CITY OF INDUSTRY AND COMMERCE, CALIF. — Boston-based Longpoint has purchased three industrial buildings in Los Angeles County totaling 321,479 square feet. The properties all feature vacancy rates of two percent or less. The properties include: Cushman & Wakefield National Industrial Advisory Group brokered the transaction for John Reed Commerce Center, and Alex Blecksmith of Colliers brokered the transactions for 2854 Supply Ave. and 6480 Corvette St.
SURPRISE, ARIZ. — Echo Real Estate Capital, with PREMIER Design + Build Group, has broken ground on Echo Park @ P132, a speculative industrial development in the Phoenix suburb of Surprise. Located at the intersection of Peoria Avenue and 132nd Avenue, the four-building project will offer a total of 182,870 square feet of industrial space ranging from 43,000 square feet to 48,000 square feet. Construction is slated for completion in October 2024. The project team includes Winton Architects, GF Group, KAEKO, Mechanical Designs and Hawkins Design Group.
— By Nick Knecht, Vice President, DCG Industrial — The industrial real estate market in Northern Nevada demonstrated stability over the first three quarters of 2023. Sales performance year to date through the third quarter was steady, with industrial sales volume reaching $116 million. This represents a 42 percent increase compared to the same period in 2022. This should keep the market on track for a decent year, despite falling slightly short of its historical averages. Notably, the shift in buyer dynamics caused by the rise in interest rates, which have soared as high as 8 percent, has investors sticking to a more conservative approach to their underwriting. Owner-users have emerged as the primary drivers of sale activity, and were the buyers of all four closed sales in September. Prices are beginning to soften, and price reductions are occurring more frequently, which is expected to improve buying opportunities for investors over the next 12 to 18 months. Leasing activity has been concentrated in the 10,000- to 50,000-square-foot range, which captured 44 percent of the third quarter’s lease transactions, and similarly 38 percent in the 5,000- to 10,000-square-foot range. Lease rates have remained relatively stable since the first quarter, with Class A …
EL SEGUNDO, CALIF. — PSRS has arranged $11.7 million in refinancing for an industrial building on Allied Way in the Los Angeles suburb of El Segundo. The freestanding, single-tenant building features 35,890 square feet of industrial space on 1.7 acres of land. The property includes 11,000 square feet of office space on the first and second floors, equating to one third of the overall net rentable area. Michael Thorp and Ari Zeen of PSRS secured the loan, which features a 10-year term and 25-year amortization with a “significant amount” of cash-out proceeds for the undisclosed borrower. A life insurance company provided the financing.
AURORA, COLO. — Marcus & Millichap has arranged the sale of a StorQuest-managed self-storage facility situated on the southeast side of the E-470 loop in Aurora. A local private equity group sold the asset to an out-of-state firm for an undisclosed price. The 79,605-square-foot asset features a multi-story, climate-controlled building and 11 single-story buildings offering a total of 261 climate-controlled units and 353 non-climate-controlled units. The facility offers 24-hour video surveillance, interior and exterior lighting, secure digital keypad ingress/egress, a leasing office with conference room, prominent storage and wide drive aisles. Adam Schlosser and Charles LeClaire of Marcus & Millichap’s Denver office represented the seller and procured the buyer in the deal.
GEORGETOWN, TEXAS — North Texas-based developer Jackson-Shaw is nearing completion of Phase I of Crosspoint Business District, a project in the northern Austin suburb of Georgetown that will add 488,000 square feet of industrial space to the local supply. Phase I comprises three buildings across 61.7 acres. Onx Homes preleased the entire 204,000 square feet of Building 1 and plans to take occupancy in December, and Grander Distributing recently signed a lease for 41,950 square feet at Building 3. Powers Brown designed Crosspoint Business District, and Joeris is serving as the general contractor. Construction began in summer 2022, and Buildings 2 and 3 are now fully complete.
DALLAS — Lee & Associates has negotiated a 49,542-square-foot industrial lease in northwest Dallas. According to LoopNet Inc., the property at 119 Regal Row was built in 1978 and totals 230,710 square feet. Stephen Williamson of Lee & Associates represented the landlord, Dogwood Industrial Properties, in the lease negotiations. Jeremy Mercer of Mercer Co. represented the tenant, Kit Composites, which serves the wind energy and marine industries.
DALLAS — MIINC Mechanical Contractors has signed a 36,800-square-foot industrial lease renewal at 1960 W. Northwest Highway in northwest Dallas. The single-tenant building was originally constructed in 1983. Scott Voelkel and Cullen Dickey of Dickey Property Co. represented the landlord, an unnamed Dallas-based family partnership, in the lease negotiations. The tenant was self-represented.
SUFFOLK, VA. — Rockefeller Group and Matan Cos. have partnered to develop Port 460 Logistics Center, a 5 million-square-foot industrial park in Suffolk. The 500-acre property, which will provide direct access to the Port of Virginia via U.S. Route 58, is zoned for heavy industrial, logistics, advanced manufacturing, life sciences and warehouse uses. Rockefeller and Matan plan to break ground on Phase I, which will comprise five buildings totaling 2.4 million square feet, in 2025. Matan led the two-year process of rezoning the Port 460 site and will continue to manage further entitlements. The company identified Rockefeller Group as a potential development partner through a process led by JLL’s D.C. Capital Markets team. The joint venture partnership selected JLL as the exclusive leasing agent of Port 460. The Port of Virginia is expected to be the deepest seaport on the East Coast following completion of its multibillion-dollar infrastructural improvements in 2024.
FORT PIERCE, FLA. — BWE has secured an undisclosed amount of permanent financing for a converted industrial facility in Fort Pierce, a city midway between Orlando and Miami. Situated near I-95 and the Florida Turnpike, the 362,710-square-foot flex property was formerly Orange Blossom Mall. Now known as Renaissance Business Park, the property features loading docks, drive-in loading, private restrooms, HVAC, 18-foot clear ceilings, a fiber optic cable feed and a suite of interior and exterior security cameras and fire safety measures. The borrower and owner, Fort Lauderdale-based Prime Rock Real Estate Capital, recently made exterior improvements to the property, including a new roof, façade, irrigation system, sewer line, signage, overhead doors for tenant spaces, driveways for tenant entrances, outdoor lighting, overhauled landscaping and modern flood protection. Kevin Hicks and Michael Powell of BWE originated the loan through an unnamed life insurance company on behalf of Prime Rock.