Industrial

Marcus & Millichap Brokers $5.2M Sale-Leaseback of Industrial Building in Niles, Illinois

by Kristin Harlow June 22, 2022

NILES, ILL. — Marcus & Millichap has brokered the sale-leaseback of a 56,261-square-foot industrial building in the Chicago suburb of Niles for $5.2 million. The property, located at 7760 N. Merrimac Ave., sold for above asking price. Constructed in 1975, the facility features a clear height of 18 feet, eight internal docks and one drive-in door. The tenant and seller, Quality Elevator Products Inc., had owned the building since 2004. Peter Doughty and Dylan Hyde of Marcus & Millichap represented Quality Elevator Products. The duo also procured the buyer, a real estate investment firm focused on industrial assets.

June 22, 2022

Acquisitions Indiana Industrial Midwest

MAG Capital Partners Purchases 38,250 SF Flex Industrial Facility in Elkhart, Indiana

by Kristin Harlow June 22, 2022

ELKHART, IND. — MAG Capital Partners LLC has purchased a 38,250-square-foot flex industrial facility in Elkhart for an undisclosed price. Built in 2014 and fully renovated in 2019, the property at 5155 Verdant Drive is home to Dometic’s Americas segment. Dometic provides products for use in recreational vehicles (RVs), boats and trucks. Elkhart is known as the “RV Capital of the World” and more than 85 percent of all RVs built in the United States are produced in Indiana, according to the RV Industry Association. Matt Deahl of Imperium Realty & Investments advised both the seller, Verdant Development, and MAG Capital Partners, which is a Fort Worth, Texas-based private investment firm founded by Dax Mitchell and Andrew Gi.

June 22, 2022

California Development Industrial Loans Western

JLL Arranges $210M Construction Loan for Ontario Ranch Business Park in Ontario, California

by Amy Works June 22, 2022

ONTARIO, CALIF. — JLL Capital Markets has arranged $210 million in construction financing for the development of the first phase of Ontario Ranch Business Park, a Class A industrial project currently under construction in Ontario. A joint venture between Newport Beach-based Real Estate Development Associates (REDA) and an industrial fund managed by Clarion Partners is building the asset. Once complete, Ontario Ranch Business Park will feature seven buildings totaling 1.7 million square feet with 30- to 40-foot clear heights, 287 loading positions and 775 parking stalls. The Home Depot hasp preleased the largest building, totaling 1.1 million square feet. Located at the intersection of Euclid and Eucalyptus avenues, the project offers direct access to Interstate 15, State Route 71 and California 60. Brian Top, Peter Thompson, Samuel Godfrey and Jordan Leake of JLL Capital Markets Debt Advisory team secured the three-year, floating-rate, interest-only, nonrecourse loan with a national bank for the borrower.

June 22, 2022

Alabama Development Industrial Southeast

Halstatt, CA South to Build 306,380 SF Industrial Project in Huntsville

by John Nelson June 22, 2022

HUNTSVILLE, ALA. — Halstatt Real Estate Partners and CaliforniaSouth Co. (CA South) are co-developing a light industrial project on Bibb Garrett Road in Huntsville. The project will span 306,380 square feet across two facilities. The buildings, which will be divisible to seven units spanning 43,000 square feet each, will feature 32-foot clear heights, 60-foot speed bays, 130-foot truck courts, 390 car parking spaces and 30 trailer spaces. The construction timeline and project team members were not disclosed.

June 22, 2022

Acquisitions Development Industrial Washington Western

Bridge Purchases 77-Acre Site for Bridge Point Vancouver Industrial Development in Washington

by Amy Works June 22, 2022

VANCOUVER, WASH. — Bridge Industrial has acquired a 77-acre land parcel located at 5500 Northeast 162nd Ave. in Vancouver, a suburb of Portland, Ore. The buyer plans to develop Bridge Point Vancouver 600, an industrial facility, on the property. Private sellers sold the land site for an undisclosed price. Bridge expects to break ground on the project in late third-quarter 2022. Upon completion, the 646,274-square-foot Bridge Point Vancouver 600 will feature 40-foot clear heights, 110 docks, eight drive-in doors, 413 parking stalls and 166 trailer stalls. Zach Francis and Karla Hansen of Kidder Mathews represented Bridge, while Matt Lyman and Greg Nesting of North Stevens represented the sellers in the deal. Both teams will serve as leasing agents for the project.

