MCDONOUGH, GA. — Global cold storage developer and owner NewCold has released plans for a $333 million facility in McDonough, a southern Atlanta suburb in Henry County. The developer says the project will create 170 new jobs upon completion. No construction timeline was disclosed. NewCold’s automated storage and distribution facility will be situated within Midland Industrial Park, which sits about one mile from the I-75 and Ga. Highway 155 interchange. Project manager Cameron Barnhill represented the Georgia Department of Economic Development’s Global Commerce team on the NewCold project in partnership with the Henry County Development Authority, the Georgia Department of Transportation, Georgia Quick Start, Norfolk Southern and Georgia Power. NewCold’s investment represents the largest single investment in the history of Henry County, according to Carlotta Harrell, chair of the Henry County Board of Commissioners. “This highly automated facility will bring additional high-skilled jobs while also increasing Henry County’s already strong portfolio of foreign direct investment,” says Irv Culpepper, chairman of the Henry County Development Authority. Georgia is a prominent hub for food logistics companies. The state currently has more than 189 million cubic square feet of cold storage space, according to the governor’s office. Founded in the Netherlands and with …
Industrial
CHATTANOOGA, TENN. — Rise Partners has broken ground on North River Commerce Center, an 800,000-square-foot industrial park located on 88 acres in the northern portion of Chattanooga just south of Hixson, Tenn. The park, which will feature four buildings on three adjacent parcels, will be situated near downtown Chattanooga, I-75, I-24 and the existing Kordsa plant (formerly housing DuPont). The development will be able to accommodate distribution and manufacturing uses. Rise Partners, which has offices in Chattanooga and Charlotte, expects to deliver North River Commerce Center by fall 2023.
TULSA, OKLA. — Denver-based investment firm VanWest Partners has acquired two self-storage facilities in Tulsa in off-market transactions. Combined, the facilities span more than 140,000 net rentable square feet across some 950 units, including outdoor parking/storage spaces. Both facilities were approximately 95 percent occupied at the time of sale. The seller and sales price were not disclosed. The new ownership is planning a capital improvement program that will include new gate and camera systems, door replacements and roof and asphalt upgrades.
MINNEAPOLIS — CBRE has arranged a joint venture partnership between Capital Partners and Eagle Realty Group on a five-building industrial portfolio totaling 627,980 square feet in metro Minneapolis. Two of the newly constructed buildings are fully occupied, while the remaining three are still under construction. Judd Welliver and Bentley Smith of CBRE arranged the partnership on behalf of their client, Minneapolis-based Capital Partners. There is potential for a second phase of the partnership with an additional 550,000 square feet of development.
WOODRIDGE, ILL. — Rug company Luxe Weavers has signed a 28,436-square-foot industrial lease at Park 355 in the Chicago suburb of Woodridge. The building, which is located at 2145 Internationale Parkway, is now fully leased. Reinier Pranger and Joshua Hearne of Cawley Chicago represented the tenant. Sean Henrick, Jason West and Ryan Klink of Cushman & Wakefield represented the undisclosed landlord.
KENOSHA, WIS. — Marcus & Millichap has brokered the sale of Safe Storage Club, a 24,480-square-foot self-storage facility in Kenosha. The sales price was undisclosed. The property features 348 parking spaces. Brett Hatcher, Gabriel Coe and Nathan Coe of Marcus & Millichap represented the seller, a limited liability company. The team also secured and represented the buyer, an individual trust. The sale closed above list price.
ENFIELD, CONN. — Colliers has negotiated the $15.2 million sale of a 235,000-square-foot distribution center in Enfield, a northern suburb of Hartford. The property sits on a 19-acre site near I-91 and was fully leased at the time of sale. Nicholas Morizio of Colliers represented the seller, an entity doing business as Enfield Distribution Center LLC, and the buyer, Massachusetts-based AIS Development, in the transaction.
Tenant Demand Remains High in Seattle Industrial Market, but Interest Rates Slow Investment Sales
by Jeff Shaw
By Bill Condon, Executive Vice President, Colliers The most significant impact to Seattle’s industrial market this year comes from outside the market. Inflation resulting in raised interest rates has stymied sale activity but done little to slow leasing activity. Tenant demand has remained high, particularly among third-party logistics (3PL), ecommerce and aerospace companies. Logistics remains the main driver for activity and development in submarkets from Tacoma south. This year alone, Holman Distribution leased 353,000 square feet in Frederickson and Maersk leased 246,000 square feet in Lakewood. Both of these cities only had sporadic activity prior to 2020. For 3PL companies, the south Puget Sound/Tacoma area is attractive due to its proximity to the Port of Tacoma and the desirable labor pool in Pierce County. Closer to Seattle, Blue Origin leased 172,000 square feet in Kent, furthering the legacy of aerospace activity in Puget Sound. The rapid rise in interest rates has created a difference in expectations between sellers and buyers, whose interest rates have nearly doubled since the start of this year. This disconnect between the seller’s value and buyer’s ability to purchase is likely to delay transactions until there’s more stability in capital markets nationally. While tenant demand remains robust, there …
MORTON GROVE, ILL. — Two tenants have signed industrial lease renewals at 8220 Austin Ave. in Morton Grove, a northern suburb of Chicago. Dynamic Group, a contract cabinet manufacturer, signed a 45,000-square-foot renewal. Johnson & Quin expanded its offsite storage facility to 17,500 square feet at the property. Johnson & Quin is a large volume, personalized direct mail company that has operated in the Chicago area for 146 years. Sam Badger of CBRE represented Johnson & Quin, while Brendan Green and Patrick Turner of Colliers represented ownership, Clear Height Properties.
WESLACO, TEXAS — Glazer’s Beer & Beverage will open a 250,000-square-foot distribution center in the Rio Grande Valley city of Weslaco. The wholesale alcoholic beverage distributor will be the anchor tenant of Mid Valley International Industrial Park, a 122-acre master-planned development on which the Weslaco Economic Development Corp. recently broke ground. The move is expected to add about 200 new jobs to the local economy.