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Industrial

AcquisitionsIndustrialNortheastPennsylvania

JLL Brokers $54.5M Sale of Lehigh Valley Warehouse, Distribution Center

by Taylor Williams

SHOEMAKERSVILLE, PA. — JLL has brokered the $54.5 million sale of a 310,238-square-foot warehouse and distribution center located in the Lehigh Valley community of Shoemakersville. Built on roughly 24 acres in 2022, the facility features a clear height of 36 feet, 40 loading doors, 185-foot truck court depths and parking for 81 trailers and 185 cars. John Plower, Ryan Cottone, Jeff Lockard and Ryan Barros of JLL represented the seller, a joint venture between The Keith Corp. and The Kiel Group, in the transaction. The buyer was not disclosed. At the time of sale, the facility was fully leased to online fashion retailer Revolve Group and Arcadian Crossing Consumer Products, which provides disposable tabletop and food storage solutions.

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AcquisitionsCompany NewsDistrict of ColumbiaIndustrialOfficeSoutheast

Avison Young to Acquire Trio of Business Lines from Madison Marquette

by John Nelson

TORONTO AND WASHINGTON, D.C. — Toronto-based commercial real estate services firm Avison Young has signed an agreement to acquire Washington, D.C.-based Madison Marquette’s office and industrial property management, agency leasing and project management service lines. The trio of services will operate under the Avison Young brand as part of the acquisition, which is expected to close in September. Financial terms of the deal were not disclosed. The acquisition includes more than 20 million square feet of affected real estate, as well as 235 team members, including property managers, agency leasing professionals, project managers, building engineers and accountants. The former Madison Marquette staffers will integrate with Avison Young’s existing markets, primarily in Texas and California, the East Coast region and a new Hawaii office. Avison Young will integrate its data analytics, technology and global real estate intelligence platform with Madison Marquette’s trophy assets and institutional clients, such as CenterPoint Energy, Starwood Property Trustand Principal Global Investors. “This is a transformative opportunity for both companies to build on their core strengths to achieve competitive advantage,” says Vince Costantini, CEO of Madison Marquette. “We made the strategic choice to move a portion of our services to Avison Young to better serve our office …

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AcquisitionsDistrict of ColumbiaSelf-StorageSoutheast

Foulger-Pratt Sells 1,752-Unit Self-Storage Facility in D.C.

by John Nelson

WASHINGTON, D.C. — Potomac, Md.-based Foulger-Pratt has sold a 1,752-unit self-storage facility located at 72 Florida Ave. in Washington, D.C. A partnership between Invesco Real Estate and Baranof Holdings purchased the facility for an undisclosed price. Steve Mellon, Brian Somoza, Craig Childs, Bill Prutting and Jay Wellschlager of JLL represented the seller in the transaction. Built in March 2020, the seven-story property operates under the Extra Space Storage brand and features a 1,000-square-foot office and 400 square feet of restrooms and bike storage. The facility offers electronic access control, 24-hour video surveillance, covered loading areas and two elevators to access the upper floors.

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IndustrialLeasing ActivityMidwestOhio

DSV Signs 368,537 SF Industrial Lease in Suburban Cleveland

by Kristin Harlow

STREETSBORO, OHIO — Third-party logistics company DSV has signed a 368,537-square-foot industrial lease at a former Best Buy distribution center in the Cleveland suburb of Streetsboro. Located at 9780 Mopar Drive near I-480, the property features 68 docks, two drive-in doors, 14,500 square feet of office space and a clear height of 32 feet. DSV will move into the facility in September. David Stecker of JLL represented ownership, Industrial Logistics Properties Trust, which is managed by The RMR Group. Joe Messina and Dominic Carbonari of JLL represented DSV.

