PLAINVIEW, TEXAS — MYCON General Contractors has begun construction on a 21,910-square-foot industrial project in Plainview, located roughly midway between Lubbock and Amarillo in West Texas. The facility will consist of five pre-engineered metal buildings and a prefabricated guard shack on a 4.5-acre site and will be used to manufacture electronic-grade sulfuric acid for the cleaning and etching of computer chips. Delivery is slated for next May. The developer is a joint venture that includes Samsung.
CARPINTERIA, CALIF. — PSRS has arranged $5.1 million in refinancing for Baker Bradford Complex, a 172,000-square-foot industrial complex in Carpinteria. PSRS secured the nonrecourse, 10-year, interest-only loan through a correspondent life insurance company. The borrower was not disclosed.
ELGIN, ILL. — Kingsbarn Realty Capital has acquired a 61,888-square-foot industrial facility in Elgin that serves as the headquarters of GoldCoast Logistics. Located at 1425 Madeline Lane, the build-to-suit property was completed in 2022. GoldCoast Logistics has now entered into a 20-year triple net lease with Kingsbarn with rental increases of 2.5 percent per year. The building features a clear height of 30 feet, 12 dock-high overhead doors and four drive-in doors. GoldCoast has a fleet of more than 1,500 trucks and trailers, has more than 1,200 employees and handles over 70,000 shipments each year.
O’FALLON, MO. — Keystone Construction Co. has broken ground on the new $5 million headquarters for commercial lighting solutions company SourceOne Solutions LLC in the St. Louis suburb of O’Fallon. The 37,500-square-foot building, which is being constructed on a 6.4-acre site at 6800 Keaton Corporate Parkway, is slated for completion in fall 2024. Gray Design Group is the architect, and Knapp Engineering and Civil & Environmental Consultants are the engineers. In addition to warehousing and manufacturing space, the facility will feature 6,500 square feet of office space with a covered entry and patio, executive offices, training and conference rooms, open workstations and a café. The project is designed for expansion in the future.
Orlando’s industrial market continues to maintain strong market fundamentals. Despite leasing activity temporarily softening at the midway point of 2023 compared to the end of second-quarter 2022, exceptionally low vacancy rates persist, putting upward pressure on asking rental rates and further strengthening developer confidence in the market. With its strategic locational advantages and diverse tenant mix, the sector is well-positioned for future growth. According to Florida Commerce, Orlando’s unemployment rate is 2.6 percent, well below the national rate of 3.6 percent. Labor shortages remain, as jobs increased by 5,300 in the industrial-using sector and 6,200 in trade, transportation, and utilities. At the same time, Central Florida’s population growth — along with the state’s business-friendly conditions, from no state income tax to relative affordability — consistently spurs demand for e-commerce logistics and warehousing throughout the region. Asking rates surge Year-to-date industrial leasing volume in Orlando has been 4.4 million square feet, 2.4 million square feet of which was in the second quarter. Total vacancy stood at 3.5 percent in the second quarter, significantly lower than the national vacancy rate of 5.4 percent. The average asking rate for industrial properties in Orlando was $10.77 triple-net per square foot, reflecting a 5.4 percent …
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, …
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.
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.
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.
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.