Industrial

Venture One Buys 37,601 SF Industrial Building in Elmhurst, Illinois

by Kristin Harlow September 13, 2023

ELMHURST, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has acquired a 37,601-square-foot industrial building in Elmhurst for an undisclosed price. The acquisition was structured as a sale-leaseback. Built in 1969, the property features a clear height of 18 feet, two docks, two drive-in doors and parking for 45 cars. Ted Gates and David Prell of CBRE represented the undisclosed seller. VK Industrial VI is co-sponsored by Venture One and Kovitz Investment Group. The fund targets industrial acquisitions in the Chicago, Northeast and Florida markets.

September 13, 2023

Acquisitions Industrial New York Northeast Top Stories

CBRE Arranges $146M Sale of Light Industrial Portfolio Adjacent to JFK International Airport

by Kristin Harlow September 13, 2023

INWOOD, N.Y. — CBRE has arranged the sale of a portfolio of light industrial properties situated adjacent to JFK International Airport in the Long Island borough of Inwood for $146 million. A partnership between Onyx Acquisition IV LLC and Starwood purchased the portfolio from limited liability companies controlled by the Elias family. Situated on 18 acres, the portfolio comprises 10 buildings totaling 500,708 square feet. The properties include: 95 Inip Drive, 90 Inip Drive, 71 Inip Drive, 55 Inip Drive, 41 Inip Drive, 100 Inip Drive, 40 Inip Drive, 475 Doughty Blvd. and 447-453 Doughty Blvd. Brian Fiumara and Martin Lomazow led the CBRE team that brokered the transaction. Allan Elias is the executive who represented the family interests. The transaction marks the first time in 50 years that the portfolio was marketed for sale, according to Lomazow. Ben Elias Industries Corp., a discount clothing distributor that occupied much of the portfolio, ceased operations last year. Fiumara says the portfolio offers a value-add opportunity as well as unrivaled accessibility to consumers, infrastructure and labor. — Kristin Harlow

September 13, 2023

Development Industrial North Carolina Southeast

Beacon Partners to Expand Carolina Logistics Park in Pineville, North Carolina by 434,500 SF

by John Nelson September 12, 2023

PINEVILLE, N.C. — Beacon Partners has begun the expansion of Carolina Logistics Park, a 288-acre industrial park in Pineville that currently spans more than 3.5 million square feet. The expansion will add two new buildings totaling 434,500 square feet, with build-out options starting at 21,615 square feet. The buildings will feature 32-foot clear heights, build-to-suit offices, concrete truck courts, automobile and trailer parking and ESFR sprinkler systems. The project team includes general contractor The Conlan Co., Merriman Schmitt Architects and Orsborn Engineering Group. CIBC Bank USA is providing financing for the new buildings. Beacon Partners expects to deliver the expansion in mid-year 2024. Tim Robertson will handle the leasing assignment for the project on an internal basis. Beacon Partners recently completed a 900,000-square-foot expansion across three buildings within the park. W.W. Grainger Inc. occupies 525,624 square feet within that section. Other tenants at the overall Carolina Logistics Park include Amazon, Carolina Foods and Empire Distributors.

September 12, 2023

Acquisitions Industrial New Jersey Northeast

CBRE Brokers $53.7M Sale of Industrial Property in Monroe Township, New Jersey

by Taylor Williams September 12, 2023

MONROE TOWNSHIP, N.J. — CBRE has brokered the $53.7 million sale of a 203,000-square-foot industrial property in Monroe Township, located outside of Trenton in Central New Jersey. The site at 34 Engelhard Drive spans 12 acres, and the building was originally constructed in 1980. Brian Fiumara of CBRE represented the seller, New York-based Clarion Partners, in the transaction. Fiumara also procured the buyer, GLP Capital Partners.

September 12, 2023

Development Industrial Texas Top Stories

Trina Solar to Open $200M Manufacturing Facility in Wilmer, Texas

by John Nelson September 12, 2023

WILMER, TEXAS — Trina Solar, a solar products manufacturer and solutions provider based in China, has announced plans to open a $200 million manufacturing facility in Wilmer, about 16 miles south of Dallas. Slated for completion in 2024, the plant will be located within Tradepoint 45 West, a 1.3 million-square-foot speculative development, and will be used for the production of photovoltaic (PV) Vertex modules as well as the sourcing of polysilicon, a key raw material in the production of solar PV products. The Wilmer plant will be Trina Solar’s first module factory in the Western hemisphere. “We have long had a vision to manufacture solar products in the United States, and we are proud of the jobs we are creating and the investment we are making in the Wilmer community,” says Steven Zhu, president of Trina Solar US. “Trina’s goal in building this facility is to begin to create an ecosystem of American manufacturing that can serve the burgeoning U.S. solar market.” “Trina will announce additional investments in American communities soon,” continues Zhu. “We are grateful to the State of Texas, Dallas County and the City of Wilmer for working with us on this exciting project.” At full capacity, the facility …

