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Industrial

555-E-Queen-Creek-Rd-Chandler-AZ
ArizonaIndustrialLoansWestern

CBRE Arranges $44M Refinancing for Queen Creek Commerce Center in Chandler, Arizona

by Amy Works

CHANDLER, ARIZ. — CBRE has secured $44 million in refinancing for Queen Creek Commerce Center, an industrial complex at 555 E. Queen Creek Road in Chandler. Bruce Francis, Bob Ybarra, Shaun Moothart, Doug Birrell, Nick Santangelo and Jim Korinek of CBRE Capital Markets Debt and Structured Finance arranged the 10-year loan with a 5.47 percent interest rate and a 65 percent loan-to-value ratio on behalf of the borrower, Schnitzer Properties. A life insurance company provided the funding. Built in 2022 on 34.5 acres, Queen Creek Commerce Center consists of two industrial buildings featuring 32-foot clear heights, 18 grade-level doors and 122 dock-high doors. Totaling 560,352 square feet, the asset includes a 163,072-square-foot Building A and a 397,280-square-foot Building B. At the time of financing, the property was fully occupied.

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AcquisitionsIndustrialMidwestMinnesota

EQT Exeter Acquires 5 MSF Minneapolis Industrial Portfolio from Prologis

by Kristin Harlow

MINNEAPOLIS — EQT Exeter has acquired 20 industrial properties in metro Minneapolis from Prologis for an undisclosed price. EQT Exeter Industrial Value Fund VI was utilized for the acquisition. EQT Exeter plans to acquire an additional four properties by the final closing date. The portfolio consists of more than 5 million square feet and features a mix of bulk, light industrial and last-mile facilities with an average building size of more than 200,000 square feet. The buildings are located across four logistics submarkets and offer proximity to I-494 and I-694. The properties are 90 percent leased by 54 tenants, of which 20 percent are existing tenants within EQT Exeter’s portfolio. The entire transaction is expected to close in the second quarter. Josh McArtor and Caitlin Clinton of Eastdil Secured arranged the transaction with assistance from Michael Caprile and Jusdon Welliver of CBRE.

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DevelopmentIndustrialMidwestMissouri

Blue Bell Creameries Opens 16,000 SF Distribution Facility in St. Peters, Missouri

by Kristin Harlow

ST. PETERS, MO. — Blue Bell Creameries has opened a new 16,000-square-foot distribution facility in St. Peters, a western suburb of St. Louis. Integrated Facility Services completed a design-build fire protection project to design, procure and install interior fire sprinkler systems for the building. The system protects water-sensitive areas, including the facility’s freezer and cold loading dock. Blue Bell ice cream is sold in 23 states.

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Middletown-Logistics-Center
AcquisitionsIndustrialNortheastPennsylvania

JLL Brokers Sale of 251,200 SF Industrial Property in Middletown, Pennsylvania

by Taylor Williams

MIDDLETOWN, PA. — JLL has brokered the sale of Middletown Logistics Center, a 251,200-square-foot industrial property located just south of Harrisburg. The property was built in 2021-2022 and features a clear height of 36 feet, an ESFR sprinkler system, 42 loading doors, one drive-in door and parking for 193 cars and 33 trailers. John Plower, Ryan Cottone, Zach Maguire and Jeff Lockard of JLL represented the seller, an affiliate of Endurance Real Estate Group, in the transaction and procured the buyer, a fund backed by Ares Management.

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DevelopmentHospitalityIndustrialMixed-UseMultifamilyNew JerseyNortheastRetailTop Stories

Clarion, MRP Industrial Break Ground on Final Phase of Burlington Center Mall Redevelopment in New Jersey

by John Nelson

BURLINGTON TOWNSHIP, N.J. — A partnership between industrial development firms Clarion Partners and MRP Industrial has started construction on the final phase of The Crossings, a redevelopment of the former Burlington Center mall located in the Philadelphia suburb of Burlington Township. The last phase comprises 500 multifamily units, including affordable housing options, that are set to open in late 2025. The new apartments will cap a six-year effort by Clarion Partners and MRP to transform the 800,000-square-foot enclosed regional mall into a mixed-use destination. In addition to the planned multifamily component, The Crossings will feature more than 2.5 million square feet of warehouse and distribution space, approximately 135,000 square feet of retail space and a 153-room hotel at full build-out. Clarion Partners and MRP expect The Crossings to support 1,400 new jobs at full capacity, including 900 in the warehouse sector and 500 in retail and hospitality. Moonbeam Capital Investments, the Las Vegas-based owner of the former Burlington Center mall, assisted in the redevelopment efforts. “The Crossings was made possible by the cooperation of Burlington Township and County elected officials, who recognized the opportunity to transform a blighted shopping mall into an integrated, vibrant and economically viable mixed-use development that …

