HOUSTON — Partners Real Estate has negotiated a 14,000-square-foot industrial sublease at 4555 Brittmoore Road in northwest Houston. According to LoopNet Inc., the property was originally constructed on 1.8 acres in 2002 and features 20-foot clear heights. Travis Land and Braedon Emde of Partners represented the sublessor, IA Manufacturing LLC, in the lease negotiations. The name and representative of the sublessee were not disclosed.
MESA, ARIZ. — Libitzky Property Cos. has purchased Gateway Technology Commerce Center, a two-building, 138,692-square-foot industrial project in Mesa, for $25.4 million. Gateway Technology Commerce Center is located at 7535 E. Ray Road, with immediate adjacency to the Phoenix-Mesa Gateway Airport and freeway frontage exposure to the Loop 202. The Class A asset was built in 2019. It is fully leased to six tenants. Steve Lindley, Alexandra Loye, Eric Wichterman and Mike Coover with Cushman & Wakefield’s capital markets and private capital teams in Phoenix represented the seller, along with Will Strong and Molly Hunt of Cushman & Wakefield’s national industrial advisory group.
NEW YORK CITY — New York-based investment and development firm Triangle Equities has completed the $136 million recapitalization of Terminal Logistics Center, a 184,747-square-foot industrial facility located in the Jamaica area of Queens. The recapitalization includes a $75 million loan from H.I.G. Realty Credit Partners and $61 million in new equity from Goldman Sachs Asset Management and Triangle Equities itself. Geoff Goldstein, Max Herzog, Andrew Scandalios, Rob Hinckley, Tyler Peck and Nicco Lupo of JLL represented the joint venture between Goldman Sachs and Triangle Equities in the transaction. Terminal Logistics Center offers immediate proximity to JFK International Airport and features 36-foot clear heights and multiple levels of truck courts with parking for up to 53 trailers. Construction began in 2020, and the facility is expected to be available for occupancy by the end of the second quarter.
DOWNERS GROVE AND ADDISON, ILL. — Brown Commercial Group has negotiated the sales of two industrial buildings totaling 48,171 square feet in suburban Chicago for undisclosed prices. Mike Antonelli and Matt Hanson of Brown represented the sellers in both transactions, while Trinity Scurto of Brown represented the buyers. In the first transaction, Bilmar Investments LLC sold a 25,575-square-foot building in Downers Grove. The seller completed extensive renovations over the past several years. In the second deal, 330 Fay LLC sold a 22,596-square-foot building at 330 W. Fay Ave. in Addison to Absolute Electronics, which is expanding from a 7,200-square-foot space in Elk Grove Village. Absolute Electronics will occupy half of the building. The other half is leased to Air Gas, a long-term tenant.
BRISTOL, WIS. — Founders 3 Real Estate Services has brokered the $1.6 million sale of a 29,747-square-foot industrial building in Bristol, a city in Southeast Wisconsin. The property is located at 8320 193rd Ave. Paul McBride of Founders 3 represented the seller, Standex Electronics Magnetics. Newlane Management was the buyer.
NORTON, MASS. — Locally based developer Condyne Capital Partners is underway on vertical construction of a 60,000-square-foot industrial project in Norton, located about 40 miles south of Boston. The building is situated within Bluestar Business Park. Polar Design Build is handling design and construction of the project, which will feature a clear height of 32 feet, 17 dock doors, one drive-in ramp and 14 trailer parking spaces. Completion is slated for the fourth quarter.
By Beau Taggart, Cushman & Wakefield Historically, Columbus was a steady-performing, secondary industrial market that saw minimal rent increases. Often, it was overshadowed by “big brother” cities such as Indianapolis and Chicago that were perceived as more appealing to institutional investors. After the great recession of 2008, though, Columbus began to mature economically, and the region began its meteoric rise as a leading big-box industrial market in the U.S. Located at the intersection of Interstates 70 and 71, within a day’s drive of 46 percent of the U.S. population and containing one of the only freight-only airports in the country, Rickenbacker Airport, Columbus began to attract more and more major retailers such as Zulily, Lululemon, Macy’s and Sam’s Club as well as e-commerce giant Amazon, which has opened several bulk facilities throughout the region. Additionally, three major intermodal terminals and major UPS and FedEx hubs strategically located throughout the area boosted Columbus from its secondary status to a primary inland hub on every major distributor’s radar. Like many markets, 2021 was Columbus’s most prolific year. Interest rates were at an all-time low, and users were compensating for COVID-fueled consumer demand. Asking rates grew by 14 percent and vacancy shot down …
By Deborah Smith, co-founder and CEO, The CenterCap Group Industrial outdoor storage (IOS) may have once been an obscure abbreviation, but this subcategory of industrial real estate has now emerged as an intriguing and evolving niche product. Much like single-family rentals (SFR) and self-storage, the asset class still has some way to go before becoming fully institutionalized, but its increasing importance in last-mile distribution makes it a topic worth discussing and placing on investors’ radars. At a high level, IOS properties serve as essential storage facilities for large equipment, vehicles and materials and are often located near transportation hubs, highway corridors and ports of entry. Among other things, these facilities exist to provide secondary storage capacity for logistics operators. So What Is IOS?IOS properties are not the kinds of glamorous properties that commercial investors typically pay much attention to, as they are outdoors and not always aesthetically pleasing to look at. At a basic level, these sites are low-coverage industrial land, generally in the three- to 20-acre range. Buildings typically comprise zero to 20 percent of the site. The property type’s primary value comes from the outside storage capabilities of the excess yard. IOS facilities feature a significantly lower floor …
THE COLONY, TEXAS — ELM Cos., a provider of energy storage and infrastructure solutions, will open a new 125,000-square-foot headquarters and manufacturing facility in The Colony, a northern suburb of Dallas. The company is expanding its microgrid and solar operations from a 25,000-square-foot space in nearby Lewisville, a move that is expected to add about 65 new jobs to the local economy. Construction of the facility is underway, and ELM Cos. plans to take occupancy before the end of the year.
CHARLESTON, S.C. — Pure Development has acquired two development sites totaling 26.4 acres within Camp Hall, an industrial campus in Charleston. The developer is planning to build two speculative warehouse facilities totaling 428,000 square feet across from the Volvo USA plant. Situated along Electric Avenue and less than two miles from I-26, the first facility will be a 306,280-square-foot warehouse with 30 dock doors, 32-foot clear heights, 20 trailer spaces and 375 auto spaces. The second facility will be a 122,180-square-foot warehouse with 13 dock doors, 32-foot clear heights and 100 auto spaces. Construction is scheduled to begin in the third quarter and wrap up in third-quarter 2024. Santee Cooper sold the development sites to Pure Development for a combined $7.4 million. Robert Barrineau, Brendan Redeyoff and Tim Raber of CBRE represented the seller in the transaction. Dan Camp with Santee Cooper and Adam Seger with Pure Development also worked on the land deal.