DALLAS — Houston-based developer Lovett Industrial has broken ground on a 960,956-square-foot project within the 140-acre Trinity West Business Park in West Dallas. Buildings II and III will total 763,960 and 196,996 square feet and are being developed as build-to-suits for a global logistics company and Dallas County, respectively. Arch-Con Corp. is the general contractor for the project, completion of which is slated for the fourth quarter.
SEATTLE – Stuf, a self-storage startup company, has entered the Seattle market with two new locations. Stuf partners with property owners to monetize basements, garages and other spaces in buildings as tech-enabled storage. This model creates new cash flow opportunities for landlords while providing local communities with an easy-to-access and secure environment to store personal belongings, business inventory and more. Stuf’s first Seattle location is at 220 Second Ave. South in Seattle’s Pioneer Square district. Rubicon Point Partners owns the property. As part of the owner’s repositioning of the building, it partnered with Stuf to monetize 3,500 square feet of existing basement space into tech-enabled storage. Wright Runstad & Co. developed 400 University St., which will host Stuf’s downtown Seattle location. The startup is transforming 5,500 square feet of sub-grade mezzanine space in the 10-story office building into tech-enabled storage accessible through the garage level directly below the building.
OAK FOREST, ILL. — Logistics Property Co. (LPC) has begun development of Oak Forest Logistics Center in Oak Forest, a southern suburb of Chicago. The nearly 665,000-square-foot development features immediate access to the I-57 four-way interchange at 167th Street. The building will feature four drive-in doors, 117 exterior docks and parking for 116 trailers and 500 cars. The project team includes general contractor FCL Builders, Architects Plus Design Studio and civil engineer SPACECO Inc. Jason West, Sean Henrick and Ryan Klink of Cushman & Wakefield are marketing the project for lease. Completion is slated for the end of the year.
BLOOMINGTON, MINN. — Midloch Investment Partners and Fountain Real Estate Capital have sold a 218,899-square-foot, last-mile industrial facility in the Minneapolis suburb of Bloomington for $15.4 million. Buligo Capital purchased the asset, which is located at 9231 Penn Ave. South. Midloch and Fountain acquired the property in January 2022 for $11.2 million, and invested in capital improvements to enhance leasing. Colin Ryan and Dave Berglund of JLL brokered the sale. Last-mile facilities are located close to urban areas and assist with the distribution of goods to consumers or retailers.
LODI, N.J. — CBRE has brokered the $5.5 million sale of a 24,500-square-foot industrial property in the Northern New Jersey community of Lodi. According to LoopNet Inc., the property at 80 Hancock St. was built on 1.8 acres in 1965 and features six dock doors and one drive-in door. Elli Klapper, Jeremy Wernick, Mark Silverman, Charles Berger, Kevin Dudley, Nick Klacik and Chad Hillyer of CBRE represented the buyer, Prologis, in the transaction. The seller was not disclosed. CBRE has also been retained to market the property for lease.
Interstate 85 traverses through the heart of the Southeast, the fastest-growing region in the United States by way of population. The southern terminus of the 666-mile interstate is in Montgomery, Ala., home of the mega Hyundai Motor Manufacturing Alabama plant, and it travels north to just shy of Richmond, Va., the site of North America’s first LEGO factory. Along the way, I-85 connects through Atlanta and the Carolinas markets of Greenville-Spartanburg, Charlotte, Greensboro and Raleigh-Durham. These I-85 Corridor markets have seen their fair share of industrial development in recent years, so much so that for the first time this cycle, some experts are worried about overbuilding. Steven McGee, vice president of Southeast development at Rockefeller Group, said that half of the nation’s population growth has been coming to the Southeast region, and that faucet isn’t expected to be shut off anytime soon. “America is getting bigger, and half of that growth is occurring in three or four states,” said McGee. “I don’t see any real structural elements that are stopping that growth. It’s a challenge on the timing [for industrial deliveries], but in almost every market we have record vacancy. We have very few options for occupiers coming into the …
MOCKSVILLE, N.C. — The Hollingsworth Cos. has begun the construction of two industrial buildings totaling 282,733 square feet in Mocksville, roughly 25 miles southwest of Winston-Salem. Situated within SouthPoint Industrial Park, the speculative buildings will total 130,492 square feet and 152,241 square feet, respectively, and will bring the property to a total of 12 single-tenant industrial buildings. Both facilities are being built for long-term lease by light manufacturing or distribution tenants.
WILMER, TEXAS — A partnership between Dallas-based Bandera Ventures and Atlanta-based Invesco Real Estate is underway on construction of two buildings totaling 1.5 million square feet at Southport Logistics Center, a speculative industrial development in the southern Dallas suburb of Wilmer. Building 1 will total 746,420 square feet, and Building 2 will span 744,452 square feet. Both structures will feature 40-foot clear heights, 60-foot loading bays, 185-foot truck court depths and cross-dock configurations. Completion is slated for the third quarter. JLL is marketing the development for lease.
HOUSTON — Marcus & Millichap has brokered the sale of Space City Self Storage, a 400-unit facility located about 10 miles south of downtown Houston. The facility consists of nine buildings that house 225 non-climate-controlled units and 175 climate-controlled units for a total of 57,545 net rentable square feet. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a Houston-based limited liability company, in the deal. The duo also procured the buyer, an Arizona-based REIT. Both parties requested anonymity.
GRAND PRAIRIE, TEXAS — Texas-based developer Ironwood Realty Partners is underway on construction of 360 Crossing @ Red Hawk, a 214,801-square-foot industrial project in the central metroplex city of Grand Prairie. The rear-load, freestanding building will be situated on 12.5 acres and feature 36-foot clear heights, 10 dock-high loading doors, parking for 178 cars and 49 trailers and an ESFR sprinkler system. Delivery is slated for the fourth quarter.
