Tuesday, November 26, 2024
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Industrial

DevelopmentGeorgiaIndustrialLeasing ActivitySoutheast

Souto Foods Leases 200,000 SF at Sugarloaf Logistics Hub in Metro Atlanta

by John Nelson

LAWRENCEVILLE, GA. — Souto Foods, a locally based food distributor and subsidiary of Alex Lee, has leased 200,000 square feet of cold storage and warehouse space at Sugarloaf Logistics Hub, a 2.2 million-square-foot industrial development underway in Gwinnett County. The nearly 300-acre development is located along Sugarloaf Parkway in Lawrenceville within a couple miles of the interchanges of I-85 and Ga. Highway 316. The tenant, which specializes in Latin American and Caribbean food distribution, plans to invest $28 million into the site and hire 70 new positions. Reed Davis of JLL and Stephen Bridges of OnPace Partners represented the landlords, Foxfield LLC and AEW Capital Management, in the lease transaction. Bill Kee of NAI Brannen Goddard represented Souto Foods. In addition to the lease, Foxfield and AEW have sold a 13-acre parcel at Sugarloaf Logistics Hub to Atlanta-based Westplan Investors for a new 330-unit multifamily development. Construction is expected to commence in second-quarter 2025. Scott Cullen of JLL represented the landlords in the land sale.

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DevelopmentIndustrialTexas

Reports: Compass Datacenters to Undertake $300M Expansion of Metro Dallas Campus

by Taylor Williams

RED OAK, TEXAS — Compass Datacenters will undertake a $300 million expansion of its campus in Red Oak, a southern suburb of Dallas, according to reports from multiple publications, including the Dallas Business Journal and Data Center Dynamics. The former publication reports that the locally based owner-operator plans to add three more buildings totaling approximately 755,000 square feet, with each building measuring about 216,000 square feet. The DBJ also reports that construction is already underway on two of those buildings and is scheduled for completion in 2025 or 2026. Most recently, Compass partnered with Schneider Electric on a 103,000-square-foot, build-to-suit manufacturing facility on the Red Oak campus.

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2345-Britannia-Blvd-San-Diego-CA.jpg
AcquisitionsCaliforniaIndustrialWestern

EQT Exeter Buys Martin Furniture-Occupied Warehouse Building in San Diego for $23.4M

by Amy Works

SAN DIEGO — EQT Exeter, the real estate division of EQT, has acquired an industrial property located at 2345 Britannia Blvd. in the Otay Mesa submarket of San Diego. Washington Capital Management sold the warehouse for $23.4 million. Martin Furniture, a manufacturer of case good furniture for dining, office and entertainment, fully occupies the 115,520-square-foot building as its headquarters. The property offers 32-foot clear heights, grade- and dock-high loading capabilities and well-designed ingress/egress. Bryce Aberg, Jeff Chiate, Jeffrey Bole, Matthew Leupold and Ryan Demarest of Cushman & Wakefield’s National Industrial Advisory Group-West represented the seller in the deal.

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DevelopmentIllinoisIndustrialMidwest

Principle Construction Underway on 276,019 SF Industrial Build-to-Suit for Morgan Li in Chicago Heights, Illinois

by Kristin Harlow

CHICAGO HEIGHTS, ILL. — Principle Construction is underway on a two-building, 276,019-square-foot industrial build-to-suit for Morgan Li in Chicago Heights, a southern suburb of Chicago. The family-owned furniture and fixture fabricator had a previous warehouse destroyed by a fire in February 2023 on the project site. Building A will total 237,756 square feet with 230,298 square feet of warehouse space and 5,122 square feet of office space. The facility will feature a clear height of 36 feet, 20 docks and four drive-in doors. Building B will house 36,360 square feet of warehouse space as well as 1,143 square feet of office space. It will also feature a specialized paint line mechanical system for Morgan Li’s operations. Principle will also construct a 158-stall parking lot with four electric vehicle charging stations. Morgan Li’s 245 employees have been working out of secondary locations in Matteson and South Holland while the new space is under construction. Designhaus Inc. Architecture designed the new facilities. Completion is slated for March 2025.

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AcquisitionsIndianaIndustrialMidwest

Marcus & Millichap Brokers $2.3M Sale of Industrial Property in Munster, Indiana

by Kristin Harlow

MUNSTER, IND. — Marcus & Millichap has brokered the $2.3 million sale of a 16,000-square-foot industrial property in Munster. The vacant, single-tenant asset is located at 570 Progress Ave. and features two five-ton cranes, a clear height of 24 feet, three drive-in doors and one dock-high door. Built in 2014, the facility is situated one block from Calumet Avenue and three miles from I-94. Clayton Isacson, Tyler Sharp and Adam Abushagur of Marcus & Millichap represented the seller, American Machine Works Inc. The property sold to an out-of-market investor. Josh Caruana, broker of record in Indiana, assisted in closing the transaction.

