Industrial

Joint Venture Sells 442,780 SF Tropical Logistics Phase II Industrial Facility in North Las Vegas

by Jeff Shaw June 30, 2023

NORTH LAS VEGAS, NEV. — A joint venture between Ares Management Corp. and CapRock Partners has sold Tropical Logistics Phase II, an industrial warehouse complex in North Las Vegas. The 442,780-square-foot, Class A facility includes three single-tenant buildings. The buyer was institutional investor Stockbridge Capital Group. At the time of the sale, the property was fully leased to three tenants. Tropical Logistics Phase II is the joint venture’s third completed development. The firms have partnered in the development of Tropical Logistics Phase I, a 1.1-million-square-foot, Class A logistics facility that was completed and sold in the second quarter of 2022, and Spanish Ridge Industrial Park, a recently completed, partially leased, 230,899-square-foot industrial complex in Southwest Las Vegas. Cushman & Wakefield represented the seller, with local representation by JLL. The price was not disclosed.

June 30, 2023

Acquisitions California Industrial Western

CapRock Partners Acquires 3.1-Acre Olive Tree Industrial in Pico Rivera, California

by Jeff Shaw June 30, 2023

PICO RIVERA, CALIF. — CapRock Partners has acquired Olive Tree Industrial, a 3.1-acre, value-add industrial outdoor storage property in Pico Rivera, just southeast of Los Angeles. The property features about 31,000 square feet of warehouse space and a large, secured storage yard. CapRock intends to transform the property into a modern and functional facility. The firm continues to seek value-add investment opportunities throughout the Western and Central U.S. Mark Repstad and Carla Chen with Southland CRE represented CapRock in the purchase transaction. They were also retained to market and lease Olive Tree Industrial’s available space.

June 30, 2023

Arizona Development Industrial Mixed-Use Multifamily Retail Top Stories Western

Indicap, Colmena Group, Langley Properties Receive Town Approval for $1B Mixed-Use Project in Gilbert, Arizona

by Jeff Shaw June 30, 2023

GILBERT, ARIZ. — The Town of Gilbert, a suburb southeast of Phoenix, has approved the zoning request for a 311-acre mixed-use development called The Ranch. Indicap, Colmena Group and Langley Properties are leading the project and estimate that development costs exceed $1 billion. Upon completion, The Ranch will offer 221 acres of light industrial space, 39 acres of commercial space, 39 acres of multifamily space and 16 acres of public green space. The industrial portion could total up to 3 million square feet of mid-bay and cross-dock buildings. The commercial space is slated to include restaurants, storage, convenience stores, office space, a fitness center, small grocer and dental office, among other uses. Plans for Residences at the Ranch, the multifamily component of the project, including two- and three-story rental homes with ground-floor retail. The 16-acre green space will include trails and landscaping for the community to use. The developers also plan to make $20 million in offsite improvements. The zoning approval marks the conclusion of 18 months of negotiations between the developers and the town government. A timeline for construction was not disclosed. — Channing Hamilton

June 30, 2023

Healthcare Industrial Market Reports Nevada Western Western Market Reports

Las Vegas Industrial Remains Resilient with Record-Low Vacancy Rates

by Jeff Shaw June 30, 2023

— By Jerry Doty, Senior Vice President, Colliers — Las Vegas was once known only for its flashy casinos and luxurious hotels, but over the past several years, it has become a growing distribution hub for the entire West Coast. Las Vegas is situated at the intersection of several major highways, making it an ideal location for businesses that need to move goods quickly and efficiently. The city’s proximity to the ports of Los Angeles and Long Beach also make it a gateway for goods entering and leaving the United States. Our industrial market has had an epic rise in recent years, and up until the recent economic shake-up with rising interest rates and uncertainty in the capital markets, there was no end in sight. We continue to ask ourselves if 2023 will be the year things finally slow down or, even worse, take a step back. First, the good news. One of the most striking statistics about the Las Vegas industrial market is the extremely low vacancy rate. Despite delivering about 8.5 million square feet over the previous five quarters, we still sit at a near record-low overall vacancy of 1.5 percent for the first quarter of 2023. Even …

