Industrial

Wonderful Real Estate Breaks Ground on 1.1 MSF Spec Industrial Development in Shafter, California

by Jeff Shaw May 11, 2023

SHAFTER, CALIF. — Wonderful Real Estate has broken ground on a 1.1 million-square-foot speculative development at the Wonderful Industrial Park (WIP) in Shafter. The facility will be located at 5401 Express Ave. It will be the fifth speculative development delivered by WRE over the past five years. WRE has developed and leased more than 1.3 million square feet at Wonderful Industrial Park in 2022. This includes a 1 million-square-foot spec project that was leased by a Fortune 500 food manufacturer and a 309,000-square-foot building leased by existing tenant GAF, the nation’s largest manufacturer of roofing and waterproofing products. WRE is also in the final stages of design on a 415,000-square-foot speculative building in the park that is scheduled for delivery in the first half of 2024.

May 11, 2023

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 2,627-Unit Self-Storage Portfolio in Southeast Texas

by Taylor Williams May 11, 2023

BEAUMONT AND NEDERLAND, TEXAS — Marcus & Millichap has brokered the sale of a portfolio of seven self-storage facilities totaling 2,627 units in southeast Texas. The properties were constructed in the 1970s and 1980s and total 389,501 net rentable square feet. Two of the properties are located in Beaumont, and two are located in Nederland, with the other facilities located in Groves, Bridge City and Orange. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a California-based liability company that purchased the portfolio in 2018, in the transaction. The duo also secured the buyer, a North Carolina-based limited liability company.

May 11, 2023

Industrial Leasing Activity Texas

Cummins Clean Fuel Technologies Signs Industrial Lease Expansion at AllianceTexas

by Taylor Williams May 11, 2023

ROANOKE, TEXAS — Cummins Clean Fuel Technologies has signed an industrial lease expansion at AllianceTexas, Hillwood’s 27,000-acre master-planned community on the north side of Fort Worth. The provider of natural gas delivery systems is expanding its manufacturing operations, bringing its footprint at 1051 Republic Drive in Roanoke to roughly 160,000 square feet. Michael Haggar and John Worthen of JLL represented Cummins in the lease negotiations. Samuel Rhea and Reid Goetz represented Hillwood on an internal basis.

May 11, 2023

Industrial Loans Northmarq Texas

Northmarq Arranges Acquisition Loan for 90,029 SF Industrial Building in Northeast Houston

by Taylor Williams May 11, 2023

HOUSTON — Northmarq has arranged an acquisition loan of an undisclosed amount for a 90,029-square-foot industrial building located at 8950 Railwood Drive in northeast Houston. Built in 1989, the single-tenant building features 21-foot clear heights, 11 exterior docks and 18,500 square feet of office space. Blane Eikenhorst and Tony Gray of Northmarq arranged the nonrecourse, fixed-rate loan, which was structured with a 10-year term and a 75 percent loan-to-value ratio, through Ameritas Investment Partners. The borrower/owner-occupant was not disclosed.

May 11, 2023

Industrial Leasing Activity Texas

Intac Supply Signs 18,000 SF Industrial Lease in Northwest Houston

by Taylor Williams May 11, 2023

HOUSTON — Intac Supply, a provider of HVAC equipment, has signed an 18,000-square-foot industrial lease at 6600 Long Point Road in northwest Houston. Toronto-based Agellan Commercial REIT owns the 139,116-square-foot building, which was originally built in 1979. Matt Rogers of Oxford Properties represented Intac Supply in the lease negotiations. Carter Holmes of Holt Lunsford represented the landlord.

May 11, 2023

Industrial Loans New York Northeast

Partnership Receives $334M in Financing for Bronx Industrial Facility

by Taylor Williams May 11, 2023

NEW YORK CITY — A partnership between locally based developer Innovo Property Group and Affinius Capital, which is a partnership between USAA Real Estate and Square Mile Capital Management, has received $334 million in financing for an industrial facility in The Bronx. The financing consists of $250 million in debt from the existing construction lender, Bank OZK, and an $84 million mezzanine loan from PIMCO. The two-story, 1 million-square-foot property at 2505 Bruckner Ave. was delivered in 2022 and features clear heights of 28 to 32 feet, 106 loading doors and 664 interior parking spaces. At the time of the loan closings, the facility was 53 percent leased to an undisclosed, global e-commerce firm.

