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Industrial

DFW-Commerce-Center
IndustrialLoansTexas

JLL Arranges Refinancing for Three Industrial Buildings Totaling 1.9 MSF at DFW International Airport

by Taylor Williams

DALLAS — JLL has arranged a loan of an undisclosed amount for the refinancing of three industrial buildings totaling 1.9 million square feet at Dallas-Fort Worth International Airport. The buildings in question are part of Phases II and III of the larger development known as DFW Commerce Center and feature 32- to 40-foot clear heights, 180- to 185-foot truck court depths and 399 total dock doors. Campbell Roche, Lauren Dow, Kristi Leonard, Ryan Pollack and Campbell Swango of JLL arranged the floating-rate debt through Ares Management Corp. on behalf of the borrower, a joint venture between Goldman Sachs Alternatives and CLX Ventures.

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DevelopmentIndustrialSelf-StorageTexas

MYCON Breaks Ground on 1,600-Unit U-Haul Self-Storage Facility in Haltom City, Texas

by Taylor Williams

HALTOM CITY, TEXAS — Dallas-based MYCON General Contractors has broken ground on an approximately 1,600-unit self-storage facility for U-Haul in Haltom City, located north of Fort Worth. The facility will consist of a 28,866-square-foot pre-engineered metal building designated for U-Box storage, a 81,978-square-foot self-storage building and five drive-up storage buildings totaling 15,500 square feet. The project marks MYCON’s eighth collaboration with U-Haul and follows the groundbreaking of an 800-unit facility in Denton. Completion is slated for a March 2025 completion.

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AcquisitionsIndustrialKentuckyLeasing ActivitySoutheast

NAI Isaac Facilitates $6M Sale-Leaseback of Industrial Facility in Corbin, Kentucky

by John Nelson

CORBIN, KY. — NAI Isaac has facilitated the sale-leaseback of a 127,373-square-foot industrial facility located at 1401 N. Kentucky Route 3041 in Corbin, a city in south Kentucky situated along I-75. Bruce Isaac of NAI Isaac represented the buyer, an entity doing business as MISCKY Industrial 24 LLC, in the transaction. Kevin Grove and Alex Grove of CBRE represented the seller/tenant, Minnesota-based cabinet manufacturer Northern Contours. Terms of the transaction were also not disclosed.

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Hamburg-Logistics-Center
AcquisitionsIndustrialNortheastPennsylvania

JLL Negotiates Sale of 518,140 SF Industrial Facility in Hamburg, Pennsylvania

by Taylor Williams

HAMBURG, PA. — JLL has negotiated the sale of a 518,140-square-foot industrial facility in Hamburg, about 80 miles northwest of Philadelphia. Hamburg Logistics Center features a cross-dock configuration, a clear height of 40 feet, ESFR sprinkler system, 185-foot truck court depths, 100 dock doors, four drive-in doors and speculative office space. John Plower, Ryan Cottone, Zach Maguire, Jeff Lockard and Paul Torosian of JLL represented the seller, a joint venture between Transwestern Development Co. and QuadReal Property Group, in the transaction. Chad Orcutt, Jon Mikula and Jim Cadranell, also with JLL, arranged acquisition financing on behalf of the buyer, Los Angeles-based PCCP LLC.

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840-Pilot-Rd-Las-Vegas-NV
IndustrialLoansNevadaWestern

Northmarq Secures $18M Refinancing for Industrial Portfolio in Las Vegas

by Amy Works

LAS VEGAS — Northmarq has arranged $18 million in refinancing for two-building industrial portfolio, totaling more than 246,000 square feet, in Las Vegas. The portfolio includes an industrial warehouse that was built in 1992 and situated on 7.5 acres along Pilot Road, as well as a property that was built in 2017 on 5.5 acres along East Craig Road. The buildings are occupied by a vitamin and supplements retail and e-commerce store and a fabric/linens supplier.   David Blum of Northmarq’s Newport Beach, Calif., Debt + Equity team secured the permanent fixed-rate loan for the undisclosed borrower through a correspondent life company lender. The transaction was structured on a seven-year, interest-only term.