June 22, 2022

Acquisitions Georgia Industrial Southeast

LRC Properties Acquires Vacant Industrial Building in Morrow, Georgia for $31.5M

by John Nelson June 22, 2022

MORROW, GA. — LRC Properties has purchased a vacant, 522,071-square-foot industrial building located at 1791 Mt. Zion Road in Morrow, about 15 miles south of Atlanta and about seven miles from Hartsfield-Jackson Atlanta International Airport. LRC purchased the asset in a joint venture with an unnamed, institutional investor for $31.5 million. The seller was also not disclosed. The new ownership plans to make capital improvements at the site, including removing 54,000 square feet from the property that will improve access, generate better traffic flow and add trailer parking and dock space. The new ownership also plans to install a new ESFR sprinkler system, LED lighting and exterior building and pavement improvements. Mike Sutter of Lee & Associates is handling the leasing assignment at the facility.

June 22, 2022

Acquisitions California Industrial Western

LPC West, Angelo Gordon Acquire 63,000 SF Industrial Building in Carlsbad, California

by Amy Works June 22, 2022

CARLSBAD, CALIF. — A joint venture between LPC West and Angelo Gordon has purchased a single-story industrial building located at 1695 Faraday Ave. in Carlsbad. Situated on 4.1 acres, the 63,000-square-foot building features 26-foot minimum clear heights and 3,000-amp power. According to LPC West, the property is positioned for a life sciences manufacturing tenant. Chris Roth and Rusty Williams of Lee & Associates represented LPC in the transaction. Dennis Visser and Weston Yahn of Cushman & Wakefield also participated in the deal.

June 22, 2022

Acquisitions California Industrial Western

Dunleer Buys Two Outdoor Storage Yards in Southern California for $13M

by Amy Works June 22, 2022

SANTA ANA AND BELLFLOWER, CALIF. — Los Angeles-based Dunleer has acquired two industrial outdoor storage properties for a total consideration of $13 million. The properties are located at 4404 W. First St. in Santa Ana and 10027 Artesia Blvd. in Bellflower. The Santa Ana property features a 2.7-acre outdoor storage yard that includes one 3,826-square-foot office/industrial building. Dunleer purchased the property for $8.6 million. Chad Solomon of JLL represented the buyer in the deal. The name of the seller was not released. The Bellflower property is a 1.1-acre outdoor storage yard that includes improvements totaling 3,792 square feet. Dunleer acquired the asset for $4.1 million. The seller was the current tenant, a pipe and steel fabrication user, which will leaseback the site for six months. John Rendon of INCO Commercial represented the buyer and seller in the deal.

June 22, 2022

Development Florida Industrial Southeast

Miller Begins Construction on 400,000 SF Industrial Project in Tampa

by John Nelson June 21, 2022

TAMPA, FLA. — Miller Construction has broken ground on Tampa Commerce Center, an industrial park in Tampa whose first phase will comprise two speculative warehouses spanning approximately 400,000 square feet. Building 100 will have 32-foot clear heights and 52-foot column spacing with 146,188 square feet of storage and office space. The 252,250-square-foot Building 400 will have 36-foot clear heights with 52-foot columns. The developer, Houston-based Hines, plans to deliver the two single-story, tilt-wall buildings by the end of the year. The company also plans to develop two more logistics facilities in Phase II. Tampa Commerce Center is situated on 46 acres at 7918 Harney Road, near the intersection of I-4 and I-75. The project team includes Randall-Paulson Architects, Hibbard Engineering, Clear Engineering, Pinnacle Structural Engineers and civil engineer Genesis Halff.

June 21, 2022

Industrial Kentucky Southeast

Augusta Distillery Breaks Ground on $23M Bourbon Production Facility in Northeast Kentucky

by John Nelson June 21, 2022

AUGUSTA, KY. — Augusta Distillery, a bourbon maker founded in 2018, has broken ground on a $23 million distillery in its hometown of Augusta in northeast Kentucky. Situated along the Ohio River in Bracken County, the new 40,000-square-foot facility is an adaptive reuse of a metal stamping facility that was in use from 1883 to 2007. The project will house Augusta Distillery’s first full-scale operation that will produce its signature drink, Buckner’s 13-year single barrel cask strength bourbon, which is distributed nationally and is available retail in Kentucky and Ohio. The company’s next bourbon product is expected to arrive later this year. Augusta Distillery expects to reach full production capacity by summer 2024 and employ 14 full-time staff. According to Kentucky Gov. Andy Beshear’s website, Kentucky’s bourbon sector is a nearly $9 billion industry, generating more than 22,500 jobs with an annual payroll exceeding $1.23 billion.

June 21, 2022

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