ISLIP, N.Y. — New York City-based Eagle Cliff Real Estate Partners has purchased an eight-acre industrial development site located at 4955 Veterans Memorial Highway in the Long Island community of Islip. Eagle Cliff plans to construct a 108,023-square-foot building that will be known as Holbrook Logistics Center and that will clear height of 36 feet, two drive-in doors and 108 parking spaces. Delivery is slated for the third quarter of 2024. Jordan Avanzato, Marc Duval, Nicholas Stefans, Jason Lundy, Jose Cruz and Mark Belenky of JLL brokered the land deal. The seller was an undisclosed local developer. First Citizens Bank provided $19.5 million in construction financing for the deal.
MCCORDSVILLE, IND. — Walmart has opened a new 2.2 million-square-foot fulfillment center in McCordsville, about 20 miles northeast of Indianapolis. The project marks Walmart’s largest fulfillment center to date and will enable the retailer to fulfill more orders via next- or two-day shipping. More than 1,000 Walmart associates will work at the fulfillment center. Walmart employs more than 43,000 associates in Indiana.
MINNEAPOLIS — Developer ALCAT Broadway LLC has begun construction of The Broadway, a 182,000-square-foot speculative industrial building located at the intersection of Broadway Street and Industrial Boulevard in Minneapolis. The project will feature a clear height of 32 feet, 33 dock doors and up to 20 spaces for trailer storage. The development is situated within an Opportunity Zone. Todd Hanson, Jason Sell and Jordan Dick of Cushman & Wakefield will market the project for lease. Completion is slated for the fourth quarter.
POTTSTOWN, PA. — CBRE has brokered the $5.2 million sale of a 60,000-square-foot industrial property in Pottstown, a northwestern suburb of Philadelphia. Built in 2000, the facility sits on a 10.3-acre site within Pottstown Industrial Park. Stephen Marzullo, Adam Silverman and Paul Touhey of CBRE represented the seller, an entity doing business as Wynnestay LLP, in the transaction. A subsidiary of TMC Properties LLC purchased the asset, which was fully leased at the time of sale to Eastwood Co., an e-commerce firm in the automotive space, for an undisclosed price.
MADRAS, ORE. — Marcus & Millichap has arranged the sale of Mountain View RV & Mini Storage in Madras. The original developers sold the 49,675-square-foot self-storage facility to an out-of-state buyer for $6 million. It features 358 self-storage units. The asset was constructed in two phases in 2020 and 2022 at 2086 NW Andrews Drive. The successful sale highlights the ongoing demand and investment opportunities in the self-storage sector, according to Marcus & Millichap. Christopher Secreto and Samuel Olson of Marcus & Millichap’s Seattle office exclusively listed and marketed the property on behalf of the sellers.
— By Evan Jurgensen, Senior Vice President, Lee & Associates Los Angeles – Downtown — As the pandemic recedes, the hospitality and food and beverage industries in downtown Los Angeles are rebounding, driven in part by the return of venue entertainment and conferences. The number of visitors to the area has climbed back to within 10 percent of pre-pandemic levels and now sits at 10 million people per month. Consequently, there has been an influx of new restaurants, venues and breweries in the region. However, as overall occupancy levels in the market remain in flux, businesses are becoming mindful of how they utilize their spaces to achieve a triple bottom line impact that benefits not only the asset owner, but also the consumer and community at large for the long run. Increased Investment in Outdoor Space Outdoor dining saved many restaurants during the pandemic and continues to have great appeal in the present day. In addition to being a healthier option for diners, outdoor seating allows restaurants to handle more customers at once and increase profitability. Los Angeles city officials created a streamlined process known as the L.A. Al Fresco program in May 2020, which allowed more than 2,500 restaurants and …
WHITE MARSH, MD. — Merritt Properties has begun construction on White Marsh Interchange Park, a 750,000-square-foot industrial project located at 10301 Philadelphia Road in White Marsh, roughly 17 miles outside Baltimore. Upon completion, the development will comprise nine one-story buildings situated on 56 acres. The first phase of the project will include three buildings totaling 235,000 square feet. The buildings will feature 20- to 32-foot clear heights, truck courts with rear-loaded docks and drive-in capabilities and parking with trailer storage. Merritt Construction Services will manage the construction, the first phase of which is scheduled for completion next spring. Merritt acquired the land for the project in 2021.
DESOTO, TEXAS — Holt Lunsford Commercial Investments (HLCI) has delivered Stoneridge at Hampton Road, a 421,890-square-foot industrial project in Desoto, a southern suburb of Dallas. The freestanding, cross-dock facility features 36-foot clear heights, 93 dock positions, 185-foot truck court depths, 83 trailer parking stalls and 3,463 square feet of office space. Affiliate firm Holt Lunsford Commercial is also the leasing agent for the project.
WOOLWICH, N.J. — Nevada-based Dermody Properties will develop a 214,271-square-foot industrial property in Woolwich Township, located in the northern part of the Garden State. The site spans 14 acres, and the facility will feature a clear height of 40 feet, two drive-in doors, 39 dock doors, 169 car parking spaces and 19 trailer parking stalls. Delivery is slated for mid-2024. Gerry Blinebury, Gary Gabriel, Kyle Schmidt, Brendan McGeary, John Gartland and Jonas Skovdal of Cushman & Wakefield represented the seller in the land deal.
WALL TOWNSHIP, N.J. — CBRE has arranged the $40.5 million sale of four industrial buildings in Wall Township, located near the Jersey Shore. The buildings range in size from 20,000 to 80,000 square feet and are located within Monmouth Business Campus. The buyer was Treetop Cos., and the seller was not disclosed. Charles Berger, Elli Klapper, Mark Silverman and Jeremy Wernick of CBRE brokered the sale, while CBRE’s Jason Gaccione and Shawn Rosenthal arranged acquisition financing on behalf of the buyer.