Industrial

Blue Vista, Westmount Realty Capital Buy 480,911 SF Shelby Oaks Industrial Park in Memphis

by John Nelson October 20, 2022

MEMPHIS, TENN. — Blue Vista Capital Management and Westmount Realty Capital have acquired Shelby Oaks Industrial Park, a 480,911-square-foot portfolio of light industrial and flex properties located in the Northeast submarket of Memphis. Situated near the interchange of I-240 and I-40, the 50-acre park spans 16 buildings and was more than 95 percent leased at the time of sale to 78 tenants across the technology, telecommunications, manufacturing, service and food-and-beverage industries. Shelby Oaks’ buildings feature distribution, warehouse, office and showroom space with a total of 76 dock-high doors and 90 grade-level doors, as well as clear heights ranging from 14 to 22 feet. The seller and sales price were not disclosed.

October 20, 2022

Development Illinois Industrial Midwest Office Top Stories

Dermody Properties Completes Acquisition of Former Allstate Campus in Metro Chicago, Plans 3.2 MSF Industrial Campus

by Katie Sloan October 20, 2022

GLENVIEW, ILL. — Dermody Properties has completed its acquisition of the 232-acre former corporate office campus of Allstate Corp. located on Sanders Road in Glenview, roughly 22 miles northwest of downtown Chicago. While the acquisition price was not disclosed, REBusinessOnline reported last year that the transaction would be valued at $232 million. Dermody plans to redevelop the property into a 10-building logistics park. The redevelopment, named The Logistics Campus, will span 3.2 million square feet upon completion, with flexibility to accommodate additional build-to-suit development. Construction on Phase I of the project is scheduled to begin immediately and will include five buildings totaling 1.2 million square feet. The initial phase of development is slated for completion in 2023. “This redevelopment project stands at the intersection of two significant and durable trends — work from home and e-commerce,” says Douglas Kiersey Jr., president of Dermody Properties. “The conversion of the office campus — with buildings dating back to the 1960s and 1970s — into modern logistics buildings offers many benefits to the community.” The site is located adjacent to Interstate 294 and southwest of the Willow Road interchange, which will allow for efficient access to O’Hare International Airport. The project benefits from …

October 20, 2022

Acquisitions Industrial Self-Storage Texas

JLL Negotiates Sale of 1,252-Unit Self-Storage Facility in West Dallas

by Taylor Williams October 19, 2022

DALLAS — JLL has negotiated the sale of a 1,252-unit self-storage facility located at 2500 Lone Star Drive in West Dallas. The three-story facility features 117,503 net rentable square feet of climate-controlled space and was 50 percent occupied at the time of sale. Austin-based CSW Development sold the property to Charlotte-based Madison Capital for an undisclosed price. Brian Somoza, Steve Mellon, Matthew Wheeler, Adam Roossien and Jake Kinnear of JLL brokered the deal. The new ownership intends to rebrand the property as a Go Store It facility.

October 19, 2022

Acquisitions Industrial Texas

Fort Capital Acquires 673,679 SF Industrial Portfolio in Houston

by Taylor Williams October 19, 2022

HOUSTON — Fort Worth-based investment firm Fort Capital has acquired a portfolio of 28 Class B industrial buildings totaling 673,679 square feet in Houston. Known as The West Houston & Gemini Portfolio, the buildings are located throughout various infill submarkets and had a collective occupancy rate of 84 percent at the time of sale. The seller and sales price were not disclosed.

October 19, 2022

Acquisitions Industrial Texas

Primo Fitness Buys 71,438 SF Industrial Building in Metro Houston

by Taylor Williams October 19, 2022

FRESNO, TEXAS — Primo Fitness, a California-based provider of exercise equipment, has purchased a 71,438-square-foot industrial building located at 701 Sycamore Drive in Fresno, a southern suburb of Houston. Jason Scholtz and Barkley Peschel of Colliers represented the seller, Lemark Investments, in the transaction. Haley Golden, Blair Golden and Lilly Golden of Evergreen Commercial Realty represented Primo Fitness.

