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.
ADELANTO, CALIF. — Frontier Enterprises has sold a single-tenant, net-leased industrial asset at 9841 Bartlett Ave. in the Inland Empire city of Adelanto for $5.5 million. The 29,925-square-foot unit is fully leased by General Dynamics Information Technology. The aerospace and defense corporation recently signed a triple-net, three-year base term and annual increase with options to extend. It will occupy the space once it’s completed. Several units are still available that can be delivered in configurations ranging from 30,000 to 120,000 square feet. A 240,000-square-foot expansion to the park has already been approved and the developer is entertaining built-to-suit options for select buyers and tenants. Jim Root and Matthew Hardke of Graystone represented Frontier Enterprises, which was the original developer. The buyer was not disclosed.
TERRELL, TEXAS — Lee & Associates has negotiated a 765,798-square-foot, full-building industrial lease in Terrell, located on the eastern outskirts of Dallas. According to LoopNet Inc., the building at 301 Apache Trail was constructed on 39.6 acres in 1999 and features 34-foot clear heights and 144 parking spaces. Ken Wesson and Michael Giuliano of Lee & Associates represented the undisclosed landlord in the lease negotiations. Dan Lawson of Proterra Properties represented the tenant, e-commerce technology and consulting firm Cart.com.
AUSTIN, TEXAS — A partnership between North Texas-based developer M2G Ventures and Chicago-based Blue Vista Capital Management has purchased a 54,000-square-foot industrial property in Austin. The seller was not disclosed. The new ownership plans to add value to the property by enhancing the landscaping and office space, adding new signage, painting the building and extending the truck court. Leigh Ellis, Will Sikora and Chris Perry of locally based brokerage firm AQUILA Commercial negotiated the sale and will also market the property for lease.