Industrial

Memphis Industrial Market Begins to Normalize After Years of Robust Growth

by John Nelson September 4, 2023

In January of 2023, the Memphis industrial market was coming off multiple years of record-breaking growth. However, mid-year we seem to be trending back to a somewhat normal growth pattern. The Memphis industrial market, which was fueled by the pandemic like many other markets, is finally beginning to normalize. Economic factors also influence the market as well. First and foremost is the uncertainty: uncertainty in interest rates, uncertainty in construction costs and uncertainty in when will we see some signs of stabilization. Many say we need to survive until 2025. Yet, the Memphis industrial market seems to have all the tools to handle this moment, and move forward. Memphis, located on the borders of Tennessee, Arkansas and Mississippi, is known as “America’s Distribution Center” — boasting unparalleled expertise in distribution and logistics. With a central location, Memphis’ transportation infrastructure comprises the four Rs: runway, rail, river and road. Memphis International Airport houses the largest cargo airport in the world with the FedEx worldwide hub. Memphis is one of only three cities in the country that has five of the seven Class I railroads: Union Pacific/Southern Pacific, Burlington Northern Santa Fe (BNSF), CSX Corporation, Norfolk Southern and Canadian National Railroad (CN). …

September 4, 2023

Acquisitions California Industrial Western

Newmark Negotiates $103.5M Sale of 14-Building Industrial Portfolio in Fremont, California

by Amy Works September 1, 2023

FREMONT, CALIF. — Newmark has arranged the sale of Bayside Industrial Portfolio, a 14-property industrial portfolio in Fremont. CIP Real Estate acquired the asset from an undisclosed seller for $103.5 million. At the time of sale, the 352,280-square-foot portfolio was 91 percent occupied by 80 tenants. The properties feature flexible industrial spaces ranging from 2,500 square feet to 25,000 square feet, 16-foot clear heights, ample power distribution throughout the campus, truck courts with depths up to 140 feet and a mix of at-grade and dock-high doors. Steven Golubchik, Edmund Najera, Jonathan Schaefler and Darren Hollak of Newmark represented the seller in the deal. Ramsey Daya and Chris Moritz of Newmark’s Debt and Structured Finance group arranged $63 million in acquisition financing, in the form of debt, for the buyer.

September 1, 2023

Industrial Leasing Activity Texas

UMOJA Supply Chain Solutions Signs 176,152 SF Industrial Lease in North Houston

by Taylor Williams September 1, 2023

HOUSTON — UMOJA Supply Chain Solutions has signed a 176,152-square-foot industrial lease at Rankin 45 Distribution Center in North Houston. The cross-dock building features 32-foot clear heights, an ESFR sprinkler system, four drive-up ramps and parking for 259 cars and 23 trailers. Geoff Perrott and Jeff Venghaus of JLL, along with Matt Knafel with KWILL Advisors, represented UMOJA Supply Chain Solutions in the lease negotiations. Joseph Smith and Faron Wiley of CBRE represented the landlord, a joint venture between Trammell Crow Co. and Clarion Partners.

September 1, 2023

Industrial Leasing Activity Texas

Auto Parts Manufacturer Preleases 150,512 SF Industrial Building in South San Antonio

by Taylor Williams September 1, 2023

SAN ANTONIO — An undisclosed auto parts manufacturer has preleased a 150,512-square-foot industrial building on the south side of San Antonio. The tenant is leasing the entirety of Building 2 within Brooks Global Crossing, an industrial campus located within the 1,308-acre Brooks master-planned development. Carter Thurmond and Witt Westbrook of Transwestern represented the landlord, Cambridge Development, in the lease negotiations. Building 2 is under construction and expected to be complete by the second quarter of 2024.

September 1, 2023

Delaware Development Industrial Northeast

Agile Cold Storage to Open 275,000 SF Facility in Claymont, Delaware

by Taylor Williams September 1, 2023

CLAYMONT, DEL. — Georgia-based owner-operator Agile Cold Storage will open a 275,000-square-foot facility in Claymont, Del., about 25 miles southwest of Philadelphia. The site is located within First State Crossing, an industrial park that is a redevelopment of a former steel mill. Agile Cold Claymont is expected to create 130 new jobs and involve capital investment of more than $170 million over the next five years.

