STOCKTON, CALIF. — First Industrial Realty Trust has released plans for First Stockton Logistics Center, a cross-dock distribution center at 6201 Newcastle Road in Stockton. Completion for the project is slated for early 2024. The 1 million-square-foot facility will feature 42-foot clear heights, 204 loading docks, 509 trailer stalls, 590 auto spaces, ESFR sprinklers and LED lighting. Total investment for the distribution center is estimated to be $126 million. The site offers immediate access to Highway 99 and Interstate 5 and proximity to BNSF & Union Pacific Intermodal Facilities, Stockton Metro Airport and the Port of Stockton. The project team includes Millie and Severson as general contractor, HPA as architect and Keir + Wright as civil engineer. Mike Goldstein, Ryan McShane and Gregory O’Leary of Colliers will assist with leasing the project.
HUDSON, WIS. — Kraus-Anderson Construction has completed a new 250,000-square-foot manufacturing facility for Hunt Electric at 924 Daily Road in Hudson, a city along the Minnesota-Wisconsin border. Hunt Electric is a national electrical design, build and maintenance firm. In 2020, the company moved its 150,000-square-foot prefabrication operations, called “Little Baer,” to Hudson. The firm then purchased 17 acres next to the plant to build “Big Baer,” the new 250,000-square-foot facility. Big Baer will operate alongside the existing Little Baer facility. Pope Design Group designed the property, which features office and storage space in addition to manufacturing space.
HUDSON, WIS. — Kraus-Anderson Construction has completed a new 250,000-square-foot manufacturing facility for Hunt Electric at 924 Daily Road in Hudson, a city along the Minnesota-Wisconsin border. Hunt Electric is a national electrical design, build and maintenance firm. In 2020, the company moved its 150,000-square-foot prefabrication operations, called “Little Baer,” to Hudson. The firm then purchased 17 acres next to the plant to build “Big Baer,” the new 250,000-square-foot facility. Big Baer will operate alongside the existing Little Baer facility. Pope Design Group designed the property, which features office and storage space in addition to manufacturing space.
EXTON, PA. — Swiss manufacturer Früh Packaging has signed a 63,480-square-foot, full-building industrial lease in Exton, about 35 miles west of Philadelphia. According to LoopNet Inc., the property was built on 26.5 acres in 2023, totals 113,000 square feet and features a clear height of 16 feet, 40 dock doors and 128-foot truck court depths. Mike Adams and Sarah Finney Miller of NAI Summit represented the tenant in the site selection and lease negotiations. Locally based developer Hankin Group owns the property.
PISCATAWAY, N.J. — Electronics manufacturer RCF USA has signed a 30,000-square-foot, full-building industrial lease in the Northern New Jersey community of Piscataway. The building at 101 Circle Drive N. is situated within the 570,000-square-foot Rutgers Industrial Center and features a clear height of 35 feet, six dock doors and 38 parking stalls. Chuck Fern of Cushman & Wakefield represented the tenant in the lease negotiations. Jason Barton, also with Cushman & Wakefield, represented the landlord.
QUANTICO, VA. — Five new tenants will join Merritt Business Park at Quantico Corporate Center, a light industrial campus located along I-95 in Quantico. Three of the businesses — Full Distance Brewing, The Nova Systems and Two Marines Moving — are veteran-owned companies. Full Distance Brewing and Nova Systems will occupy 8,000 and 7,000 square feet, respectively. Merritt Properties has also signed leases with Top Notch Moving Services and The Continuum Group. Top Notch will take over 15,000 square feet, and Continuum will lease 7,200 square feet at the property, which is comprised of two single-story flex buildings. Both buildings feature 18-foot clear heights, access to a fiber-optic network, loading docks and drive-in capabilities for warehouse users.
VACAVILLE, CALIF. — Ridgeline Property Group, along with USAA Real Estate as capital partner and real estate investment manager, has started vertical construction for Midway Commerce Center Buildings A and C in Vacaville. Situated on 89.7 acres, the 1.5 million-square-foot industrial park is located off Eubanks Drive, a mile from the Midway Road and Highway 505 interchange and less than four miles from Interstate 80. The 198,490-square-foot, rear-loading Building A will offer 36-foot clear heights and mechanical dock levers at every other position. The 1.2 million-square-foot, cross-dock Building C will offer an internal clear height of 42 feet and hydraulic dock levels at all 209 positions. Both buildings will feature LED lighting, ample power and high-finish offices. Completion is slated for early this fall. Development costs were not released. HPA Architecture is serving as architect for the project. Brooks Pedder, John McManus and Tony Binswanger of Cushman & Wakefield are handling leasing for the project.
Nashville’s industrial market continues to see strong demand going into 2023. In fact, more than 1.7 million square feet of leasing activity was recorded throughout fourth-quarter 2022, bringing the year-to-date transaction volume just shy of an impressive 8.8 million square feet. Even overall vacancy sat at 3 percent during the final quarter of 2022, and while that was a slight increase compared to the previous quarter, it still was 30 basis points below the national vacancy average. Despite a recessionary environment and uncertainty of what’s next in the commercial real estate sector, Nashville’s industrial market is uniquely positioned for the upcoming year. As Nashville’s industrial market still experiences growth, there are several macro-economic trends impacting it that are worth keeping an eye on, such as e-commerce and third-party logistics demand. Interest rates have also risen, making it very tricky to value property and cap rates due to the debt markets. This has triggered limited investment activity from buyers and sellers alike across all property types, including industrial. Industrial developers are also being more cautious as rising interest rates have increased construction costs. Many developers and investors have purchased land or have land under contract, for example, but are waiting for …
HIALEAH, FLA. — Terreno Realty Corp. (NYSE: TRNO), a San Francisco-based REIT, has acquired an industrial development site in the South Florida city of Hialeah for $173.6 million. The seller was not disclosed. The 121-acre site, which formerly housed a landfill, is located within Countyline Corporate Park and is fully entitled for the development of 2.2 million square feet of industrial space across 10 buildings. In addition, the site is adjacent to seven Terreno-owned buildings within Countyline Corporate Park, all of which are fully leased. The location provides users with quick access to the Florida Turnpike and the southern terminus of I-75. Construction is already underway on a 191,000-square-foot rear-load building and a 506,000-square-foot cross-dock building. At the time of sale, those buildings were approximately 30 percent preleased. Terreno expects to fully complete construction sometime in 2025. At that time, the buildings will offer a combined 660 dock-high doors, 22 grade-level loading positions and parking for 1,875 cars. The company estimates that the total price tag for the project will be about $491 million. The stock price of Terreno Realty Corp. opened at $63.79 per share on Monday, Feb. 27, down slightly from $69.69 per share a year ago. — …
BRYAN, TEXAS — Aphorio Carter, a division of Tampa-based investment firm Carter Funds, has acquired a data center and office complex located in the Central Texas city of Bryan for $55 million. The complex consists of two data center buildings and one office building totaling 69,788 square feet. At the time of sale, the facility was fully leased to colocation services provider Fibertown, which recently entered into a 20-year net lease at the property. The seller was not disclosed.