Industrial

Chandler-Airport-Business-Park-Chandler-AZ

Cushman & Wakefield Arranges $64.1M in Acquisition Financing for Industrial Portfolio Near Phoenix

by Amy Works June 20, 2024

CHANDLER AND MESA, ARIZ. — Cushman & Wakefield has advised Newport Beach, Calif.-based CapRock Partners in securing $64.1 million in financings for the acquisition of a Class A industrial portfolio comprising two newly built, multi-building business parks totaling 562,969 square feet in metro Phoenix. The assets include the four-building, 318,683-square-foot Chandler Airport Business Park in Chandler and the two-building, 244,286-square-foot Longbow Industrial Center in Mesa. Funds and accounts managed by BlackRock’s U.S. real estate debt team provided a $38.5 million floating-rate bridge loan for Chandler Airport Business Park in March. California Bank & Trust provided an approximately $25.6 million floating-rate bridge loan for Longbow Industrial Center in May. Situated on 20 acres, Chandler Airport Business Park features 28-foot to 30-foot clear heights and 428 auto parking stalls, while Longbow Industrial Center features 30-foot clear heights and 320 auto parking stalls on 14 acres. Both industrial parks offer ample speculative office space, ESFR sprinklers, numerous loading positions, large secured concrete truck courts, full warehouse HVAC and LED lighting. Rob Rubano, Brian Share, Max Schafer, Lars Weston and Billy Coyle of Cushman & Wakefield Equity, Debt & Structured Finance represented the borrower in both financing transactions. Will Strong, Molly Hunt and Michael Matchett …

June 20, 2024

Acquisitions Industrial Nevada Western

Colliers Brokers Sale of 93,550 SF Desert Canyon Industrial Park in Henderson, Nevada

by Amy Works June 20, 2024

HENDERSON, NEV. — Colliers has arranged the sale of Desert Canyon Industrial Park, a five-building, small-bay industrial complex in Henderson. Nicola Wealth Commercial Real Estate sold the asset to an undisclosed buyer for $16.9 million. Built in 2001, the five-building complex offers 93,550 square feet of industrial space. The property is situated on 4.7 acres at 249-257 Elliott Road. Brian Riffel and Tyler Jones at Colliers represented the seller in the deal.

June 20, 2024

Illinois Industrial Market Reports Midwest Midwest Market Reports

Windy City’s Industrial Sector May Face Market Headwinds in 2024

by Kristin Harlow June 20, 2024

By Chris Mergenthaler, DarwinPW Realty/CORFAC International The Windy City, as Chicago is often dubbed, has long been a vital hub of commerce and industry. Boasting 19 intermodal facilities operated by six Class I railroads, a top 15 worldwide cargo airport, and sitting at the confluence of seven interstate highways that allow goods to reach 25 to 30 percent of the U.S. population within one day’s drive, Chicago’s central location makes it a key logistics and transportation hub. The robust labor force of over 4.7 million nonfarm employees, according to a first-quarter 2024 U.S. Bureau of Labor Statistics report, coupled with Chicago’s location and infrastructure, lay the foundation for a fundamentally strong industrial market. While the long-term outlook of the Chicago industrial market remains positive, the Windy City is facing some headwinds as the market progresses through 2024. Uncertainty, whether positive or negative, has been a common theme of the Chicago industrial market since early 2023 as the market reacts to changing macroeconomic and geopolitical factors. Uncertainty in the global supply chain, trade relations with other countries, as well as one of the longest freight market recessions in recent history, have led to an increase in direct and sublet space on …

June 20, 2024

Acquisitions Industrial North Carolina Southeast

Avison Young Arranges $97M Sale of Industrial Building in Charlotte, North Carolina

by Hayden Spiess June 19, 2024

CHARLOTTE, N.C. — Avison Young has arranged the $97 million sale of an industrial building located at 1900 Continental Blvd. in Charlotte. The multi-tenant property totals 1.4 million square feet. LM Real Estate acquired the building from a joint venture between Somerset Properties and Waterfall Asset Management. Chris Skibinski, Chris Loyd and Erik Foster of Avison Young brokered the transaction. According to the firm, this marks the largest industrial sale within the Charlotte market this year.

