Industrial

Provender Partners, StepStone Real Estate Recapitalize 1 MSF Cold Storage Portfolio

by Kristin Harlow January 27, 2023

BERKELEY AND BOLINGBROOK, ILL. — Provender Partners and StepStone Real Estate (SRE), the real estate arm of private markets investment firm StepStone Group, have completed a $158 million recapitalization of a 1 million-square-foot cold storage portfolio. Provender acquired the properties over the last three years in a joint venture with an investment management firm that recently sold its interests to SRE. Two of the properties are located in the Illinois cities of Berkeley and Bolingbrook. Additional buildings are in California, Nevada and Alabama. Tenants include local and regional wholesale food logistics companies, food service providers and frozen food packagers with a remaining average lease term of approximately six years. Michael Leggett, Sher Hafeez and Josh Lieberman of JLL advised Provender on the formation of the joint venture. Brian Torp and Peter Thompson of JLL sourced the debt financing.

January 27, 2023

Acquisitions Industrial Midwest Nebraska Self-Storage

Marcus & Millichap Brokers Sale of 324-Unit Self-Storage Facility in Bellevue, Nebraska

by Kristin Harlow January 27, 2023

BELLEVUE, NEB. — Marcus & Millichap has brokered the sale of 25th Street Storage, a self-storage facility featuring 324 non-climate-controlled units and totaling 57,700 net rentable square feet in Bellevue. The buyer and sales price were undisclosed. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company. The property also features 92 outdoor parking spaces that are available for rent.

January 27, 2023

Arizona Development Industrial Western

Joint Venture Starts Construction of 599,351 SF Sub-Zero Industrial Project in Goodyear, Arizona

by Amy Works January 27, 2023

GOODYEAR, ARIZ. — ViaWest Group, Scottsdale Investment Management and building partners Willmeng Construction, DLR Group and Kimley-Horn have broken ground on a build-to-suit industrial warehouse in Goodyear for Sub-Zero Group. The 599,351-square-foot development will be the third facility that the Madison, Wis.-based kitchen appliance company operates in the West Valley. Situated on 36.4 acres, the warehouse and distribution center is located on the southwest corner of Camelback Road and Cotton Lane. The company’s other facilities are located at 3865 W. Van Buren and 4295 N. Cotton Lane.

January 27, 2023

Arrow-Business-Center-Rancho-Cucamonga-CA

California Development Industrial Western

Core5, MBK Break Ground on Spec 49,291 SF Arrow Business Center in Rancho Cucamonga, California

by Amy Works January 27, 2023

RANCHO CUCAMONGA, CALIF. — A joint venture between Core5 Industrial Partners and MBK Industrial Properties has broken ground on Arrow Business Center, a Class A industrial building in Rancho Cucamonga. Slated for completion in September, the speculative facility will offer 49,291 square feet of warehouse space. Situated on 2.4 acres at 11770 Arrow Route, Arrow Business Center will feature five dock-high doors, one drive-in position, 32-foot clear heights, 145-foot-deep truck court, six-inch floor slab and an ESFR sprinkler system. The property will also feature solar power and ample parking with five trailer parking stalls and 46 vehicle stalls. David Neault of KW Commercial will handle leasing for the project.

January 27, 2023

Development Industrial Midwest Missouri Top Stories

Contegra Construction Completes 1 MSF Project Luna Distribution Center in Liberty, Missouri

by Jeff Shaw January 27, 2023

LIBERTY, MO. — Contegra Construction Co. has completed Project Luna, a 1 million-square-foot distribution facility at Liberty Commerce Center in Liberty, a northeast suburb of Kansas City. Located at 2361 S. Withers Road, Project Luna features a 40-foot clear height, 108 dock doors, two drive-in doors and 20,000 square feet of office space. The property is built with tilt-up concrete panels and is topped with thermoplastic polyolefin (TPO) roofing, a single-ply white membrane which reflects heat instead of absorbing it. The warehouse is also equipped with 56 rooftop HVAC units to maintain temperature control throughout the interior. In addition, Edwardsville, Illinois-based Contegra constructed four retaining walls around Project Luna, which are up to 40 feet tall. The company also managed the installation of water, storm water and electrical infrastructure in conjunction with the retaining wall construction, including two large underground detention systems. Project Luna is Liberty Commerce Center’s fifth and largest distribution center since the 337-acre industrial park’s launch by Kansas City real estate developer NorthPoint Development in 2021. Upon its completion, the Liberty Commerce Center will consist of 3.4 million square feet of space located near the Liberty city border with Claycomo, south of Liberty Parkway between Hughes and …