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ArizonaDevelopmentIndustrialMarket ReportsWesternWestern Market Reports

Mesa Becomes a Mecca for Industrial Development

by Jeff Shaw

Todd Ostransky, vice president of development at Indicap, knew Metro Phoenix was a market the firm wanted to enter for industrial development. Though the area is a hotbed of industrial activity, Indicap’s attention immediately set on Mesa, less than 20 miles east of Phoenix, for its inaugural project.  “We identified the East Valley as an area of growth, along with the need for space for mid-bay industrial spec product,” he says. Indicap and joint venture partner AECOM-Canyon Partners chose a 65-acre space within the mixed-use, master-planned community of Eastmark. The JV purchased the site for $48 million in April 2022 during a period of “aggressive expansion,” which saw Indicap kick off 10 developments involving more than 13 million square feet of Class A industrial space across key Arizona corridors. The inaugural Phoenix-area project was Eastmark Center of Industry, which completed Phase I construction in April. This phase brought 978,837 rentable square feet of Class A industrial space to Mesa’s Gateway Airport submarket. The space spans five mid-bay and cross-dock buildings. It features concrete slab on grade, tilt-up exterior walls, and a hybrid wood roof system, ensuring durability and flexibility. Power was also a major amenity for a project of this …

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AcquisitionsDevelopmentIndustrialSoutheastVirginia

Atapco, Ausblick Purchase 124-Acre Industrial Development Site in Suffolk, Virginia

by John Nelson

SUFFOLK, VA. — A joint venture between Atapco Properties Inc. and Ausblick Development has purchased 124 acres within Virginia Port Logistics Park, a 932-acre industrial campus located in the Hampton Roads city of Suffolk. Situated about 30 miles from the Port of Virginia, the site has the capacity to accommodate 1.5 million square feet of industrial space across a single facility or multiple buildings. Construction plans were not disclosed. The project represents the entry into Hampton Roads for both Atapco Properties and Ausblick Development.

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AcquisitionsSelf-StorageSoutheastTennessee

Marcus & Millichap Brokers Sale of 182-Unit Self-Storage Facility in Metro Nashville

by John Nelson

LEBANON, TENN. — Marcus & Millichap has brokered the sale of Leeville Pike Storage, a 182-unit self-storage facility located at 6000 Leeville Pike in Lebanon, about 20 miles east of Nashville via I-40. The gated property was built in 2015 and features LED lighting and security cameras. Andrew Beeckman of Marcus & Millichap’s Nashville office represented the seller and procured the buyer in the transaction. Both parties requested anonymity, and the sales price was also not disclosed. Beeckman says the previous owner was motivated to sell in order to retire.

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AcquisitionsIndustrialTexas

NAI Robert Lynn Brokers Sale of 61,458 SF Warehouse in Arlington

by Taylor Williams

ARLINGTON, TEXAS — NAI Robert Lynn has brokered the sale of a 61,458-square-foot warehouse in Arlington. According to LoopNet Inc., the property at 525 113th St. was built on 2.8 acres in 1970, renovated in 2014 and features 21-foot clear heights, 100-foot truck court depths and parking for 56 cars. Michael Stanzel of NAI Robert Lynn represented the seller, JTM Management LLC, in the transaction. Eugene Krasny of KEI Realty represented the buyer, Weby Holdings Inc.

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AcquisitionsIndustrialMidwestMissouriOhio

Matthews Real Estate Brokers $11M Sale of Industrial Portfolio in Ohio, Missouri

by Kristin Harlow

CINCINNATI AND BELTON, MO. — Matthews Real Estate Investment Services has brokered the sale of a two-property industrial portfolio in Cincinnati and Belton, Mo., for $11 million. SiteOne occupies the buildings, which total 37,201 square feet. The seller was the founder of Semco Stone, one of the largest natural stone distributors in the Midwest. SiteOne Landscape Supply acquired Semco Stone in 2021. An all-cash buyer purchased the portfolio at a cap rate of 6.55 percent. Taylor Dintzner, Erik Manarino and John Stroud of Matthews brokered the sale.

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