Industrial

Keystone Breaks Ground on $6M Flex Industrial Building in Chesterfield, Missouri

by Kristin Harlow April 4, 2023

CHESTERFIELD, MO. — Keystone Construction Co. has broken ground on a $6 million flex industrial building within Spirit Valley Business Park in Chesterfield, a western suburb of St. Louis. The 40,000-square-foot building can accommodate one to four tenants and a range of uses such as warehouse, office, manufacturing and showroom space. Located at 675 Spirit Valley West Drive, the project will feature four separate entrances, a ramped drive-in, overhead dock doors, a 142-foot truck court and floor-to-ceiling heights ranging from 24 to 27 feet. Completion is slated for June. Spirit Valley Business Park is situated next to the Spirit of St. Louis Airport. Keystone built the infrastructure for the park in 2008 and has since constructed 10 buildings.

April 4, 2023

Industrial Market Reports Texas Texas Market Reports

Backed by Healthy Demand, Industrial Developers in Texas Can Pace New Projects

by Taylor Williams April 4, 2023

By Taylor Williams The current industrial development landscape in Texas is a true testament to the awesome power of demand — and of interest rate hikes. From El Paso to Houston, industrial users of all sizes and across all industries continue to demand new or expanded spaces to accommodate their ever-growing warehousing, distribution and manufacturing needs. E-commerce, nearshoring, COVID-19 — name your impetus — they’ve all contributed to a feverish pace of industrial development and absorption in recent years. According to fourth-quarter 2022 data from CBRE, Dallas-Fort Worth (DFW) saw an annual supply gain of about 36.1 million square feet in 2022 while posting positive net absorption of 36.5 million square feet. Third-party logistics users drove much of the new leasing activity, which contributed to a 4.6 percent vacancy rate at the end of the year. The market has now posted consecutive years of sub-5-percent vacancy. Fittingly, there remains more than 75 million square feet of product under construction throughout the metroplex. In Houston, developers delivered approximately 18.8 million square feet of new industrial space in 2022, per CBRE. Yet the market posted more than 30 million square feet of positive absorption over the course of last year, and the …

April 4, 2023

Development Industrial Texas

IDV to Develop 715,920 SF Industrial Project in Metro Houston

by Taylor Williams April 3, 2023

KATY, TEXAS — Locally based firm Investment & Development Ventures (IDV) will develop Anserra Business Park, a 715,920-square-foot industrial project that will be located on the western outskirts of Houston in Katy. The development will comprise a 510,000-square-foot cross-dock building and a 205,920-square-foot, front-load building. The structures will house 36- and 32-foot clear heights, respectively, and will offer combined parking for 436 cars and 179 trailers. A construction timeline was not disclosed.

April 3, 2023

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 625-Unit Self-Storage Facility in Katy, Texas

by Taylor Williams April 3, 2023

KATY, TEXAS — Marcus & Millichap has brokered the sale of Bear Creek Boat & RV Storage, a 625-unit self-storage facility located in the western Houston suburb of Katy. The property consists of 14 buildings on a 15.4-acre site totaling 287,804 net rentable square feet. The facility also includes 15 outdoor storage spaces for boats and RVs. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller and procured the buyer in the deal. Both parties were Texas-based limited liability companies that requested anonymity.

April 3, 2023

Acquisitions Georgia Industrial Southeast

PCCP, NFI Acquire Two Industrial Facilities Totaling 565,000 SF in Metro Savannah

by John Nelson April 3, 2023

POOLER, GA. — A joint venture between PCCP LLC and NFI has acquired 95 Logistics at Pooler Parkway, an industrial property comprising two facilities in Pooler, roughly 10 miles outside downtown Savannah. Totaling 565,000 square feet at 1030 and 1240 S H Morgan Parkway, the buildings are situated within an industrial park and feature 32-foot clear heights. Building I, which is fully leased to the affiliated warehouse operating company of NFI, comprises 347,525 square feet and includes 54 dock doors, 108 car parking spaces and 95 trailer parking spaces. Building II features 216,964 square feet with 50 dock doors, 187 car parking spaces and 52 trailer parking spaces. Store Supply Warehouse and GCE International occupy the second building.

