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Industrial

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AcquisitionsColoradoIndustrialWestern

Hyde Development, Mortenson Properties Buy Peoria Business Center Industrial Portfolio in Denver

by Amy Works

DENVER — A partnership between Hyde Development and Mortenson Properties has acquired Peoria Business Center, an industrial portfolio in Denver, from Invesco for an undisclosed price. Totaling 592,573 square feet, Peoria Business Center includes three Class A buildings located at 12330 E. 46th Ave., 12360 E. 46th Ave. and 13100 E. Albrook Drive in Denver’s airport submarket. Built between 1999 and 2001, the buildings feature clear heights ranging from 24 feet to 30 feet, ESFR sprinklers, large truck courts, dock-high and drive-in loading, and LED lighting upgrades throughout. At the time of sale, the portfolio was 98 percent leased to 19 diversified tenants. Jeremy Ballenger, Tyler Carner, Jessica Ostermick and Jim Bolt of CBRE represented the seller in the deal.

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ArkansasDevelopmentIndustrialSoutheast

Tempus Realty Completes 530,000 SF Westrock Coffee Distribution Center in Conway, Arkansas

by John Nelson

CONWAY, ARK. — Tempus Realty Partners has completed a 530,000-square-foot distribution center in Conway, which will be occupied by project partner Westrock Coffee. Tempus and Westrock acquired the 30-acre site, which is located roughly 30 miles outside Little Rock, in early 2023. Building features include 36-foot clear heights, a 13,000-square-foot mezzanine office, 100,000 square feet of air-conditioned production space, extensive power distribution and an exterior enclosed machine room. The property will support Westrock Coffee’s product and packaging operation at a nearby facility, as well as handle additional distribution needs. The development team included Clark Contractors, Lewis Architects, Engineering Consultants and Build Nimble/Colliers Arkansas. Ted Dickey of Lighthouse Asset Advisors advised Westrock Coffee in the project.

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DevelopmentIndustrialSouth CarolinaSoutheast

Tesla to Open 251,100 SF Logistics Center Near Greenville

by John Nelson

FOUNTAIN INN, S.C. — Electric vehicle giant Tesla will open a 251,100-square-foot logistics center within Fox Hill Business Park in Fountain Inn, roughly 20 miles outside Greenville. The facility, the first in the state for Tesla, will distribute vehicle parts regionally and will not include manufacturing operations. Tesla will fully occupy Building 3 within Fox Hill Business Park, which is being developed by The Sudler Cos. Tesla and the developer announced a similar partnership in Tampa in 2023. A timeline for the auto company’s occupancy at Fox Hill was not disclosed. Other tenants at the park, which will feature up to 2.5 million square feet of manufacturing, distribution and warehousing space at full build-out, include Sage Parts Plus, a supplier of replacement parts for aviation ground support equipment.

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DevelopmentIndustrialMidwestOhio

Interstate Batteries Partners with Neyer Properties to Build New Fulfillment Center in Columbus

by Kristin Harlow

COLUMBUS, OHIO — Interstate Batteries has formed a joint venture partnership with Neyer Properties to build a new fulfillment center in Columbus. The project will be the first building in The Hub @70/270 development, which can accommodate up to 400,000 square feet of industrial and distribution space. Situated at the front of the site, the Interstate Batteries regional fulfillment center will have direct frontage along I-70 and I-270. The 151,000-square-foot facility will mark one of eight regional fulfilment centers nationwide for Interstate Batteries. Construction is scheduled to begin this month and to be completed this fall. The new property will service battery distributors in Ohio and surrounding states. The project team includes Byers, Minton & Associates, Red Architecture, Kimley-Horn and Brocon Construction.

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AcquisitionsCaliforniaIndustrialWestern

DRA Advisors, Rising Realty Partners Buy Six-Building Industrial Portfolio in California’s Central Valley

by Amy Works

TRACY AND STOCKTON, CALIF. — DRA Advisors and Rising Realty Partners have acquired a six-building industrial portfolio in Tracy and Stockton. Terms of the transaction, including the name of the seller and acquisition price, were not released. Situated on 40.9 acres, the portfolio includes a mix of single and multi-tenant warehouse/distribution buildings, all on triple-net leases. The properties total 531,308 square feet. The buildings offer 14-foot to 26-foot clear heights, concrete tilt-up construction, ample auto parking and a combined 107 dock-high and 39 grade-level doors. The portfolio is 98 percent leased to 14 tenants, including Altium Packaging LP, Southwest Traders Inc. and Allen Distribution, which each lease one of the three single-tenant properties that contribute 85 percent of the portfolio’s rentable square footage. Ryan Sitov and Mark Detmer of JLL Capital Markets’ investment sales and advisory team represented the seller and procured the buyers. Tim Mustin, John Fondale and Courtney Cranston of JLL handle leasing for the portfolio.

