Industrial

Diverse User Demand Buoys Columbus in Uncertain Global Market

by Kristin Harlow April 6, 2023

By Beau Taggart, Cushman & Wakefield Historically, Columbus was a steady-performing, secondary industrial market that saw minimal rent increases. Often, it was overshadowed by “big brother” cities such as Indianapolis and Chicago that were perceived as more appealing to institutional investors. After the great recession of 2008, though, Columbus began to mature economically, and the region began its meteoric rise as a leading big-box industrial market in the U.S. Located at the intersection of Interstates 70 and 71, within a day’s drive of 46 percent of the U.S. population and containing one of the only freight-only airports in the country, Rickenbacker Airport, Columbus began to attract more and more major retailers such as Zulily, Lululemon, Macy’s and Sam’s Club as well as e-commerce giant Amazon, which has opened several bulk facilities throughout the region. Additionally, three major intermodal terminals and major UPS and FedEx hubs strategically located throughout the area boosted Columbus from its secondary status to a primary inland hub on every major distributor’s radar. Like many markets, 2021 was Columbus’s most prolific year. Interest rates were at an all-time low, and users were compensating for COVID-fueled consumer demand. Asking rates grew by 14 percent and vacancy shot down …

April 6, 2023

Features Industrial

Stashing Success: The Growth of Industrial Outdoor Storage

by Taylor Williams April 6, 2023

By Deborah Smith, co-founder and CEO, The CenterCap Group Industrial outdoor storage (IOS) may have once been an obscure abbreviation, but this subcategory of industrial real estate has now emerged as an intriguing and evolving niche product. Much like single-family rentals (SFR) and self-storage, the asset class still has some way to go before becoming fully institutionalized, but its increasing importance in last-mile distribution makes it a topic worth discussing and placing on investors’ radars. At a high level, IOS properties serve as essential storage facilities for large equipment, vehicles and materials and are often located near transportation hubs, highway corridors and ports of entry. Among other things, these facilities exist to provide secondary storage capacity for logistics operators. So What Is IOS?IOS properties are not the kinds of glamorous properties that commercial investors typically pay much attention to, as they are outdoors and not always aesthetically pleasing to look at. At a basic level, these sites are low-coverage industrial land, generally in the three- to 20-acre range. Buildings typically comprise zero to 20 percent of the site. The property type’s primary value comes from the outside storage capabilities of the excess yard. IOS facilities feature a significantly lower floor …

April 6, 2023

Development Industrial Texas

ELM Cos. to Open 125,000 SF Headquarters, Manufacturing Plant in The Colony, Texas

by Taylor Williams April 5, 2023

THE COLONY, TEXAS — ELM Cos., a provider of energy storage and infrastructure solutions, will open a new 125,000-square-foot headquarters and manufacturing facility in The Colony, a northern suburb of Dallas. The company is expanding its microgrid and solar operations from a 25,000-square-foot space in nearby Lewisville, a move that is expected to add about 65 new jobs to the local economy. Construction of the facility is underway, and ELM Cos. plans to take occupancy before the end of the year.

April 5, 2023

Development Industrial South Carolina Southeast

Pure Development to Build Two Speculative Industrial Facilities in Charleston Totaling 428,000 SF

by John Nelson April 5, 2023

CHARLESTON, S.C. — Pure Development has acquired two development sites totaling 26.4 acres within Camp Hall, an industrial campus in Charleston. The developer is planning to build two speculative warehouse facilities totaling 428,000 square feet across from the Volvo USA plant. Situated along Electric Avenue and less than two miles from I-26, the first facility will be a 306,280-square-foot warehouse with 30 dock doors, 32-foot clear heights, 20 trailer spaces and 375 auto spaces. The second facility will be a 122,180-square-foot warehouse with 13 dock doors, 32-foot clear heights and 100 auto spaces. Construction is scheduled to begin in the third quarter and wrap up in third-quarter 2024. Santee Cooper sold the development sites to Pure Development for a combined $7.4 million. Robert Barrineau, Brendan Redeyoff and Tim Raber of CBRE represented the seller in the transaction. Dan Camp with Santee Cooper and Adam Seger with Pure Development also worked on the land deal.

April 5, 2023

Acquisitions California Industrial Western

Classic Cosmetics Employees Buy Manufacturing Campus in Chatsworth, California for $20M

by Jeff Shaw April 5, 2023

CHATSWORTH, CALIF. — Two cosmetic manufacturing sites in Chatsworth that were previously home to the Classic Cosmetics brand have sold to the company’s previous employees for a total of $20 million. The sites are located at 9530 De Soto Ave. and 9533 Irondale Ave. They contain two freestanding buildings. The employees purchased the sites through ISAM LLC and BRI & ISA LLC. They plan to revitalize the company, which gave Gilberto Amparo, a chemical engineer from Mexico, his start in the U.S. cosmetics manufacturing industry. Amparo and the Classic Cosmetics brand will occupy the contiguous sites. Scott Caswell and Erica Balin of Lee & Associates – LA North/Ventura represented the buyers, along with Mike Hooker of Delphi Business Properties as a co-representative. John DeGrinis, Patrick DuRoss and Jeff Abraham of Newmark represented the sellers, 9526 MYOB and NPP 9533.