April 3, 2023

Acquisitions Illinois Industrial Midwest

Venture One Acquires Three-Building Industrial Portfolio in Metro Chicago

by Kristin Harlow April 3, 2023

MUNDELEIN, WEST CHICAGO AND ELMHURST, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has acquired a three-building industrial portfolio in metro Chicago for an undisclosed price. The 56,128-square-foot portfolio is 90 percent leased to seven tenants. The properties include: a 14,845-square-foot, single-tenant building in Mundelein that was built in 1989; a 21,900-square-foot, multi-tenant building in West Chicago that was constructed in 1988; and a 19,383-square-foot, single-tenant asset in Elmhurst that was built in 1972. Noel Liston and Nick Crejci of Core Industrial Realty represented the undisclosed seller. VK Industrial VI is co-sponsored by Venture One and Kovitz Investment Group.

April 3, 2023

Industrial Leasing Activity New Jersey Northeast

CODA Logistics & Distribution Signs 321,765 SF Industrial Lease in Linden, New Jersey

by Taylor Williams April 3, 2023

LINDEN, N.J. — CODA Logistics & Distribution, a third-party provider of freight services, has signed a 321,765-square-foot industrial lease in the Northern New Jersey of Linden. The company will occupy the entirety of CenterPoint at Linden, a speculative development by Chicago-based CenterPoint Properties that is slated for an August completion. Building features include a clear height of 40 feet, 62 loading doors and parking for 89 trailers and 240 cars. Michael Kimmel of KBC Advisors represented CODA Logistics & Distribution in the lease negotiations.

April 3, 2023

Industrial Loans New Jersey Northeast

Delta Equity Management Refinances 195,723 SF Industrial Property in Bayonne, New Jersey

by Taylor Williams April 3, 2023

BAYONNE, N.J. — Locally based development and investment firm Delta Equity Management has refinanced Harborview Logistics & Distribution Center, a 195,723-square-foot industrial property located in the Northern New Jersey community of Bayonne. The property features a clear height of 40 feet, 46 loading doors, 32 trailer parking spaces and 149 car parking spaces. Jon Mikula and Michael Lachs of JLL arranged the fixed-rate loan through Lincoln Financial Group. At the time of the loan closing, Harborview Logistics & Distribution Center was fully leased to an affiliate of The Home Depot.

April 3, 2023

Alabama Industrial Market Reports Southeast Southeast Market Reports

Spec Industrial Space Takes Over Birmingham Pipeline as Build-to-Suits Dry Up

by John Nelson April 3, 2023

Before we look at the current happenings in the Birmingham industrial market, it is worth glancing into the rearview mirror of the last 24 months or so. 2021 and 2022 saw the delivery of 10 notable industrial build-to-suit projects. Some were announced in 2020 before pricing surges. The last delivery of these projects was completed in fourth-quarter 2022, an automotive project on the west side for Lear Automotive Seating oriented toward Mercedes-Benz. This unprecedented streak of projects totaled 3.3 million square feet. In addition to Lear, tenants included: Lowes, Mercedes-Benz, Motion Industries, TSF Sportswear, Samuel, Son & Co., Amazon (two) and FedEx Ground. Interestingly, two of these facilities are now available for sublease and were never occupied by the tenant. And as of this writing, there is not a single industrial build-to-suit announced or under construction. What did follow the noted build-to-suit wave were six speculative (or partial speculative) projects. The first one delivered — the first phase of Crossroads Commerce Center in the Central submarket — spanned 186,000 square feet, and the twin second phase was recently completed. The two phases are now 75 percent occupied, demonstrating market demand shown in other Southeastern markets in mid-2022 and prior. In …

April 3, 2023

Company News Industrial New York Northeast Self-Storage Top Stories Utah Western

Extra Space Storage Agrees to Acquire Life Storage for $12.7B

by Taylor Williams April 3, 2023

SALT LAKE CITY AND BUFFALO, N.Y. — Extra Space Storage Inc. (NYSE: EXR), a Salt Lake City-based REIT, has entered into a definitive agreement to acquire Buffalo-based REIT Life Storage (NYSE: LSI) in an all-stock transaction. According to multiple news outlets including The Wall Street Journal and Reuters, the deal is valued at $12.7 billion. The combined portfolio will yield the largest self-storage operation in the country, with over 3,500 locations spanning over 264 million square feet that serve more than 2 million customers. In announcing the deal, executives of both REITs noted that combining their respective platforms creates opportunities to maximize value for shareholders via additional scaling of third-party management services and access to elevated levels of joint-venture equity and bridge-loan debt for future developments and acquisitions. Under the terms of the agreement, Life Storage shareholders will receive roughly nine-tenths of a share of Extra Space common stock for each share of Life Storage stock that they own. At closing, Extra Space and Life Storage shareholders are expected to own approximately 65 percent and 35 percent of the combined company, respectively. The boards of directors of both companies have unanimously approved the transaction, and the deal is expected to …

April 3, 2023

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