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20-East-Mesquite
DevelopmentIndustrialTexas

Stream Realty Partners Breaks Ground on 3.4 MSF Industrial Project in Mesquite, Texas

by Taylor Williams

MESQUITE, TEXAS — Stream Realty Partners has broken ground on 20 East, a 3.4 million-square-foot industrial project in the eastern Dallas suburb of Mesquite. The initial phase of the development will consist of three buildings totaling 1.8 million square feet that will be constructed on 192 acres. One of those warehouses will feature a rear-load configuration and 36-foot clear heights, while the other two will be cross-dock facilities with 40-foot clear heights. Phase II will also comprise three buildings that will total 1.6 million square feet across 92 acres and will be marketed as both speculative and build-to-suit spaces. Stream is also leasing and managing the development. Completion of Phase I is scheduled for the third quarter of 2023.

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DevelopmentIndustrialTexas

Arcadia, Saxum Real Estate Begin Work on 295,245 Cold Storage Facility Near Fort Worth

by Taylor Williams

BURLESON, TEXAS — A partnership between operator Arcadia Cold Storage & Logistics and developer Saxum Real Estate has begun construction a 295,245-square-foot cold storage facility in Burleson, a southern suburb of Fort Worth. The facility will be developed on speculative basis and will feature roughly 43,000 pallet positions and spaces for distribution of both frozen and refrigerated product. Primus Builders is the general contractor for the project. Completion is slated for the second quarter of 2023.

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AcquisitionsIndustrialTexas

Gault, RTG Capital Buy 200,000 SF Industrial Facility in Forney, Texas

by Taylor Williams

FORNEY, TEXAS — A partnership between Dallas-based developers Gault Co. and RTG Capital LLC has acquired a 200,000-square-foot, multi-tenant industrial facility located in the eastern Dallas suburb of Forney. David English, Grant English and Jeanie Gillock of RidgePoint Commercial Real Estate represented the partnership in the transaction. Additional terms of sale, including the name of the seller, were not disclosed.

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IllinoisIndustrialLoansMidwestOffice

Byline Bank Provides $11M Loan for Acquisition of Flex Industrial Portfolio in Lisle, Illinois

by Kristin Harlow

LISLE, ILL. — Byline Bank, a subsidiary of Byline Bancorp Inc. (NYSE: BY), has provided an $11 million loan for the acquisition of a three-building flex industrial portfolio totaling 157,000 square feet in Lisle. A joint venture between Integris Ventures and Starlight Equity Partners was the borrower. Upon acquisition, the buyers plan to implement a capital improvements program. The seller was undisclosed.

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AcquisitionsIllinoisIndustrialMidwest

Clear Height Properties, Harbert Sell Seven-Building Industrial Portfolio in Elmhurst, Illinois

by Kristin Harlow

ELMHURST, ILL. — A joint venture between Clear Height Properties and Harbert US Real Estate, an investment entity sponsored by Harbert Management Corp., has sold a seven-building industrial portfolio in Elmhurst for an undisclosed price. Hamilton Partners purchased the portfolio, which totals 140,796 square feet. The buildings are fully leased to 23 tenants that occupy space ranging in size from 1,300 to 14,000 square feet.

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ConnecticutDevelopmentIndustrialNortheast

Condyne Capital Partners Underway on 165,000 SF Industrial Project in Windsor, Connecticut

by Taylor Williams

WINDSOR, CONN. — Condyne Capital Partners is underway on construction of Baker Hollow Logistics Center, a 165,000-square-foot industrial project in Windsor, a northern suburb of Hartford. The project will feature a clear height of 32 feet, one drive-in ramp and 58 trailer parking spots. Project partners include Polar Design Build, Maugel DeStefano Architects, C.E.Doyle, Pierce Builders Inc. and Turner Brothers LLC. The tilt-up walls have been fabricated and erected, and full completion is scheduled for November.