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DevelopmentHealthcareIndianaIndustrialLife SciencesMidwestTop Stories

Eli Lilly to Build $4.5B Center for Advanced Manufacturing, Drug Development in Lebanon, Indiana

by Kristin Harlow

LEBANON, IND. — Eli Lilly and Co. (NYSE: LLY) has unveiled plans to invest $4.5 billion to create the Lilly Medicine Foundry, a new center for advanced manufacturing and drug development in Lebanon, about 27 miles northwest of Indianapolis. The Medicine Foundry, slated to open in late 2027, will be located in Indiana’s LEAP Research and Innovation District. The project brings Lilly’s total investment in the area to more than $13 billion. Earlier this year, Lilly released plans for a $5.3 billion expansion of its pharmaceutical manufacturing facility in Lebanon. “As we accelerate our work to discover new medicines for the toughest diseases, we’re continuing to invest in state-of-the-art infrastructure to support our growing pipeline,” says David Ricks, Lilly’s chair and CEO. “In addition to supplying high-quality medicine for our clinical studies, this new complex will further strengthen our process development and scale up our manufacturing capabilities to speed delivery of next-generation medicines to patients around the world.” Lilly says the flexible design of the new facility will enable production of various molecular therapies, including drug substances for small molecules, biologics and nucleic acid therapies. New technologies developed at the Medicine Foundry will be transferred to Lilly’s other manufacturing sites …

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DevelopmentGeorgiaIndustrialLeasing ActivitySoutheast

Souto Foods Leases 200,000 SF at Sugarloaf Logistics Hub in Metro Atlanta

by John Nelson

LAWRENCEVILLE, GA. — Souto Foods, a locally based food distributor and subsidiary of Alex Lee, has leased 200,000 square feet of cold storage and warehouse space at Sugarloaf Logistics Hub, a 2.2 million-square-foot industrial development underway in Gwinnett County. The nearly 300-acre development is located along Sugarloaf Parkway in Lawrenceville within a couple miles of the interchanges of I-85 and Ga. Highway 316. The tenant, which specializes in Latin American and Caribbean food distribution, plans to invest $28 million into the site and hire 70 new positions. Reed Davis of JLL and Stephen Bridges of OnPace Partners represented the landlords, Foxfield LLC and AEW Capital Management, in the lease transaction. Bill Kee of NAI Brannen Goddard represented Souto Foods. In addition to the lease, Foxfield and AEW have sold a 13-acre parcel at Sugarloaf Logistics Hub to Atlanta-based Westplan Investors for a new 330-unit multifamily development. Construction is expected to commence in second-quarter 2025. Scott Cullen of JLL represented the landlords in the land sale.

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DevelopmentIndustrialTexas

Reports: Compass Datacenters to Undertake $300M Expansion of Metro Dallas Campus

by Taylor Williams

RED OAK, TEXAS — Compass Datacenters will undertake a $300 million expansion of its campus in Red Oak, a southern suburb of Dallas, according to reports from multiple publications, including the Dallas Business Journal and Data Center Dynamics. The former publication reports that the locally based owner-operator plans to add three more buildings totaling approximately 755,000 square feet, with each building measuring about 216,000 square feet. The DBJ also reports that construction is already underway on two of those buildings and is scheduled for completion in 2025 or 2026. Most recently, Compass partnered with Schneider Electric on a 103,000-square-foot, build-to-suit manufacturing facility on the Red Oak campus.

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2345-Britannia-Blvd-San-Diego-CA.jpg
AcquisitionsCaliforniaIndustrialWestern

EQT Exeter Buys Martin Furniture-Occupied Warehouse Building in San Diego for $23.4M

by Amy Works

SAN DIEGO — EQT Exeter, the real estate division of EQT, has acquired an industrial property located at 2345 Britannia Blvd. in the Otay Mesa submarket of San Diego. Washington Capital Management sold the warehouse for $23.4 million. Martin Furniture, a manufacturer of case good furniture for dining, office and entertainment, fully occupies the 115,520-square-foot building as its headquarters. The property offers 32-foot clear heights, grade- and dock-high loading capabilities and well-designed ingress/egress. Bryce Aberg, Jeff Chiate, Jeffrey Bole, Matthew Leupold and Ryan Demarest of Cushman & Wakefield’s National Industrial Advisory Group-West represented the seller in the deal.

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DevelopmentIllinoisIndustrialMidwest

Principle Construction Underway on 276,019 SF Industrial Build-to-Suit for Morgan Li in Chicago Heights, Illinois

by Kristin Harlow

CHICAGO HEIGHTS, ILL. — Principle Construction is underway on a two-building, 276,019-square-foot industrial build-to-suit for Morgan Li in Chicago Heights, a southern suburb of Chicago. The family-owned furniture and fixture fabricator had a previous warehouse destroyed by a fire in February 2023 on the project site. Building A will total 237,756 square feet with 230,298 square feet of warehouse space and 5,122 square feet of office space. The facility will feature a clear height of 36 feet, 20 docks and four drive-in doors. Building B will house 36,360 square feet of warehouse space as well as 1,143 square feet of office space. It will also feature a specialized paint line mechanical system for Morgan Li’s operations. Principle will also construct a 158-stall parking lot with four electric vehicle charging stations. Morgan Li’s 245 employees have been working out of secondary locations in Matteson and South Holland while the new space is under construction. Designhaus Inc. Architecture designed the new facilities. Completion is slated for March 2025.

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