September 12, 2023

Acquisitions Industrial Oklahoma Texas

CBRE Brokers Sale of 178,150 SF Industrial Building in Tulsa, Oklahoma

by Taylor Williams September 11, 2023

TULSA, OKLA. — CBRE has brokered the sale of a 178,150-square-foot industrial building in Tulsa. The single-story building was constructed on a 60-acre site in 2018 and features 25.6-foot clear heights and a 250-space parking lot. Matt Klimisch, David Glasgow, Alex Powell, Kurt Giller and Kerry Shields of CBRE represented the seller, Titan Sports & Performance Center LLC, in the transaction. Craft Capital LLC purchased the asset for $14.9 million.

September 11, 2023

Industrial Leasing Activity Texas

Colliers Negotiates 114,400 SF Industrial Lease at Prologis Central Green in North Houston

by Taylor Williams September 11, 2023

HOUSTON — Colliers has negotiated a 114,400-square-foot industrial lease at Building 5 at Prologis Central Green in North Houston. The rear-load building features 24-foot clear heights, three grade-level doors, an ESFR sprinkler system and 4,683 square feet of office space. Adam Bray of Prologis represented the landlord, Liberty Property Trust, in the negotiations for the full-building lease. Barrett Gibson and Jeff Peltier of Colliers represented the tenant, logistics firm DSV Air & Sea.

September 11, 2023

Development Illinois Industrial Midwest

Gotion to Build $2B Electric Vehicle Battery Gigafactory in Manteno, Illinois

by Kristin Harlow September 11, 2023

MANTENO, ILL. — Gotion has unveiled plans to build a $2 billion electric vehicle (EV) lithium battery manufacturing plant in Manteno, a southern suburb of Chicago located in Kankakee County. According to a press release from the state of Illinois, the company’s decision was bolstered by a Reimagining Energy and Vehicles (REV) Illinois incentive package and the new Invest in Illinois fund. The plant is expected to begin production in 2024. The facility will focus on lithium-ion battery cell, battery pack production and energy storage system integration. Gotion’s total incentive package from the state, which includes REV, Invest in Illinois and other incentives, is valued at $536 million. Through REV, Gotion is eligible to receive tax benefits totaling $213 million over 30 years. The REV agreement specifies a minimum company investment of $1.9 billion and the creation of 2,600 full-time jobs that are paid at least 120 percent of the average wage of similar job classifications in Kankakee County. Local authorities also approved Gotion for property tax abatement for 30 years. As part of the state’s commitment to build out comprehensive EV hubs and support Illinois’ workforce, the state will also fund a new manufacturing training academy nearby, as well …

September 11, 2023

Acquisitions California Development Industrial Western

Pacific Industrial Acquires Land for 215,000 SF Spec Development in City of Industry, California

by Amy Works September 11, 2023

CITY OF INDUSTRY, CALIF. — Pacific Industrial has purchased 10 acres of land at 17969 Railroad St. in City of Industry. The property was acquired via a short-term sale/leaseback. Additional terms of the transaction were not released. Upon lease expiration, Pacific Industrial plans to develop Pacific Railroad Center, a Class A, 215,000-square-foot industrial facility. The speculative for-lease development will offer electric vehicle charging stations, solar-ready roofs, excess car/trailer parking and a two-story signature glass-entry office. Pacific Industrial plans to break ground in 2024, with completion scheduled for 2025. Chris Bonney and Brad Gilmer of Lee & Associates will be exclusive leasing agents for the project.

September 11, 2023

Development Illinois Industrial Midwest

Standard Real Estate Invests in Trammell Crow’s Woodridge Industrial Center in Suburban Chicago

by Kristin Harlow September 11, 2023

WOODRIDGE, ILL. — Standard Real Estate Investments LP is making an equity investment through its new $150 million investment vehicle in the Woodridge Industrial Center, a 217,000-square-foot logistics facility being developed by Trammell Crow Co. in suburban Chicago. The project is located on a 17-acre site in Woodridge and is slated for completion in summer 2024. The building will feature 22 dock doors, 130-foot truck courts and 270 parking spaces. The project team includes Harris Architects, general contractor FCL and civil engineer SpaceCo.

September 11, 2023

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