WYOMISSING, PA. — Progress Realty Partners, a New Jersey-based private equity firm, has acquired Park Place Center, a 143,000-square-foot industrial flex property in Wyomissing, located about 60 miles northwest of Philadelphia. The site spans 11 acres, and the complex consists of 10 buildings ranging in size from 2,985 to 55,080 square feet. Affiliate firm Progress Capital arranged an acquisition loan for the deal that carried a 75 percent loan-to-value ratio and one year of interest-only payments. Alan Cafiero and Mark Gjonbalaj of Marcus & Millichap represented the undisclosed seller in the transaction.
DOVER, N.H. — The Washington Trust Co., a regional bank, has provided a $7.4 million acquisition loan for an 80,000-square-foot industrial property in Dover, located near the Maine-New Hampshire border. According to LoopNet Inc., the property at 44 Industrial Drive was constructed on 8.5 acres in 1971 and renovated in 1996. The facility was fully leased at the time of sale. The borrower was an affiliate of Massachusetts-based investment firm R.J. Kelly.
EDISON, N.J. — New Jersey-based Armstrong Logistics has signed an 86,936-square-foot industrial lease in the Northern New Jersey community of Edgewater. According to LoopNet Inc., the property at 250 Carter Drive was built on 36.4 acres in 1990, totals 408,860 square feet and offers a clear height of 27 feet. Scott Mertz of NAI Mertz represented the tenant in the lease negotiations. The name and representative of the landlord were not disclosed.
SEATTLE — Amazon Web Services (AWS), a division of Amazon (NASDAQ: AMZN) that offers on-demand cloud computing platforms to individuals, companies and governments, plans to make a big investment in Central Ohio. The company, along with Ohio Gov. Mike DeWine and Lt. Gov. Jon Husted, announced the firm will invest approximately $7.8 billion to expand its data center operations in the region by the end of 2029. AWS is currently undertaking a site selection process across numerous localities in Central Ohio for the new data center campuses, the total number of facilities of which was not disclosed. Final site selections will be decided and announced at a later date. The move is expected to create 230 new jobs and an estimated 1,000 support jobs, according to J.P. Nauseef, president and CEO of JobsOhio, an economic development corporation based in Columbus. The AWS data center project represents the second-largest single private sector company investment in Ohio’s history, according to the governor’s office. The new data centers will contain computer servers, data storage drives, networking equipment and other forms of technology infrastructure used to power cloud computing. “Amazon is already one of the largest private-sector employers in Ohio, and the company’s continued growth …
RUTHER GLEN, VA. — The Davis Cos. and Lingerfelt have formed a joint venture to develop Carmel Church Business Center, a 325,500-square-foot industrial park situated 25 miles north of Richmond in Ruther Glen. The rear-load warehouse park will be located off the I-95 corridor and near the Port of Virginia. ARCO Design/Build Richmond, a division of ARCO DB Cos., the construction partner on the project, will break ground immediately. The joint venture expects to deliver Carmel Church in second-quarter 2024.
PERU, ILL. — Cawley Chicago has arranged the sale of a 52-acre truck terminal property in Peru, a city in Central Illinois. The sales price was undisclosed. Located at 5005 Plank Road, the property consists of 27 acres of heavy-duty parking, a terminal building with 146 docks, 10,000 square feet of office space and a 9,600-square-foot mechanic’s shop with six drive-through bays. Originally developed by Consolidated Freight, the asset has been in continuous operation by various less-than-truckload (LTL) companies. LTL is a ground transportation method that consolidates multiple shippers’ freight onto single semi-trucks. Jon Chamlin, Joshua Hearne and Reinier Pranger of Cawley Chicago brokered the sale, further details of which were not provided.
BUCKEYE, ARIZ. — Martens Development and Willmeng Construction have broken ground on Mission Park, a Class A industrial development in Buckeye. Located at near I-10 and Perryville Road in the emerging Buckeye industrial submarket, the 723,508-square-foot project will comprise two buildings. The north building will feature 196,353 square feet with 32-foot clear heights. The south building will encompass 527,155 square feet with 40-foot clear heights. Both are scheduled for completion in the second quarter of 2024.
CASA GRANDE, ARIZ. — Blue Vista Capital Management and Kentwood Ventures have started construction of KV Casa Grande, a Class A industrial building in Casa Grande, southeast of Phoenix. The 314,453-square-foot project will feature 32-foot clear heights, a 175-foot concrete truck court, 32 dock-high doors and 14 grade-level doors. The building will utilize tilt-up construction and a panelized thermoplastic polyolefin roofing, which improves energy efficiency by reflecting heat and is resistant to ultraviolet, ozone and chemical exposures. The project is currently 15 percent pre-leased. It is scheduled for completion in summer 2024.
CENTENNIAL, COLO. — Unique Properties, Inc. / TCN Worldwide has arranged the $3.1 million sale of a 12,600-square-foot warehouse in Centennial, approximately 15 miles south of Denver. The nearly four-acre space is located at 14156 and 14105 E. Easter Ave. The site primarily consists of outdoor material, truck and equipment storage. Keesen Landscape, a commercial landscaping company, fully occupies the property on long-term, triple-net lease. Brett MacDougall and Michael DeSantis and Hudson Cramer with Unique Properties, Inc. / TCN Worldwide represented the unnamed seller. The buyer was also not disclosed.
EDGEWATER, N.J. — New Jersey-based Armstrong Logistics has signed a 70,887-square-foot industrial lease in the Northern New Jersey community of Edgewater. According to LoopNet Inc., the single-tenant property at 801 Bridgeboro Road was built in 1980 and features a clear height of 27 feet and six exterior dock doors. Scott Mertz of NAI Mertz represented the tenant in the lease negotiations. The name and representative of the landlord were not disclosed.