MIDDLETOWN, CONN. — Colliers has brokered the sale of a 32,000-square-foot industrial building in Middletown, a southern suburb of Hartford. The building sits on a 3.5-acre site at 2303 S. Main St. and features a clear height of 20 feet. Philip Gagnon of Colliers represented the undisclosed buyer in the transaction. Yalesville Properties sold the building for an undisclosed price.
ALPHARETTA, GA. — Lincoln Property Co. has acquired a 10-property industrial portfolio in Alpharetta, a northern suburb of Atlanta. The seller and sales price were not disclosed. The properties within the approximately 1.1 million-square-foot portfolio were built between 1995 and 2000 and feature 18- to 23-foot clear heights, truck courts and roughly 24 percent office finishes. The portfolio, which was fully leased at the time of sale to 21 tenants, represents the fourth acquisition for the Lincoln Logistics Fund II.
BROOKSHIRE, TEXAS — Vestas-American Wind Technology has signed a 131,000-square-foot industrial lease in Brookshire, a western suburb of Houston. The space is located within the 17-acre Enterprise Park at Twinwood development and will be used to support Vestas’ spare parts distribution and operations across North America. Louis Rosenthal, Graham Horton, Cayla Wardenburg and Eric Turner of JLL represented the tenant in the lease negotiations. Bill Gold and Faron Wiley of CBRE represented the landlord.
AUBREY, TEXAS — Marcus & Millichap has brokered the sale of a 54,777-square-foot industrial flex building in Aubrey, located north of the metroplex in Denton County. The building at 1518 Navo Road was constructed on 4.5 acres in 2022 and houses 20 suites. Cole Collins, Adam Abushagur and Davis Cagle of Marcus & Millichap represented the seller, Preston Forrest Capital, in the transaction and procured the buyer, Masina Investment Partners.
PHILADELPHIA —Denver-based investment firm Speed Bay Warehouse Solutions has purchased a portfolio of eight industrial buildings totaling 488,936 square feet in the greater Philadelphia area. Collectively known as the Philadelphia Interstate Portfolio, the buildings are located throughout New Jersey’s Burlington County and Pennsylvania’s East Montgomery and Delaware counties. Building vintages span 1972 to 2004. The average unit size is 20, 372 square feet, and the buildings’ clear heights range from 17 to 33 feet. The portfolio was approximately 90 percent leased at the time of sale. The seller and sales price were not disclosed.
LA VERGNE, TENN. — Hamilton Development and Clarion Partners have purchased the former Bridgestone Americas tire plant in La Vergne, a southeast suburb of Nashville, with plans to redevelop the site into a master-planned industrial park. Jeff Feste and Dan McGillicuddy of JLL brokered the transaction. Feste, along with Christopher Gaw, Kelsey Johnson and Carly Seaman of JLL, will lead leasing efforts for the new site. Situated at 1201 Bridgestone Parkway, the 135-acre redevelopment will span 1.5 million square feet across 10 buildings. The site offers multiple opportunities for flexible build-to-suit or speculative space, with the ability to accommodate tenants from 80,000 to 250,000 square feet. The site plan also features a future retail building on the corner of Waldron Road and Bridgestone Parkway. The first phase of the project, which will begin immediately with demolition work of the existing Bridgestone plant, includes the construction of buildings 1 through 6, collectively totaling more than 760,000 square feet of space. Phase I is set to deliver in the second quarter of 2028. Major employers like FedEx, Amazon, UPS, The Home Depot, Quanta and Coca-Cola are also located nearby.
WILMINGTON, ILL. — Silver Creek Development has sold a 2 million-square-foot industrial facility and adjacent land parcel to Michelin North America for $151 million. Located at 29900 S. Graaskamp Blvd. in Wilmington, about 60 miles southwest of downtown Chicago, the regional distribution property sits on a 91-acre site and is fully occupied by Michelin North America. The company uses the property to house inventory serving dealers and automakers throughout the Midwest and western U.S. Silver Creek acquired the property from Transwestern Development Co. in 2021 for $126 million. Pacific Life Insurance Co. provided $81.9 million in financing for Silver Creek’s original acquisition.
UPPER MERION, PA. — Global pharmaceutical company GSK plc (NYSE: GSK) will invest $800 million in its life sciences and manufacturing facilities in metro Philadelphia, an initiative that is expected to create about 300 new jobs within the local economy. The announcement is a follow-up to the company’s pledge in late September to invest $30 billion in research-and-development (R&D) and manufacturing initiatives over the next five years, with $1.2 billion earmarked for expanding its existing technologies and advanced manufacturing sites, including its metro Philadelphia facilities. The existing facilities are located in Upper Merion Township, about 20 miles northwest of Philadelphia. The expansion will involve some demolition of existing facilities to establish a biopharmaceutical innovation and manufacturing hub, integrating commercial production, R&D and advanced digital capabilities in a single site. Construction is scheduled to begin next year. The new jobs are expected to be created over a five-year period, bringing GSK’s total employment in the region to about 4,500 positions. GSK announced a similar $800 million investment in its pharmaceutical and biotechnology facilities in Lancaster, about 70 miles west of Philadelphia, about two years ago. The company will be eligible for tax benefits through Pennsylvania’s Qualified Manufacturing Innovation and Reinvestment Deduction …
OWASSO, OKLA. — Greenheck Group, a provider of commercial air movement, control and conditioning equipment, will open a 1.3 million-square-foot manufacturing facility in Owasso, a northern suburb of Tulsa. Greenheck has acquired a 72-acre distribution campus that was formerly operated by Macy’s, and the new manufacturing plant is expected to generate about 700 new jobs within the local economy over the next five years. In addition, the project represents a total capital investment of about $300 million in the regional economy. Greenheck expects to finalize initial building upfit improvements by spring 2027, with production beginning shortly thereafter.
SPRING, TEXAS — Stream Realty Partners is nearing completion of Summit Grove Business Park, a 215,891-square-foot industrial project in the northern Houston suburb of Spring. Building One is a 124,930-square-foot, rear-load structure that is currently available for lease. Building Two is a 90,961-square-foot facility that is fully preleased to an undisclosed, energy services company. Garrett Thomas and David Munson of Cushman & Wakefield represented the tenant in the lease negotiations for Building Two. Tyler Maner, Abe Richardson and Grant Wisenbaker represented ownership on an internal basis.