January 27, 2023

Industrial Market Reports Nevada Western Western Market Reports

Las Vegas Industrial Market Surprisingly Resilient Amid Economic Headwinds

by Jeff Shaw January 27, 2023

By Dean Willmore, Executive Vice President; Kyle Kirchmeier, Associate; Alex Stanisic, Vice President; and Laura Wilhelm, Senior Field Research Analyst, CBRE Las Vegas’ current industrial market is surprisingly resilient. There is, of course, a possibility of planned projects being put on hold or not moving forward at all due to rising inflation and economic uncertainty, but leasing activity hasn’t slowed. Regardless of never-before-seen rent growth, record-low vacancy and a marked increase in asking lease rates every 60 days, the market still may not have peaked. As of the third quarter of 2022, the average asking lease rate was $1.19 per square foot (triple net), and the overall vacancy rate remained at a very low 1 percent. However, industrial/flex space in the 2,000- to 5,000-square-foot range, which is still dealing with the effects of the pandemic, has shown no noticeable rent growth. Some landlords are even offering leasing incentives to attract tenants. If the market contracts in 2023, smaller tenants in this size range will be the first to see its effects. Nearly half of the 17 million square feet under construction during the third quarter was pre-leased, and nearly 80 percent of those projects were in North Las Vegas. The largest lease of the quarter occurred in the submarket, with …

January 27, 2023

Acquisitions Arkansas Industrial Southeast

Phoenix Investors Buys 130,000 SF Industrial Building in Pine Bluff, Arkansas

by John Nelson January 26, 2023

PINE BLUFF, ARK. — An affiliate of Milwaukee-based Phoenix Investors has purchased a 130,000-square-foot industrial building located at 3411 N. Hutchinson St. in Pine Bluff. The seller and sales price were not disclosed. Built in 1986, the turnkey property is currently vacant and is available for a single tenant or multiple users. Situated on 15 acres about 45 miles south of Little Rock, the facility features 27-foot clear heights and 40- by 40-foot column spacing, as well as rail access via CSX Greenbrier Rail. Phoenix Investors specializes in the acquisition and renovation of former manufacturing facilities and currently holds interest in approximately 62 million square feet of space across 29 states.

January 26, 2023

Development Industrial Texas

Seefried, USAA Break Ground on 315,440 SF Logistics Center in Metro Dallas

by Taylor Williams January 26, 2023

ROCKWALL, TEXAS — A partnership between Atlanta-based developer Seefried Industrial Properties and San Antonio-based USAA Real Estate has broken ground on Rockwall Park 30, a 315,440-square-foot logistics center that will be located on the northeastern outskirts of Dallas. The 23-acre site is located just off I-30. Rockwall Park 30’s two rear-load buildings, which are being developed on a speculative basis, will offer 32-foot clear heights and a total of 88 dock-high doors and four grade-level doors. Pross Design Group is the project architect, and E.E. Reed is the general contractor. KBC Advisors is leasing the development, which is slated for a fourth-quarter completion.

January 26, 2023

Development Industrial Texas

U-Haul to Open 59,000 SF Warehouse in Grand Prairie, Texas

by Taylor Williams January 26, 2023

GRAND PRAIRIE, TEXAS — U-Haul will open a 59,000-square-foot warehouse in Grand Prairie, located roughly midway between Dallas and Fort Worth, that will be used to store portable storage and moving containers known as “U Boxes.” The 2.5-acre site is located at the northeast corner of I-20 and State Highway 360. The single-story, tilt-wall building will be situated adjacent to an existing U-Haul self-storage facility. Dallas-based MYCON General Contractors has begun construction on the project, and completion is scheduled for May.

January 26, 2023

Arizona Development Industrial Western

Schnitzer Properties Completes 560,352 SF Queen Creek Commerce Center in Chandler, Arizona

by Amy Works January 26, 2023

CHANDLER, ARIZ. — Portland, Ore.-based Schnitzer Properties has completed the construction of Queen Creek Commerce Center, a two-building industrial project at Queen Creek Road and Hamilton Street in Chandler. Situated on 34 acres, Queen Creek Commerce Center features 560,352 square feet of industrial space. Three tenants have pre-leased the development: Intel, NEHP and Horsepower Automotive Group. Rick Collins of JLL brokered the leases on behalf of Schnitzer Properties.

January 26, 2023

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