BLAKESLEE, PA. — NAI Summit has negotiated a 52,800-square-foot industrial lease at 196 Commercial Blvd. in Blakeslee, located roughly midway between Scranton and Allentown. According to LoopNet Inc., the property comprises three buildings on an 8.3-acre site. Mike Adams and Sarah Finney Miller of NAI Summit represented the tenant, international freight firm Ally Global Logistics, in the lease negotiations. The duo also represented the landlord, an entity doing business as 196 Commercial LLC.
MONEE, ILL. — PREMIER Design + Build Group has broken ground on Monee Logistics Center, a 621,246-square-foot speculative industrial project in Monee, a southern suburb of Chicago. The facility will feature a clear height of 40 feet, 52 dock positions, four drive-in doors, parking for 148 trailers and 410 car parking spaces. Seefried Industrial Properties Inc. is the developer, Harris Architects Inc. is the architect and SpaceCo Inc. is the civil engineer. Completion is slated for July 2023.
ELGIN, ILL. — PANCOR has begun construction of the new $20 million headquarters for Maybach International Group in Elgin. The 62,000-square-foot project will be situated on 12 acres at 1384 Madeline Lane. Completion is slated for 2023. Plans call for roughly 47,000 square feet of warehouse and repair space and 15,000 square feet of office space. The building will feature a clear height of 24 feet, 28 docks, 10 drive-in door docks, 57 car parking spaces and 206 trailer parking spaces. Maybach is a logistics company currently based in Alsip. Kelly Disser and Mike Freitag of NAI Hiffman assisted Maybach in the site selection process. The duo consulted on the facility’s design, construction timeline and budget alongside Peter Kenny, director of project services with Hiffman National.
MARYLAND HEIGHTS, MO. — White Co. has acquired three multi-tenant industrial buildings totaling 133,015 square feet in Meadows Corporate Center in Maryland Heights, a western suburb of St. Louis. The purchase price was undisclosed. White Co. has negotiated two new leases for the properties, bringing the overall occupancy to 87 percent. Tom Schenk represented White Co. on an internal basis, while Will Mura of CBRE represented the undisclosed seller.
PHOENIX — KKR has acquired 101 at Van Buren, a newly constructed industrial park in Phoenix’s Southwest Valley industrial submarket. A real estate fund advised by Crow Holdings Capital and Seefried Industrial Properties sold the asset for $90 million. Completed in June 2022, the two-building park features more than 600,000 square feet of multi-tenant industrial space. The buildings feature 135-foot truck courts and 36-foot clear heights. With this acquisition, KKR now owns nearly 3 million square feet of industrial space across the Phoenix market.
By Bill Honsaker, Managing Director, JLL Metro Phoenix recorded more than 7 million square feet of industrial absorption during the second quarter of 2022, setting a quarterly record for the market. The average size of local industrial deals has also ballooned, increasing 25 percent year over year to a new high of 91,095 square feet. The Southwest submarket remains the Valley’s industrial powerhouse, accounting for 68 percent of total leasing volume this past quarter. But as demand for big space continues to swell, so does the pressure on inventory. That leaves the market divided into two groups: those already in the market with land or buildings in their possession, and those who missed the land rush and must now buy out someone else’s position. In fact, across the Valley’s industrial core (roughly bounded by the Loop 303 to the west, Phoenix Gateway Airport to the east, Deer Valley to the north and the lower 202 to the south), would-be investors, developers and tenants are beginning to ask, “Where do we go next?” This dynamic has become a boon for further-out markets to Phoenix’s east and west, as well as to the south — particularly Central Arizona. With projects like Inland Port Arizona, Pinal …
WINSTON-SALEM, N.C. — Cushman & Wakefield has brokered the sale of Union Cross Industrial Center, a two-building industrial portfolio located at 4980 and 4991 Millennium Drive in Winston-Salem. Front Street Capital sold the 340,000-square-foot portfolio to Westcore for $36.9 million. Rob Cochran, Nolan Ashton, Bill Harrison, Stewart Calhoun, Casey Masters, Bobby Finch, Jason Ofsanko and Hap Royster of Cushman & Wakefield represented the seller in the transaction. Both assets were built in 2019 and were fully leased at the time of sale to single tenants. Earlier this summer, Front Street also sold the nearby, 610,000-square-foot Union Cross Distribution Center for $64 million. Cushman & Wakefield brokered that deal as well.
GEORGETOWN, TEXAS — GAF Energy, a San Jose, Calif.-based provider of solar roofing products, will open a 450,000-square-foot manufacturing plant in the northern Austin suburb of Georgetown. The facility is expected to add about 260 new jobs to the local economy. According to Hello Georgetown, construction is underway and expected to be complete in summer 2023, with the plant becoming fully operational by the end of that year. The local news outlet also reports that Atlanta-based Portman Industrial is leading the development of the facility in conjunction with design-build firm ARCO/Murray. In announcing the project, GAF executives cited Georgetown’s rapid population growth as a driver of a strong labor pool, as well as the city’s track record on green energy initiatives.
HOUSTON — Northmarq has arranged a $4.8 million acquisition loan for an 88,000-square-foot industrial flex property in Houston’s Second Ward district. The crane-served property was originally built on 6.2 acres in 1980 and renovated in 2020. Matt Franke of Northmarq arranged the 10-year, fixed-rate loan, which carried a 25-year amortization schedule, through an undisclosed life insurance company. The name of the Houston-based borrower was also not disclosed.
BOSTON — Cushman & Wakefield has brokered the $107.5 million sale of Yard 5, a 196,000-square-foot industrial property in Boston’s Hyde Park neighborhood. The three-building property, which features clear heights of 28 feet and includes two undeveloped parcels totaling seven acres, was fully leased at the time of sale. Dave Pergola, Brian Doherty, Pete Rogers, Rob Byrne and Jim Murphy of Cushman & Wakefield represented the seller, First Highland Management & Development, in the transaction. Intercontinental Real Estate Corp. purchased the asset.