Industrial

CIT Provides $44M Construction Loan for Northeast Philadelphia Industrial Project

by Taylor Williams September 29, 2023

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.

September 29, 2023

Acquisitions Industrial New Jersey Northeast

Dalfen, Centerbridge Acquire Industrial Outdoor Storage Facility in Old Bridge, New Jersey

by Taylor Williams September 29, 2023

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.

September 29, 2023

Arizona Development Industrial Loans Western

JLL Arranges $96.5M Construction Loan for The Base Logistics Development in Glendale, Arizona

by Amy Works September 28, 2023

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.

September 28, 2023

CapRock-Highlander-Logistics-Center-North-Las-Vegas-NV

Development Industrial Nevada Western

CapRock Partners Buys Site for 1.5 MSF Industrial Project in North Las Vegas

by Amy Works September 28, 2023

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.

September 28, 2023

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 490-Unit Self-Storage Facility in Forney, Texas

by Taylor Williams September 28, 2023

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.

September 28, 2023

Acquisitions Industrial Texas

Founders Properties Sells 114,000 SF Industrial Building in Plano

by Taylor Williams September 28, 2023

PLANO, TEXAS — Minnesota-based investment firm Founders Properties has sold a 114,000-square-foot industrial building located at 780 Shiloh Road in Plano. The building was constructed in 2001, renovated in 2007 and was fully leased at the time of sale to a single unnamed tenant. Randy Baird, Jonathan Bryan, Ryan Thornton, Nathan Wynne and Eliza Bachhuber of CBRE represented Founders Properties in the transaction. The buyer was an undisclosed, California-based private investor.

September 28, 2023

Acquisitions Industrial Midwest Missouri Ohio Wisconsin

BGO IREIT Acquires Interest in $948M Midwest Industrial Portfolio

by Kristin Harlow September 28, 2023

CINCINNATI, KANSAS CITY, ST. LOUIS AND KENOSHA, WIS. — BGO Industrial Real Estate Income Trust Inc. (BGO IREIT) has acquired an indirect 34.2 percent ownership interest in a portfolio of Midwest industrial assets valued at approximately $948 million in exchange for 13 million units of its operating partnership. The purchase price of the portfolio was approximately $130 million. The portfolio consists of 29 industrial buildings totaling more than 9.4 million square feet in Cincinnati, Kansas City, St. Louis and Kenosha, Wis. Developed between 2012 and 2023, the portfolio is 90 percent leased to multiple tenants with a weighted average remaining lease term of approximately five years.

September 28, 2023

Illinois Industrial Loans Midwest

PGIM Provides $66M Loan for Refinancing of Two Industrial Properties in Suburban Chicago

by Kristin Harlow September 28, 2023

AURORA AND PALATINE, ILL. — PGIM Real Estate has provided a $66 million loan for the refinancing of two newly built industrial properties in suburban Chicago. The assets, which include 90 Logistics Center in Palatine and 2800 W. Diehl Road in Aurora, total 760,669 square feet. The borrower, Logistics Property Co., will use proceeds of the loan to pay off construction debt, cover closing costs and return equity to the company. Craig Foreman of PGIM originated the fixed-rate loan.

September 28, 2023

Development Industrial South Carolina Southeast

Magnus Development Partners Breaks Ground on 210,600 SF Industrial Facility in Blythewood, South Carolina

by Hayden Spiess September 28, 2023

BLYTHEWOOD, S.C. — Magnus Development Partners has broken ground on Access 77, a 210,600-square-foot speculative industrial facility in Blythewood. Situated within Northpoint Industrial Park, the building will feature a minimum 32-foot clear height; 54-foot by 50-foot bay spacing with a 60-foot speed bay; a 130-foot-deep truck court; motion-detected LED lighting; trailer parking; 13 dock doors expandable to 52; and two drive-in doors. The design allows for both single- and multi-tenant uses. Chuck Salley, Dave Mathews, Thomas Beard and John Peebles of Colliers will handle leasing at the property. A construction timeline was not disclosed.

September 28, 2023

Development Industrial Kentucky Southeast Top Stories

Joint Venture Plans 3.4 MSF Simpsonville 64 Logistics Park in Metro Louisville, Kentucky

by Katie Sloan September 28, 2023

SIMPSONVILLE, KY. — A joint venture partnership between Hunt Midwest and Marshall Planing Mill has announced plans to break ground on a 3.4 million-square-foot industrial park in Simpsonville, roughly 25 miles east of Louisville. The 300-acre development, dubbed Simpsonville 64 Logistics Park, will be located on Kentucky Route 1848 near the Ford Kentucky Truck Plant, Ford Kentucky Assembly Plant and GE Appliance Park. The project will be developed in phases, with construction of Phase I set to begin in the fourth quarter of this year. Phase I will include the development of a 207,400-square-foot, rear-load industrial building with 210 parking spaces and 80 semi-trailer truck parking space, as well as a 486,720-square-foot cross-dock industrial building with 206 parking spaces and 140 semi-trailer truck parking spaces. The development will also include retail space along Buck Creek Road. Build-to-suit opportunities are available at the site for industrial users up to 1.5 million square feet. A timeline for the project was not announced. The development team for Simpsonville 64 Logistics Park includes H2B Architects and Mindel Scott. Kevin Grove of CBRE will handle leasing for the industrial portion of the park. Jody Zimmerman and John Agan with Walter Wagner Jr. Co. will lead …

September 28, 2023

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