DEKALB, ILL. — Meta, parent company of Facebook, has opened a new 1 million-square-foot data center at ChicagoWest Business Center in DeKalb, about 64 miles west of Chicago. The Meta property is adjacent to one of the recently announced Illinois MegaSites Investment Program projects. This site makes approximately 793 acres of additional land available at ChicagoWest Business Center that is ready for the next phase of development. ChicagoWest Business Center is home to other tenants such as Amazon, Ferrara and Kraft Heinz. Krusinski Construction Co. served as general contractor.
AUSTIN, TEXAS — A partnership between Atlanta-based developer NitNeil Partners and locally based investment firm Seamless Capital will develop a 923-unit self-storage facility in East Austin. The existing structure on the 1.5-acre site at 853 Airport Blvd. will be redeveloped into a facility that spans 112,000 gross square feet and 83,000 net rentable square feet of climate-controlled space. LifeStorage will operate the property. Completion is slated for late 2024.
GRAND PRAIRIE, TEXAS — Lee & Associates has negotiated the sale of a 50,566-square-foot industrial building in Grand Prairie, located roughly midway between Dallas and Fort Worth. According to LoopNet Inc., the single-tenant building at 1922-1938 N. Great Southwest Parkway was built on 2.1 acres in 1981 and features 18-foot clear heights and 16 exterior dock doors. Colton Rhodes of Lee & Associates represented the buyer, Texas-based investment firm Stonelake Capital Partners, in the transaction. The seller and sales price were not disclosed.
JACKSON, GA. — Waterloo Partners and ICM Asset Management have received $40 million in construction financing for the development of River Park 10, a speculative industrial project in Jackson, about 50 miles south of Atlanta via I-75. Upon completion, the property will total 825,000 square feet within the River Park E-Commerce Center master development. The joint venture acquired the site in September and plans to break ground immediately, with completion of construction scheduled for the third quarter of 2024. A syndication between Trustmark National Bank and Coastal State Bank provided the construction loan, and Sweld & Sweld provided joint venture equity. Patterson Real Estate Advisory Group arranged the financing on behalf of the borrowers.
PISCATAWAY, N.J. — Transcontinental Steel has purchased a 45,000-square-foot industrial property in the Northern New Jersey community of Piscataway for $8.2 million. The property at 201 11th St. is divided into three 15,000-square-foot units and features clear heights of 12.5 feet. Kyle Gerace, Robert DiLeo and Mathew DiLeo of NAI DiLeo-Bram represented the seller, Binsky Snyder, in the transaction and procured Transcontinental Steel as the buyer.
SURPRISE, ARIZ. — BWE has arranged $29 million in first-mortgage construction financing for Echo Park @ P132, an industrial project in Surprise, approximately 20 miles northwest of Phoenix. Daniel Rosenberg and Logan Petersmeyer of BWE originated the loan for the borrower, Echo Real Estate Capital. A debt fund provided the capital. Totaling 183,000 square feet, Echo Park @ P132 will consist of four buildings ranging in size from 42,000 square feet to 48,000 square feet. The buildings will feature 2,500 square feet of speculative office space, 30-foot clear heights, dock-high doors, drive-in doors, LED lighting, secured concrete yards and 115 total parking spaces. Additionally, the buildings will be fully air conditioned.
FREDERICKSON, WASH. — A joint venture between Panattoni and Crow Holdings Capital has broken ground on a 782,875-square-foot build-to-suit industrial building for Harbor Freight Tools. The property will be built within FRED310, a 310-acre warehouse and distribution campus in Frederickson, approximately 40 miles south of Seattle. Harbor Freight signed the long-term lease earlier this year and construction officially commenced on Nov. 29. Four buildings, totaling 3.3 million square feet, are already under construction at the previously announced FRED310 development. The industrial park is expected to expand to as much as 4 million square feet once all six buildings are complete. The project will offer ample dock-high and grade-level loading, 36-foot to 40-foot clear heights, abundant auto/trailer parking and large modern truck courts. Scott Allan, Patrick Mullin and Connor Cree of Cushman & Wakefield represented the ownership in the lease with Harbor Freight Tools and led marketing efforts for the project.
INDIANAPOLIS — Indianapolis-based Scannell Properties has received funding from Manulife Investment Management for the recapitalization of a 35-property industrial portfolio. The portfolio includes assets in 17 markets totaling 10.4 million square feet and valued at $1.2 billion. Scannell says the financing provides additional liquidity that it will use to create further value through completion of construction, leasing management and operation. The portfolio includes properties in various stages of development. Further details were not provided.
BOCA RATON, FLA. — Basis Industrial, a privately held real estate owner and operator headquartered in Boca Raton, has acquired four commercial properties in Florida and Texas for a total of approximately $160 million. Bank United, Banesco and Thorofare provided roughly $110 million in financing for the transaction. Beach Point Capital Management provided a preferred equity/mezzanine loan of roughly $70 million, with the borrowers, Basis and NexPoint, providing the remaining funds. In addition to the acquisitions, the loans and equity will fund a $60 million refinancing for two of the borrowers’ existing commercial properties in Florida. The six properties, including those being refinanced, total over 1.3 million square feet. The four acquired properties include: The properties that Basis refinanced were Crystal Pointe and Gateway & Commercial Point. Crystal Pointe is a 96,888-square-foot property located at 4500-4870 North Powerline Road in Deerfield Beach, Florida. Crystal Pointe is currently 100 percent leased. Gateway & Commercial Point is a 253,701-square-foot asset located at 7550-7800 Southland Blvd. in Orlando. The property is currently 97.6 percent leased. “This is a huge step for Basis’ growth and my vision,” says Daniel Weinstein, founder and CEO of Basis Industrial. “We expect to add millions of square feet over the next few years in targeted …
— By Justin Basie President of Real Estate, Mark IV Capital — While the Reno-Sparks Metropolitan Statistical Area (MSA) is best known for its gaming-tourism industry, its location in Northern Nevada also appeals to fans of the outdoors. In addition, Reno’s diversified economy readily attracts Fortune 500 companies that are targeting the area for their manufacturing and distribution efforts. This, in turn, drives the massive growth of Northern Nevada’s industrial sector, generating overwhelming demand for warehouse, logistics and manufacturing space in the region. The following fundamentals have positioned Northern Nevada and the Reno-Sparks MSA as ideal destinations for logistics, manufacturing and other industrial activities: • Population Proximity The MSA is conveniently located within a one-day trip of major West Coast cities like Los Angeles, San Francisco and Portland, Ore. Thanks to an efficient infrastructure network that includes major highways, two railways and the Reno-Tahoe International Airport, companies can reach a vast 80 percent of the Western U.S. population in less than 24 hours. • Business-Friendly Climate Nevada is consistently ranked as a top 10 state for conducting business because of its pro-business regulatory environment, low-cost start-up fees, and streamlined licensing and approval processes. Nevada also offers a favorable tax environment for …