Industrial

CapRock Continues Industrial Development in Southern California

by Jeff Shaw October 27, 2023

— By Nellie Day — Jon Pharris, co-founder and president of Newport Beach, Calif.-based CapRock Partners, is in delivery mode. The firm recently debuted Palomino Ranch Business Park and Saddle Ranch South, two new LEED Silver-certified industrial building complexes in Norco, Calif. Palomino Ranch is a three-phased, 2-million-square-foot industrial development, while Saddle Ranch South is a 374,000-square-foot three-building industrial park. Next up is Central Point III, a component of CapRock’s 5-million-square-foot, master-planned Central Point industrial development in Visalia. WREB recently sat down with Pharris to discuss these new projects, the types of tenants/users CapRock is now targeting and why location is more important than ever. WREB: Why was Norco the right choice for both the Saddle Ranch South and Palomino Ranch developments? Pharris: Norco is an important location for logistics and distribution due to its position near the convergence of Riverside, San Bernardino and Orange counties, in addition to its seamless transportation connectivity, robust infrastructure, proximity to major ports and airports, favorable business environment and skilled workforce. These factors collectivelycontribute to the city’s efficiency, cost-effectiveness, and competitiveness for facility operations, attracting businesses seeking to optimize their supply chains and expand their market reach. Norco is highly desired by Orange County, …

October 27, 2023

Acquisitions Florida Industrial Southeast

Boise Cascade Purchases Distribution Facility in West Palm Beach for $31M

by John Nelson October 26, 2023

WEST PALM BEACH, FLA. — Boise Cascade Co., a publicly traded producer of engineered wood products and plywood, has purchased a new 120,000-square-foot distribution facility in West Palm Beach. Locally based Brown Distributing Co. sold the property for $31 million. The buyer’s Building Materials Distribution division will occupy the property, which is situated on an infill site totaling 9.8 acres at 1300 Allendale Road. Robert Smith, Kirk Nelson and Jeff Kelly of CBRE’s Industrial & Logistics team represented the seller in the transaction. NAI Miami represented the buyer. Built in 1987 along I-95, the facility includes 91,120 square feet of climate-controlled warehouse space and 20,000 square feet of office space across two stories.

October 26, 2023

Industrial Loans New Jersey Northeast

G.S. Wilcox Arranges $30.5M Construction Loan for Northern New Jersey Industrial Project

by Taylor Williams October 26, 2023

MIDDLESEX COUNTY, N.J. — Locally based financial intermediary G.S. Wilcox has arranged a $30.5 million construction loan for a 152,000-square-foot, speculative industrial project in Northern New Jersey. The exact location was not disclosed, but the site is situated in Middlesex County within 20 miles of the Port of Newark/Elizabeth. Building features will include a clear height of 36 feet, 22 dock doors and excess car and trailer parking space. Bridget Wilcox and Albert Raymond of G.S. Wilcox arranged the financing through an undisclosed, West Coast-based bank. The borrower also requested anonymity.

October 26, 2023

Acquisitions Industrial Loans Midwest Minnesota

CBRE Negotiates Sale of Eight-Building Industrial Portfolio in Metro Minneapolis for $88.5M

by Kristin Harlow October 26, 2023

FRIDLEY, EAGAN AND BROOKLYN CENTER, MINN. — CBRE has negotiated the sale of an eight-building industrial portfolio totaling 941,564 square feet in metro Minneapolis for $88.5 million. The buildings, which range in size from 72,268 to 207,558 square feet, are located in Fridley, Eagan and Brooklyn Center. Judd Welliver, Bentley Smith, Mike Caprile, Zach Graham, Ryan Bain and Joe Horrigan of CBRE represented the seller, PCCP. The portfolio, which was 98 percent occupied at the time of sale, sold to a joint venture between Minnesota-based Capital Partners and Cincinnati-based Eagle Realty Group. Bill Mork led a JLL Capital Markets team that arranged $57.3 million in acquisition financing on behalf of the buyer. A life insurance company provided the five-year, fixed-rate loan, which featured a loan to value ratio of 65 percent.

