BROOKSHIRE, TEXAS — Partners Real Estate has arranged a 47,736-square-foot industrial lease in Brookshire, a western suburb of Houston. According to Crexi, the single-tenant building sits on 4.6 acres at 3012 Venergy Drive and includes 2,736 square feet of office space. Travis Land and Braedon Emde of Partners represented the landlord, an entity doing business as VEnergy Industrial Park I LLC, in the lease negotiations. Jon Farris of CBRE represented the tenant.
FORT WORTH, TEXAS — Locally based brokerage firm Holt Lunsford Commercial has negotiated a 13,500-square-foot industrial lease in South Fort Worth. The tenant, United Interiors Inc., is taking space at Suffolk Business Park, a four-building, 116,000-square-foot development. Alex Bryant with Street Realty represented the tenant in the lease negotiations. Thomas Grafton and Trey Goodspeed with Holt Lunsford Commercial represented the landlord, Birtcher Anderson & Davis.
IRVING, TEXAS — Airport Lighting Systems Inc. has signed a 12,887-square-foot industrial lease near Dallas-Fort Worth International Airport in Irving. The company is relocating from nearby Southlake to Las Colinas Distribution Center 5, an 80,900-square-foot building that was originally constructed in 1981. Trey Goodspeed of Holt Lunsford Commercial represented the tenant in the lease negotiations. Brian Pafford of Bradford Commercial Real Estate Services represented the landlord.
ST. PETERSBURG, FLA. — Basis Industrial has acquired Pinellas Business Center, a six-building, 206,275-square-foot industrial park in the Tampa Bay city of St. Petersburg. Dale Peterson, Joe Chick and Courtney Snell of CBRE Capital Markets represented the seller, Taurus Investment Holdings, in the transaction. The sales price was not disclosed. Originally built in 1985 and 1986, Pinellas Business Center underwent a $3 million façade renovation project in 2022 and 2023. The property was 93 percent leased at the time of sale to firms occupying spaces ranging from 2,000 square feet to just over 41,000 square feet.
COLONIAL HEIGHTS, VA. — Lingerfelt has inked a 233,359-square-foot industrial lease at Ruffin Mill Distribution Center, an industrial park in Colonial Heights, about 23 miles south of Richmond. The Memphis-based tenant, Vital Records Control, will occupy Buildings A and C, which are located at 1944 and 1998 Ruffin Mill Road, respectively. Matt Anderson and Harrison McVey of Range Commercial Partners represented Lingerfelt in the lease transaction, which brings Ruffin Mill Distribution Center to full occupancy.
BESSEMER, ALA. — Marcus & Millichap has brokered the sale of Second Attic Storage, a 302-unit self-storage facility located on a three-acre site at 1760 4th Ave. SW in Bessemer, about 19 miles southwest of Birmingham. Eddie Greenhalgh, Jake Payne and Lee Thornton of Marcus & Millichap’s Birmingham office represented the seller and procured the buyer, both limited liability companies that requested anonymity, in the transaction. The sales price was also not disclosed.
HANOVER, MD. — Cushman & Wakefield has negotiated the sale of a newly constructed warehouse located at 7314 Race Road in Hanover, roughly 30 miles northeast of Washington, D.C. The 130,389-square-foot facility was 67 percent leased at the time of sale to one credit tenant. Jonathan Carpenter, Graham Savage, Dawes Milchling and James Check of Cushman & Wakefield represented the undisclosed seller in the transaction. Sagard Real Estate purchased the warehouse for an undisclosed price. Situated near Md. Route 100 and I-95, 7314 Race Road features 32-foot clear heights, 32 loading positions and 98 parking spaces.
SUMNER, WASH. — Davis Property & Investment (DPI) has completed the disposition of Sumner North 140, an industrial property in Sumner, approximately 30 miles south of Seattle. An undisclosed buyer acquired the asset for $10.5 million, or $173.94 per square foot. Constructed in 2017 through a joint venture between DPI and Highmark Investments, Sumner North 140 is a 60,375-square-foot build-to-suit facility for Penny’s Salsa with extensive freezer, cooler and food processing improvements. The building offers 3,500 square feet of office space, 30-foot clear heights, 1,600 amps of three-phase 480-volt power, 20 dock-high doors, two on-grade doors and a 120-foot truck court.
By Taylor Williams The meteoric rise of industrial real estate over the past decade will forever stand as one of the remarkable growth stories in the annals of commercial real estate, a quasi-rags-to-riches tale of an asset class that has become a preferred use for highly valuable sites and penetrated the portfolios of institutional-grade investors around the country. But after surging to all-time highs in the immediate post-COVID era, industrial rents have moderated in most major markets. Slowing rent growth has coincided almost perfectly with interest rate hikes, all while land and construction costs have continued to do what they always do: go up. For these reasons, industrial developers, who still overwhelmingly build on spec, tend to need a little more help these days than they did in recent years. Or in some cases, these developers may be perfectly well-capitalized to acquire land, secure financing and deliver buildings, but simply aren’t motivated to do so in the current financial environment. Enter incentives — of both the tangible and intangible variety — as the missing link that could mean the difference between a project being shelved or delayed and being executed. Incentives can take many forms, from tax breaks granted by …
Orlando’s industrial market has enjoyed consistently low vacancy, robust new development and significant rent growth year after year since the onset of the pandemic. While fundamentals remain strong, project deliveries and changing size preferences for leased space have caused a shift in activity. From an economic perspective, Orlando is well-positioned. The unemployment rate has decreased by 30 basis points since first-quarter 2024, reaching 2.9 percent, notably lower than the national average of 4.3 percent. Over the past year, nonfarm employment has grown by 1.4 percent with construction employment seeing a significant increase of 2.9 percent during the same period. Small to mid-sized spaces For the past 20 consecutive quarters, Orlando has maintained positive net absorption. Small bay and other tenants under 200,000 square feet have dominated leasing activity, while demand for spaces over 200,000 square feet has significantly slowed. As a result, year-to-date absorption is just over 800,000 square feet, representing a 40.8 percent decrease compared to 2023’s midyear total and the lowest midyear total since 2020. This slowdown in absorption is accompanied by a rise in vacancy rates, which have increased by 1 percent since last year and 3 percent since 2022. ATR Commercial Flooring took 150,600 square feet …