Industrial

Randy Dowis NAI Industrial Colorado Springs

Industrial activity runs a wide gamut in Colorado Springs. Situated on the busy I-25 corridor, the Centennial State’s second-largest city is a key distribution point to Northern Colorado and surrounding states. But distribution is only part of the story. Thanks in part to Fort Carson Army base on its southern edge and the U.S. Air Force Academy to its north, the seat of El Paso County is home to an assortment of aerospace and defense manufacturers, as well as other industry clusters ranging from medical equipment makers to suppliers of semiconductor components. “It’s a military-friendly community that offers a lot of support for entrepreneurs and families just separating from their respective branches,” says Megan Mechikoff, an associate broker specializing in industrial real estate at NAI Highland Commercial Group. “That generates a lot of startups that work directly for the Department of Defense or attach themselves to a larger brand like Lockheed Martin or Northrop Grumman.” Colorado Springs attracts employers with its highly educated workforce, affordable cost of living and excellent quality of life, which includes mild winters on the protected Eastern slopes of the Rocky Mountains and proximity to outdoor activities and winter sports, Mechikoff says. What Colorado Springs lacks, …

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Cascade-Civil-Longview-WA

LONGVIEW, WASH. — Oregon-based Cascade Civil Development has acquired a 150-acre industrial development site in Longview. The property is near the Port of Longview on the Interstate 5 corridor, approximately 55 miles north of Portland, Ore. Weyerhaeuser sold the site for an undisclosed price. Aaron Watt, Keegan Clay and Michael Flynn of Cushman & Wakefield represented the buyer and seller in the deal. Additionally, the trio was retained to handle leasing and disposition services for the future development. While official plans for the site have not been announced, the buyer has all permits in place for mass grading to bring the site to shovel-ready condition. The property has the capability to accommodate nearly 2 million square feet of industrial product. Additionally, the site is rail served with high-capacity utility infrastructure.

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201-Frank-Ave-Belgrade-MT

BELGRADE, MONT. — Lee & Associates – LA North/Ventura has brokered the sale of a distribution center located at 201 Frank Ave. in Belgrade, a suburb of Bozeman. California Gateway, a private family entity, acquired the asset from an undisclosed seller for $47.7 million. The 200,000-square-foot facility is a build-to-suit for FedEx Ground. Hunter Warner and Brett Warner of Lee & Associates – LA North/Ventura handled the transaction.

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DIXON, CALIF. — CBRE has secured $30 million in refinancing for Dixon Commerce Center, a warehouse facility at 2299 Commerce Way in Dixon, approximately midway between Sacramento and the Bay Area. Shaun Moothart, Bruce Francis, Doug Birrell, Bob Ybarra, Nick Santangelo and Jim Korinek of CBRE Capital Market Debt and Structured Finance secured the fixed-rate, nonrecourse loan through a large regional bank. The borrower was Nearon Enterprises.  Totaling 447,042 square feet, the building was built in two phases — one in 1997 and the second in 2007. Situated on 30 acres, the single-tenant asset was renovated in 2019 and features 27.5-foot to 32-foot clear heights, 30 dock doors and two grade-level doors with ample parking.

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MEMPHIS, TENN. — Atlanta-based Robinson Weeks Partners (RWP) has sold Southridge Crossing, a 234,36-square-foot industrial building located in Memphis. Pattillo Industrial Real Estate acquired the property for an undisclosed price. Stewart Calhoun, Casey Masters and Ryan Bellows of Cushman brokered the sale. An undisclosed tenant has signed a full-building lease at the development, which was completed in May. 

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2121-Wheatsheaf-Lane-Philadelphia

PHILADELPHIA — CIT, a division of First Citizens Bank, has provided a $44 million construction loan for a 287,218-square-foot industrial project that will be located at 2121 Wheatsheaf Lane in northeast Philadelphia. The facility will feature a clear height of 40 feet, 36 dock doors, two drive-in doors and parking for 65 trailers and 258 cars. The borrower and developer, Greek Real Estate Partners, acquired the site in spring 2021 and subsequently demolished the existing structure. Delivery of the new facility is slated for the first quarter of 2025. JLL has been tapped as the leasing agent.

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OLD BRIDGE, N.J. — Dallas-based development and investment firm Dalfen Industrial and private investment management group Centerbridge Partners have acquired a 6.9-acre industrial outdoor storage facility in Old Bridge, about 40 miles south of Manhattan. At the time of sale, the property was fully leased to two tenants that utilize the site for truck and trailer storage. Dalfen acquired the facility in conjunction with a 4.1-acre trailer storage yard in California’s Inland Empire. The seller and sales price were not disclosed.

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The-Base-Phase-1-Glendale-AZ

GLENDALE, ARIZ. — JLL Capital Markets has arranged $96.5 million in construction financing for The Base Phase I, a seven-building logistics development totaling 1.2 million square feet in Glendale. Kevin MacKenzie, Jason Carlos and Jarrod Howard of JLL Capital Markets Debt Advisory team secured the financing through Bank OZK for the borrower, ViaWest Group. Situated on 82.5 acres, the property will feature buildings ranging from 80,000 square feet to 310,000 square feet with clear heights up to 36 feet. In total, the development will offer 105 trailer parking spaces, 1,325 auto parking spaces, 236 dock-high doors and 38 grade-level doors in rear-load and cross-load configurations. The buildings are designed to accommodate a wide range of divisibility between 20,000 square feet and full-building users up to 310,000 square feet. The Base Phase I, is slated for delivery in the fourth quarter of 2024.

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NORTH LAS VEGAS, NEV. — CapRock Partners has purchased 85 acres of unimproved land in North Las Vegas for the development of CapRock Highlander Logistics Center. The Class A complex will feature two freestanding warehouse buildings totaling approximately 1.5 million square feet. CapRock entitled the site during a prolonged escrow and then acquired the property off-market from a private seller. Terms of the deal were not released. Construction is scheduled to begin in 2024, with completion slated for 2025. Upon completion, CapRock Highlander Logistics Center will feature a 1 million-square-foot facility with 164 dock-high doors, four ground-level doors and speculative office space, and a 460,800-square-foot building with 82 dock-high doors, four ground-level doors and speculative office space. The buildings will offer 40-foot clear heights, excess land for an outsized number of trailer and parking stalls, drive-around capability and private concrete yards and truck courts. Donna Alderson, Greg Tassi and Nick Abraham of Cushman & Wakefield represented CapRock in the acquisition. Will Strong and Kirk Kuller of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented CapRock in the asset’s equity financing.

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FORNEY, TEXAS — Marcus & Millichap has brokered the sale of Bin 741 Storage, a 490-unit self-storage facility located in the eastern Dallas suburb of Forney. The facility was built in 2017 and spans 56,900 net rentable square feet. Danny Cunningham and Brandon Karr of Marcus & Millichap represented the seller, a locally based family partnership that originally built the property, in the transaction. The duo also procured the buyer, a Houston-based investment firm.

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