June 19, 2024

Acquisitions Industrial Texas

Black Salmon Buys 493,688 SF Spec Industrial Project in San Antonio

by Taylor Williams June 19, 2024

SAN ANTONIO — Miami-based investment firm Black Salmon has purchased Interchange at Live Oak, a 493,688-square-foot speculative industrial project in San Antonio. The development, which is under construction and slated for an early 2025 completion, will ultimately consist of four rear-load buildings. Black Salmon acquired the property in partnership with Chicago-based investment firm Stotan Industrial. The seller and sales price were not disclosed.

June 19, 2024

Development Industrial New Jersey Northeast

Seagis Property Group Completes 178,200 SF Industrial Project in Newark

by Taylor Williams June 19, 2024

NEWARK, N.J. — Seagis Property Group has completed a 178,200-square-foot industrial project at 2013 McCarter Highway in Newark. Two tenants — the Newark Board of Education and skincare products provider Deciem — preleased space at the building, which features a clear height of 40 feet, 37 dock doors, an ESFR sprinkler system and parking for 127 cars and 42 trailers. Colliers serves as the landlord’s leasing agency. A CBRE team of Kate Granahan, Kevin Dudley, Chad Hillyer and Nicholas Klacik represented the tenants in both deals.

June 19, 2024

Acquisitions Illinois Industrial Midwest

Stream Realty Partners Acquires 104,008 SF Halsted Pershing Business Center in Chicago

by Kristin Harlow June 19, 2024

CHICAGO — Stream Realty Partners has acquired Halsted Pershing Business Center in Chicago’s Stockyards submarket for an undisclosed price. The 104,008-square-foot industrial property is fully leased to three tenants. Patrick Russo, Mustafa Ali and Ben Harrison of Stream facilitated the acquisition. Ed Halaburt, Sean Devaney, John Huguenard, Kurt Sarbaugh, Will McCormack and Michael Conway of JLL represented the undisclosed seller. Stream currently manages a portfolio of 41 investments totaling 23.2 million square feet.

June 19, 2024

Development Illinois Industrial Midwest Self-Storage

Noble Self Storage Breaks Ground on 130,000 SF Redevelopment Project in Batavia, Illinois

by Kristin Harlow June 19, 2024

BATAVIA, ILL. — Noble Self Storage has broken ground on Batavia Square, a 130,000-square-foot self-storage facility and a 44,729-square-foot electric car dealership in the Chicago suburb of Batavia. Noble Self Storage acquired the shuttered Sam’s Club building at 510 N. Randall Road in March. Linda Kost of Grid 7 properties dba Realty Metrix Commercial represented the seller, 501 N. Randall Rd Batavia LLC, and the buyer, Noble Self Storage/Bradley Financial Corp. Sam’s Club vacated the property in January 2018. The two-story, climate-controlled self-storage facility will be in the rear of the building and the car dealership will occupy the entire frontage. Completion is slated for early 2025.

June 19, 2024

Acquisitions Arizona Industrial Western

Cushman & Wakefield | PICOR Brokers Sale of 40,078 SF Industrial Space in Tucson, Arizona

by Amy Works June 19, 2024

TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of 40,078 square feet of industrial space at 2106 N. Forbes Blvd. in Tucson. North Forbes LLC sold the asset to Block “C” Properties LLC for $3.9 million. Stephen Cohen of Cushman & Wakefield | PICOR represented both parties in the transaction.

June 19, 2024

Illinois Industrial Leasing Activity Midwest

John B. Sanfilippo & Son Inks 444,600 SF Industrial Lease at Venture Park 47 in Huntley, Illinois

by Kristin Harlow June 18, 2024

HUNTLEY, ILL. — John B. Sanfilippo & Son Inc. has inked a 444,600-square-foot industrial lease at Venture Park 47 in the Chicago suburb of Huntley. Completed in 2023, the building at 12300 Jim Dhamer Drive totals 729,823 square feet. Frank Griffin and John Sharpe of Lee & Associates represented the tenant, which has begun occupying the facility concurrently with a tenant improvement build-out. Brian Kling and Reed Adler of Colliers represented the owner, Venture One Real Estate. The transaction marks the largest industrial lease of the second quarter in Chicago’s North Kane County submarket and the fourth largest in metro Chicago, according to Lee & Associates. John B. Sanfilippo & Son is a processor, packager and marketer of a wide variety of nut and snack products.

June 18, 2024

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