GOLETA, CALIF. — PSRS has secured an undisclosed borrower with $18 million in construction take-out financing for Cabrillo Business Park, a 232,143-square-foot, three-building flex campus in Goleta. PSRS arranged a non-recourse, 12-year fixed-term loan through one of its correspondent life insurance companies.
MINNEAPOLIS — Westmount Realty Capital has acquired the West Tech Industrial Portfolio in metro Minneapolis for an undisclosed price. The portfolio’s five buildings total 316,752 square feet and are located within the Twin Cities Medical Alley and Golden Triangle. The Plymouth buildings total 126,936 square feet and were constructed in 2001. The Eden Woods buildings were constructed in 1985 in Eden Prairie. Lastly, the Cedar building is a flex industrial facility spanning 65,484 square feet. The portfolio is 90 percent leased to 13 tenants across multiple industries such as aeronautics, defense, life sciences and technology. Westmount plans to make upgrades to the roofs and HVAC systems.
CHICAGO — Dayton Street Partners (DSP) has sold two industrial facilities in Chicago to Brookfield Properties for an undisclosed price. The first property, located at 2501 W. Fulton St., spans 42,000 square feet. Constructed in 1956, the building features a clear height of 16 feet, two internal docks, one overhead door and parking for 50 cars. DSP acquired the asset in 2019 and renovated the parking lot, painted the warehouse and installed LED lighting. Shortly after, DSP leased the building to Vienna Beef Ltd. The second property, located at 1827 W. Hubbard St., spans 33,000 square feet and features a clear height of 14 feet, two loading docks, one drive-in doors and parking for 34 cars. Built in 1960, the facility is currently vacant. DSP acquired the property in 2020 and updated the façade and parking lot.
NORTH LITTLE ROCK, ARK. — Dollar General, the national discount merchandise retailer, has unveiled plans to develop a new $140 million distribution center in North Little Rock. The Goodlettsville, Tenn.-based company expects construction to begin this fall and wrap up by late 2023. Dollar General announced the project as part of a three-distribution center expansion in Arkansas, Colorado and Oregon that represents a total investment of $480 million. The 1 million-square-foot facility in Arkansas will be serviced by DG Private Fleet, Dollar General’s in-house freight division that launched in 2016 and currently utilizes 950 tractors and drivers. The distribution center will also be a “dual facility,” meaning it will service the traditional Dollar General merchandise as well as the DG Fresh supply chain network. The Northwest Arkansas Democrat Gazette reported that Dollar General bought the 152-acre site, which is located along U.S. Highway 70 and near an Amazon fulfillment center, from Tulip Farms Inc. for $2.4 million. The development team for the project was not released or reported. Dollar General currently employs more than 4,300 Arkansas residents, having opened its first store in the state in 1975 and now operating approximately 500 stores. Management hiring at the industrial facility is …
By Alec Pacella, NAI Pleasant Valley The Cleveland industrial market enjoyed a strong first half of 2022, characterized by record-low vacancy rates, brisk new construction and increased rental rates and sales prices. Although the market has made several headlines over the first six months, many of these trends began several years ago and the pandemic only accelerated the activity level amongst several key sectors. Market wide, the average vacancy rate was just over 4 percent at the mid-year mark, which is a slight decrease from the 4.5 percent rate at the end of last year. By most accounts, this is a record-low level and represents a decrease of two full percentage points over the last five years. The most popular submarket, the Southeast, which encompasses favored industrial locations such as Solon, Twinsburg, Streetsboro and Aurora, finished the first half with a slightly higher rate of 4.4 percent. However, this market has also seen significant new construction, including a predominance of speculative projects. The submarket with the lowest vacancy rate is the Southwest, which stretches from Middleburg Heights through Medina, checking in at 3.7 percent. At the other end was the downtown submarket. Characterized by a significant amount of older properties, …
HUNTSVILLE, ALA. — Fairway Investments and Triad Properties have formed a joint venture for the development of Huntsville West Industrial Park, a 2 million-square-foot industrial park located on Greenbrier Parkway in Huntsville. The 135-acre distribution and warehouse project will be situated near I-65/I-565, as well at the $2.3 billion Mazda-Toyota plant and distribution centers leased to Amazon, Vuteq and Target. The Fairway-Triad joint venture has closed on the land purchase and is implementing its pre-development plan for the industrial park. Building sizes will range from 250,000 to 400,000 square feet, with the site plan offering the capability to develop a 650,000-square-foot bulk distribution facility. Early this fall, Fairway and Triad plan to begin infrastructure work along with the construction of a 385,000-square-foot facility that will feature 32-foot minimum clear heights, 60-foot speed bays, ESFR sprinklers, a 185-foot minimum truck court depth and auto and trailer parking.
AURORA, COLO. — Dollar General has acquired a 75-acre land parcel within HighPoint Elevated, an industrial and logistics park located at the southeast corner of East 64th Ave. and E-470 in Aurora, for the development of a Class A distribution facility. The Goodlettsville, Tenn.-based discount retailer plans to invest $172 million into the Aurora facility, which will create around 400 new jobs at full capacity. Dollar General announced the project as part of a three-distribution center expansions in Arkansas, Colorado and Oregon. Hyde Development and Mortenson, the park’s development team, will build the 919,000-square-foot facility. Daniel Close, Todd Witty, Tyler Carner, Jeremy Ballenger and Jessica Osternick of CBRE represented Hyde Development in the land sale. The Dollar General project is the first build-to-suit commissioned at the park, which broke ground last year. Construction for the Dollar General facility is slated to being this summer, with completion scheduled for late 2023. At buildout, Highland Elevated will include up to 5.5 million square feet of industrial and logistics space, as well as retail space. The new Dollar General facility will anchor the east side of the park.
DENTON, TEXAS — A partnership between Dallas-based developer CLX Ventures and Principal Real Estate Investors has broken ground on a 1.2 million-square-foot industrial project in the North Texas city of Denton. The development, which has been branded ICC-35, will consist of three buildings ranging in size from 123,584 to 702,766 square feet that will be situated on a 73-acre site along I-35. Buildings will feature clear heights of 32 to 36 feet, truck court depths of 135 to 185 feet and a total of 233 dock doors and 10 drive-in ramps, as well as combined parking for 640 cars and 257 trailers. Construction is slated for an August 2023 completion. Holt Lunsford Commercial has been appointed as the leasing agency.
ARLINGTON, TEXAS — California-based automotive parts manufacturer Prestige Autotech has signed a 49,280-square-foot industrial lease at 2001-2023 Exchange Drive in Arlington. According to LoopNet Inc. the property was built in 1972 and spans 187,840 square feet. Reed Parker and Mark Graybill of Lee & Associates represented the landlord, Link Logistics Real Estate, in the lease negotiations. Greg Nelson and Jimmy Holcomb of Paladin Partners represented the tenant.
SANDY, ORE. — Spartan Investment Group has completed FreeUp Storage Sandy, its first ground-up self-storage development in Oregon and second ground-up facility to date. FreeUp Storage is Spartan’s brand of owned and managed self-storage facilities. Located at 16555 Champion Way in Sandy, FreeUp Sandy features 353 self-storage units spanning nearly 51,000 square feet with drive-up storage and heated interior units. The facility also features 24/7 surveillance and gated access. The Sandy location marks the 51st addition to the FreeUp portfolio of self-storage units across Arkansas, Colorado, Florida, Georgia, Kentucky, North Carolina, Tennessee, Texas, Washington and Wisconsin.
