HAGERSTOWN, MD. — Lee & Associates has negotiated two leases at New Heights Industrial Park in Hagerstown totaling 58,750 square feet. The 900,000-square-foot industrial park is located at 18450 Showalter Road, less than one mile from Hagerstown Regional Airport and I-81. The new tenants joining New Heights include Tomu Inc., a prefabricated modular buildings system user that is leasing 15,000 square feet, and Pycube, a Virginia-based healthcare asset management firm that is leasing 43,750 square feet. Joel Kreider and Ed Skonecki of Lee & Associates represented the landlord, a joint venture between Bluestone Group and The Langer Co., in both lease transactions. With this leasing activity, the project is approximately 82 percent leased.
NEW IBERIA, LA. — First Solar Inc. (NASDAQ: FSLR), an Arizona-based provider of solar panels, has broken ground on a $1.1 billion manufacturing facility in New Iberia, located just southeast of Lafayette in the south-central part of Louisiana. The facility will be located on the grounds of Acadiana Regional Airport and will ultimately encompass more than 2 million square feet. The project, which local community leaders and members of the development team believe is the biggest in the history of the parish, is expected to generate about 700 new permanent manufacturing jobs within the local economy. First Solar anticipates that the plant will be fully operational and able to begin shipping products by the first half of 2026. When that scenario materializes, the company’s total manufacturing capacity will increase from 3.5 gigawatts to approximately 14 gigawatts in the United States and 25 gigawatts globally. At full capacity, the plant will be capable of churning out more than a dozen panels per minute. To secure the project in Iberia Parish, the State of Louisiana offered First Solar an incentives package that includes the workforce solutions of LED FastStart, a Louisiana Economic Development program for training and onboarding workers. Additional incentives include …
SOUTHLAKE, TEXAS — A joint venture between two Dallas-based investment firms, Pillar Commercial and OliveMill Holdings, has purchased Pinnacle Point, an 81,259-square-foot flex property in Southlake, located in the northern-central region of the metroplex. Built in 2020, Pinnacle Point consists of three single-story buildings on a seven-acre site. Parker McCormack of JLL represented the undisclosed seller in the transaction. Security National Bank provided acquisition financing to the joint venture.
BROOMFIELD, COLO. — St. John Properties has started construction of Simms Technology Park, an 81-acre mixed-use business community in Broomfield. Upon completion, the project will feature nearly 600,000 square feet of single-story and multi-story office and flex/research-and-development (R&D) space, as well as complementary retail amenities. The first phase of the park includes a single-story 41,000-square-foot office building and two flex/R&D buildings offering a total of nearly 70,000 square feet of space. Totaling just over 110,000 square feet, the three buildings are designed to achieve LEED certification. Completion of the three buildings is slated for summer 2024. In summer 2022, Broomfield City Council granted approval for St. John Properties to begin development activities on Simms Technology Park, a $125 million project at the intersection of North Simms Street and West 112th Avenue in Broomfield County, approximately 20 miles northwest of Denver. The Baltimore-based developer acquired the development site from Brocade Communications Systems LLC in 2020. In addition to the initial three buildings, St. John Properties is currently marketing the sale or ground lease of four pad sites, ranging from 1.5 acres to two acres, that can support various uses, including restaurants, convenient stores/gas stations and fast food. The final development is expected …
BLOOMINGDALE, GA. — Lincoln Property Co. Southeast (LPC Southeast) is set to break ground this month on Bloomingdale Trade Center, a 482,755-square-foot distribution center near the Port of Savannah. Denton Shamburger, Turner Fortin and Colin Beecham of LPC Southeast are overseeing construction, marketing and leasing of the facility, which is expected to deliver in the fourth quarter of 2024. Located along Bloomingdale Road and two miles from I-16, Bloomingdale Trade Center will feature 36-foot clear heights, 80 dock-high doors, 121 trailer parking spaces, 266 auto parking spaces and dedicated tenant amenity areas. The project represents the first development in the Savannah market for LPC Southeast.
HOUSTON — Fort Worth-based investment firm Fort Capital has acquired a 258,999-square-foot industrial portfolio in Houston. The portfolio consists of five Class B, light industrial buildings with a total of 97 units that are located across three different unnamed sites. The portfolio was 81 percent leased at the time of sale. The seller and sales price were not disclosed.
SPARTANBURG, S.C. — Rockefeller Group has broken ground on Spartanburg 221, a 1 million-square-foot speculative industrial facility located in Spartanburg. The 87.7-acre project will be situated off Highway 221 and approximately one mile northwest of the I-85 Exit 78 interchange. Spartanburg 221 will include 40-foot clear heights, 56- by 53-foot column spacing, up to 530 parking spaces and up to 237 trailer stalls. The design-build team includes architect Atlas Collaborative and general contractor Pattillo Construction. Campbell Lewis and Marcus Cornelius of CBRE are handling the leasing assignment. The duo is also leasing Rockefeller Group’s Duncan Logistics Center, a nearby 827,000-square-foot development that is nearing completion. The developer acquired the Spartanburg site last year and plans to deliver the facility in fourth-quarter 2024.
HOUSTON — Colliers has brokered the sale of a 127,000-square-foot industrial building in northeast Houston. The shallow-bay building, known as Northport Business Park, sits on an eight-acre site at 7101-7157 N. Loop E. Jason Scholtz of Colliers represented the buyer, Harbor Capital, in the transaction. Jason Gandy and Derrick Jones represented the seller, Sealy & Co., on an internal basis. The sales price was not disclosed.
SADDLE BROOK, N.J. — New Jersey-based private equity real estate firm Sitex Group has acquired Zuckerberg’s Industrial Park, a 640,000-square-foot industrial campus located in the Northern New Jersey community of Saddle Brook. Zuckerberg’s Industrial Park, which has been owned by a local family for three generations, comprises 50 buildings on a 40-acre site and a four-acre trailer parking lot. Tenants at the development include UPS, ServePro and Johnstone Supply. The sales price was not disclosed, and no third-party brokers were involved in the deal. Sitex plans to implement a value-add program via new paving, lighting and signage, as well as updated building interiors.
KEARNY, N.J. — CBRE has secured a 63,902-square-foot industrial lease in the Northern New Jersey community of Kearny. The site at 20 Basin Drive is situated within the four-building Kearny Point Industrial Park. Kevin Dudley, Nicholas Klacik, Chad Hillyer and Kate Granahan of CBRE represented the landlord, New York City-based Hugo Neu Corp., in the lease negotiations. Jimo Liu with Avison Young represented the tenant, logistics firm Global Courier Express.