CENTENNIAL, COLO. — NavPoint Real Estate Group has negotiated the sale of a flex building, located at 7006 S. Alton Way in the Denver suburb of Centennial. Bill & Paulette Weinberger LLC sold the asset to J&K Capital LLC for $2.2 million. The asset, Building B, is a single-story property offering 9,850 square feet of flex space. Matt Kuble and Jordan Burgess of NavPoint Real Estate Group represented the seller, while Trent Rice of Pinnacle Real Estate Advisors represented the buyer in the deal.
MALTA, N.Y. — GlobalFoundries (NASDAQ: GFS), a leading semiconductor manufacturer headquartered in Upstate New York, plans to invest a total $11.6 billion over the next 10 years to expand its Fab 8 manufacturing base in Malta, a city north of Albany in Saratoga County. The investment includes an expansion of its existing facility and the development of a new 358,000-square-foot plant. GlobalFoundries says the investment will triple its capacity to manufacture semiconductors, with the ultimate goal of producing 1 million semiconductor wafers per year at its Malta campus at full operation. The planned enhancements will create more than 1,500 direct jobs and 9,000 indirect construction jobs over the next 10 years, according to the office of New York Gov. Kathy Hochul. Concurrently, GlobalFoundries will receive $1.5 billion in direct funding from the U.S. Department of Commerce as part of the U.S. CHIPS and Science Act, a law ratified by U.S. President Joe Biden in Aug. 2022. The company will use the federal government funding in the Malta projects, as well as for enhancements planned at GlobalFoundries’ Fab 9 facility in Essex Junction, Vt. Also known as computer chips, semiconductors are an essential element of nearly all electronic and computing devices, including …
DIV Industrial has seen the demand, and is delivering for Fortune 100 tenants that need to be accommodated in the Phoenix market. The Irvine, Calif.-based investor and developer just closed on 47 acres in Goodyear that will soon serve as the home of Sarival Business Park, a 847,988-square-foot, Class A industrial complex. At completion, the modern, LEED-certified business park will include five free-standing buildings ranging from 135,000 square feet to 235,000 square feet. This transaction marks DIV’s first foray into the Phoenix market. Nicholas Ilagan, the firm’s co-founder and managing partner, notes there were many attributes that attracted him to this region. “The Phoenix MSA continues to be one of the fastest-growing metros in the country,” he says. “The region is propelled by its established infrastructure, business-friendly approach, educated workforce, and accessibility to Southern California’s port markets and the Western U.S. population. Phoenix is attracting large corporations and Fortune 500 companies that are relocating or setting up new, efficient operations, such as data centers, distribution facilities and manufacturing operations.” This includes Taiwan Semiconductor Manufacturing Company, which Ilagan notes has had a “huge boost to the local economy and stimulated employment growth.” Goodyear has also drawn in larger regional and national …
JACKSONVILLE, FLA. — RoadOne IntermodaLogistics has signed a 422,136-square-foot industrial lease at 1000 Imeson Park Blvd. in Jacksonville. A joint venture between North Signal Capital and an affiliate of Fox Capital Partners, doing business as JAX-IMESON JV LLC, is the landlord. Luke Pope of JLL represented the landlord in the lease negotiations. The tenant will fully occupy the property, which features tilt-up concrete construction, 36-foot clear heights, an ESFR sprinkler systems, LED lighting, 216 car parking spaces, 180 trailer parking spaces and two drive-in doors. RoadOne plans to implement improvements at the facility, including the addition of dock levelers to each of the 81 dock-high doors, fencing around the entire site, a guard shack and a 100,000-square-foot climate-controlled section. RoadOne is operating in the warehouse throughout the construction, which is scheduled for completion later this year.
HOUSTON — JLL has arranged the sale of Northwest Logistics Center, a 411,460-square-foot industrial facility in northwest Houston. The cross-dock building was constructed in 2018 and features 138 dock doors and 32-foot clear heights. Trent Agnew, Charlie Strauss, Parker McCormack, Tom Weber, Lance Young, Pauli Kerr, Matthew Barge and Brooke Petzold of JLL represented the undisclosed seller in the transaction and procured the buyer, New York City-based Sterling Investors.
BAYTOWN, TEXAS — Total Specialty Services, a provider of infrastructural services to industrial project sites, has signed a 13,000-square-foot industrial lease in the eastern Houston suburb of Baytown. Austen Buckalew of locally based brokerage firm Oxford Partners represented the tenant in the lease negotiations. Tyler Maner and Davis Lamberton of Stream Realty Partners represented the landlord.
WATERLOO, N.Y. — Marcus & Millichap has brokered the sale of Finger Lakes Self Storage, a 354-unit facility in the upstate New York community of Waterloo. Built in 2014, the facility consists of 34 climate-controlled units, 296 non-climate-controlled units and 24 covered parking spaces for a total of 58,250 net rentable square feet. Nathan Coe, Brett Hatcher, Gabriel Coe and Luke Dawley of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were limited liability companies that requested anonymity.
PHOENIX — Arizona-based Alliance Plumbing Service and Repair has completed the sale-leaseback of an industrial building located at 2626 E. Elwood St. in central Phoenix. Edgewood REIT acquired the asset for $6.4 million. Built in 2019, the property features a 25,393-square-foot building on a C-2-zoned lot and a secured yard with electrical gate for equipment and trucks. Alliance Plumbing has leased the property for 12 years. Brian Ackerman of Colliers in Arizona handled the transaction and assisted in structuring the lease for Alliance Plumbing. Edgewood REIT is a North Dakota-based REIT that was founded in 2010.
By Derek Jacobs of Avison Young Through the financial uncertainty and confusion of the past four years, Raleigh-Durham has stood out as an exemplary industrial market that has strengthened in economic diversity and stability despite greater national and global market trends and challenges. The outlook for Raleigh-Durham is very positive thanks to local and state governments that support business, an excellent central East Coast location and a market environment where industrial demand heavily outweighs supply. Triple-net rents in Raleigh-Durham grew by nearly 39 percent since first-quarter 2020, while total vacancy has remained below 4 percent. The most affordable Class C product has an exceptionally low vacancy rate of 2.7 percent due to lower rent costs outweighing the opportunity costs of moving into a nicer, newer building that will be more expensive in most cases. The newest and most costly Class A industrial product in Raleigh-Durham has also shown strong demand, with a vacancy rate (5.7 percent) lower than the vacancy rate for all industrial product classes combined across the country (6.1 percent). Industrial occupiers and residents in Raleigh-Durham work, do business in various industries and provide services that supply further market growth. Around half of the industrial property in Raleigh-Durham …
MAGNOLIA, TEXAS — Locally based brokerage firm Oxford Partners has negotiated a 12,000-square-foot industrial lease renewal in Magnolia, a northwestern suburb of Houston. According to LoopNet Inc., the building at 327 Magnolia Business Park Drive was built in 2003 and spans 17,145 square feet. Jeffery Arnaud of Oxford Partners represented the tenant, J2 Fabrication, in the lease negotiations. The landlord was not disclosed.
