Industrial

Contegra Construction Completes 1 MSF Project Luna Distribution Center in Liberty, Missouri

by Jeff Shaw January 27, 2023

LIBERTY, MO. — Contegra Construction Co. has completed Project Luna, a 1 million-square-foot distribution facility at Liberty Commerce Center in Liberty, a northeast suburb of Kansas City. Located at 2361 S. Withers Road, Project Luna features a 40-foot clear height, 108 dock doors, two drive-in doors and 20,000 square feet of office space. The property is built with tilt-up concrete panels and is topped with thermoplastic polyolefin (TPO) roofing, a single-ply white membrane which reflects heat instead of absorbing it. The warehouse is also equipped with 56 rooftop HVAC units to maintain temperature control throughout the interior. In addition, Edwardsville, Illinois-based Contegra constructed four retaining walls around Project Luna, which are up to 40 feet tall. The company also managed the installation of water, storm water and electrical infrastructure in conjunction with the retaining wall construction, including two large underground detention systems. Project Luna is Liberty Commerce Center’s fifth and largest distribution center since the 337-acre industrial park’s launch by Kansas City real estate developer NorthPoint Development in 2021. Upon its completion, the Liberty Commerce Center will consist of 3.4 million square feet of space located near the Liberty city border with Claycomo, south of Liberty Parkway between Hughes and …

January 27, 2023

Industrial Market Reports Nevada Western Western Market Reports

Las Vegas Industrial Market Surprisingly Resilient Amid Economic Headwinds

by Jeff Shaw January 27, 2023

By Dean Willmore, Executive Vice President; Kyle Kirchmeier, Associate; Alex Stanisic, Vice President; and Laura Wilhelm, Senior Field Research Analyst, CBRE Las Vegas’ current industrial market is surprisingly resilient. There is, of course, a possibility of planned projects being put on hold or not moving forward at all due to rising inflation and economic uncertainty, but leasing activity hasn’t slowed. Regardless of never-before-seen rent growth, record-low vacancy and a marked increase in asking lease rates every 60 days, the market still may not have peaked. As of the third quarter of 2022, the average asking lease rate was $1.19 per square foot (triple net), and the overall vacancy rate remained at a very low 1 percent. However, industrial/flex space in the 2,000- to 5,000-square-foot range, which is still dealing with the effects of the pandemic, has shown no noticeable rent growth. Some landlords are even offering leasing incentives to attract tenants. If the market contracts in 2023, smaller tenants in this size range will be the first to see its effects. Nearly half of the 17 million square feet under construction during the third quarter was pre-leased, and nearly 80 percent of those projects were in North Las Vegas. The largest lease of the quarter occurred in the submarket, with …

January 27, 2023

Acquisitions Arkansas Industrial Southeast

Phoenix Investors Buys 130,000 SF Industrial Building in Pine Bluff, Arkansas

by John Nelson January 26, 2023

PINE BLUFF, ARK. — An affiliate of Milwaukee-based Phoenix Investors has purchased a 130,000-square-foot industrial building located at 3411 N. Hutchinson St. in Pine Bluff. The seller and sales price were not disclosed. Built in 1986, the turnkey property is currently vacant and is available for a single tenant or multiple users. Situated on 15 acres about 45 miles south of Little Rock, the facility features 27-foot clear heights and 40- by 40-foot column spacing, as well as rail access via CSX Greenbrier Rail. Phoenix Investors specializes in the acquisition and renovation of former manufacturing facilities and currently holds interest in approximately 62 million square feet of space across 29 states.

January 26, 2023

Development Industrial Texas

Seefried, USAA Break Ground on 315,440 SF Logistics Center in Metro Dallas

by Taylor Williams January 26, 2023

ROCKWALL, TEXAS — A partnership between Atlanta-based developer Seefried Industrial Properties and San Antonio-based USAA Real Estate has broken ground on Rockwall Park 30, a 315,440-square-foot logistics center that will be located on the northeastern outskirts of Dallas. The 23-acre site is located just off I-30. Rockwall Park 30’s two rear-load buildings, which are being developed on a speculative basis, will offer 32-foot clear heights and a total of 88 dock-high doors and four grade-level doors. Pross Design Group is the project architect, and E.E. Reed is the general contractor. KBC Advisors is leasing the development, which is slated for a fourth-quarter completion.