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AcquisitionsDevelopmentFloridaIndustrialSoutheast

Avison Young Negotiates Sale of 3,400-Acre Industrial Development Site in Central Florida

by John Nelson

SUMTER COUNTY, FLA. — Avison Young has brokered the $40 million sale of Monarch Ranch, a 3,400-acre industrial development site in Central Florida’s Sumter County. University Park, Fla.-based Benderson Development purchased the land in partnership with The Villages, a census-designated place (CDP) situated at the north end of Sumter County and Marion County. The site is located near the convergence of I-75 and the Florida Turnpike within an hour’s drive of both Orlando and Tampa. Situated between Sumter County cities Wildwood and Coleman, the Monarch Ranch property use will continue as agriculture until possible large-scale industrial development plans are in place, according to Avison Young. Jay Ziv, Michael Fay, John Crotty, David Duckworth, Brian de la Fé and Greg Morrison of Avison Young marketed and brokered the sale of Monarch Ranch on behalf of the undisclosed seller as appointed by the court.

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Stream-Industrial
AcquisitionsDevelopmentIndustrialTexas

Stream Realty Partners Acquires Two Industrial Development Sites Totaling 40.7 Acres in Houston

by Taylor Williams

HOUSTON — Stream Realty Partners has acquired two industrial development sites totaling 40.7 acres in Houston. The first parcel spans 24.4 acres and is located at the intersection of Kirby Drive and North Spectrum Boulevard on the city’s south side.  The second site totals 16.3 acres and is located near the intersection of I-45 and State Highway 99 on the city’s north side. Stream plans to develop speculative facilities on both sites, with construction kicking off later this year. Justin Robinson, Tyler Wellborn, Craig McKenna and Kyle Fletcher of Stream sourced and negotiated the acquisition of the first site. Grant Wisenbaker of Stream handled the purchase of the second site in conjunction with Robinson, Wellborn and McKenna.

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DevelopmentIndustrialLoansSouth CarolinaSoutheast

IPA Arranges $23M Construction Loan for Industrial Project Near Charleston

by John Nelson

SUMMERVILLE, S.C. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $23 million construction loan for the development of a 39-acre industrial park in the Charleston suburb of Summerville. Todd McNeill and Sunny Sajnani of IPA’s Dallas office arranged the three-year construction loan through Southern States Bank on behalf of the borrower, Atlanta-based Capital Development Partners. The loan was underwritten at a 65 percent loan-to-cost ratio. Boasso Global, a provider of cleaning, maintenance, storage and transportation services for the tank trailer and container industry, will occupy the park, which is located near I-26 and I-526 and a short drive to Port of Charleston’s North Charleston Terminal. The construction timeline was not disclosed.

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AcquisitionsIndustrialTexas

Colliers Brokers Sale of 82,675 SF Industrial Building in Midland, Texas

by Taylor Williams

MIDLAND, TEXAS — Colliers has brokered the sale of an 82,675-square-foot industrial building in the West Texas city of Midland. The site at 5500 N. County Road spans 40 acres, and the building, which was constructed in 2007 and renovated in 2013, features 32-foot clear heights, 19 overhead doors and 8,600 square feet of office space. Todd Moore and Connor Duffy of Colliers represented the undisclosed seller in the transaction. The buyer was also not disclosed. The building was fully leased at the time of sale to steel fabricator NG Resources Corp.

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IndustrialLeasing ActivityOfficeTexas

Arbor Diagnostics Signs 22,392 SF Lease Renewal at Industrial Flex Campus in North Dallas

by Taylor Williams

DALLAS — Arbor Diagnostics, which provides lab testing services for women, has signed a 22,392-square-foot lease renewal at Westwood Business Park, a 12-building industrial flex campus in North Dallas. Jason Finch of Bradford Commercial Real Estate Services represented the undisclosed landlord in the lease negotiations. The tenant representative was also not disclosed. Westwood Business Park spans 277,077 square feet and is 93 percent leased.

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