BURNSVILLE, MINN. — CBRE has arranged the sale of the DuPont Distribution Center in Burnsville, about 15 miles south of downtown Minneapolis. The sales price was undisclosed. The 177,153-square-foot industrial property is fully occupied by four tenants and features fenced and paved outdoor storage. Judd Welliver and Bentley Smith of CBRE represented the seller, Biynah Industrial Partners LLC. Sterling Management was the buyer.
CALIMESA, CALIF. — Birtcher Development has received full entitlement for Birtcher Oak Valley Commerce Center in Calimesa. Construction is currently underway, with completion slated for third-quarter 2024. Totaling 2.25 million square feet, Birtcher Oak Valley Commerce Center will feature four Class A logistics facilities: Building A, a 705,783-square-foot cross-dock facility with 5,600 square feet of office space and 118 dock-high doors. Completion is scheduled for second-quarter 2024. Building B, a 46,172-square-foot side-loaded property with 5,168 square feet of office space and 69 dock-high doors. Completion is slated for second-quarter 2024. Building C, a 457,257-square-foot cross-dock facility with 5,114 square feet of office space and 78 dock-high doors. Completion is expected in early third-quarter 2024. Building D, a 619,358-square-foot cross-dock building with 5,162 square feet of office space and 109 dock-high doors. Completion is scheduled for third-quarter 2024. All four facilities will feature 40-foot clear heights, flat floors, 10-inch slabs, a minimum of 185-foot truck courts and an ESFR sprinkler system. A nine-acre trailer lot will be constructed adjacent to Buildings A and B, providing 250 trailer stalls. Mike McCrary, Peter McWilliams, Patrick Wood and Scott Coyle of JLL are handling leasing for the project.
ROGERS, MINN. — NAI Legacy and NAI Sioux Falls have arranged the $2.4 million sale of a 40,656-square-foot industrial building in Rogers, a northwest suburb of Minneapolis. The multi-tenant property is located at 21040 Commerce Blvd. and sits on three acres. Michael Houge of NAI Legacy and Troy Fawcett of NAI Sioux Falls brokered the transaction. Buyer and seller information was not provided. The existing tenants are now governed by a master lease.
RICHMOND HILL, GA. — Hyundai Mobis, an automotive supplier based in South Korea, plans to invest $926 million for a new manufacturing facility near Hyundai’s previously announced electric vehicle and battery campus in Bryan County. Situated near the Port of Savannah, the new 1.2 million-square-foot facility will employ at least 1,500 people once fully operational. The project is located within the Georgia Ready for Accelerated Development (GRAD) Certified Belfast Commerce Park in Richmond Hill. Hyundai Mobis will supply electric vehicle power electric systems and charging control units to the mega Hyundai plant nearby and in Montgomery, Ala., as well as the Kia plant in West Point, Ga. Hyundai Mobis is the “parts and services” arm for South Korean auto giants Hyundai, Genesis Motors and Kia. The company has had an operational base near the Kia plant since 2009. The new Bryan County facility is expected to break ground in 2023 and begin operations in 2024.
LEWISVILLE, TEXAS — CBRE has negotiated the sale of Bison Grove Business Park, a 900,000-square-foot industrial complex located in the northern Dallas suburb of Lewisville. The development consists of four buildings on a 62-acre site that were 78 percent leased at the time of sale. Building features include 32-foot clear heights and ESFR sprinkler systems. The buyer, Chicago-based investment and development firm CenterPoint Properties, also plans to add speculative office space. Randy Baird led the transaction for CBRE. The seller was not disclosed.
MICHIGAN, NEBRASKA AND GEORGIA — In a sale-leaseback transaction, MAG Capital Partners LLC has acquired three industrial properties in three states for an undisclosed price. Applegate Greenfiber, a manufacturer of insulation products for commercial and residential use, occupies the properties. The first building spans 30,000 square feet and is located at 1000 Highview Drive in Webberville, Mich. The second totals 104,930 square feet at 3421 Old Highway 8 in Norfolk, Neb. Lastly, the portfolio includes a 110,000-square-foot property at 1241 Meadowbrook Drive in Eastanollee, Ga. Earlier this year, Industrial Opportunity Partners, a Chicago-based industrial investment firm, acquired both Applegate Holdings LLC and the assets of Greenfiber Holdings LLC to form Applegate Greenfiber Holdings LLC, which is based in Charlotte, N.C. Daniel Macks of STREAM Capital Partners represented the seller. Led by Dax Mitchell and Andrew Gi, MAG Capital Partners is based in Fort Worth, Texas.
LUBBOCK, TEXAS — Fort Worth-based investment firm MAG Capital Partners has purchased a quartet of industrial buildings totaling 66,680 square feet in Lubbock in a sale-leaseback. The undisclosed seller had concurrently purchased the operations of the occupant, Lubbock Electric Co., which will remain onsite. Scott Briggs and David Read of Northmarq brokered the deal.
ELK GROVE VILLAGE, ILL. — Brown Commercial Group has negotiated the sale-leaseback of a 22,550-square-foot industrial building in the Chicago suburb of Elk Grove Village. The sales price was undisclosed. Located on Martin Lane and constructed in 1974, the property features two dock doors and four drive-in doors. Mason Hezner of Brown represented the seller, Etymotic Research, a manufacturer of earphone and hearing enhancement products. ProSource Wholesale, a flooring distributor, was the buyer. ProSource plans to use the building as a showroom and warehouse for its products. Etymotic Research will lease back a small portion of the building from the new owner.
SALT LAKE CITY — Pacific Industrial has completed the construction of Pacific Summit Logistics Center, an industrial facility at 885 N. John Cannon Drive in Salt Lake City. The development and investment firm has already sold the asset on a forward basis to Principal Global Investors, a global real estate investments platform based in Des Moines, Iowa, for an undisclosed price. Situated on 48 acres, the 824,320-square-foot facility features 40-foot clear heights, nearly 200 trailer parking stalls, a private perimeter vehicle access road and a modern entry. At the time of sale, the building was 50 percent preleased to Quality Distribution, a third-party logistics provider headquartered in Utah. Jeff Chiate, Rick Ellison, Mike Adey, Brad Brandenburg and Matthew Leupold of Cushman & Wakefield’s National Industrial Advisory Group together with Tom Freeman and Travis Healey of Cushman & Wakefield’s Salt Lake City office represented the seller. Freeman and Healey were retained by Principal Global Investors to handle leasing of the project. According to Cushman & Wakefield, the transaction is one of the largest ever single-building industrial property sales in Salt Lake City.
DENVER — Institutional investors advised by J.P. Morgan Global Alternatives have sold Airport Central Portfolio, a two-building industrial property near Denver International Airport in Denver. Boston-based TA Realty acquired the asset for an undisclosed price. Jeremy Ballenger, Tyler Carner, Jim Bolt and Jessica Ostermick of CBRE National Partners in Denver represented the seller in the deal. Situated on 15 acres at 11777 E. 55th Ave. and 11475 E. 53rd Ave., the 340,960-square-foot asset includes two multi-tenant distribution buildings. The buildings are 93 percent leased to seven diversified tenants. Current unit sizes range from 19,000 square feet to 86,200 square feet with the ability to divide and combine units in the future as tenant demand dictates. The buildings feature clear heights ranging from 24 feet to 26 feet with dock-high and drive-in loading, ESFR/wet sprinklers and rail service by Union Pacific.
