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.
LOCKHART, TEXAS — Marcus & Millichap has arranged the sale of Alliance Self Storage, a 532-unit facility located in the Central Texas city of Lockhart. The facility was built on five acres in 2002 and totals 70,750 net rentable square feet. Jon Danklefs of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies that requested anonymity, in the transaction.
CHARLESTON, S.C. —JLL Capital Markets has arranged the sale of Sagebrook Home Distribution Center, a 430,920-square-foot facility located at 574 Trade Center Parkway within the Charleston Trade Center. Completed in 2021, the property was fully leased at the time of sale to Sagebrook Home, a home décor company with showrooms in Atlanta, Las Vegas, Los Angeles and High Point, N.C. Stockbridge acquired the asset for an undisclosed price. Dave Andrews, Pete Pittroff, Patrick Nally and Josh McArdle of JLL represented the seller, Lightstone Group, in the transaction.
LOCKHART, TEXAS — Factory Building Stores, a distributor of home appliances, has signed a 167,794-square-foot, full-building industrial lease at Lockhart 130 Industrial Park in Central Texas. The rear-load building, which is slated for a fourth-quarter completion, will feature 32-foot clear heights and 37 dock doors. Omar Nasser of AQUILA Commercial represented the landlord, Titan Development, in the lease negotiations. Davis Bass and Geoff Hangartner of HPI Real Estate Services & Investments represented the tenant. Lockhart 130 Industrial Park will ultimately comprise four buildings on a 45.1-acre site.
VICTORIA, TEXAS — Partners Real Estate, the investment and brokerage firm formerly known as NAI Partners, has negotiated the sale of a 37,221-square-foot warehouse in Victoria, located roughly midway between Houston and Corpus Christi. Chris Caudill of Partners represented the buyer, Waste Management of Texas Inc., which also plans to occupy the facility, in the transaction. Nancy Garner of Woolson Real Estate Inc. represented the seller, Stallion Oilfield Services Ltd.
LOGAN TOWNSHIP, N.J. — Greek Development has received a $50 million permanent loan for Logan North Industrial Park, a 3.2 million-square-foot development in Southern New Jersey. Greek Development, which partnered with Advance Realty Investors on Logan North Industrial Park, is currently underway on the third phase of construction. The transaction allows Greek Development to apply long-term debt to Buildings A and F, which are leased to SEKO Logistics and LaserShip Logistics, respectively. An undisclosed life insurance company provided the financing, which retires the original construction loan from Wells Fargo. Michael Klein, Jim Cadranell, Gregory Nalbandian and Ryan Carroll of JLL arranged the debt.
COSTA MESA, CALIF. — Lee & Associates Orange has arranged the sale of a freestanding industrial/flex building in Costa Mesa. The property traded for $6.1 million. Located at 3587-3589 Harbor Blvd., the 19,271-square-foot building features a large fenced yard, three ground-level doors and 400 amps, 120/208 volt power. Greg Diab of Lee & Associates Orange represented the buyer in the deal.