MANSFIELD, TEXAS — Lee & Associates has negotiated a 25,125-square-foot industrial lease in Mansfield, a southern suburb of Fort Worth. According to LoopNet Inc., the property at 2151 Heritage Parkway consists of two buildings with 30-foot clear heights and 3,800 square feet of office space. Robert Miller of Lee & Associates represented the tenant in the lease negotiations. The name and representative of the landlord were not disclosed.
MORENO VALLEY, CALIF. — CapRock Partners has purchased a 22.1-acre parcel within the World Logistics Center master-planned development in Moreno Valley. The company plans to develop CapRock Global Logistics, a 500,000-square-foot, LEED-certified industrial warehouse on the site. The development will accommodate a wide range of uses, including e-commerce, manufacturing and distribution. At completion, the property will feature 36-foot clear height, 65 dock-high doors and up to 10,000 square feet of two-story office space. The property will offer 88 trailer parking stalls, 339 auto parking stalls, a truck court depth of 185 feet and a secured concrete yard. Stefan Pastor and Brad Yates at Stream Realty Partners represented CapRock in the sale. Mark Repstad at Southland Commercial Real Estate represented the undisclosed seller.
MESA, ARIZ. — Silver Creek Development has started construction on Sossaman Business Campus, an eight-building industrial complex in Mesa. The 330,000-square-foot asset will be built on a 26-acre site at the intersection of Sossaman and Elliot roads, across from Google’s $800 million data center campus. The development will include eight free-standing speculative industrial buildings ranging from 24,000 square feet to 60,000 square feet. They will feature 28-foot clear heights, ESFR sprinklers, 1600 to 2500 amps of power, and grade-level and dock-high loading doors for each building. A groundbreaking ceremony will take place June 20, with delivery scheduled for the first quarter of 2025. Arco Mountain West, the Arizona arm of Arco Construction Co., is serving as general contractor, while ADW Architects designed the project. Mark and Luke Krison of CBRE will handle the marketing and leasing efforts.
SANTA CLARA, CALILF. — Newmark has arranged the sale of San Tomas Business Centre in Santa Clara. The nine-building property is located at 2060-2101, 2110, 2116 and 2118 Walsh Ave. It comprises office and light industrial/warehousing space. Corporate offices for Nvidia, Google, Apple, Amazon and Samsung are nearby. Newmark’s Steven Golubchik, Edmund Najera, Jonathan Schaefler and Darren Hollak arranged the transaction.
COVINGTON, PA. — Atlanta-based investment and development firm Portman has sold Covington Logistics Center, a 501,600-square-foot industrial property in northeast Pennsylvania. The facility sits on 36 acres, features a clear height of 40 feet and was fully leased at the time of sale to third-party logistics firm All-Ways Pacific. Gerry Blinebury of Cushman & Wakefield represented Portman in the transaction. Houston-based real estate giant Hines purchased the property for an undisclosed price.
NEW CASTLE, DEL. — Colliers has brokered the sale of a 100,000-square-foot industrial building in New Castle, located south of Wilmington in Delaware. The building sits on 6.6 acres and offers 80 car parking spaces, 30 trailer parking spaces, one drive-in door and 5,000 square feet of office space. Charles Brown and Carl Neilson of Colliers represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity, in the transaction.
PRINCE GEORGE’S COUNTY, MD. — Turnbridge Equities and Manekin LLC have received $275 million in debt and equity financing for the development of Phase I of the National Capital Business Park (NCBP) in Prince George’s County, a suburb immediately east of Washington, D.C. The project will consist of five Class A industrial buildings totaling 1.3 million square feet. A fund managed by an affiliate of Apollo Global Management provided a $165 million construction loan. A joint venture of the Qatar Investment Authority and PCCP are providing roughly $110 million of equity. The buildings will range in size from roughly 160,000 to 360,000 square feet across 94 acres. Four of the buildings will be constructed on a speculative basis. Ferguson Enterprises, a plumbing, fire suppression and HVAC provider, will occupy a 358,400-square-foot facility. All of the properties will feature solar panels on the rooftops. At full build-out, NCBP will consist of up to 3.5 million square feet of Class A industrial space serving a variety of users, including distribution, logistics, light manufacturing, storage and cold storage. NCBP will also include an adjacent 20-acre park for the community and the onsite preservation of nearly 200 acres of stream valley and forest. Sitework …
A rapidly evolving connectivity frontier is shaping the future of cell tower lease sales and encouraging many commercial property owners who rent space to tower companies to sell their leases at values at the top of the market. Telecom carriers have considerably slowed their buildouts for 5G networks and are already preparing for 6G mobile networks, expected to roll out around 2024. Brokers are seeking to amend and renegotiate old cell tower leases in the face of predicted wireless infrastructure obsolescence and connectivity innovations, which may negate some physical infrastructure needs entirely. The key to maximizing sale proceeds in this landscape is to secure landlord-friendly terms and ensure clarity in a new lease or renewal. Among other elements, building owners must insist on strong insurance indemnities and well-defined subordination, non-disturbance and attornment (SDNA) in the amended agreements. But no landlord demand may be more important to future value than denying the tenant a right of first refusal to purchase the lease, says David Moore, CEO and principal of NAI Global Wireless, a Redlands, California-based national wireless real estate brokerage that represents landlords. Cell tower leases in which tenants don’t have right of first refusal are more appealing to buyers, a …
HOUSTON — A partnership between Chicago-based investment firm Blue Vista Capital Management and Rycore Capital has acquired Techniplex Business Center, a two-building, 78,116-square-foot industrial property in northwest Houston. The first building exclusively offers industrial space with 18-foot clear heights and dock-high loading doors. The second building houses both industrial and lab space and offers 12-foot clear heights and grade-level doors. The seller and sales price were not disclosed.
PENNSVILLE TOWNSHIP, N.J. — Affinius Capital, which is a joint venture between San Antonio-based USAA Real Estate and New York-based Square Mile Capital Management, has provided a $180 million construction loan for Garden State Logistics Center, a 1.7 million-square-foot industrial development in Pennsville Township. The 282-acre site is located in the southern part of the Garden State along I-295 and adjacent to the Delaware Memorial Bridge. The development will feature separate 1.2 million-square-foot and 500,000-square-foot distribution buildings, both of which will feature 40-foot clear heights and a total of 2,568 car and trailer parking stalls and 276 dock doors. The borrower and developer is a joint venture between PGIM Real Estate and CTR Partners. Delivery is slated for the fourth quarter.