REBusinessOnline

REIT Merger: Equity Commonwealth to Acquire Monmouth Real Estate for $3.4B

CHICAGO AND HOLMDEL, N.J. — Equity Commonwealth (NYSE: EQC) and Monmouth Real Estate Investment Corp. (NYSE: MNR) have agreed to merge, signaling their intent to build a leading industrial real estate business and participate in the long-term growth of the sector. Based on the structure of the deal, Equity Commonwealth would acquire Monmouth in an all-stock transaction valued at approximately $3.4 billion, including the assumption of debt. The combined company is expected to have a pro forma …

Industrial Landlords in Texas Should Beware of Higher Property Tax Assessments

By Darlene Sullivan, partner, and Justin Raes, tax cunsultant, Popp Hutcheson PLLC While some commercial property types struggled to stay relevant in 2020, industrial real estate seemed supercharged by the pandemic. This year, tax assessors are likely to use strong investor and occupier demand for some industrial properties to support significantly higher assessments for all industrial real estate. They may see this as a solution to make up for value losses in the hospitality, retail and …

TA Realty to Develop $1.8B Data Center Campus in Leesburg, Virginia

LEESBURG, VA. — TA Realty LLC, a provider of real estate investment management services to domestic and international institutional investors, plans to develop a new $1.8 billion secure data center campus in Leesburg. The Loudoun County project will be the first data center development for the Boston-based firm.TA Realty’s new data center campus will be situated on the east side of Sycolin Road with Cochran Mill Road to the north and Energy Park Drive to the south. With the initial …

Westmount Realty Capital Buys 121,918 SF Business Park in Tampa

TAMPA, FLA. — Westmount Realty Capital LLC has bought Interstate Business Park, a seven-building suburban office/flex property in Tampa. The Class B, 12.5-acre business park is close to Interstates 75 and 4, U.S. Highway 301 and State Roads 60 and 618. The acquisition is Westmount’s first office purchase in Florida. The seller and sales price were not disclosed.Interstate Business Park, which also has a small portion of warehouse space with grade-level access, is 73 percent occupied …

City Council of Mesquite Approves Development of $130M Alcott Logistics Station Project

MESQUITE, TEXAS — The City Council of Mesquite, an eastern suburb of Dallas, has granted final approvals to Urban Logistics Realty for the development of Alcott Logistics Station, a $130 million industrial project that will be located near Mesquite Metro Airport. At full buildout, the industrial park will consist of approximately 2.3 million square feet of Class A space across six buildings. The site will also feature collaborative outdoor space, a walking trail and a water feature, as well …

Supply Chain Solutions Company Signs 44,300 SF Industrial Lease in Suburban Chicago

GLENDALE HEIGHTS, ILL. — Associated, a supply chain solutions company, has signed a 44,300-square-foot industrial lease at 490 Windy Point Drive in Glendale Heights. The building, which will complement the company’s existing 87,000-square-foot headquarters, features 2,300 square feet of office space, recently updated interior finishes and fenced outdoor storage access. Corey Chase of Newmark represented the tenant in the lease transaction. The landlord information was

Sansone Group, Crow Holdings Underway on 702,450 SF Industrial Project in New Jersey

PALMYRA TOWNSHIP, N.J. — A partnership between St. Louis-based development firm Sansone Group and a private equity real estate fund backed by Crow Holdings Capital is underway on construction of Tac-Pal Logistics Center. The 702,450-square-foot industrial facility is located in Palmyra Township. The development team expects to complete the single-building property, which will feature modern design and build-to-suit opportunities, during the first quarter of 2022. Cushman & Wakefield and …

GoldOller Real Estate to Develop 157,000 SF Self-Storage Facility in Philadelphia

PHILADELPHIA — GoldOller Real Estate Investments, a locally based multifamily owner-operator, will develop a $20 million, 157,000-square-foot self-storage facility in Philadelphia. The site of the new five-story, climate-controlled facility is located at 3145 Greys Ferry Road, adjacent to the Schuylkill Expressway in the University City area. The facility will be GoldOller’s second following the development of an 80,000-square-foot property in Philadelphia’s Fishtown neighborhood. …

Monogram Food Solutions to Open 135,000 SF Production Facility in Haverhill, Massachusetts

HAVERHILL, MASS. — Monogram Food Solutions, a manufacturer of prepared foods based in Memphis, will open a 135,000-square-foot production facility within Cedar Brook Park in Haverhill, a northern suburb of Boston. Paradigm Properties is developing the facility as a build-to-suit for Monogram that will consist of 109,000 square feet of multi-temperature warehouse space and a 26,000-square-foot sandwich assembly area. Massachusetts-based design-build firm Dacon Corp. is the design-build firm. …

Joint Venture Breaks Ground on 93,000 SF Self-Storage Facility in Canton, Georgia

CANTON, GA. — A joint venture between Lumpkin Development, MacArthur Holdings and Live Oak Capital Partners has broken ground on a 93,000-square-foot self-storage facility located at 7222 Cumming Highway in Canton, close to the Northside Hospital Cherokee campus. The property is slated to be open to the public in the spring of 2022.The self-storage facility will be located on 9.2 acres and will comprise of drive-up, climate-controlled units. JM Williams Contractors will construct the …

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