June 30, 2023

Acquisitions Industrial Self-Storage Texas

Hinze Capital Acquires 222-Unit Self-Storage Facility in Spicewood, Texas

by Taylor Williams June 29, 2023

SPICEWOOD, TEXAS — Dallas-based investment firm Hinze Capital has acquired a 222-unit self-storage facility in Spicewood, about 30 miles northwest of Austin. Spicewood Super Storage totals 83,510 net rentable square feet and includes spaces for boat and RV storage. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of self-storage brokerage firm Versal represented the Houston-based seller in the transaction. The team also procured Hinze Capital as the buyer.

June 29, 2023

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 180-Unit Self-Storage Facility in West Tawakoni, Texas

by Taylor Williams June 29, 2023

WEST TAWAKONI, TEXAS — Marcus & Millichap has brokered the sale of Valor Storage, a 180-unit self-storage facility in West Tawakoni, located about 50 miles east of Dallas. The property was built in 2000 and spans 20,400 net rentable square feet. Danny Cunningham and Brandon Karr of Marcus & Millichap represented the seller, a Dallas-based private investor, in the transaction. The duo also procured the Austin-based buyer. Both parties requested anonymity.

June 29, 2023

Acquisitions Industrial Texas

SVN | J. Beard Arranges Sale of 60,000 SF Industrial Flex Property in The Woodlands, Texas

by Taylor Williams June 29, 2023

THE WOODLANDS, TEXAS — SVN | J. Beard Real Estate – Greater Houston, a locally based brokerage firm, has arranged the sale of Spring Hill Business Park, a 60,000-square-foot industrial flex property located about 30 miles north of Houston in The Woodlands. Neal King of SVN | J. Beard represented the sellers, both of which were local limited liability companies, in the transaction. The buyer was a private partnership. All parties involved in the deal requested anonymity.

June 29, 2023

Development Florida Industrial Southeast

Terreno Realty, VSRE Break Ground on Two Metro Miami Industrial Buildings Totaling 364,000 SF

by John Nelson June 29, 2023

HIALEAH, FLA. — Terreno Realty Corp. has broken ground on two industrial buildings totaling 364,000 square feet in Hialeah, roughly 13 miles outside Miami. Situated within Countyline Corporate Park, the warehouse buildings, dubbed Building 39 and Building 40, are scheduled for delivery in the first quarter of 2024. VS Real Estate (VSRE) is developing the facilities on behalf of Terreno Realty, and Rycon is serving as the general contractor. Building 39 will comprise 178,000 square feet with a private truck court, and Building 40 will total 186,000 square feet. The warehouses will feature 36-foot clear heights. Countyline Corporate Park Phase IV, which comprises 121 acres, is scheduled for completion in 2025.

June 29, 2023

Acquisitions Arizona Industrial Western

Matthews Real Estate Negotiates $5.2M Sale of Industrial Building in Chandler, Arizona

by Jeff Shaw June 29, 2023

CHANDLER, ARIZ. — Matthews Real Estate Investment Services has arranged the sale of a freestanding, single-tenant industrial building in Chandler for $5.2 million. The property is located at 590 E. Pecos Road. Erik Manarino and John Stroud facilitated a 1031 exchange for the seller into a more profitable asset. The pair sourced the buyer, Sunbelt Rentals, through Matthews’ database. This sale marks the highest comparable price achieved in the surrounding area for an owner-user transaction, according to the brokers.

June 29, 2023

Industrial Leasing Activity New Jersey Northeast

CBRE Negotiates 80,000 SF Industrial Lease in Jersey City

by Taylor Williams June 29, 2023

JERSEY CITY, N.J. — CBRE has negotiated an 80,000-square-foot industrial lease within HRP Hudson Logistics Park in Jersey City. The 86-acre park is a redevelopment of a former coal-fired power plant. Kevin Dudley and Nicholas Klacik of CBRE represented the tenant, global logistics firm D.B. Schenker, in the lease negotiations. David Knee, Chris Hile and Ryan Milanik of JLL represented the landlord, Hilco Redevelopment Partners.

June 29, 2023

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