ELGIN, ILL. — Seefried Properties has broken ground on a two-building speculative industrial development in Elgin. The 465,360-square-foot project is slated for completion in the third quarter of 2024. The buildings will feature clear heights ranging from 32 to 36 feet, 185-foot-deep truck courts and 236 trailer parking spaces. The project team includes Harris Architects, FCL Builders and Spaceco as civil engineer. Jason West and Doug Pilcher of Cushman & Wakefield are marketing the project for lease.
ALSIP, ILL. — SVN Chicago Commercial has negotiated the lease renewal for a roughly 45,000-square-foot warehouse located at 12600 S. Hamlin Court in Alsip. The Hines Building Supply division of US LBM is the tenant and has occupied space at the property since 2010. The new lease term is five years. Karen Kulczycki of SVN Chicago represented the undisclosed landlord, while CBRE represented the tenant. The property is situated on nearly five acres and features rail service.
By Ron Gilbreath, managing director of asset & property management, Westmount Realty Capital It’s no trade secret that global lockdowns during the pandemic had a significant and lasting impact on supply chains worldwide. EY’s 2023 poll revealed that 72 percent of senior-level supply chain executives experienced negative impacts on their businesses due to the pandemic, resulting in the emergence of a concentrated focus on supply chain visibility. The crucial point to acknowledge during this continued disruption is that these impacts are closely tied to the just-in-time (JIT) inventory management system. As a result of these challenges, businesses are actively reassessing their distribution network strategies, leading to a surge in demand for industrial warehouse space. With the necessity to maintain greater inventory levels, companies are re-evaluating their warehouse space requirements and distribution setups to mitigate the risk of future supply shortages. The lockdowns disrupted two essential elements of JIT strategy: steady production and supplier reliability. Suppliers forced to comply with government lockdowns incurred major disruptions across various business lines due to the challenge of maintaining consistent production. This is a key component of JIT delivery that relies on having materials physically present during the production process. When these materials are unavailable, …
DEERFIELD BEACH, FLA. — Cushman & Wakefield has brokered the sale of Quiet Waters Business Park, an infill industrial park in South Florida’s Deerfield Beach. PGIM Real Estate sold the seven-building, 677,789-square-foot property for an undisclosed price. The buyer was also not disclosed. Mike Davis, Dominic Montazemi, Rick Brugge, Rick Colon, Greg Miller, Cassandra Hernandez and Chloe Strada of Cushman & Wakefield represented the seller in the transaction. Matthew McAllister, Christopher Thomson, Chris Metzger and Rick Etner of Cushman & Wakefield’s South Florida Industrial Team will handle the property’s leasing assignment going forward. Quiet Waters is situated along the planned expansion of SW 10th Street, which will offer more direct connectivity to I-95, Sawgrass Expressway and the Florida Turnpike. The park houses 30 tenants and features a wide range of bay sizes with dock-high and grade-level loading.
HOUSTON — Affinius Capital, which is a joint venture between San Antonio-based USAA Real Estate and New York-based Square Mile Capital Management, has provided a $90.6 million acquisition loan for an industrial park in Houston. The four-building, 1 million-square-foot development is located on Fairbanks North Houston Road near U.S. Highway 290 and Beltway 8. Building features include 32-foot clear heights and 180- to 185-foot truck court depths. The borrower was Dallas-based Dalfen Industrial.
ADDISON, TEXAS — Energy services provider JP Oil Holdings has sold a 74,301-square-foot industrial building located at 3801 Arapaho Road in the northern Dallas metro of Addison. According to LoopNet Inc., the property was built on 5.4 acres in 1981 and features 14- to 16-foot clear heights. Mac Morse and Paul Clarkson of Citadel Partners represented JP Oil Holdings in the transaction. Jeremy Mercer and Keenan Cook of Mercer Co. represented the buyer, Georgia Underground & Supply.
OLATHE, KAN. — BCB Development has signed leases with two new tenants at Southpark Commerce Center in Olathe. Rob Holland and Jack Goldsborough of Cushman & Wakefield represented BCB in each of the leases. United Rotary Brush leased the entire 135,000-square-foot Building B. Joe Accurso of Cushman & Wakefield represented the tenant. Groundworks leased the entire 112,550-square-foot Building A. Whitney Freeburn of Flowers Capital Holdings represented the tenant. Southpark Commerce Center consists of three buildings totaling 382,500 square feet and delivered in December. There are 54,000 square feet remaining available for lease in Building C.
MAPLE GROVE, MINN. — MAS HVAC has signed a 150,000-square-foot industrial lease at Building VI within Arbor Lakes Business Park in the Minneapolis suburb of Maple Grove. The tenant plans to occupy the space beginning in January for its new headquarters, manufacturing and logistics operations. The build-out also includes 15,000 square feet of office space. Brent Masica of Cushman & Wakefield represented the tenant, which moved to the Minneapolis market four years ago.
SEATTLE — Colliers has facilitated the sale of Northlynn Mini-Storage, a self-storage property in the Lynnwood area of Seattle. Located at 15620 Highway 99, the 57,700-square-foot facility contains ground-floor units with drive-up and interior units ranging from 5feet by 5 feet to 10 feet by 20 feet, as well as two dozen rentable parking spaces. The buyer has planned a substantial renovation for the property, which is designed to enhance the appeal for the 134,000 people living within three miles of the facility. The property will be rebranded as SecureSpace Self Storage Lynnwood. Colliers’ de Jong | Becher Self Storage Team consisting of Jacob Becher, Nate Fliflet, Dana Chobor and Tom de Jong represented the seller, Lanswell Development Corp. The buyer, GCP SecureSpace Properties LLC, engaged in negotiations with the team to secure the transaction.
BUCKEYE, ARIZ. — Arizona Land Consulting has acquired an industrial site in the West Valley region of Buckeye for $24 million. The size is zoned for industrial and features resources, such as access to water, that make it an appealing investment opportunity. The female-owned real estate consulting firm now boasts about $1 billion in assets.