Industrial

JLL Arranges Sale of 464,400 SF Distribution Center in Auburndale, Florida

by John Nelson April 11, 2023

AUBURNDALE, FLA. — JLL has arranged the sale of Building 100, a 464,000-square-foot, cross-dock distribution facility located at Pace Logistics Center in Auburndale. The seller, Intersect Development Group, delivered the property earlier this year. The buyer and sales price were not disclosed. Luis Castillo, Britton Burdette, Cody Brais and Taylor Osborne of JLL represented the seller in the transaction. Paul Spellman, Taylor Allison and Emma Buch of JLL arranged an undisclosed amount of acquisition financing on behalf of the buyer. Located on a 30-acre site at 1234 Pace Road, Building 100 features 40-foot clear heights, a 60-foot speed bay, dock levelers and a 185- to 190-foot truck court.

April 11, 2023

Industrial Leasing Activity Texas

MTU Maintenance to Open 430,000 SF Industrial Facility in Fort Worth

by Taylor Williams April 11, 2023

FORT WORTH, TEXAS — MTU Maintenance Dallas Inc., a provider of aviation repair services and a division of German manufacturer MTU Aero Engines, will open a 430,000-square-foot industrial facility in Fort Worth. The company will relocate from nearby Grapevine to a climate-controlled facility at Perot Field Fort Worth Alliance Airport during the second quarter. Paul Reitz of Reitz Realty Group represented MTU Maintenance in the deal. Hillwood owns the facility, which is approximately 10 times bigger than MTU Maintenance’s current space.

April 11, 2023

Acquisitions California Industrial Western

Vertical Ventures Buys 232,863 SF Rose Canyon Business Park in Central San Diego

by Jeff Shaw April 11, 2023

SAN DIEGO — Vertical Ventures has purchased a 232,863-square-foot industrial park in Central San Diego. The multi-tenant park is located at 4901- 4907 Morena Blvd., west of the Clairemont submarket. Known as Rose Canyon Business Park, the property’s 15 buildings are spread across 38.1 acres. The asset was built in the late 1970s through the 1980s, and has recently undergone external renovations. The property is 99.5 percent occupied and offers suites ranging from 500 to 5,000 square feet. Phillip Linton of the CBRE Capital Markets Division in San Diego represented the buyer, while Cushman & Wakefield represented the seller.

April 11, 2023

Acquisitions California Industrial Western

Rexford Industrial Sells Industrial Building in Van Nuys, California for $17M

by Jeff Shaw April 11, 2023

VAN NUYS, CALIF. — Rexford Industrial Realty has sold a 48,394-square-foot, multi-tenant industrial building in Van Nuys for $17 million. The buyer was Orion Business Park LLC. The building is located at 8101-8117 Orion Ave. in the San Fernando Valley. Built in 1978, it consists of 29 tenant spaces ranging from 1,000 to 4,000 square feet. The building features 13-foot clear height ceilings and 25 ground-level loading docks. The building was about 93 percent leased at the close of escrow. The new owner intends to lease up the remaining vacancy and hold the asset as a long-term investment. Chris Jackson, Todd Lorber and Tim Foutz with NAI Capital Commercial’s Investment Services Group represented Rexford in the transaction.

April 11, 2023

Industrial Leasing Activity Texas

Partners Real Estate Negotiates 54,000 SF Industrial Lease in East Houston

by Taylor Williams April 11, 2023

HOUSTON — Partners Real Estate has negotiated a 54,000-square-foot industrial lease at 10620 Needham Road in East Houston. According to LoopNet Inc., the property was originally built in 1978. Zane Carman and Clay Pritchett of Partners represented the undisclosed landlord in the negotiations for the full-building lease. The representative of the tenant, oilfield services firm Meyer Services Co., was not disclosed.

April 11, 2023

Acquisitions Arizona Industrial Western

Fundrise Acquires Industrial Building within Cubes at Glendale in Arizona for $82.6M

by Jeff Shaw April 10, 2023

GLENDALE, ARIZ. — Fundrise has purchased Building E at the Cubes at Glendale, a 570,080-square-foot, Class A industrial warehouse in Glendale, for $82.6 million. The asset is located along the 303 Corridor. Upon completion, the Cubes at Glendale industrial park will feature 5.5 million square feet of Class A industrial space at the intersection of Reems Road and Northern Avenue. The seller, CRG, has completed construction on Building A, a 1.2-million-square-foot industrial building leased to Williams Sonoma, and Building D, a 637,000-square-foot industrial building. LaSalle Investment Management and US Merchants, respectively, were the buyers. Cushman & Wakefield’s Will Strong, Phil Haenel, Micki Strain, Kirk Kuller and Molly Hunt of the firm’s National Industrial Advisory Group — Mountain West team represented CRG in the latest sale transaction.

April 10, 2023

Acquisitions Georgia Industrial Southeast

EverWest Sells Industrial Portfolio in Metro Atlanta for $50M

by Jeff Shaw April 10, 2023

ATLANTA — EverWest Real Estate Investors has sold a five-building industrial portfolio in metro Atlanta for $50 million. Taurus Investment Holdings purchased the properties, which total 581,750 square feet. The portfolio is fully leased to tenants including Steelcase Inc., Bonded Services and Heritage Crystal Clean. Matt Wirth of JLL represented EverWest in the transaction.

April 10, 2023

Acquisitions Industrial Southeast Virginia

Red Rock, Westport Capital Divest of 353,044 SF Distribution Center in Metro Richmond

by Jeff Shaw April 10, 2023

CHESTER, VA. — A joint venture partnership between a fund managed by Red Rock Developments and a fund managed by Westport Capital Partners has sold a distribution center located at 1400 Digital Drive in Chester, roughly 20 miles southeast of Richmond. The 353,044-square-foot property was fully leased at the time of sale to CCBCC Operations LLC, which Coca-Cola Consolidated Inc. owns. Eric Robison and Bo McKown of Cushman & Wakefield | Thalhimer with Jonathan Carpenter and Graham Savage of Cushman & Wakefield’s Industrial Advisory Group arranged the sale. Bailard Real Estate Fund acquired the property for an undisclosed price.

April 10, 2023

Industrial Leasing Activity Texas

Colliers Negotiates 393,625 SF Industrial Lease in West Dallas

by Taylor Williams April 10, 2023

DALLAS — Colliers has negotiated a 393,625-square-foot industrial lease in West Dallas. According to LoopNet Inc., the property at 3700 Pinnacle Point Drive was built in 2001 and spans roughly 1 million square feet. James Min, Brad Balke, Chris Teesdale and Tom Pearson of Colliers represented the tenant, Kumho Tire, in the lease negotiations. Southern California-based investment firm Cohen Asset Management owns the property in partnership with Dallas-based Lincoln Property Co. The deal brings the building to full occupancy.

April 10, 2023

Development Industrial Texas

Lovett Industrial, Cresset Partners Break Ground on 274,416 SF Project in Wylie, Texas

by Taylor Williams April 10, 2023

WYLIE, TEXAS — A partnership between Houston-based developer Lovett Industrial and Chicago-based investment firm Cresset Partners has broken ground on Wylie Business Center, a 274,416-square-foot project that will be located on the southern outskirts of Dallas. Building features will include a rear-load configuration, 36-foot clear heights, 55 dock-high doors, 185-foot truck court depths, 77 trailer parking stalls and 154 car parking spaces. Ware Malcolmb is the project architect, and Conlan Co. is the general contractor. JLL will market the property for lease. Completion is slated for December.

April 10, 2023

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