TUCSON, ARIZ. — Schnitzer Properties LLC has acquired an industrial property located at 5580 S. Nogales Highway in Tucson. WAA Nogales Hwy LLC sold the asset for $7.3 million. Robert Glaser and Paul Hooker of Cushman & Wakefield | PICOR represented the seller in the transaction.
HOUSTON — Locally based development and management firm Finial Group has begun construction on a 90,328-square-foot industrial project in Houston that represents Phase III of Independence Business Park. The third phase will consist of three freestanding, crane-served buildings with 10 percent office finishes. Completion is slated for the third quarter of 2023. Construction of Phase II of Independence Business Park, which comprised two buildings totaling 145,185 square feet, began in late 2020.
BOURNE, MASS. — Massachusetts-based brokerage firm Waldman & Associates has arranged the sale of a portfolio of seven industrial buildings totaling 124,000 square feet in Bourne, located at the nexus of Cape Cod and the mainland. The sales price was approximately $10.6 million. Dan Waldman of Waldman & Associates represented the undisclosed seller and procured the buyer, Unicorn Realty, in the transaction. Tenants at the portfolio include EOIS, Falmouth Toyota and Cape Cod Tennis & Court.
OPELIKA, ALA. — Reich Brothers, a national industrial real estate investment firm, has purchased a 1.6 million-square-foot distribution center in Opelika, a city along I-85 and near Auburn, Ala. The seller and sales price were not disclosed. The facility is the largest multi-tenant distribution center in the Auburn-Opelika market, with 96 dock positions, more than 10 leased suites and standalone buildings ranging from 50,000 to 400,000 square feet. The rail-served property services both the Kia and Hyundai automotive hubs in western Georgia and eastern Alabama, according to Reich Brothers.
SOUTH ELGIN, ILL. — Principle Construction has completed an expansion and renovation project totaling 78,000 square feet for food packaging manufacturer CV-Tek in South Elgin. Middleby Cos. owns the building, which now features 56,000 square feet of warehouse space and 22,000 square feet of office space. The project also included new electrical distribution system for computerized manufacturing equipment, enhanced lighting, new flooring and roof upgrades. Cornerstone Architects provided architectural services. Principle completed the project in 16 weeks.
ELK GROVE VILLAGE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has acquired a 71,552-square-foot industrial building in the Chicago suburb of Elk Grove Village. The purchase price was undisclosed. The property at 925-1065 Chase Ave. was vacant at the time of acquisition. The building features seven docks, two drive-in doors and parking for 71 cars. Prior to closing, Venture One received a 6B tax incentive. According to Elk Grove Village, in order to be eligible for 6B, the property must be used for an industrial purpose and one of the following criteria must be met: new construction; buying a building that has been vacant for at least one year; or substantial renovation to an existing building. Venture One plans to make significant improvements to the property, including office renovations, new paint, parking lot seal coating, energy efficient lighting, roof replacement, landscaping and façade enhancements. Jonathan Kohn and John D’Orazio of Colliers represented the undisclosed seller and will market the property for lease on behalf of Venture One. Venture One’s acquisition fund is a partnership with Kovitz Investment Group.
FREEPORT, TEXAS — Volkswagen Group of America will open a $114 million importation facility in Freeport, located south of Houston on the Texas coastline. The site spans 120 acres and represents a consolidation of the German automaker’s port operations in Houston and Midlothian. Volkswagen has entered into a 20-year ground lease with a partnership between the two developers leading the project, Washington, D.C.-based PRP and Dallas-based KDC. Construction is scheduled to begin before the end of the year, and the facility is expected to be operational in early 2024. JLL represented Volkswagen in its site selection process. Volkswagen anticipates that at full capacity, the facility will be able to handle as many as 140,000 vehicle imports per year, primarily from its production hubs in Mexico and Europe.
ELIZABETHTOWN, PA. — Chicago-based First Industrial Realty Trust has inked a 1.1 million-square-foot lease with boohoo, an online fashion retailer based in the United Kingdom, at First Logistics Center @ 283 in Elizabethtown, a southeastern suburb of Harrisburg. Jeff Lockard, Paul Torosian, Ryan Barros and Kyle Lockard of JLL represented the landlord in the lease negotiations. First Industrial has also broken ground on a 700,000-square-foot building at the site that will feature a clear height of 40 feet, 143 loading doors, 194 trailer parking stalls and 318 car parking spaces. Completion of that building is scheduled for the second quarter of 2023.
VAN BUREN TOWNSHIP, MICH. — Our Next Energy (ONE), a Michigan-based energy storage technology company, has unveiled plans to invest $1.6 billion in a new battery cell manufacturing plant in Van Buren Township, about 28 miles southwest of Detroit. The recently constructed facility will be named ONE Circle and is expected to create 2,112 jobs when operating at full capacity by the end of 2027. The 659,589-square-foot facility will produce 200,000 electric vehicle battery packs annually. ONE will begin upgrades and equipment installation at the property in January 2023. Production at the plant is slated to begin in 2024. Ashley Capital owns the property, which is located at 42060 Ecorse Road within the Crossroads Distribution Center.
BUDA, TEXAS — A joint venture between Minneapolis-based United Properties and Los Angeles-based PCCP LLC has sold three industrial buildings totaling 474,465 square feet in Buda, located on the southern outskirts of Austin. The two rear-load buildings and one cross-dock building, which are situated on a 35.3-acre site, represent Phase I of a larger development known as Buda Midway. Combined, the structures feature 30- to 36-foot clear heights, 138 dock doors, 60 trailer parking stalls and 678 car parking spaces. Trent Agnew, Dustin Volz, Dom Espinosa, Josh Villarreal and Megan Babovec of JLL represented the seller in the transaction. The buyer and sales price were not disclosed. The buildings were fully leased at the time of sale. Phase II of Buda Midway will consist of four rear-load buildings totaling roughly 390,000 square feet.