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DevelopmentIndustrialNevadaWestern

Lincoln Property Plans 1.6 MSF Windsor Commerce Park in North Las Vegas

by Amy Works

NORTH LAS VEGAS — LPC Desert West, the Southwest division of Dallas-based Lincoln Property Co., has acquired an 86-acre land parcel in North Las Vegas for the development of Windsor Commerce Park, a nearly 1.6 million-square-foot industrial development. Totaling eight buildings, Windsor Commerce Park is LPC’s first-ever ground-up industrial development in Nevada. At completion, Windsor Commerce Park will offer buildings ranging from 49,920 square feet to 397,440 square feet. The buildings will feature up to 36-foot clear heights, 24-foot-tall glass entries, touchless technology and large clerestory windows providing sky views and natural light. Construction is scheduled to begin in first-quarter 2023, with completion slated for fourth-quarter 2024. LPC plans to build all eight buildings in one phase. Lee & Sakura will serve as architect for the project. A general contractor will be selected in mid-October.

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AcquisitionsDevelopmentIndustrialSouth CarolinaSoutheast

PRP Purchases 1.9 MSF Distribution Center Underway in Upstate South Carolina

by John Nelson

MOORE, S.C. — PRP has purchased a new distribution center under construction in Moore totaling nearly 1.9 million square feet. Situated in South Carolina’s Upstate region, the modern distribution center will be fully leased to Hart Consumer Products, a subsidiary of Techtronic Industries Co. Ltd. that produces power tools and lawn and garden equipment. PRP will finish developing the build-to-suit project with joint venture partner Flint Development. The total capitalization of the development is $185 million and will be fully completed by the fourth quarter of 2023, according to PRP. The property will feature a cross-dock loading configuration, 40-foot clear heights, 338 dock doors, a 185-foot truck court and 835 spaces of excess trailer parking on 178 acres.

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DevelopmentIndustrialTexas

Stream Completes 2.3 MSF Phase II of Empire West Business Park in Metro Houston

by Taylor Williams

BROOKSHIRE, TEXAS — Stream Realty Partners has completed Phase II of Empire West Business Park, a project in the western Houston suburb of Brookshire that added roughly 2.3 million square feet of Class A industrial space to the local supply. Stream broke ground on the second phase, which comprised six buildings that can support users with footprints from 50,000 to 1 million square feet, in November 2021. Phase I of Empire West Business Park consisted of three buildings totaling roughly 1 million square feet that were delivered in April 2021. Stream, which acquired the 300-acre site in late 2019, is also marketing the development for lease.

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DevelopmentIndianaIndustrialMidwest

Lauth, Covington to Build 2 MSF Industrial Park at Former Ford Site in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Lauth Group Inc. and Covington Group Inc. have formed a joint venture to acquire and redevelop the former Ford Visteon site at 6900 English Ave. in Indianapolis. The 150-acre industrial park will be named Thunderbird Commerce Center. Plans call for up to 2 million square feet of build-to-suit and speculative space with rail access along the western side of the property. Mark Writt and Nikki Leahy of CBRE are marketing the project for lease.

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IndustrialLeasing ActivityNAITexas

NAI Partners Negotiates 50,995 SF Industrial Lease in Northwest Houston

by Taylor Williams

HOUSTON — NAI Partners has negotiated a 50,995-square-foot industrial lease at 6410 Langfield Road in northwest Houston. According to LoopNet Inc., the property was built in 2015. Travis Land and A.J. Williams of NAI Partners represented the landlord, an entity doing business as HOU IND 2 LLC, in the lease negotiations. Patrick McKiernan and Jason Mashni of First Houston Properties represented the tenant, Legion Piping Fabricators Inc.  

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AcquisitionsIndustrialNew YorkNortheastSelf-Storage

Marcus & Millichap Negotiates Sale of 748-Unit Self-Storage Portfolio Near Syracuse

by Taylor Williams

CLAY AND BALDWINSVILLE, N.Y. — Marcus & Millichap has negotiated the sale of the Store Your Stuff Portfolio, a duo of self-storage facilities totaling 748 units in Upstate New York. The facilities, which comprise 83,550 net rentable square feet across 80 climate-controlled units and 668 non-climate-controlled units, are specifically located in Clay and Baldwinsville, both of which are northern suburbs of Syracuse. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, an individual/personal trust, in the transaction. The trio also procured the buyer, a limited liability company. John Horowitz of Marcus & Millichap assisted in closing the deal as the broker of record.

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