October 26, 2023

Acquisitions Industrial Utah Western

Colmena Group Sells 280,800 SF Distribution Center in Spanish Fork, Utah

by Amy Works October 26, 2023

SPANISH FORK, UTAH — Colmena Group has completed the sale of a distribution center, located at 3065 N. 200 E. in Spanish Fork, to Caspian Investments for an undisclosed price. Young Living Essential Oils fully occupies the 280,800-square-foot, Class A facility. The property features 56-foot column spacing, 36-foot clear heights, cross-dock loading, a high level of security, a fenced truck court, 35 dock-high doors, four corner storefronts and skylights. Bryce Blanchard of Newmark represented the seller, while Skyler Peterson of Newmark represented the buyer in the transaction.

October 26, 2023

Acquisitions California Industrial Western

ViaWest Group Divests of 53,978 SF Distribution Facility in San Diego

by Amy Works October 26, 2023

SAN DIEGO — ViaWest Group has completed the sale of an industrial distribution building in the Kearny Mesa submarket of San Diego to Southern California-based Burke Real Estate Group. Terms of the transaction were not released. Situated at 7440 Convoy Court, the property features 53,978 square feet of Class A industrial space. At the time of sale, the asset was fully leased Genuine Parts Co. (NYSE: GPC) and Hajoca Corp. Michael Kendall, Gian Bruno, Kenny Patricia, Louay Alsadek, Maddie Mawby, Eric Parra, Evan McDonald and Tucker Hohenstein of Colliers handled the transaction for both the buyer and seller.

October 26, 2023

Development Industrial Texas

GTIS Partners to Develop 272,160 SF Warehouse Near DFW Airport

by Taylor Williams October 25, 2023

GRAPEVINE, TEXAS — New York City-based development and investment firm GTIS Partners has acquired 17 acres in Grapevine, located near Dallas-Fort Worth International Airport, with plans to build a 272,160-square-foot warehouse. The site offers proximity to State Highway 121, I-635, State Highway 114 and I-35, and the facility will feature 36-foot clear heights, 135-foot truck court depths, an ESFR sprinkler system and build-to-suit office space. Construction is scheduled to begin in March 2024 and to be complete before the end of that year. Jordan Roeschlaub, Dustin Stolly, Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe, Chase Tagen, Eden Abraham and Chloie Mercer arranged joint venture equity with an undisclosed partner on behalf of GTIS Partners.

October 25, 2023

Acquisitions Industrial Texas

SRS Arranges Sale of 74,758 SF Industrial Building in Garland, Texas

by Taylor Williams October 25, 2023

GARLAND, TEXAS — SRS Real Estate Partners has arranged the sale of a 74,758-square-foot industrial building in the northeastern Dallas suburb of Garland. The building is one of two at the 194,000-square-foot Marquis Logistics Center, which was delivered earlier this year. Shannon Johnston and Joseph Cooper of SRS represented the seller, Reserve Capital Partners, which developed the larger project in partnership with Trinity Investors, in the transaction. Peirce Williams and Frank Bullock of Henry S. Miller represented the buyer, Kandi America, a manufacturer of electric off-road vehicles.

October 25, 2023

Industrial Leasing Activity Lee & Associates Texas

Lee & Associates Negotiates 22,200 SF Industrial Lease in Arlington

by Taylor Williams October 25, 2023

ARLINGTON, TEXAS — Lee & Associates has negotiated a 22,200-square-foot industrial lease in Arlington. According to LoopNet Inc., the building at 1208 Commercial Blvd. N was built on 1.2 acres in 1995 and features 20-foot clear heights, two dock-high doors and three drive-in doors. Stephen Williamson of Lee & Associates represented the landlord, CPL Investments, in the lease negotiations. Eddie Yoo of Landmark Realty Group represented the tenant, logistics firm B.R. International USA.

October 25, 2023

Development Industrial Midwest Missouri

PARIC, Barton Malow to Build 1 MSF Expansion of Boeing Production Site Near St. Louis Airport

by Kristin Harlow October 25, 2023

ST. LOUIS — Boeing has selected a joint venture between PARIC Corp. and Barton Malow to build a 1 million-square-foot expansion of its “Air Dominance” production site near the St. Louis Lambert International Airport. Construction of the various facilities is expected to employ 1,200 construction craft workers over the course of the program. Pre-construction planning efforts are underway, with initial construction estimated to begin in the first quarter of 2024. The project team also includes Arch Key/Sachs, icon Mechanical, Murphy Mechanical, PayneCrest Electric and Shannon & Wilson. Industrial Project Innovation is the owner’s representative, and Jacobs will provide engineering services.

October 25, 2023

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