October 19, 2022

Development Industrial Massachusetts Northeast

Dacon Corp. Completes 135,000 SF Food Manufacturing Facility in Haverhill, Massachusetts

by Taylor Williams October 19, 2022

HAVERHILL, MASS. — Locally based design-build firm Dacon Corp. has completed a 135,000-square-foot manufacturing facility in Haverhill, located north of Boston, that is a build-to-suit for Memphis-based Monogram Foods. The facility houses several temperature-controlled storage spaces, as well as production areas and offices. Paradigm Properties developed the facility, which is primarily dedicated to pre-assembled sandwich manufacturing and is ultimately expected to employ about 350 people.

October 19, 2022

Acquisitions Industrial New Jersey Northeast

Cushman & Wakefield Brokers $4.5M Sale of Industrial Property in South Plainfield, New Jersey

by Taylor Williams October 19, 2022

SOUTH PLAINFIELD, N.J. — Cushman & Wakefield has brokered the $4.5 million sale of a 28,800-square-foot industrial property in South Plainfield, about 40 miles southwest of Manhattan. The property features a clear height of 22 feet and is currently leased to Liftec Forklifts. Andy Schwartz, Jordan Sobel and Andre Balthazard of Cushman & Wakefield represented the seller, an entity doing business as Sylpan Inc., in the transaction. The trio also procured the buyer, ACSS Group LLC.

October 19, 2022

Green-Acres-Distribution-Center-Spokane-Valley-WA

Development Industrial Washington Western

PCCP, Panattoni Break Ground on 192,078 SF Green Acres Distribution Center in Spokane Valley, Washington

by Amy Works October 19, 2022

SPOKANE VALLEY, WASH. — A joint venture between PCCP and Panattoni Development Co. has started construction of Green Acres Distribution Center, a speculative, Class A distribution facility at 17770 E. Euclid Ave. in Spokane Valley. Slated for completion in third-quarter 2023, the 192,078-square-foot building will offer 30-foot clear heights and rear loading capabilities. The asset is situated on 9.8 acres. The Spokane Valley area offer an abundant labor pool and access to Interstate 90, as well as Union Pacific and Burlington Northern Santa Fe railroad lines.

October 19, 2022

Industrial Market Reports Texas Texas Market Reports

Interest Rates, Industrial Tenant Demand Square Off Across Texas Markets

by Taylor Williams October 19, 2022

By Taylor Williams Much as the commercial community and society at large would like to avoid a recession, prolonged periods of contraction are part of the natural economic cycle, and the U.S. financial powers that be appear to be on a collision course for exactly that scenario. But for assets classes backed by exceptional demand drivers and fundamentals, like industrial real estate in major Texas markets, is there really a need to sweat a downturn? Like any conflict, the battle between macro- and micro-level forces essentially comes down to magnitude. Will the severity of interest rate increases — three separate hikes totaling 200-plus basis points in a few months — prevail over robust tenant demand that has fueled record occupancy and rent growth throughout Texas and beyond in recent years? Only the Federal Reserve can speak to the first variable. The nation’s central bank appears hell-bent on whipping inflation, which registered a year-over-year increase of 8.3 percent in August, and is seemingly resigned to the inevitability of recession as a byproduct of its monetary policy. As for the competing forces that are industrial fundamentals, third-quarter figures were not available at the time of this writing. But, using Dallas-Fort Worth (DFW) …

October 19, 2022

Acquisitions Industrial Texas

IG Logistics Acquires 28,000 SF Warehouse in Grand Prairie, Texas

by Taylor Williams October 18, 2022

GRAND PRAIRIE, TEXAS — New York-based investment firm IG Logistics has acquired a 28,000-square-foot warehouse in Grand Prairie, located roughly midway between Dallas and Fort Worth. According to LoopNet Inc., the property at 104 E. Trinity Blvd. was built on 9.2 acres in 1998 and features 16-foot clear heights. At the time of sale, the building was fully leased to Beacon Roofing Supply. The seller was not disclosed.

October 18, 2022

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