IRVING, TEXAS — Henry S. Miller Cos. has arranged the sale of a 19,470-square-foot warehouse that sits on a 1.4-acre site at 205 Sharon Road in Irving. According to LoopNet Inc., the building was constructed in 1959, renovated in 1980 and features a 21-foot clear height. Adair Fant and Nicholas Robinson of Henry S. Miller represented the buyer, elevator parts provider Sees Inc., in the transaction. Additional terms of sale were not disclosed.
RENO, NEV. — Westcore has purchased a distribution facility within the Tahoe-Reno Industrial Center in Reno from an undisclosed seller for $82.5 million. Situated on 34 acres at 700 Milan Drive, the cross-loaded property features 632,130 square feet of distribution space, more than 200 trailer stalls, LEED Gold certification, ESFR sprinklers, energy-efficient lighting and recycled steel. At the time of sale, the facility was fully leased. The property offers one-day truck service to seven states and proximity to Reno Tahoe International Airport and Union Pacific Intermodal Hub. The asset is adjacent to Gigafactory Nevada, Tesla’s $6.2 billion electric vehicle plant in the area.
EL MIRAGE, ARIZ. — Melbourne, Fla.-based Ti Cold, as designer and builder, has completed the construction of Phoenix Cold Storage Facility, a nearly 300,000-square-foot cold storage property in El Mirage, approximately 20 miles northwest of Phoenix. Arcadia Cold Storage and Logistics fully occupies the property, which serves as the company’s hub for the Southwest United States with access to key metropolitan markets in Southern California, Arizona, Nevada, Utah, New Mexico and Colorado. The fully racked facility features five fully convertible rooms with the ability to handle frozen and chilled temperatures from negative 10 to 40 degrees Fahrenheit; 60-foot-deep refrigerated dock; and doors to manage distribution and handling services. The property also features 40,500 pallet positions situated in a 50-foot clear height rooms and utilizes the ALTA EXPERT Industrial Freon Refrigeration System. This facility represents one of the first large-scale, third-party logistics cold storage facilities in the Phoenix market.
BURLINGTON, N.J. — United Fulfillment Solutions Inc. has signed a 217,986-square-foot industrial lease in the Southern New Jersey community of Burlington. The e-commerce company will occupy the entirety of Building 1 at Rancocas 5 Industrial Park, which features a clear height of 36 feet, 42 loading docks, 183 car parking spaces and 28 trailer drops. Nate Demetsky, Dean Torosian and Matt Kemery of JLL represented the landlord, regional developer Endurance Real Estate Group, in the lease negotiations. Allen Ding of Visionaire Real Estate represented the tenant.
By Taylor Williams Architects and general contractors are shaking up the ways in which they design and construct industrial projects in response to financial pressures faced by their clients, an elevated emphasis on sustainability and shifts in how tenants utilize spaces. The nuts and bolts of designing and developing commercial properties are fickle by nature, as they are beholden to consumer preferences, which are in a perpetual state of flux. Yet the current shifts in industrial design and construction practices should not be viewed as indicators of the sector’s waning popularity among investors. “Despite a difficult rate environment that is causing challenges for all sectors of the economy, we have deep optimism about the near- and long-term future for the industrial market in New Jersey and Pennsylvania,” says David Greek, managing partner at regional firm Greek Real Estate Partners. “This region sits amid the most densely populated area in the nation and continues to grow. At the same time, the consumer shift to e-commerce is not nearly complete, creating a dramatic long-term need for logistics facilities to accommodate this historic change.” In other words, industrial is still hot. And the most visible and basic change occurring within the property type — …
POMPANO BEACH, FLA. — Boston-based firm Rockpoint plans to develop a 1.5 million-square-foot industrial property in Pompano Beach in partnership with The Cordish Cos. and Caesars Entertainment. Situated on an 87.8-acre site, the project will be part of the 223-acre, $2 billion mixed-use development —The Pomp —currently underway by Cordish and Caesars. Site work for the industrial park is scheduled to begin in May 2024, with the first of three phases of development. Rockhill Management, Rockpoint’s property services affiliate, will lead the development and management of the project.
ROCKWALL, TEXAS — JLL has arranged an undisclosed amount of permanent financing for Rockwall Distribution Center, a 301,120-square-foot industrial facility located on the eastern outskirts of Dallas. Delivered in March, Rockwall Distribution Center features 32-foot clear heights, an ESFR sprinkler system, 68 dock-high loading doors, 62 trailer parking spots and 185-foot truck court depths. Aldon Cole, John Rose, Will Mogk and Brad Vansant of JLL arranged the financing through an undisclosed direct lender on behalf of the borrower, San Diego-based investment firm Westcore.
GARDNER, MASS. — JLL has brokered the $9.6 million sale-leaseback of a 113,000-square-foot industrial building in Gardner, located about 65 miles northwest of Boston. Built in 1959 and expanded in 2004, the building features six dock doors and a clear height of 30 feet. Lenny Pierce and David Coffman of JLL represented the tenant, food packaging company Garlock Flexibles, which will retain occupancy on a long-term basis, in the transaction. The buyer was Philadelphia-based Valley Forge Private Equity.
SOUTH PLAINFIELD, N.J. — Cushman & Wakefield has arranged an $8.9 million refinancing for an industrial outdoor storage site in South Plainfield, about 40 miles south of Manhattan. The site spans 3.9 acres and houses an 11,500-square-foot warehouse, a paved and lit parking and outdoor storage space. The property is leased to EquipmentShare, a Missouri-based construction technology firm. John Alascio, T.J. Sullivan, Chuck Kohaut and Chris Meloni of Cushman & Wakefield arranged the financing through Lakeland Bank on behalf of the borrower, a partnership between Boston-based investment firm Marcus Partners and New Jersey-based Ridgecut Road.
ALAMEDA, CALIF. — CBRE has arranged $9 million in refinancing for a multi-tenant industrial building located at 800 W. Tower Ave. in the Bay Area city of Alameda. Situated on 6.8 acres, the fully occupied facility features 32-foot clear heights and 20 hanger-style doors, which form the east and west facades of the building. Bob Ybarra, Jim Korinek, Bruce Francis, Shaun Moothart, Doug Birrell and Nick Santangelo of CBRE Capital Markets Debt and Structured Finance secured the 25-year loan, which is fully amortizing with a rate reset at the end of every five years of the loan. The borrower and use of the funds were not disclosed.