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IllinoisIndustrialLoansMidwestTop Stories

JLL Arranges $577.6M in CMBS Financing for National Industrial Portfolio for LBA Logistics

by John Nelson

CHICAGO — JLL’s Capital Markets group has arranged a $577.6 million CMBS loan for a national industrial portfolio owned by LBA Logistics, an industrial owner-operator based in Irvine, Calif. The portfolio comprises 25 properties in 10 states totaling a little more than 7 million square feet. The properties are located in infill submarkets across California, New Jersey, Utah, Washington, Florida, Georgia, Nevada, Ohio, Kentucky and Tennessee. The portfolio includes assets in core submarkets of major cities including Los Angeles and Orlando. The properties were fully leased at the time of sale to a tenant mix spanning various industries, including web services, food-and-beverage, building materials and logistics. Kevin MacKenzie, Brian Torp and Christopher Pratt of JLL secured the floating-rate loan with a five-year term through a syndicate led by J.P. Morgan. Bank of America and Wells Fargo served as joint bookrunners in the transaction. The final pricing for the loan was approximately 195 basis points over the secured overnight financing rate (SOFR). The date of the financing was not disclosed, but the SOFR rate closed on Monday, Sept. 30 at 4.96 percent. The loan falls under the single-asset, single-borrower (SASB) category of CMBS despite the financing involving multiple assets. “This is …

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AcquisitionsDevelopmentIndustrialTexas

Liberty Development Partners Buys 1,149 Acres in Dayton, Texas for Industrial Expansion Project

by Taylor Williams

DAYTON, TEXAS — Liberty Development Partners has purchased 1,149 acres for an industrial expansion project in Dayton, about 40 miles northeast of Houston. The acreage represents the next phase of expansion of Gulf Inland Logistics Park, a rail-served, master-planned development. Tony Patronella of Read King Commercial Real Estate, along with Logan Havel and Charles Blaschke of Edge Realty Partners, represented the seller, private investor Sammi Damek, in the land transaction. John Littman, Kelley Parker and Coe Parker of Cushman & Wakefield represented Liberty Development Partners. Gulf Inland Logistics Park is ultimately planned for 3,800 acres across three phases of expansion.

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ViVa-Center-Houston
Data CentersIndustrialLoansTexas

Lone Star PACE Provides $40M in C-PACE Financing for Houston Data Center Facility

by Taylor Williams

HOUSTON — Lone Star PACE has provided $40 million in C-PACE financing for a 774,000-square-foot data center facility in Houston. The facility is located within ViVa Center, a 2.3 million-square-foot technology hub that originally housed the headquarters of Compaq Computer and was later acquired by Hewlett-Packard Enterprise. Lone Star PACE partnered with lender Nuveen Green Capital to administer the financing. Proceeds will be used to install sustainable building components to Phase I of the data center development, including energy-efficient windows, LED lighting, advanced HVAC systems and high-efficiency plumbing upgrades.

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AcquisitionsIndustrialNorth CarolinaSoutheast

JLL Arranges Sale of 234,224 SF Logistics Facility in High Point, North Carolina

by John Nelson

HIGH POINT, N.C. — JLL has arranged the sale of a 234,224-square-foot logistics facility located at 720 Pegg Road in High Point, a city in North Carolina’s Triad submarket. The seller, Beacon Partners, delivered the Class A property in 2022 and subsequently leased the facility to three tenants, including Lowe’s Home Centers. Pete Pittroff, Dave Andrews, Michael Scarnato, Zachary Llyod, Michael Lewis and Allan Parrott of JLL represented the seller in the transaction. The buyer and sales price were not disclosed. The property features 32-foot clear heights, ESFR sprinklers, motion-sensored LED lighting, multiple storefronts and proximity to Piedmont Triad International Airport, I-40, I-73, I-74 and I-85.

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10333-W-Buckeye-Rd-Phoenix-AZ
AcquisitionsArizonaIndustrialWestern

Lincoln Property Co., Goldman Sachs Sell Buckeye85 Industrial Building in Phoenix

by Amy Works

PHOENIX — Lincoln Property Co. and Goldman Sachs have completed the sale of Buckeye85, a Class A industrial building in Phoenix, to LaSalle for an undisclosed price. The 321,892-square-foot building features 36-foot clear heights, full concrete truck courts, a 95-door cross-dock configuration, a speculative office suite and an employee-centric outdoor amenity space with shaded and landscaped areas, built-in barbecue equipment and seating for relaxing, outdoor dining and games. Tempur-Pedic, part of Tempur Sealy International, fully occupies the Class A industrial property, located on 20 acres at 10333 W. Buckeye Road. The mattress and pillow maker uses the facility to distribute to the Western United States, from Colorado to the Pacific Coast. Will Strong and Molly Hunt of Cushman & Wakefield represented the sellers in the deal. Marc Hertzberg and Riley Gilbert of JLL served as the investment sales team’s property leasing experts. Gilbert also represented Tempur-Pedic in its lease agreement, bringing Tempur-Pedic’s metro Phoenix industrial footprint to nearly 1.5 million square feet.

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