Industrial

Opus Breaks Ground on 289,000 SF Spec Industrial Project in Merrillville, Indiana

by Kristin Harlow June 2, 2023

MERRILLVILLE, IND. — The Opus Group has broken ground on a 289,000-square-foot speculative industrial building in Merrillville, a city in Northwest Indiana. The 37-acre project site is located one mile from I-65. The building will feature a clear height of 32 feet, 30 dock doors, 239 auto parking stalls and 58 dedicated trailer parking stalls. Completion is slated for December. Opus is the developer, design-builder, architect and structural engineer. Old National Bank is the construction lender. Ryan Klink and Sean Henrick of Cushman & Wakefield are marketing the project for lease.

June 2, 2023

Acquisitions Industrial Massachusetts Northeast

Marcus & Millichap Arranges $7M Sale of Industrial Property in North Attleborough, Massachusetts

by Taylor Williams June 2, 2023

NORTH ATTLEBOROUGH, MASS. — Marcus & Millichap has arranged the $7 million sale of a 48,000-square-foot industrial property in North Attleborough, located outside of Providence in the southern part of the Bay State. The property was built on seven acres in 2006 and features clear heights of 19 to 21 feet, 16 drive-in doors and 68 car parking spots. At the time of sale, the property was leased to tenants such as Tri-Alpha Gymnastics, Fastenal Co., Autopart International and Red Herring Motion Picture Lighting Inc. Harrison Klein and James Manning of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

June 2, 2023

California Industrial Market Reports Western Western Market Reports

Supply Constraints Continue to Drive Value for LA’s Industrial Market

by Jeff Shaw June 2, 2023

— By Tony Solomon, Senior Vice President, District Manager, Marcus & Millichap — Industrial continues to be one of the most sought-after asset classes across the Los Angeles County commercial real estate market. This year, the metro will maintain its position as one of the tightest industrial markets in the nation. It also ranks fifth in rent growth among major markets west of the Mississippi. For the 17th time in the past 18 years, the Los Angeles metro’s industrial stock will increase by less than 1 percent, as 4.3 million square feet is slated for delivery. Supply additions will be concentrated in the South Bay and San Gabriel Valley, leaving less than 1 million square feet to come online in the rest of the county. While vacancy was below 2 percent in four of the metro’s biggest submarkets to start 2023, speculative completions and industrial users re-evaluating their space requirements will push vacancy to 3 percent by year end. This is a rate 80 basis points under the long-term mean. Rents are projected to grow by 7.6 percent as a result, bringing the average asking rate to $21 per square foot. Part of this rise in vacancy can also be …

June 2, 2023

Development Industrial Texas

Lovett Industrial Breaks Ground on 960,956 SF Project in West Dallas

by Taylor Williams June 1, 2023

DALLAS — Houston-based developer Lovett Industrial has broken ground on a 960,956-square-foot project within the 140-acre Trinity West Business Park in West Dallas. Buildings II and III will total 763,960 and 196,996 square feet and are being developed as build-to-suits for a global logistics company and Dallas County, respectively. Arch-Con Corp. is the general contractor for the project, completion of which is slated for the fourth quarter.

June 1, 2023

Development Industrial Leasing Activity Self-Storage Washington Western

Stuf Self-Storage Expands into Seattle

by Jeff Shaw June 1, 2023

SEATTLE – Stuf, a self-storage startup company, has entered the Seattle market with two new locations. Stuf partners with property owners to monetize basements, garages and other spaces in buildings as tech-enabled storage. This model creates new cash flow opportunities for landlords while providing local communities with an easy-to-access and secure environment to store personal belongings, business inventory and more. Stuf’s first Seattle location is at 220 Second Ave. South in Seattle’s Pioneer Square district. Rubicon Point Partners owns the property. As part of the owner’s repositioning of the building, it partnered with Stuf to monetize 3,500 square feet of existing basement space into tech-enabled storage. Wright Runstad & Co. developed 400 University St., which will host Stuf’s downtown Seattle location. The startup is transforming 5,500 square feet of sub-grade mezzanine space in the 10-story office building into tech-enabled storage accessible through the garage level directly below the building.

