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Industrial

12021-NE-Airport-Way-Portland-OR
IndustrialMarket ReportsOregonWesternWestern Market Reports

Portland’s Industrial Market Is Down, but Not Out

by Jeff Shaw

— By Gabe Schnitzer, Vice President of Industrial Properties, Norris & Stevens — Portland and Southwest Washington possess a total industrial real estate market of 233 million square feet. Portland is frequently praised as the most affordable city on the West Coast, offering lower average home prices compared to its northern and southern counterparts, while providing a high quality of life for its residents. From 2017 to 2022, Portland’s average annual industrial sales volume was $810 million, with institutional funds accounting for 20 percent of the total sales volume during that time. This represented the highest average industrial volume for the city, with early 2022 boasting nearly $1.4 billion in total sales volume. Then Portland experienced its wake-up call.  Ill-conceived legislation, poor leadership and damaging national media coverage caused the city’s reputation to decline. This, in turn, led to a significant drop in the city’s industrial sales volume. From 2022 to 2023, the volume fell by almost $500 million. Despite hopes of stabilization in 2024, sales volume dropped further by nearly $150 million. While some of this decline can be attributed to interest rates and other macroeconomic factors beyond Portland’s control, the impact on institutional investors has been severe. Their …

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DevelopmentIndustrialSouth CarolinaSoutheast

Glenstar Logistics Begins Vertical Construction on 550,520 SF Industrial Facility in Gaffney, South Carolina

by John Nelson

GAFFNEY, S.C. — Glenstar Logistics has begun vertical construction on a 550,520-square-foot warehouse in Gaffney. Dubbed CCC-85 Building 2, the development marks the first building within Glenstar’s Cherokee Commerce Center 85. Scheduled for completion in the fourth quarter of this year, the building is being developed on a speculative basis, with the capability to expand to 1.3 million square feet. The property will feature 40-foot clear heights, column spacing of 56 feet by 50 feet, 60-foot speed bays, 232 dock doors, four drive-in doors and up to 604 car parking spaces and 388 trailer spaces. Partners on the project include Creek Lane Capital, general contractor The Conlan Co., architect Ware Malcomb and civil engineer SeamonWhiteside. CrossHarbor Capital Partners is providing $38.2 million in construction financing. John Montgomery, Garrett Scott, Brockton Hall and Dillon Swayngim of Colliers are marketing CCC-85 Building 2 on behalf of ownership.

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AcquisitionsGeorgiaIndustrialLoansSoutheast

Byline Bank Provides $18.3M Acquisition Financing for Industrial Property in Metro Atlanta

by John Nelson

SUWANEE, GA. — Byline Bank’s Commercial Real Estate Group (BCREG) has provided an $18.3 million loan for the acquisition of a warehouse and distribution facility located at 460 Horizon Drive in Suwanee, roughly 30 miles northeast of Atlanta. High Street Logistics Properties is the borrower. Situated on 18.5 acres, the property totals 230,530 square feet and can be configured for one or three tenants. The seller was not disclosed. The loan marks the fifth transaction Byline Bank has funded for High Street Logistics to date, with previous loans funding industrial properties in Georgia, Texas and Illinois.

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AcquisitionsIndustrialTexas

Colliers Brokers Sale of 25,992 SF Industrial Building in Southwest Houston

by Taylor Williams

HOUSTON — Colliers has brokered the sale of a 25,992-square-foot industrial building that sits on a 2.2-acre site in southwest Houston. According to LoopNet Inc., the single-tenant building at 4303 South Drive was constructed in 2006 and features 30-foot clear heights. Christopher Winters and Walter Menuet of Colliers represented the seller, Glenmorangie LLC, in the transaction. Michael Stavinoha with Dominion International Group | eXp Realty represented the undisclosed buyer.

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23-Cape-Road-Mendon-Massachusetts
DevelopmentIndustrialMassachusettsNortheast

PCCP, Bluewater Property to Develop 205,445 SF Industrial Project in Mendon, Massachusetts

by Taylor Williams

MENDON, MASS. — A joint venture between Los Angeles-based PCCP LLC and regional developer Bluewater Property Group will develop a 205,445-square-foot industrial project in Mendon, about 45 miles southwest of Boston. The site at 23 Cape Road spans 21 acres, and the building will feature a clear height of 32 feet, 34 dock doors, 135-foot truck court depths, 206 car parking spaces and 20 excess trailer parking spaces. Construction is scheduled to begin later this month and be complete by summer 2025.

