Industrial

Apparel Manufacturer AS Colour Signs 240,000 SF Industrial Lease in Southwest Charlotte

by John Nelson July 26, 2022

CHARLOTTE, N.C. — AS Colour, a New Zealand-based apparel designer and manufacturer, has signed a 240,000-square-foot lease at 11109 Quality Drive in southwest Charlotte. The new facility will be the largest among AS Colour’s existing network of distribution centers in New Zealand, Australia, the UK and California, and will serve as the firm’s base of operations on the East Coast. Chris Skibinski, Henry Lobb and Colin Ferguson of Avison Young represented the landlord, Charland Partners, in the lease negotiations. Tom Tropeano, also with Avison Young, represented AS Colour.

July 26, 2022

Development Georgia Industrial Southeast

Robison Weeks Begins Construction on 169,520 SF Industrial Facility at Gillem Logistics Center in Metro Atlanta

by John Nelson July 26, 2022

FOREST PARK, GA. — Robinson Weeks Partners has begun construction on Gillem 700, a 169,520-square-foot speculative industrial facility situated within Gillem Logistics Center in the south Atlanta suburb of Forest Park. Gillem 700 is Robinson Weeks’ ninth project underway at Gillem Logistics Center, a 1,168-acre industrial campus home to blue chip companies including Kroger, HD Supply, Cummins Inc. and Kuehne & Nagel. The new property will feature spec office space, 40 dock high loading doors, two drive-in doors, 34 trailer spaces and 175 auto spaces. The property is situated near I-675 and I-285. Cushman & Wakefield’s Pat Murphy, Ray Stache, Ryan Bellows and Andrew Thurman are managing leasing for Gillem 700. Robison Weeks plans to deliver the asset in March 2023.

July 26, 2022

Industrial Loans New York Northeast

Innovo Property Group Receives $435M Loan for Refinancing of Queens Industrial Facility

by Taylor Williams July 26, 2022

NEW YORK CITY — New York City-based development and investment firm Innovo Property Group (IPG) has received a $435 million loan for the refinancing of a 900,000-square-foot industrial project in the Long Island City area of Queens. IPG acquired the site, which previously housed the warehouse of online grocer FreshDirect, in January 2019 with Atalaya Capital Management and Nan Fung Group for $75 million. Since then, the development has demolished the existing structures on the site and is targeting a 2024 completion for the new facility, which will feature elevated truck courts and a vertical parking structure. Starwood Property Trust and J.P Morgan provided the loan, and the former originally provided the $155 million in construction financing in early 2021. Eastdil Secured arranged the financing.

July 26, 2022

Company News Industrial Loans Multifamily Western

JB Capital, Taylor Street Partner on Commercial Real Estate Lending Fund

by Amy Works July 26, 2022

BELLEVUE, WASH. — JB Capital has partnered with Taylor Street for its Real Estate Lending Income Fund. The fund provides capital to professional owners, operators and developers of multifamily and industrial real estate assets in key markets across the United States. Under the partnership, JB Capital will leverage Taylor Street’s national real estate expertise, further allowing Taylor Street to serve its clients across to institutional alternative asset management. While the equity gap required to invest continues to increase, professionals are looking outside traditional sources of capital with equity and mezzanine structured solutions. The fund’s purpose is to continue JB Capital’s commitment to providing its investors with a high-yield debt investment that delivers consistent monthly income while minimizing the risk of loss of principal and maintaining near-term liquidity.

July 26, 2022

Industrial Market Reports Southeast Southeast Market Reports Tennessee

Memphis Industrial Market Boom Continues After Record Year of Leasing, Sales

by John Nelson July 26, 2022

2021 was a banner year for the Memphis industrial market by virtually every measure. Leasing exceeded 32 million square feet, easily doubling the average of 12.8 million square feet per year; annual net absorption reached 12.7 million square feet, the highest ever recorded; 14.6 million square feet of inventory delivered to the market; rental rates reached historic highs; and investment volume topped $2.2 billion. The potent demand that carried the market to such record-setting extremes continued into the beginning of 2022, with leasing activity in the first quarter approaching 6 million square feet and net absorption surpassing 3.3 million square feet. Sustaining the steady upward trend the Memphis market has followed since the beginning of 2019, the direct vacancy rate rose 50 basis points from last year to 6.8 percent, but this increase is largely due to the profusion of spec product rather than any significant moves out of the market. In typical fashion, the bulk of leasing activity occurred in the Southeast, DeSoto County and Marshall/Fayette County submarkets, comprising more than 75 percent of the quarter’s total volume. But even the Northwest submarket has seen more action recently with the delivery of Amazon’s 181,500-square-foot last-mile facility in the Raleigh …