June 1, 2023

Development Illinois Industrial Midwest

Logistics Property Co. Begins Development of 665,000 SF Oak Forest Logistics Center in Suburban Chicago

by Kristin Harlow June 1, 2023

OAK FOREST, ILL. — Logistics Property Co. (LPC) has begun development of Oak Forest Logistics Center in Oak Forest, a southern suburb of Chicago. The nearly 665,000-square-foot development features immediate access to the I-57 four-way interchange at 167th Street. The building will feature four drive-in doors, 117 exterior docks and parking for 116 trailers and 500 cars. The project team includes general contractor FCL Builders, Architects Plus Design Studio and civil engineer SPACECO Inc. Jason West, Sean Henrick and Ryan Klink of Cushman & Wakefield are marketing the project for lease. Completion is slated for the end of the year.

June 1, 2023

Acquisitions Industrial Midwest Minnesota

Midloch Investment Partners, Fountain Real Estate Capital Sell Last-Mile Industrial Facility in Metro Minneapolis for $15.4M

by Kristin Harlow June 1, 2023

BLOOMINGTON, MINN. — Midloch Investment Partners and Fountain Real Estate Capital have sold a 218,899-square-foot, last-mile industrial facility in the Minneapolis suburb of Bloomington for $15.4 million. Buligo Capital purchased the asset, which is located at 9231 Penn Ave. South. Midloch and Fountain acquired the property in January 2022 for $11.2 million, and invested in capital improvements to enhance leasing. Colin Ryan and Dave Berglund of JLL brokered the sale. Last-mile facilities are located close to urban areas and assist with the distribution of goods to consumers or retailers.

June 1, 2023

Acquisitions Industrial New Jersey Northeast

CBRE Brokers $5.5M Sale of Industrial Property in Lodi, New Jersey

by Taylor Williams June 1, 2023

LODI, N.J. — CBRE has brokered the $5.5 million sale of a 24,500-square-foot industrial property in the Northern New Jersey community of Lodi. According to LoopNet Inc., the property at 80 Hancock St. was built on 1.8 acres in 1965 and features six dock doors and one drive-in door. Elli Klapper, Jeremy Wernick, Mark Silverman, Charles Berger, Kevin Dudley, Nick Klacik and Chad Hillyer of CBRE represented the buyer, Prologis, in the transaction. The seller was not disclosed. CBRE has also been retained to market the property for lease.

June 1, 2023

Conference Coverage Features Industrial North Carolina Southeast Southeast Feature Archive

Interstate 85 Corridor Industrial Markets Aren’t Overbuilt Yet, Say InterFace Panelists

by John Nelson June 1, 2023

Interstate 85 traverses through the heart of the Southeast, the fastest-growing region in the United States by way of population. The southern terminus of the 666-mile interstate is in Montgomery, Ala., home of the mega Hyundai Motor Manufacturing Alabama plant, and it travels north to just shy of Richmond, Va., the site of North America’s first LEGO factory. Along the way, I-85 connects through Atlanta and the Carolinas markets of Greenville-Spartanburg, Charlotte, Greensboro and Raleigh-Durham. These I-85 Corridor markets have seen their fair share of industrial development in recent years, so much so that for the first time this cycle, some experts are worried about overbuilding. Steven McGee, vice president of Southeast development at Rockefeller Group, said that half of the nation’s population growth has been coming to the Southeast region, and that faucet isn’t expected to be shut off anytime soon. “America is getting bigger, and half of that growth is occurring in three or four states,” said McGee. “I don’t see any real structural elements that are stopping that growth. It’s a challenge on the timing [for industrial deliveries], but in almost every market we have record vacancy. We have very few options for occupiers coming into the …

June 1, 2023

SouthPoint-Industrial-Park-Mocksville-N.C

Development Industrial North Carolina Southeast

Hollingsworth Begins Construction of 282,733 SF Industrial Development in Mocksville, North Carolina

by Hayden Spiess May 31, 2023

MOCKSVILLE, N.C. — The Hollingsworth Cos. has begun the construction of two industrial buildings totaling 282,733 square feet in Mocksville, roughly 25 miles southwest of Winston-Salem. Situated within SouthPoint Industrial Park, the speculative buildings will total 130,492 square feet and 152,241 square feet, respectively, and will bring the property to a total of 12 single-tenant industrial buildings. Both facilities are being built for long-term lease by light manufacturing or distribution tenants.

May 31, 2023

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