January 26, 2023

Development Industrial Texas

U-Haul to Open 59,000 SF Warehouse in Grand Prairie, Texas

by Taylor Williams January 26, 2023

GRAND PRAIRIE, TEXAS — U-Haul will open a 59,000-square-foot warehouse in Grand Prairie, located roughly midway between Dallas and Fort Worth, that will be used to store portable storage and moving containers known as “U Boxes.” The 2.5-acre site is located at the northeast corner of I-20 and State Highway 360. The single-story, tilt-wall building will be situated adjacent to an existing U-Haul self-storage facility. Dallas-based MYCON General Contractors has begun construction on the project, and completion is scheduled for May.

January 26, 2023

Arizona Development Industrial Western

Schnitzer Properties Completes 560,352 SF Queen Creek Commerce Center in Chandler, Arizona

by Amy Works January 26, 2023

CHANDLER, ARIZ. — Portland, Ore.-based Schnitzer Properties has completed the construction of Queen Creek Commerce Center, a two-building industrial project at Queen Creek Road and Hamilton Street in Chandler. Situated on 34 acres, Queen Creek Commerce Center features 560,352 square feet of industrial space. Three tenants have pre-leased the development: Intel, NEHP and Horsepower Automotive Group. Rick Collins of JLL brokered the leases on behalf of Schnitzer Properties.

January 26, 2023

Industrial Loans New Jersey New York Northeast

M&T Capital Arranges $62.5M in Financing for Industrial Portfolio in Upstate New York, Southern New Jersey

by Taylor Williams January 26, 2023

BALTIMORE — Baltimore-based M&T Realty Capital has arranged $62.5 million in financing for a portfolio of industrial properties totaling approximately 1.9 million square feet that are located in various areas in Rochester, New York, and Southern New Jersey. An undisclosed life insurance company provided the nonrecourse financing, which was structured with a 10-year term and a fixed interest rate. The names and addresses of the properties, as well as the borrower, were also not disclosed.

January 26, 2023

Development Industrial Life Sciences North Carolina Southeast

Eli Lilly to Invest $450M at Research Triangle Park Campus in Durham

by John Nelson January 25, 2023

DURHAM, N.C. — Eli Lilly and Co., a pharmaceutical giant based in Indianapolis, plans to invest $450 million to expand its campus within Research Triangle Park (RTP) in Durham. The expansion includes additional parenteral filling, device assembly and packaging capacity to support an increased demand for the company’s incretin products that treat diabetes. The move is expected to create at least 100 new jobs, primarily comprising manufacturing personnel who will produce incretin treatments and medical devices. Eli Lilly expects the new facility to come on line in 2027. Since 2020, the company has committed roughly $4 billion to new manufacturing facilities in North Carolina, including $1.7 billion for the development and expansion of its RTP base.

January 25, 2023

Development Florida Industrial Southeast

Graham & Co. to Develop 262,440 SF Industrial Park in Tampa

by John Nelson January 25, 2023

TAMPA, FLA. — Birmingham, Ala.-based Graham & Co. has purchased 21 acres at the intersection of U.S. Highway 301 and Florida Palm Drive in Tampa. The developer plans to build a 262,440-square-foot, three-building industrial park on the site called East Tampa Commerce Center. The three facilities will range in size from 85,500 to 91,440 square feet and feature 32-foot clear heights within a concrete tilt-wall structure. Set to deliver in early 2024, the buildings will be available for single-tenant users or could be divided into smaller suites to accommodate multiple tenants. The development team includes the previous landowner and development partner, an entity doing business as Palm River JLM Center Ltd., as well as Graham & Co.’s affiliate Graham Capital. Other members of the project team include general contractor ARCO/Murray and civil engineer Kimley-Horn. Truist provided an undisclosed amount of construction financing for the project. Additionally, included in the land acquisition was a separate purchase of an existing industrial facility located at 9208 Palm River Road.

January 25, 2023

Development Industrial New York Northeast Self-Storage

Diversified Properties Breaks Ground on 495-Unit Self-Storage Facility in Montgomery, New York

by Taylor Williams January 25, 2023

MONTGOMERY, N.Y. — New Jersey-based developer Diversified Properties has broken ground on a seven-building, 495-unit self-storage facility in Montgomery, about 80 miles north of New York City. The facility will consist of one two-story building totaling 39,000 net rentable square feet, and six single-story buildings, each of which will total 6,900 net rentable square feet. Morris Construction Management is overseeing construction of the project, which is scheduled for an October completion. CubeSmart is the proposed operator of the facility.

January 25, 2023

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