NASHUA, N.H. — Cushman & Wakefield has brokered the sale of a 137,000-square-foot office and industrial complex in the southern New Hampshire city of Nashua. Denis Dancoes, Craig Estey, Mike Christian, Josh Feldman, Dan Fisk, Scott Goldman and Greg Millwater of Cushman & Wakefield represented the seller, Teledyne FLIR Commercial Systems Inc., in the transaction. Thomas Farrelly and Sue Ann Johnson, also with Cushman & Wakefield, represented the buyer, The Academy for Science and Design Charter School. The new ownership plans to implement a capital improvement program.
AUSTIN, TEXAS — Tesla has filed plans with the Texas Department of Licensing and Registration (TDLR) to spend more than $775 million to expand Giga Texas, an automotive production plant in Austin. The filings indicate plans to construct cathode and drive unit manufacturing centers, a battery cell test lab and manufacturing center and a die shop. The expansion of Giga Texas is the company’s largest construction plan since the $5.5 billion for development of Giga Berlin in Germany last year, according to Reuters. Construction began on Giga Texas in July 2020, with initial deliveries of vehicles taking place at a “Cyber Rodeo” event on April 7, 2022. Tesla relocated its headquarters from Palo Alto, California to Austin in 2021. Tesla’s official Giga Texas website states that the plant currently features over 10 million square feet of factory floor on a 2,500-acre site along the Texas Colorado River. The production plant currently serves as the U.S. manufacturing hub for the Tesla Model Y and is planned as the future hub for production of the Tesla Cybertruck. A timeline for the expansion has yet to be announced. However, according to a recent report from Reuters, Tesla is expected to host its investor …
HENDERSON, NEV. — DIV Industrial, a newly formed institutional investor and developer of industrial real estate, has acquired 94 acres of land in Henderson’s El Dorado Valley submarket for the development of El Dorado Valley Logistics Center. Terms of the acquisition were not released. Construction is scheduled to begin this summer. The 1.7 million-square-foot El Dorado Valley Logistics Center will feature two buildings, ranging in size from 600,000 square feet to 1 million square feet, with 42-foot clear heights, flat floors and an ESFR sprinkler system. The development site is located at the intersection of Highway 95 and Roger Ray Road, providing access to the entire Las Vegas Valley. The City of Henderson recently annexed the site. DIV’s development partners include HPA Architecture and Kimley-Horn. Cushman & Wakefield’s Alderson Tassi team, led by Donna Alderson and Greg Tassi, represented DIV, while Amy Ogden SIOR of LOGIC Commercial Real Estate represented the seller, IndiCap, in the sale and assignment of the complex land transaction. DIV acquired the land in an unimproved condition with entitlements in process. El Dorado Valley Logistics Center is the first significant development project for DIV Industrial, which was established in late summer 2022 by real estate veterans …
MADISON, WIS. — Greywolf Partners Inc. has completed the development and lease-up of a 122,038-square-foot industrial building in Madison. The tenant is Uniek Inc., a designer, manufacturer and supplier of home décor products. The property is located at 6305 Ronald Reagan Ave. within the Center for Industry and Commerce business park. The building features a clear height of 32 feet, 20 exterior loading docks, four drive-in doors and LED lighting. Corporate Contractors Inc. served as the general contractor for the building, which was built on a speculative basis. JSD Professional Services provided civil and landscaping engineering, while JAKnetter Architects provided architectural services. Steve Turner of Greywolf Brokerage, a division of Greywolf Partners, represented the landlord in the lease with Uniek.
HAZELWOOD, MO. — Marcus & Millichap has negotiated the sale of a Bill’s U-Store self-storage facility in Hazelwood, a northern suburb of St. Louis. The sales price was undisclosed. The property features 489 non-climate-controlled units and totals 64,440 net rentable square feet. George Kondracke, Brian Kelly, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company. The asset sold to a private out-of-state buyer.
COLORADO SPRINGS, COLO. — Flywheel Capital has completed the disposition of a mission critical Class A office/flex and industrial manufacturing/distribution portfolio in Colorado Springs. A private partnership acquired the asset for $54.3 million. Totaling 289,018 square feet, the portfolio includes two two-story buildings located at 10125 and 10205 Federal Drive within Interquest Business Park. Building A (10125 Federal) is a fully leased, 191,924-square-foot, multi-tenant office building. Building B (10205 Federal) is a fully leased, 97,094-square-foot, industrial manufacturing and distribution facility occupied by a single tenant. Aaron Johnson and Jon Hendrickson of Cushman & Wakefield represented the seller in the transaction.
DEL VALLE, TEXAS — Self-storage brokerage firm Versal has arranged the sale of FM 812 Storage, a 257-unit facility in Del Valle, a southeastern suburb of Austin. The facility spans approximately 43,250 net rentable square feet. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented the buyer, an Austin-based family partnership, in the transaction. The seller and sales price were not disclosed.
CARLSTADT, N.J. — Third-party logistics provider AxleHire has signed a 79,076-square-foot industrial lease in the Northern New Jersey community of Carlstadt. The property at 100 Industrial Road totals 142,815 square feet and features a clear height of 21 feet, as well as 110-foot truck court depths and ample onsite parking. Scott Perkins, Chris Todd and William Ericksen of NAI James E. Hanson represented the undisclosed landlord in the lease negotiations. Robin Dodson, Stephen Elman and John McManus of Cushman & Wakefield represented AxleHire.
NORMAL, ILL. — An affiliate of Phoenix Investors has completed a two-phase redevelopment project totaling 1 million square feet in North Normal Industrial Park in Normal, about 38 miles southeast of Peoria. Phoenix acquired the 92-acre property in June 2020 from Wildwood Industries Inc. The original 500,000-square-foot industrial facility served as Phase I of the project and now features 84 exterior docks and cross-dock capabilities. Phase II included a 500,000-square-foot addition with 50 exterior docks and cross-dock capabilities. Rivian will occupy both facilities. PJ Hoerr served as general contractor.
Sustained leasing velocity for industrial/warehouse space in the Northern Virginia market, combined with the nearly insatiable demand for data center product, is contributing to developers repurposing existing business communities with this asset class to support demand, as well as companies expanding their geographic footprints into suburban Maryland and Central Virginia to secure space. This trend could be pivoting slightly due to the recent slowdown in leasing activity both locally and nationally as it relates to rising interest rates, the prospects for a looming recession and the possible end of a prolonged real estate cycle. The vacancy rate for industrial/warehouse space in the region currently stands at just over 2 percent. In the last quarter, the Northern Virginia industrial market experienced the largest pipeline in its history with more than 1 million square feet of space delivered, with nearly 5 million square feet of space in the development pipeline. The largest projects are contained within Stafford County as land in Loudoun and Fairfax counties has become unaffordable, or simply unattainable. Triple-net asking rents reached another all-time high of $12.45 per square foot in the third quarter, aided in part by these new deliveries. New space remains scarce and commands a premium, …