May 11, 2023

Acquisitions Mississippi Self-Storage Southeast

Franklin Street Arranges Sale of 404-Unit Self-Storage Facility in Hattiesburg, Mississippi

by John Nelson May 11, 2023

HATTIESBURG, MISS. — Franklin Street has arranged the sale of Hattiesburg Climate Controlled Storage, a 404-unit self-storage facility located at 7329 US Highway 98 in Hattiesburg. Mississippi-based Anderson Construction purchased the facility from Atlanta-based Highline Storage Partners for an undisclosed price. Frank DeSalvo and David Perlleshi of Franklin Street’s National Self-Storage Team represented both parties in the transaction. The newly built, climate-controlled facility spans 50,225 rentable square feet and features keyless entry and video surveillance.

May 11, 2023

Development Industrial New York Northeast Top Stories

Coca-Cola Announces Plans for $650M Fairlife Dairy Production Facility in Central New York

by Katie Sloan May 11, 2023

WEBSTER, N.Y. — The Coca-Cola Co. has announced plans to develop a $650 million production facility for its dairy brand Fairlife in the Central New York community of Webster, just west of Rochester. The 745,000-square-foot facility will source from local milk co-operatives to produce its line of dairy-based beverages before distributing them to retailers across the Northeast U.S. The company expects to break ground on the project this fall, subject to final approvals and due diligence, with the facility slated for operation by the fourth quarter of 2025. The development is expected to create up to 250 new jobs upon completion. “This decision by Fairlife to expand their operations in Monroe County marks the next chapter in New York’s agricultural success story,” says New York Governor, Kathy Hochul. “New York’s dairy industry serves as a crucial economic engine for our state, and this $650 million investment from Fairlife will create jobs and drive economic impact, particularly in the Finger Lakes.” Empire State Development will provide up to $21 million in assistance for the project through the performance-based Excelsior Jobs Tax Credit Program in exchange for job creation commitments. Monroe County is also expected to apply for a $20 million Capital Grant …

May 11, 2023

Alabama Development Industrial Southeast

Farpoint, Doster Construction Deliver Building 100 at REAL Park in Tuskegee, Alabama

by John Nelson May 10, 2023

TUSKEGEE, ALA. — Farpoint Development, along with general contractor Doster Construction Co., has delivered Building 100 at Regional East Alabama Logistics (REAL) Park in Tuskegee. Situated within the 638-acre site in Macon County, the 169,000-square-foot speculative facility is the first building within the 6.2 million-square-foot, multi-phase REAL Park. Situated off exit 42 on I-85 roughly 10 miles south of Auburn University, the building represents the only Class A manufacturing or distribution facility within a 40-mile radius, according to Farpoint. Project partners include construction lender Regions Bank and government entities Opportunity Alabama and Macon County Economic Development Authority. Once complete, REAL Park is expected to create $450 million of total economic output in the east Alabama region. Farpoint is currently marketing Building 100 for lease. The developer is based in Chicago and has a regional office in Asheville, N.C.

May 10, 2023

Acquisitions Florida Loans Self-Storage Southeast Tennessee

Gantry Secures $40M Acquisition Financing for Four Self-Storage Properties in Tennessee, Florida

by John Nelson May 10, 2023

IRVINE, CALIF. — Irvine-based Gantry has secured $40 million in acquisition financing for four separate purchases of self-storage properties in Tennessee and Florida. Totaling 286,000 rentable square feet, the properties include three Storelocal Self Storage properties in Franklin and Spring Hill, Tenn., and a U.S. Storage Center facility in Tampa. Andy Bratt and Amit Tyagi of Gantry arranged the fixed-rate loans through separate life insurance companies on behalf of the borrower, a multi-generational private family that is buying the properties in a 1031 exchange. Two of the loans were bridge loans and two were permanent loans.

May 10, 2023

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