Industrial

FRANKLIN, LA. — Saronic Technologies, an Austin-based manufacturer for the defense and space industries, has announced plans to invest $300 million to expand its existing shipyard in Franklin, a city in southern Louisiana’s St. Mary Parish. The shipyard first became operational in April. The new investment will allow Saronic to meet client demand for its fleet of autonomous ships, or Autonomous Surface Vessels (ASVs). The company broke ground last month on the expansion, which will add 300,000 square feet of manufacturing space to its site near the Atchafalaya River, which feeds into the Gulf of Mexico. The project will comprise three new slips, expand its existing warehouse and establish a production line for assembly of its ASVs, namely Marauder, the company’s 180-foot autonomous ship. Saronic worked with Louisiana Economic Development, St. Mary Parish and other government offices on the expansion, which will add 1,500 skilled jobs to the Gulf Coast region. Private partners on the design-build team include JacobsWyper Architects, P2S, KPFF, JE Dunn and Alberici. The project is slated for completion by the end of 2026, with expanded operations coming on-line in early 2027. Saronic is also planning its next-generation Port Alpha shipyard, details of which were not released.

FacebookTwitterLinkedinEmail

SARASOTA, FLA. — Cushman & Wakefield has brokered the sale of Airport Commerce Center, an eight-building industrial park in Sarasota spanning 186,675 square feet. The Silverman Group purchased the project from Sound Capital for an undisclosed price. Rick Brugge, Mike Davis and Rick Colon of Cushman & Wakefield represented Sound Capital in the transaction. Airport Commerce Center is located at 7602 15th St. E, which sits near U.S. Highway 301 and I-75 and across from Sarasota-Bradenton International Airport. The small-bay industrial park was fully leased at the time of sale to a roster of 48 tenants. Suite sizes range from 1,177 to 12,283 square feet, with the eight buildings featuring a total of 74 grade-level doors and clear heights ranging from 16 to 20 feet.

FacebookTwitterLinkedinEmail

NEWARK, N.J. — PGIM Real Estate has funded a $140.5 million, floating-rate acquisition loan for a national portfolio of six cold storage facilities totaling approximately 853,000 square feet. The names and addresses of the properties were not disclosed, but the locations are scattered across Boston, Philadelphia, Orlando, Tampa and California’s Inland Empire. The borrower is a partnership between Artemis Real Estate Partners and Provender Partners.

FacebookTwitterLinkedinEmail

PHILADELPHIA — Los Angeles-based Thorofare Capital has provided $54.5 million in financing for a 624,912-square-foot, newly redeveloped industrial property in Philadelphia. The address of the property was not disclosed, but the multi-level facility includes secured trailer parking and is in the process of being leased up to a mix of credit and institutional tenants. The debt was structured with a floating interest rate. The borrower was also not disclosed. 

FacebookTwitterLinkedinEmail
BuildingC-Luke-Field-Glendale-AZ

GLENDALE, ARIZ. — Lincoln Property Co. and Goldman Sachs have completed the disposition of the 1.3 million-square-foot Building C at Luke Field in Glendale. Walmart acquired the asset for $152.1 million. Luke Field, located at 13803 and 13543 Northern Ave. and 7733 Litchfield Road, spans three Class A industrial buildings: a 695,750-square-foot Building A, a 454,761-square-foot Building B and a 1.3 million-square-foot Building C. Each building features a clear height of 40 feet, 25-foot tall glass entries, 3,000 amps of power (expandable), automated dock doors, steel moment frame shear bracing and 5-foot by 10-foot clerestory windows. The project also includes Lincoln’s creative industrial amenities, including barbecue stations, a shaded outdoor eating area and employee collaboration spaces. Lincoln serves as the property manager and leasing agent for Luke Field. JLL’s Marc Hertzberg and Josh Lydon represented the buyer in the Building C acquisition.

FacebookTwitterLinkedinEmail
Power-Commerce-Park-Gilbert-AZ

GILBERT, ARIZ. — Richard Scheinfeld of Top Ten Properties has acquired Power Commerce Park, a small-bay industrial campus in Gilbert, part of Phoenix’s Southwest Valley submarket. Dave Cavan of Cavan Commercial sold the asset for $55 million, or $376.57 per square foot. Built in 2023, Power Commerce Park features 146,052 square feet of Class A industrial space adjacent to the Elliot Road Tech Corridor and Phoenix-Mesa Gateway Airport. The Leroy Breinholt team at Commercial Properties Inc./CORFAC International represented the seller in the transaction.

FacebookTwitterLinkedinEmail
Devon-Self-Storage-Camden-New-Jersey

CAMDEN, N.J. — Inland Private Capital Corp. and Devon Self Storage, which are both part of The Inland Real Estate Group of Cos., have completed a 1,070-unit self-storage project in the Southern New Jersey community of Camden. The site at 1501 Admiral Wilson Blvd. formerly housed a warehouse and distribution facility, and the new storage building features 110,000 net rentable square feet of climate-controlled space. The Camden project marks the 19th collaboration between the two groups.

FacebookTwitterLinkedinEmail

DECATUR, ILL. — Contegra Construction has completed a 611,000-square-foot warehouse for transportation company McLeod Express in the central Illinois city of Decatur. The project marks the second warehouse for the family-owned company, supplementing its existing warehouse operations from a 100,000-square-foot facility that McLeod has owned and operated since 2001. The new building is located about one mile from the I-72 exchange and three miles from the Midwest Inland Port. Situated on a 37-acre site at 3960 E. Mound Road, the project features a clear height of 36 feet, 56 dock doors, four drive-through doors and parking for 63 cars and 64 trucks. The building also houses a two-story, 6,000-square-foot office space. McLeod manages a fleet of more than 300 trucks and 900 trailers.

FacebookTwitterLinkedinEmail

COPPELL, TEXAS — Chicago-based investment firm ML Realty Partners has acquired a 105,975-square-foot industrial building in Coppell, located in the northern-central part of the metroplex. The building at 850 Freeport Parkway was fully leased at the time of sale to four tenants: Cintas Corp., Jet Line, Matrix Network and Wieland Metal Services. The seller and sales price were not disclosed.

FacebookTwitterLinkedinEmail

RICHARDSON, TEXAS — Avison Young has brokered the sale of two industrial flex buildings totaling 73,646 square feet in Richardson, a northeastern suburb of Dallas. The buildings sit on a combined 4.7 acres at 1200-1300 S. Sherman St. and were fully leased at the time of sale to a single tenant. John Bowles, Susan Gwin Burks and Bruce Butler of Avison Young represented the seller, an affiliate of Mohegan Capital, in the transaction. The buyer was Elegant Investment Group Inc.

FacebookTwitterLinkedinEmail