PHILADELPHIA — Cushman & Wakefield has arranged undisclosed amounts of construction financing and joint venture equity for a 40,000-square-foot industrial project in Philadelphia that is a build-to-suit for Stateside Vodka. The facility will be located within Crown 95 Logistics Center, a 381,200-square-foot development on the city’s northeast side, and will feature a clear height of 28 feet and seven loading docks. John Alascio, Aaron Graves, Chuck Kohaut, T.J. Sullivan, Mitch Rothstein and Claire Oster of Cushman & Wakefield arranged the debt through Univest and the equity from Tramview Capital Management. The borrower/developer was not disclosed.
GILBERT, ARIZ. — Midloch Investment Partners, in joint venture partnership with Scottsdale-based ATLAS, has acquired two industrial buildings and two additional acres of industrial outdoor storage in Gilbert. It is Midloch’s first acquisition in metro Phoenix. Terms of the transaction were not released. Located at 455 and 481 E. Baseline Road, the assets are a 36,325-square-foot facility occupied by Gannett Co., which publishes the Arizona Republic among other media; and a 25,220-square-foot building occupied by four tenants. Additionally, the sale included two outdoor storage yards that two tenants occupy.
With rising interest rates from the Federal Reserve playing out across the capital markets, uncertainty has crept into all corners of commercial real estate, even in red-hot industrial markets like Richmond. For the first time this cycle, deal velocity has slowed for new acquisitions and leasing activity alike in the greater Richmond area. Borrowing costs have skyrocketed in the past 12 months, leading to an extended period of price discovery from both buyers and sellers, thus fewer investment sales. Richmond’s occupancy rate remained steady from first-quarter to second-quarter 2023 at 96 percent, according to research from Porter Realty. Occupancy ticked up 400 basis points for Class A space during that time frame — from 92 to 96 percent — and Class B stayed steady at 98 percent quarter-over-quarter. The second quarter saw more than 280,000 square feet of space returned to the market, though it had negligible impacts on occupancy rates. (Porter Realty tracks industrial facilities in the greater Richmond market sized 40,000 square feet and larger.) The bulk of new leases recently are executed by third-party logistics providers. Recent deals include Riverside Logistics taking 90,000 square feet in Henrico County, Bermuda Distribution & Trucking subleasing 48,000 square feet in …
VALDOSTA, GA. — Walmart has announced plans to invest $350 million in the development of a new dairy processing facility in Valdosta. Located on Inner Perimeter Road, the facility will provide milk to more than 750 Walmart stores and Sam’s Clubs in Georgia and neighboring states. The project is expected to create almost 400 new jobs. Operations are scheduled to begin in late 2025. Further details of the property and construction timeline were not disclosed.
HAGERSTOWN, MD. — Binswanger has arranged a lease at a 2.1 million-square-foot distribution facility currently underway in Hagerstown in northwest Maryland. Binswanger secured the 10-year lease on behalf of the tenant, Conair, a developer, manufacturer and marketer of health, beauty and kitchen products. Trammell Crow Co. is developing the property within its Mid-Atlantic Crossings industrial park. Originally planned as two separate facilities at 10440 Downsville Pike and 17250 Sterling Road, the warehouse will now be developed and operated as a single, contiguous building.
FORT MYERS, FLA. — Glenstar Logistics has signed leases with two new tenants at Tri-County 75, an industrial park currently underway at 6115-6150 Tri-County Commerce Way in Fort Myers. Glenstar is developing the 816,866-square-foot project in partnership with Columnar Holdings. Coldest, a Florida-based water bottle manufacturer, has signed a lease at the development for 52,866 square feet of warehouse and office space. Additionally, an unnamed third-party logistics provider (3PL) has signed a 22,784-square-foot lease at the property’s Building 4. General contractor The Conlan Co. will build out 1,400 and 1,100 square feet of office space for Coldest and the 3PL tenant, respectively. Lee & Associates, which is overseeing leasing at the development, represented Glenstar in the lease negotiations. Jeff Buckler of Lee & Associates represented Coldest, and Shawn Stoneburner of Cushman & Wakefield represented the 3PL. Ware Malcomb is the project architect for Tri-County 75, and DeLisi Fitzgerald is serving as the civil engineer. Affinius Capital is providing construction financing for the development.
LIVONIA, MICH. — Bernard Financial Group (BFG) has arranged a $30 million loan for the refinancing of a 364,000-square-foot industrial property in Livonia, a northwest suburb of Detroit. Dennis Bernard and Joshua Bernard of BFG arranged the loan with Securian Life Insurance Co. The borrower was an entity doing business as Livonia West Commerce Center 2 LLC.
NOBLESVILLE, IND. — MDH Partners has acquired Washington Business Park 2, a 247,000-square-foot warehouse completed this year in the Indianapolis suburb of Noblesville. Patch Development was the seller. MDH previously purchased Washington Business Park 1 in October 2022. Both buildings are located within the 142-acre Washington Business Park. Houston Hawley represented MDH on an internal basis. Bryan Poynter and Ryan Baker of Cushman & Wakefield brokered the sale. MDH’s footprint in Indiana now totals more than 1.4 million square feet.
SAN DIMAS, CALIF. — JLL Capital Markets has secured $32.9 million in financing for 300 East Arrow Highway, a single-tenant property in San Dimas, approximately 25 miles east of Los Angeles. Greg Brown, Peter Thompson, Kyle White and Allie Black of JLL Capital Markets’ debt advisory team arranged the nonrecourse loan for the borrower, CapRock Partners. Western Pacific Storage Solutions, a leader in the engineering and manufacturing of industrial storage solutions, shelving systems and material handling, occupies the 165,070-square-foot facility. The company has occupied the space for its manufacturing operations since 2001. Built in 1972 and expanded in 1989, 300 East Arrow Highway features 15 dock-high doors and one ground-level door, a 130-foot secured truck court and multiple points of ingress/egress. Additionally, the property offers ample parking, 4000A/480V power and 21,000 square feet of two-story office space.
COMPTON, CALIF. — DAUM Commercial Real Estate Services has arranged the sale of an industrial warehouse asset located at 1303 W. Walnut Parkway in Compton, just south of Los Angeles. A private investor acquired the property from an undisclosed seller for $16 million. Anthony Bergeman of DAUM Commercial represented the buyer, while Jeff Smart and Elizabeth Capati of Colliers represented the seller in the transaction. Situated on 1.8 acres, the 43,540-square-foot facility features two drive-in loading areas, six dock-high doors with ample turning radius for 53-foot truck loading, 93 parking spaces and a fenced yard. The new ownership plans to remove the excess mezzanine office space and implement extensive renovations to reduce and modernize the onsite office footprint.