ENGLEWOOD, COLO. — CrossHarbor Capital Partners has provided $21.5 million in capital to a joint venture between CenterSquare Investment Management and Quannah Partners. Loan proceeds will go to refinancing The Point, a two-building Class A industrial park in Englewood. Developed by Quannah Partners and CenterSquare in 2024, The Point features 195,000 square feet spread across two buildings on 15 acres at 8039 Chambers St. in Englewood.
LAKE FOREST, ILL. — The Popcorn Factory has signed industrial lease renewals totaling 149,000 square feet in the Chicago suburb of Lake Forest. The transactions span two properties — 28160 N. Keith Drive and 13970 W. Laurel Drive — where the tenant’s manufacturing operations have been based for more than 25 years. Corey Chase of Newmark represented Popcorn Factory, which first moved into the 70,000-square-foot facility at Laurel before expanding to the adjacent 78,000-square-foot property at Keith. As part of the expansion, a tunnel connecting the two contiguous properties was built. Today, the facilities require substantial renovations. Seeking to motivate the tenant to stay in place, ownership agreed to implement a seven-figure capital improvement and modernization to meet the requirements. The scope of work includes enhancements to the power system, modernization of dock doors, improvements to the parking lot and a modernized lunchroom.
Developers identify industrial hot spots as areas with low vacancy rates that justify speculative construction. These centrally located sites offer convenient highway access and proximity to a wide labor pool. In the Midwest, examples of industrial development hot spots where demand has remained strong include Chicago, Minneapolis, Columbus and Louisville, according to Steve Schnur, chief operating officer with Chicago-based CRG. He cites these markets because of their affordability, business-friendly environment and robust logistics infrastructure. These areas tend to keep a healthy supply-demand balance, he adds. Luckily for those whose livelihood is tied to the industrial property type, 2025 is expected to bring a return to pre-pandemic demand drivers, according to CBRE’s “U.S. Real Estate Market Outlook 2025.” The brokerage firm states that industrial occupiers will focus on longer-term strategies to improve warehouse efficiency, ensure supply chain resiliency and meet the needs of an evolving consumer base. At the beginning of this year, CRG inked a lease with States Manufacturing for 503,440 square feet at The Cubes at French Lake in metro Minneapolis. The 1 million-square-foot facility, completed in 2024, marked the largest speculative industrial project ever developed in the state, according to the developer. On the other end of the …
EL PASO, TEXAS — Dallas-based development and investment firm Provident has broken ground on a three-building, 497,280-square-foot industrial project in El Paso. The project, all buildings of which will feature rear-load configurations, represents Phase IV of Gateway Logistics Park. Buildings 4 and 5 will each span 147,420 square feet and will have a shared 205-foot truck court. Building 6 will total 202,440 square feet and will have a 130-foot truck court and 44 trailer parking stalls. Completion is slated for early 2026. The first three phases of Gateway Logistics Park added 921,759 square feet of space to the local supply. Last fall, in two separate transactions, Provident sold three buildings within the development to Philadelphia-based EQT Exeter: two buildings totaling 576,365 square feet in August and a 345,394-square-foot building in September.
IRVING, TEXAS — A joint venture between LaTerra Development and Platinum Storage has received a $21 million loan for a self-storage redevelopment project in Irving. The site at 2488 Market Place Blvd. formerly supported retail use and is adjacent to an existing Home Depot store and a future H-E-B grocery store. The project will transform the former retail site into a 195,000-square-foot facility. The number of units was not disclosed, but the facility will feature climate-controlled space and RV storage capabilities. An affiliate of New York City-based Andover Properties provided the loan.
BATON ROUGE, LA. — TruCore Investments has acquired an 81,589-square-foot industrial facility located at 10781 Cousey Court in Baton Rouge. Situated on 10.8 acres, the Class B property was fully leased at the time of sale to FedEx, which has occupied the facility since its delivery in 1998. Alex Ruch of Elifin Realty brokered the transaction. The seller was not disclosed.
AUSTIN, TEXAS — Lee & Associates has negotiated a 22,500-square-foot industrial lease in northeast Austin. The space is located within Building 1 of Springdale Business Center, which according to LoopNet Inc. totals 69,000 square feet and features 24-foot clear heights. Adam Green and Luke Boykin of Lee & Associates represented the landlord, Mississippi-based EastGroup Properties (NYSE: EGP), in the lease negotiations. The name and representative of the tenant were not disclosed.
LOS ANGELES — PSRS has arranged a $38.2 million bridge loan to convert a vacant approximately 150,000-square-foot flex property in Los Angeles into a self-storage facility. Jonny Soleimani and George Gianoukakis of PSRS secured the financing for the undisclosed borrower. The financing included a $12.8 million cash-out refinance, fully funded construction costs and an 18-month interest reserve, providing the borrower with the capital needed for the successful repositioning of the asset.
PLANO, TEXAS — California-based investment firm BH Properties, which also has two offices in Texas, has purchased Legacy R&D, a 374,085-square-foot business park in Plano that the company plans to convert to industrial use. The 40-acre property consists of seven buildings that were 58 percent leased at the time of sale. Elizabeth Malone and K.C. Scheipe of Eastdil Secured represented the undisclosed seller in the transaction. The new ownership has tapped Stream Realty Partners to lease the park, including to prospective life sciences users.
IRVING, TEXAS — Houston-based developer Alliance Industrial has broken ground on Airport Bend Commerce Center, a 201,221-square-foot distribution building in Irving. The 13.2-acre site formerly housed the office operations of retailer Michaels. The development will feature two rear-load buildings totaling 171,608 and 29,613 square feet with 32-foot clear heights. Project partners include Seeberger Architecture, Langan Engineering, Alliance Industrial Builders and Stream Realty Partners. Completion of Airport Bend Commerce Center is slated for the first quarter of 2026.