BLOOMINGTON, MINN. — A joint venture between Clear Height Properties and Harbert US Real Estate has acquired a 121,684-square-foot industrial property in the Minneapolis suburb of Bloomington. Located at 9201 E. Bloomington Freeway, the complex is home to 14 tenants. The facility features 20 dock-high doors and five drive-in doors. Bentley Smith and Judd Welliver of CBRE brokered the transaction. The sales price and seller were undisclosed.
SANTA FE, TEXAS — Marcus & Millichap has brokered the sale of a portfolio of four self-storage facilities totaling 682 units in Santa Fe, located southeast of Houston in Galveston County. The Santa Fe Storage Portfolio spans 4.3 acres and consists of 17 single-story buildings and one two-story building that house 654 non-climate-controlled units and 24 outdoor parking spaces. The portfolio also features two office spaces, a billboard and an efficiency apartment for a total of 682 rentable spaces. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the Texas-based seller and procured the Delaware-based buyer in the transaction. Both parties were limited liability companies that requested anonymity.
FORT WORTH, TEXAS — Newmark has negotiated a 50,000-square-foot industrial lease at Riverbend Business Park in northeast Fort Worth. The development spans approximately 1.4 million square feet across 32 buildings. Frank Puskarich and Louis Pascuzzi of Newmark represented the tenant, foam products provider Neveon USA, in the lease negotiations. Holt Lunsford Commercial represented the landlord.
HOUSTON — Canadian water treatment firm H20 Innovation has signed a 24,500-square-foot industrial flex lease in Houston. The company will relocate to Building 1 at Old Town Spring Business Park, a 196,000-square-foot development located on the city’s north side, later this month. Nathan Donahue of Transwestern represented the tenant in the lease negotiations. Todd Jurek of Keen Realty Group represented the undisclosed landlord.
IRVING, TEXAS — Henry S. Miller Cos. has arranged the sale of a 19,470-square-foot warehouse that sits on a 1.4-acre site at 205 Sharon Road in Irving. According to LoopNet Inc., the building was constructed in 1959, renovated in 1980 and features a 21-foot clear height. Adair Fant and Nicholas Robinson of Henry S. Miller represented the buyer, elevator parts provider Sees Inc., in the transaction. Additional terms of sale were not disclosed.
RENO, NEV. — Westcore has purchased a distribution facility within the Tahoe-Reno Industrial Center in Reno from an undisclosed seller for $82.5 million. Situated on 34 acres at 700 Milan Drive, the cross-loaded property features 632,130 square feet of distribution space, more than 200 trailer stalls, LEED Gold certification, ESFR sprinklers, energy-efficient lighting and recycled steel. At the time of sale, the facility was fully leased. The property offers one-day truck service to seven states and proximity to Reno Tahoe International Airport and Union Pacific Intermodal Hub. The asset is adjacent to Gigafactory Nevada, Tesla’s $6.2 billion electric vehicle plant in the area.
EL MIRAGE, ARIZ. — Melbourne, Fla.-based Ti Cold, as designer and builder, has completed the construction of Phoenix Cold Storage Facility, a nearly 300,000-square-foot cold storage property in El Mirage, approximately 20 miles northwest of Phoenix. Arcadia Cold Storage and Logistics fully occupies the property, which serves as the company’s hub for the Southwest United States with access to key metropolitan markets in Southern California, Arizona, Nevada, Utah, New Mexico and Colorado. The fully racked facility features five fully convertible rooms with the ability to handle frozen and chilled temperatures from negative 10 to 40 degrees Fahrenheit; 60-foot-deep refrigerated dock; and doors to manage distribution and handling services. The property also features 40,500 pallet positions situated in a 50-foot clear height rooms and utilizes the ALTA EXPERT Industrial Freon Refrigeration System. This facility represents one of the first large-scale, third-party logistics cold storage facilities in the Phoenix market.
BURLINGTON, N.J. — United Fulfillment Solutions Inc. has signed a 217,986-square-foot industrial lease in the Southern New Jersey community of Burlington. The e-commerce company will occupy the entirety of Building 1 at Rancocas 5 Industrial Park, which features a clear height of 36 feet, 42 loading docks, 183 car parking spaces and 28 trailer drops. Nate Demetsky, Dean Torosian and Matt Kemery of JLL represented the landlord, regional developer Endurance Real Estate Group, in the lease negotiations. Allen Ding of Visionaire Real Estate represented the tenant.
By Taylor Williams Architects and general contractors are shaking up the ways in which they design and construct industrial projects in response to financial pressures faced by their clients, an elevated emphasis on sustainability and shifts in how tenants utilize spaces. The nuts and bolts of designing and developing commercial properties are fickle by nature, as they are beholden to consumer preferences, which are in a perpetual state of flux. Yet the current shifts in industrial design and construction practices should not be viewed as indicators of the sector’s waning popularity among investors. “Despite a difficult rate environment that is causing challenges for all sectors of the economy, we have deep optimism about the near- and long-term future for the industrial market in New Jersey and Pennsylvania,” says David Greek, managing partner at regional firm Greek Real Estate Partners. “This region sits amid the most densely populated area in the nation and continues to grow. At the same time, the consumer shift to e-commerce is not nearly complete, creating a dramatic long-term need for logistics facilities to accommodate this historic change.” In other words, industrial is still hot. And the most visible and basic change occurring within the property type — …
POMPANO BEACH, FLA. — Boston-based firm Rockpoint plans to develop a 1.5 million-square-foot industrial property in Pompano Beach in partnership with The Cordish Cos. and Caesars Entertainment. Situated on an 87.8-acre site, the project will be part of the 223-acre, $2 billion mixed-use development —The Pomp —currently underway by Cordish and Caesars. Site work for the industrial park is scheduled to begin in May 2024, with the first of three phases of development. Rockhill Management, Rockpoint’s property services affiliate, will lead the development and management of the project.