September 1, 2023

Development Industrial Mixed-Use Texas Top Stories

Joint Venture Breaks Ground on $250M New Hope Mixed-Use Project in Cedar Park, Texas

by Katie Sloan September 1, 2023

CEDAR PARK, TEXAS — A joint venture between three Austin-based real estate firms — Cordova Real Estate Ventures, Riverside and Live Oak — has broken ground on Phase I of New Hope, a $250 million mixed-use project located in the Austin suburb of Cedar Park. The first two phases of the project are being developed across six parcels on New Hope Drive. Phase I will include three Class A industrial buildings totaling 271,689 square feet. The second phase of development will include an additional 213,700 square feet of industrial space. The project is also set to include a 32-acre development named The District at New Hope. This portion of the project is still in design, but could include a mix of retail, entertainment, restaurant, hospitality, office space, and research-and-development space. A timeline for the development was not announced. The project team for New Hope includes Zapalac/Reed Construction Co., McFarland Architecture and Malone Wheeler. Live Oak will market and lease the project’s industrial space, and Travis Robertson with JLL has been tapped to handle leasing of retail and restaurant space. A number of industrial developments are currently underway in suburban Austin, including 5900 Ben White, an industrial project also by Riverside …

September 1, 2023

Industrial Leasing Activity Texas

Sungrow USA Signs 179,534 SF Industrial Lease in North Houston

by Taylor Williams August 31, 2023

HOUSTON — Sungrow USA Corp., a division of Chinese solar technology company Sungrow, has signed a 179,534-square-foot industrial lease at Rankin 45 Distribution Center in North Houston. The cross-dock building features 32-foot clear heights, an ESFR sprinkler system, four drive-up ramps and parking for 259 cars and 23 trailers. Michael Foreman and Beau Kaleel of Cushman & Wakefield represented Sungrow USA in the lease negotiations. Joseph Smith and Faron Wiley of CBRE represented the landlord, a joint venture between Trammell Crow Co. and Clarion Partners.

August 31, 2023

Industrial Leasing Activity Texas

Finial Group Negotiates 58,016 SF Industrial Lease Renewal in Arlington

by Taylor Williams August 31, 2023

ARLINGTON, TEXAS — Houston-based brokerage firm Finial Group has negotiated a 58,016-square-foot industrial lease renewal at 626 106th St. in Arlington. According to LoopNet Inc., the building was constructed on 2.4 acres in 1970 and features 19-foot clear heights. John Buckley, Jack Gaffney and Nicky Manasso of Finial Group represented the undisclosed landlord in the lease negotiations. John Brewer and Riley Maxwell of Transwestern represented the tenant, Iron Mountain Information Inc.

August 31, 2023

Delaware Development Industrial Loans Northeast

JLL Arranges $56.3M Construction Loan for Industrial Project in Claymont, Delaware

by Taylor Williams August 31, 2023

CLAYMONT, DEL. — JLL has arranged a $56.3 million construction loan for Tri-State Industrial, a 525,000-square-foot project that will be located about 25 miles outside of Philadelphia in Claymont, Delaware. The property will feature 40-foot clear heights, an ESFR sprinkler system, 130-foot truck court depths, four drive-in ramps with overhead doors and ample trailer and car parking. Chris Drew, Mike Pagniucci and Michael DiCosimo of JLL arranged the loan through Principal Asset Management on behalf of the borrower, a partnership between New York City-based KPR Centers and Los Angeles-based PCCP LLC.

August 31, 2023

Acquisitions Industrial New Hampshire Northeast Self-Storage

Marcus & Millichap Brokers Sale of 448-Unit Self-Storage Facility in Merrimack, New Hampshire

by Taylor Williams August 31, 2023

MERRIMACK, N.H. — Marcus & Millichap has brokered the sale of a 448-unit self-storage facility located in the southern New Hampshire city of Merrimack. The facility, which is managed by Life Storage, opened in early 2022 and spans 57,840 net rentable square feet of non-climate-controlled space. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company, in the deal. Thomas Shihadeh of Marcus & Millichap assisted in closing the transaction as the broker of record. Additional terms of sale were not disclosed.

August 31, 2023

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