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DevelopmentIndustrialNew JerseyNortheast

Hillwood, WDG Logistics  to Build 179,800 SF Spec Industrial Project in Bordentown, New Jersey

by Taylor Williams

BORDENTOWN, N.J. — A partnership between Texas-based developer Hillwood and Atlanta-based WDG Logistics Partners will build a 179,800-square-foot speculative industrial project in the Southern New Jersey community of Bordentown. Bordentown Crossroads will feature a clear height of 36 feet, 30 dock doors and parking for 94 cars and 30 trailers. Construction is scheduled to begin at the end of summer, with completion slated for spring 2025. Newmark is marketing the property for lease.

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IllinoisIndustrialLeasing ActivityLee & AssociatesMidwest

American Bear Logistics Signs 56,264 SF Industrial Lease in Bensenville, Illinois

by Kristin Harlow

BENSENVILLE, ILL. — American Bear Logistics Corp. has signed a 56,264-square-foot industrial lease at 1065 Thorndale Ave. in the Chicago suburb of Bensenville. Chris Nelson and Calvin Gunn of Lee & Associates represented the landlord, Prologis. Nick Krejci of CORE Industrial Realty represented the tenant, which is a logistics company that focuses on integrating international freight forwarding, warehouse management, U.S. inland road transportation and import/export customs declaration services.

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AcquisitionsIllinoisIndustrialMidwest

Entre Commercial Realty Arranges Sale of 35,000 SF Industrial Building in Franklin Park, Illinois

by Kristin Harlow

FRANKLIN PARK, ILL. — Entre Commercial Realty has arranged the sale of a 35,000-square-foot industrial building in the Chicago suburb of Franklin Park for an undisclosed price. The property at 10100 Pacific Ave. is situated near I-294 and O’Hare International Airport. Chris Wilbur and Jeffrey Locascio of Entre represented the seller, Climate Solutions Window & Doors, which expanded and relocated to a larger facility within Franklin Park. Edward Pohn of Coldwell Banker Commercial represented the undisclosed buyer.

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16925-16927-Main-St-Carson-CA
AcquisitionsCaliforniaIndustrialWestern

Dunbar Real Estate Buys Industrial Complex in Carson, California for $10.2M

by Amy Works

CARSON, CALIF. — Dunbar Real Estate Investment Management has acquired an industrial investment complex, located at 16925-16927 Main St. in Carson, from MacLeaod Family Trust for $10.2 million. Built in 1992, the two-building, 41,880-square-foot asset offers six units ranging in size from 6,000 square feet to 7,000 square feet, with one combined 14,000-square-foot unit. Additionally, the property offers dock-high loading on four of the five units. Matt Stringfellow and Tyler Rollema of The Klabin Company/CORFAC International represented the buyer in the deal, while Mark Granger and Patrick Granger of The Granger Co. represented the seller.

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Samsung_Austin-Texas
Data CentersDevelopmentIndustrialTexasTop Stories

Reports: City Council Approves $225M Data Center Project in Taylor, Texas

by Taylor Williams

TAYLOR, TEXAS — The City Council of Taylor, a northern suburb of Austin, has approved a proposal and economic development agreement for a $225 million data center project, according to multiple publications, including the Austin Business Journal, Taylor Press and Community Impact Newspaper. Taylor Press reports that the city council approved the proposal during its meeting on Aug. 8, voting unanimously to grant tax rebates to Austin-based data center owner-operator BPP Projects. Taylor Press also reports that the project will be developed on 52 acres of city-owned land, and that construction will be carried out in three phases, each of which will deliver 45,000 square feet of space. Construction could begin as soon as next summer. Community Impact Newspaper reports that the city council approved a 10-year, 50 percent tax rebate for each phase of construction on the data center. In addition, the outlet states that BPP will also receive a 50 percent rebate on the local use tax collected on materials used during construction. Multiple publications report that the city’s economic development department expects the project to generate more than $1 billion in capital investment for the region over the next decade. The company has also agreed to guarantee …

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