SAN ANTONIO — Stream Realty Partners has negotiated a 73,873-square-foot industrial lease at CenterPoint Logistics Park in San Antonio. The tenant, an undisclosed retail vending company, will occupy approximately half of the space at Building 4, which is under construction and scheduled for a third-quarter 2023 completion. Kevin Cosgrove and Walter Simpson of Stream Realty Partners represented the landlord, Jackson-Shaw, in the lease negotiations.
By Nick Knecht, Senior Advisor, Industrial, Dickson Commercial Group The vibrancy and growth of the Reno-Sparks industrial market has solidified the region’s position as a premier distribution hub of the Western U.S. — even as we head into what is expected to be a nationwide economic slowdown in the near term. The third quarter continued the trend of positive net absorption of 469,970 square feet. This occurred even with four new construction deliveries totaling 1.7 million square feet, 98 percent of which was spoken for upon completion. This momentum is expected to continue to some degree, as our team is actively negotiating RFPs on each of our speculative big box listings, with space requirement inquiries coming in at a steady pace. Alongside this positive activity, our market has been affected by the economic turmoil that has started to take shape over the past two quarters, with similar trends discussed nationwide. A changing debt market has produced several price adjustments mid-transaction for buyers to stay within their underwriting thresholds. The number of developers aggressively acquiring land at a feverish pace has decreased as they face a higher cost of capital and tamp down rent growth assumptions to more reasonable levels. There …
MCCARRAN, NEV. — Mohr Capital has completed the development of a speculative cross-dock building, located at 1500 Waltham Way in McCarran. The 596,400-square-foot was fully leased during construction and sold to Dalfen Industrial upon its completion. ARCO Murray served as general contractor for the building, which will serve as a distribution facility. Additionally, Mohr Capital acquired two land sites in the North Valleys submarket and nearby Fernley for future industrial development.
PHOENIX — Phoenix-based Citywide Commercial Real Estate has arranged the purchase of a five-building mixed-use portfolio located at the southeast corner of Indian School Road and 31st Avenue in Phoenix. Northgate – 72 LLC sold the business park to EL Camino Investment Co. for $7 million. Totaling 86,268 square feet, Thunderbird Business Park features five single-story, multi-tenant office, retail and industrial buildings. The property includes 35 individual suites that are fully occupied. The tenants are mostly small business owners and long-term tenants. El Camino Investment Co. plans to complete improvements to modernize the portfolio and enhance its presence in the community. Adam Shteir, Todd Hamilton and Chad Kirkorsky at Citywide represented the buyer in the acquisition.
GREENWOOD, S.C. — An affiliate of Phoenix Investors has purchased the Fujifilm North American Campus in Greenwood, which has been home to Fujifilm Manufacturing U.S.A. Inc. since 1988. The 11-building property spans more than 2.7 million square feet over 500 acres. Fujifilm has leased back approximately 50 percent of the campus from the buyer and plans to keep over 300 employees at the site for manufacturing and administrative purposes. Phoenix Investors plans to market approximately 1.4 million square feet of space for lease to new tenants. James Medbery, Doug Faris and Shaun Kirchin of Binswanger brokered the transaction. The sales price was not disclosed.
SUMMERVILLE, S.C. — Frampton Construction has delivered a 204,000-square-foot speculative industrial facility within Portside Distribution Center in Summerville, about 25 miles northwest of Charleston via I-26. Randolph Development is the developer of the facility, the second building within the industrial park. Colliers is leasing the property for lease. The rear-load, tilt-wall facility features clear heights of 32 feet, 38 dock doors, four drive-in doors, 142 car parking spaces and 52 trailer parking spaces. The design-build team includes civil engineer Thomas & Hutton and architect McMillan Pazdan Smith.
FRISCO, TEXAS — Lincoln Property Co. has acquired Star Commerce Center IIIB, a 177,510-square-foot warehouse in Frisco. The newly built, rear-load facility sits on 10.5 acres and was fully leased at the time of sale. Building features include 32-foot clear heights, 210-foot truck court depths, 210 parking spaces and roughly 50,000 square feet of office space. Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe and Matthew Barge of JLL represented the seller, Blue Star Land, in the transaction.
ARLINGTON, TEXAS — Dental supply company Henry Schein Inc. has signed a 12,488-square-foot lease renewal at Randol Mill Service Center, a 96,124-square-foot industrial flex property in Arlington. Michael Spain of Bradford Commercial Real Estate Services represented the tenant in the lease negotiations. Patrick Reis of Property Advisers Realty represented the landlord, an entity doing business as PHP RMSC Venture LP.
GADSDEN, ALA. — An affiliate of Phoenix Investors has purchased an approximately 3 million-square-foot industrial campus located at 1000 Goodyear Ave. in Gadsden, which is roughly midway between Birmingham and Chattanooga along I-59. Global tire manufacturer Goodyear was the former occupant of the property, which is currently vacant. Adam Wolinetz of CBRE arranged an undisclosed amount of acquisition financing through International Bank of Commerce on behalf of Phoenix Investors. The seller and sales price were not disclosed. Renovated in 2015, the 156-acre park features 30 dock doors and clear heights of up to 30 feet, as well as ample car and trailer parking, rail access and proximity to I-759 and I-59. Phoenix Investors plans to make numerous capital and cosmetic improvements to repurpose the park and boost tenancy. The Milwaukee-based owner says the available space is easily divisible for multi-tenant occupancy and will be marketed in the near future for lease.
MAYWOOD, ILL. — Colliers has negotiated the sale of a 79,869-square-foot industrial building in Maywood, a western suburb of Chicago. The sales price was undisclosed. Completed in August, the property at 1900 Maywood Drive features a clear height of 32 feet. Built on a speculative basis, the development was leased to The Kroger Co. upon completion. Jeff Devine and Steve Disse of Colliers represented the seller, DSI Development. California-based Pacifica Real Estate was the buyer.
