feet across three campuses, and this renewal is for bunkers located on TAC’s 2,900-acre West Campus in unincorporated Bowie County. Eric Voyles of TAC directly negotiated the renewal with Expal USA.

February 24, 2025

Development Industrial Leasing Activity North Carolina Southeast

Welcome Group Adds Four Tenants at Industrial Park in Durham Totaling 212,400 SF

by John Nelson February 24, 2025

DURHAM, N.C. — Welcome Group has signed four tenants to join the roster of the first phase at Welcome Venture Park, an industrial park underway in Durham. Phase I will total nearly 400,000 square feet upon completion, which is slated for the first quarter of this year. The new users include Mitsubishi Logistics, doing business as Cavalier Logistics (128,000 square feet); Food Bank of Central and Eastern North Carolina (64,000 square feet); and Great Day Improvements and Pep Move (20,400 square feet combined). Larry Lakins, Hunter Willard, Andrew Young and Shields Bennett of Colliers’ Raleigh office are handling the leasing for Welcome Venture Park. Randy Warren of RW2 Development Co. is steering the project’s development and management.

February 24, 2025

Development Industrial Massachusetts Northeast

Rockpoint Buys Industrial Property in Uxbridge, Massachusetts, for $120M

by Taylor Williams February 24, 2025

UXBRIDGE, MASS. — Boston-based investment firm Rockpoint has purchased a 607,000-square-foot industrial property in Uxbridge, located in southern-central Massachusetts, for $120 million. Completed in 2023, Uxbridge Distribution Center sits on 70 acres and features a clear height of 40 feet, 125 loading docks and four drive-in doors. The property was 73 percent leased at the time of sale, with an undisclosed medical equipment wholesaler serving as the anchor tenant via a 443,413-square-foot lease. Michael Restivo and David Coffman led a JLL team that represented the seller, a partnership between Scannell Properties and a fund advised by Crow Holdings Capital, in the transaction. Riaz Cassum and Andrew Gray, also with JLL, arranged a five-year, fixed-rate acquisition loan for the deal on behalf of Rockpoint. Affiliates of global private equity firm KKR provided the debt.

February 24, 2025

Development Industrial Midwest Ohio

Meridian Design Build to Construct Two Spec Industrial Buildings in Columbus, Ohio

by Kristin Harlow February 24, 2025

COLUMBUS, OHIO — Hillwood has selected Meridian Design Build to construct two Class A speculative industrial buildings at its Central Columbus Commerce 71 development in Columbus. The buildings will total 624,004 square feet and will be located on a 48-acre redevelopment site at the southwest corner of Windsor and Joyce avenues. Construction is underway at the project site. The team includes Red Architecture and civil engineer Kimley-Horn and Associates Inc. Joel Yakovac and Michael Linder of Colliers are marketing the development for lease.

February 24, 2025

Industrial Self-Storage Texas

Hines Recapitalizes 9,700-Unit Self-Storage Portfolio in DFW

by Taylor Williams February 21, 2025

HOUSTON — Houston-based Hines has recapitalized a portfolio of 14 self-storage facilities totaling approximately 9,700 units via new joint venture equity with the operator, CubeSmart. The properties collectively total more than 1.2 million square feet of net rentable space and are scattered across the Dallas-Fort Worth (DFW) metroplex. Aaron Swerdlin and Andrew Warin led the Newmark team that structured the recapitalization on behalf of Hines. CubeSmart is now the majority owner of the portfolio, though additional details of the transaction were not disclosed.

February 21, 2025

Acquisitions Industrial Texas

Marcus & Millichap Brokers Sale of 6.1-Acre Industrial Outdoor Storage Facility in Baytown, Texas

by Taylor Williams February 21, 2025

BAYTOWN, TEXAS — Marcus & Millichap has brokered the sale of a 6.1-acre industrial outdoor storage facility (IOS) in the eastern Houston suburb of Baytown. The building at 12825 Upland Way was completed in 2021 and was fully leased at the time of sale to EquipmentShare, a provider of construction solutions. Peter Bauman and Tivon Moffitt of Marcus & Millichap represented the seller, a REIT, in the deal. Nick Geaneotes and Derrick Dougherty of Marcus & Millichap procured the New York-based buyer. Both parties requested anonymity. Stephen Fillipo of Marcus & Millichap Capital Corp. arranged acquisition financing for the deal through a national credit union.

February 21, 2025

Acquisitions Industrial New York Northeast

Venture One Buys 50,043 SF Industrial Building in Farmingdale, New York

by Taylor Williams February 21, 2025

FARMINGDALE, N.Y. — Chicago-based investment firm Venture One Real Estate has purchased a 50,043-square-foot industrial building in Farmingdale, located on Long Island. The building at 220 Sherwood Ave. features suites that range in size from 11,373 to 25,383 square feet, as well as four exterior docks, four drive-in doors and a 155-foot truck court. David Pennetta, Stephen Cadorette and Tom DeLuca of Cushman & Wakefield represented the undisclosed seller in the transaction.

February 21, 2025

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