MIDLAND, TEXAS — Extract Production, an equipment manufacturer for the oil and gas industry, has sold a 50,000-square-foot industrial flex property in the West Texas city of Midland for $10 million. The property was built in phases on 14 acres between 2018 and 2022. Kyle Fant, Britt Raymond, Matthew Mousavi and Patrick Luther of SRS Real Estate Partners represented Extract Production, which also occupies the building and will lease the space back for the next 15 years, in the all-cash transaction. The team also procured the buyer, an undisclosed, publicly traded REIT.
PEARLAND, TEXAS — Locally based brokerage firm Fritsche Anderson Realty Partners has arranged the sale of a 68,000-square-foot industrial park in the southern Houston suburb of Pearland. The property comprises five buildings on a 7.6-acre site. Brandon Wuntch and Drew Altmann of Fritsche Anderson represented the seller, an entity doing business as Halik 35 LLC, in the transaction and procured the buyer, Houston-based Baywater Capital.
MESA, ARIZ. — Trez Capital has closed a construction loan for Dale Cavan for the development of Hawes Commerce Park, an industrial project at the intersection of East Pecos and South Hawes roads in Mesa. Currently under construction, Hawes Commerce Park will feature 10 buildings with a combined 16 units and a total of 153,000 net rentable square feet. The property sits adjacent to Phoenix’s secondary airport, Phoenix-Mesa Gateway Airport. Completion is slated for third-quarter 2024.
NEWARK, N.J. — A joint venture between two locally based development and investment firms, CrownPoint Group Inc. and Lamar Cos., will develop a 1,200-unit self-storage facility in Newark’s Ironbound district. The site is a former salvage yard that comprises four lots totaling roughly one acre, and the six-story, climate-controlled facility will span 135,000 gross square feet. Construction is set to begin in the fourth quarter. Extra Space Storage will operate the property. Michael Klein, Jon Mikula and Ryan Carroll of JLL arranged a $19 million construction loan through Provident Bank on behalf of the development team.
SPRINGDALE, OHIO — Ditsch USA has unveiled plans to expand its operations in the Cincinnati area. The expansion includes a building purchase and renovation, adding fully automated bakery production lines and increasing industrial freezer storage capacity. The pretzel manufacturer has made a commitment to bring 150 new jobs over the next three years to the area. The expansion comes nine years after Ditsch selected Springdale, Ohio, as its first location outside of Germany for its U.S. headquarters. Ditsch is converting a former Costco site in Springdale, offering future employment opportunities for production associates, maintenance technicians and line supervisors. JobsOhio, a private nonprofit economic development corporation, is planning to assist the project with talent acquisition services. The expansion was also made possible with support from REDI Cincinnati, the first point of contact for companies locating or growing in the 16-county region at the heart of southwest Ohio, northern Kentucky and southeast Indiana.
TROY, ILL. — Contegra Construction Co. has completed a 35,000-square-foot fabrication facility for NuWay FAB in Troy, an eastern suburb of St. Louis. The project quadruples NuWay’s annual rebar production capacity, enabling the company to produce 15,000 tons of reinforcing steel or rebar annually. The project features a 31,000-square-foot fabrication shop and 4,000 square feet of office space. There are three overhead cranes, three bays and five drive-in doors. Joining Contegra on the project were J.F. Electric, Vee-Jay Cement Contracting, Illinois Electric Works and Affton Fabricating & Welding Co.
GLOUCESTER COUNTY, N.J. — An affiliate of German asset management firm DWS Group will undertake a 141,000-square-foot industrial expansion project at Commerce Corner, a 259,910-square-foot development located about 25 miles outside of Philadelphia in Southern New Jersey. The expansion project, which is expected to cost about $29 million, is a build-to-suit for Performance Food Group. Construction is scheduled to begin in the fourth quarter and to last about a year. In conjunction with the project, Performance Food Group is extending its lease by 15 years.
PINELLAS PARK, FLA. — Cushman & Wakefield has arranged the $21 million sale-leaseback of a 29.5-acre industrial site located at 3565 126th Ave. in Pinellas Park. Albany Road Real Estate Partners purchased the site from Gaston Trees Debris Recycling, which is leasing back 10 acres at the site. Rick Brugge, Mike Davis, Rick Colon, Dominic Montazemi, John Jackson, J.T. Faircloth, Casey Perry, Cassandra Hernandez and Chloe Strada of Cushman & Wakefield represented the seller in the transaction. Jingoli Power leases 12 acres at the site, and the remaining 7.5 acres is available for lease. Situated less than five miles from the St. Pete-Clearwater International Airport, the site is zoned for up to 450,000 square feet of industrial development.
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 …