July 26, 2022

Acquisitions Industrial Washington Western

Colliers Brokers $106.1M Sale of Two Industrial Buildings in Kent, Washington

by Amy Works July 25, 2022

KENT, WASH. — Colliers has arranged the sale of two industrial properties in Kent. Holman Logistics sold the assets to Lift Partners for $106.1 million. Matt McGregor and Bill Condon of Colliers represented both parties in the off-market transaction. Totaling 381,790 square feet, the buildings are located at 22434 and 22408 76th Ave. South. The properties feature a mix of dock-high and grade-level loading doors, 200,000 square feet of excess yard and rail access to the Burlington Northern Santa Fe line. The buyer has agreed to a 12-month leaseback of the properties with the seller, which will continue to operate in the current buildings while it completes construction and relocation plans for new facilities in Fredrickson and Sumner.

July 25, 2022

Industrial Leasing Activity Texas

Paladin Partners Negotiates 643,760 SF Industrial Lease in Sunnyvale, Texas

by Taylor Williams July 25, 2022

SUNNYVALE, TEXAS — Locally based brokerage firm Paladin Partners has negotiated a 643,760-square-foot industrial lease at 100-200 Planters Road, a newly built property located in the eastern Dallas suburb of Sunnyvale. Conrad Madsen and Greg Nelson of Paladin Partners represented the landlord, a partnership between locally based developers Langford Property Co. and Flaherty Development, in the lease negotiations. Adam Curran and Jay Benner of Cushman & Wakefield represented the tenant, an undisclosed, locally based manufacturer.

July 25, 2022

Acquisitions Florida Industrial Southeast

JLL Arranges $45M Sale of 600 Whittaker Distribution Center in Jacksonville

by John Nelson July 25, 2022

JACKSONVILLE, FLA. — JLL has arranged the sale of 600 Whittaker, a 469,830-square-foot distribution center located within Imeson Industrial Park in Jacksonville. AEW Capital Management purchased the property from LRC Properties and Machine Investment Group. The sales price was not disclosed, but Jacksonville Business Journal reports the property traded for $45 million. Luis Castillo, Cody Brais and Luke Pope of JLL represented the sellers in the transaction. The sellers purchased the property last year for $29.6 million. 600 Whittaker was fully leased at the time of sale to Constellation Brands, a beer, wine and spirits distributor based in New York that signed the full-building lease in the first quarter.

July 25, 2022

Development Industrial Texas

Jackson-Shaw Breaks Ground on 416,707 SF Industrial Project in Northeast San Antonio

by Taylor Williams July 25, 2022

SAN ANTONIO — North Texas-based developer Jackson-Shaw has broken ground on Phase II of Centerpoint Logistics Park, a project in San Antonio that will add 416,707 square feet of industrial space to the local supply. The site spans 64 acres on the city’s northeast side. Phase II will consist of a 139,427-square-foot, rear-load building and a 277,280-square-foot, cross-dock building. Greystar is Jackson-Shaw’s equity partner on the project. R.C. Page Construction is the general contractor, with design led by Beaty Palmer Architects. Kimley-Horn is the civil engineer, and Veritex Community Bank is providing construction financing. Stream Realty Partners will manage and market the project for lease. Jackson-Shaw broke ground on the 302,518-square-foot initial phase of the project in late 2020.

July 25, 2022

Acquisitions Colorado Development Industrial Western

Opus Group Buys Development Site Near Denver International Airport for 3.9 MSF Sun Empire Industrial Park

by Amy Works July 22, 2022

AURORA, COLO. — The Opus Group has purchased 316 acres of undeveloped land between Interstate 70 and Denver International Airport in Aurora for $49.7 million. Opus, in partnership with Principal Real Estate Investors, plan to develop Sun Empire, a 3.9 million-square-foot industrial park, on the site. Todd Witty and Daniel Close of CBRE represented Opus in the acquisition and will market the project for lease, sale and built-to-suit development. Tyler Carner, Jeremy Ballenger and Jessica Osstermick of CBRE advised on the capital raise, helping to source Principal Real Estate Investors as the joint-venture partner. Construction of the first phase of Sun Empire is scheduled to begin in third-quarter 2022. The first phase will include two Class A buildings sized 624,094 square feet and 204,859 square feet. The later phases of construction will be influenced by tenant requirements. The park can accommodate building sizes ranging from 200,000 square feet to 1 million square feet. Each building is slated to include substantial trailer parking, as well as dock and drive-in loading. The site is located at East 56th Avenue and Harvest Road, a five-minute drive to Denver International Airport and approximately 25 minutes from downtown Denver.

July 22, 2022

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