MESQUITE, TEXAS — CBRE has brokered the sale of two industrial buildings totaling 918,213 square feet in the eastern Dallas suburb of Mesquite. Buildings B and D at Alcott Station, a 160-acre development by Urban Logistics Realty, total 325,218 and 592,995 square feet, respectively. At the time of sale, Building B was vacant, and Building D was fully leased to third-party provider RJW Logistics Group. Randy Baird, Jonathan Bryan, Ryan Thornton, Nathan Wynne and Eliza Bachhuber of CBRE represented Urban Logistics Realty in the transaction. Institutional investment firm BentallGreenOak purchased the buildings for an undisclosed price.
FLOWER MOUND, TEXAS — Locally based brokerage firm Holt Lunsford Commercial has negotiated a 45,000-square-foot industrial lease in Flower Mound, a northeastern suburb of Fort Worth. According to LoopNet Inc., the building at 1200 Lakeside Parkway was built on 26 acres in 2007 and features 18-foot clear heights. Andrew Gilbert and Keaton Brice off Holt Lunsford represented the landlord, Prologis, in the lease negotiations. Tyler Howarth and Abby Aulds, also with Holt Lunsford, represented the tenant, Lux Ice, which makes slow-melting drinking ice for alcoholic beverages.
PISCATAWAY, N.J. — New York City-based developer Rockefeller Group has broken ground on Constitution Logistics Center, a 147,000-square-foot industrial project in the Northern New Jersey community of Piscataway. The 18-acre site at 10 Constitution Ave. formerly housed a 100,000-square-foot office building that was owned and occupied by hearing aid manufacturer WS Audiology and that is now being demolished. Constitution Logistics Center will feature a clear height of 36 feet, 41 loading docks, 123 car parking spaces and 57 trailer stalls. Completion is slated for the second quarter of 2024. ARCO Construction is the general contractor for the project. Cushman & Wakefield and KBC Advisors have been appointed as the leasing agents.
RIDGEFIELD, N.J. — Locally based investment firm Faropoint has acquired a 113,979-square-foot industrial facility in the Northern New Jersey community of Ridgefield for $28.3 million. Faropoint acquired the two-building facility, which consists of a 57,599-square-foot food processing and production building and a 56,380-square-foot distribution building, in a sale-leaseback with the tenant, Biazzo Dairy Products. Frank Costa III, Jim Isbell and Brian Sherlock with Viewpoint Advisors brokered the deal.
LAS VEGAS — Lincoln Property Co. has broken ground on Windsor Commerce Park, a nearly 1.6 million-square-foot industrial project in Las Vegas. The eight-building, 86-acre, Class A industrial park is LPC’s first ground-up industrial endeavor in Nevada. It is scheduled for completion during the third quarter of 2024. Kevin Higgins, Garrett Toft, Jake Higgins and Kelsey Higgins from CBRE are the project’s exclusive leasing brokers.
PONTIAC, MICH. — The Paslin Co. has signed a 113,742-square-foot industrial lease at 660 S. Blvd. East in Pontiac. Founded in 1937, the company is a full-service design-build organization serving the global automotive industry. Phil Konopitski of Friedman Real Estate represented the tenant in the lease. The landlord was undisclosed.
— By Baker Krukow, Senior Advisor, Industrial, Dickson Commercial Group — The Reno-Sparks industrial market is expected to remain active in 2023. It has a hefty pipeline of proposed industrial projects, steady increases in rental rates and a direct vacancy rate below 2 percent. The lack of available product has remained a challenge for tenants looking to occupy space, while landlords have been able to benefit from competing offers. The result of these tight market conditions will continue to push industrial development throughout the year. There was roughly 5.4 million square feet of new industrial product delivered in 2022, with 76 percent of those projects being speculative developments. A vast majority of those spec projects were pre-leased prior to completion. Looking at 2023 new construction, developers are dealing with severe winter weather delays. As a result, several projects have had to push back their completion timelines. Amongst some of the anticipated industrial projects under construction are Dermody Properties’ LogistiCenter at I-80 West Phase II, which will contain two state-of-the-art distribution buildings totaling 429,000 square feet. In the Sparks submarket, Panattoni Development has broken ground on the Pyramid Pointe Commerce Center, a 195,000-square-foot, Class A flex/bulk building, which will demise to …
PORT WENTWORTH, GA. — Lineage Logistics has opened Savannah Fresh-Port Wentworth, a 220,000-square-foot industrial facility near the Port of Savannah. The $78 million development supports 65 new jobs. The temperature-controlled facility has 23 inbound and outbound lanes that can process more than 40 trucks daily, moving up to 1.4 million pounds of produce per day, according to Lineage. The new facility brings the Michigan-based REIT’s total investment in Chatham County to more than $100 million and its Georgia portfolio to over 3 million square feet.
PLATTE CITY, MO. — Developer VanTrust Real Estate LLC has broken ground on Platte International Commerce Center, a 2.4 million-square-foot industrial development in Platte City, a northern suburb of Kansas City. The project will consist of three Class A buildings. The first speculative building will total 748,833 square feet and is slated for completion in May 2024. The site features immediate access to I-29 and I-435. Phillip Algrim and Kevin Wilkerson of JLL are marketing the project for lease. The project team includes Whiting Turner Contracting Co., Olsson Engineers and M+H Architects.
MICHIGAN — Prestige Storage, in partnership with Peaceable Street Capital, has acquired a 12-property self-storage portfolio in western Michigan for an undisclosed price. The portfolio totals 490,302 square feet with 2,956 units. The properties are located in Muskegon, Fruitport, Spring Lake, Kent City and West Olive. The facilities, which feature a mix of climate-controlled and non-climate-controlled units, will be rebranded to Prestige Storage. The buyer intends to expand the properties, with initial plans calling for the addition of more than 100 parking spaces for boats, RVs and trucks. Columbus, Ohio-based Prestige maintains a portfolio of more than 50 properties in seven states totaling 2.4 million rentable square feet.