April 5, 2023

Acquisitions Industrial Midwest Wisconsin

NAI Greywolf Arranges Sale of 36,154 SF Industrial Building in Grafton, Wisconsin

by Kristin Harlow April 5, 2023

GRAFTON, WIS. — NAI Greywolf has arranged the sale of a 36,154-square-foot industrial building in Grafton, a northern suburb of Milwaukee. The sales price was undisclosed. The property, which features both manufacturing and office space, is located at 1000 Hickory St. near Highway 60 and I-43. David Hodge of NAI Greywolf represented the undisclosed seller.

April 5, 2023

Acquisitions Illinois Industrial Midwest

Venture One Purchases 26,661 SF Industrial Property in Addison, Illinois

by Kristin Harlow April 5, 2023

ADDISON, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has purchased a 26,661-square-foot industrial property in the Chicago suburb of Addison for an undisclosed price. Constructed in 1976, the building features a clear height of 15 feet, one dock, two drive-in doors, parking for 28 cars and 3,421 square feet of office space. The property is leased to one tenant. Joe Karmin, Justin Lerner and Ross Lehrman of Transwestern represented the undisclosed seller. VK Industrial VI is co-sponsored by Venture One and Kovitz Investment Group. The fund targets industrial acquisitions in the Chicago, Northeast and Florida markets.

April 5, 2023

Acquisitions Industrial South Carolina Southeast

Cushman & Wakefield Arranges $29M Sale of New Industrial Facility in Greer, South Carolina

by John Nelson April 4, 2023

GREER, S.C. — Cushman & Wakefield has arranged the $29 million sale of Velocity II, a newly built industrial facility in Greer spanning nearly 300,000 square feet. Built in 2022, the property is located at 915 Victor Hill Road, about one mile from I-85 and four miles from South Carolina Port Authority’s Inland Port Greer. Childress Klein and Cullum Interests co-developed the logistics facility on a speculative basis, but the property was fully leased at the time of sale. Velocity II features 32-foot clear heights, an ESFR sprinkler system, LED lighting, 66 high dock-high doors and two ramped drive-in doors, five separate office store fronts and 220 automobile parking spaces with the opportunity for further expansion. Rob Cochran, Bill Harrison, Nolan Ashton, Casey Masters, Stewart Calhoun, Brian Young, Elliott Fayssou, and Kacie Jackson of Cushman & Wakefield represented the developers in the transaction. Stream Realty Acquisition LLC is the buyer.

April 4, 2023

California Development Industrial Western

Kearny Real Estate Begins Construction of $90M Industrial Project in San Diego

by Jeff Shaw April 4, 2023

SAN DIEGO — Kearny Real Estate Co. has started site work for the 26-acre final phase of the 311-acre Otay Crossings Commerce Park in the San Diego submarket of Otay Mesa. Plans for the final phase call for four industrial buildings ranging in size from 45,000 square feet to 205,500 square feet. The development site is located at the southernmost point of the industrial park at the intersection of Siempre Viva and Paseo Del La Fuente Roads, immediately adjacent to the future U.S.-Mexico Point of Entry. The buildings will provide divisible suites down to 25,000 square feet. They will feature dock-high and grade-level doors, 32- to 36-foot minimum clear heights and truck courts with depths up to 180 feet. The $90 million final phase will also include a 3.6-acre trailer lot with 47 stalls serving as an amenity feature for users seeking additional area for storge of materials and/or trailers. Delivery of the first building, totaling 45,100 square feet, is scheduled the fourth quarter of this year, with the remaining buildings to be delivered early 2024.

April 4, 2023

Acquisitions California Industrial Western

BKM Capital Partners Acquires Valley East Industrial Park in North Hollywood for $25.3M

by Jeff Shaw April 4, 2023

LOS ANGELES — BKM Capital Partners has purchased the Valley East Industrial Park in North Hollywood for $25.3 million. Situated on two acres at 7041 Vineland Ave., the 84,388-square-foot asset will be renamed Backlot NoHo as part of BKM’s repositioning plan. Valley East sits adjacent to Burbank Airport and is near the largest concentration of studio production and entertainment operations in the world. The asset was built in 1969. It consists of 36 units across two rear-loading industrial buildings, with an average suite size of 2,411 square feet. BKM is implementing a $6.3 million capital improvement plan over the first year of its three-year hold period to improve the asset’s performance, costs and efficiency, while adhering to the firm’s ESG standards, and driving new leasing and residual value. The upgrades also call for the reconfiguration and consolidation of some units, to provide larger suites that modern tenants are seeking. BKM acquired the asset through its third institutional fund, BKM Industrial Value Fund III LP. Mark Detmer at JLL arranged the transaction on behalf of both BKM and the seller, LAIS Equities.

April 4, 2023

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