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IndustrialMarket ReportsNew MexicoWesternWestern Market Reports

After a Long Pause, Spec Industrial Returns to Albuquerque

by Jeff Shaw

By Alex Pulliam, Land & Industrial Advisor, NAI SunVista It’s been a long time coming. Albuquerque hasn’t built speculative distribution warehouses in nearly two decades. However, the recent strength of the market is giving developers confidence to break ground – and investors are paying attention.  Industrial activity has been lively, thanks to accelerated macro trends from the pandemic, as well as the legalization of recreational cannabis. Albuquerque’s industrial vacancy rates have remained below 1 percent for over two quarters. Prior to that, vacancy rates hovered around a then “historic low” in the 2 percent range since September 2019. The demand from users has continued to climb and tenants are facing lease rate increases.  While needing more speculative warehouses should be a matter of basic economics, it is not always easy to build in a tertiary market that lacks the memory of growth. Historically, Albuquerque would only secure a few 50,000-square-foot users per year, along with the occasional 100,000-plus-square-foot user. This deterred developers from taking a chance on new construction. But times are changing. Large tenants are taking note of Albuquerque’s access, affordability and workforce, while existing users are seeking modern buildings for efficiency and growth.  These factors, combined with rental rate …

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DevelopmentGeorgiaIndustrialOfficeSoutheast

Shadowbox Studios Underway on 1.2 MSF Expansion of Movie Studio Campus in Atlanta

by John Nelson

ATLANTA — Shadowbox Studios, a TV and movie studio operator formerly known as Blackhall Studios, is underway on expanding its studio campus in Atlanta from nine soundstages to 31. The 1.2 million-square-foot expansion project will grow the locally based company’s footprint to total 2 million square feet. The move follows a $500 million financing commitment from Silver Lake, a private equity investor with more than $88 billion in assets under management. Silver Lake will partner with existing investor Commonwealth Asset Management, which remains the majority shareholder of Shadowbox Studios. The capital injection will also be used to fund Shadowbox’s studio developments underway in London and Los Angeles. Deutsche Bank, EY and Sidley Austin represented Shadowbox in the financing transaction with Silver Lake. Farrer & Co. and King & Spalding also provided legal counsel. Latham & Watkins represented Silver Lake. The existing Atlanta studios for Shadowbox Studios served as filming locations for movies such as Jumanji: The Next Level, Jungle Cruise and Godzilla: King of the Monsters. The construction timeline for the expansion project was not disclosed.

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DevelopmentIndustrialSouth CarolinaSoutheast

SunCap Breaks Ground on 284,400 SF Industrial Facility in Upstate South Carolina

by John Nelson

DUNCAN, S.C. — SunCap Property Group has broken ground on Hillside 290, a 284,400-square-foot industrial facility within Hillside Industrial Park in Duncan. Situated along SC Highway 290 near I-85 and Inland Port Greer, the rear-load building will feature 62 dock doors, 315 car parking spaces and 59 trailer parking spaces. The property features spaces divisible to 70,000 square feet and can accommodate distribution, light manufacturing and automotive-related users. Garrett Scott, John Montgomery, Brockton Hall and Dillon Swayngim of Colliers will handle leasing at Hillside 290. SunCap has selected Hogan Construction Group to build the project. Details about the construction timeline were not disclosed.

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AcquisitionsGeorgiaIndustrialSoutheast

JLL Arranges $28.1M Sale of Three-Property Industrial Portfolio in Metro Atlanta

by John Nelson

KENNESAW AND NORCROSS, GA. — JLL Capital Markets has brokered the $28.1 million sale of a three-property light industrial and flex portfolio in metro Atlanta totaling 172,881 square feet. Matt Wirth, Ralph Smalley, Jim Freeman and Max Coffin of JLL represented the seller, Deerfield Beach, Fla-based Geneva Group, in the transaction. Miami-based Adler Real Estate Partners was the buyer. The properties included a 46,808-square-foot facility at 1965 Vaughn Road in Norcross, a 61,073-square-foot light industrial building at 4955 Avalon Ridge Parkway in Norcross and a 65,000-square-foot flex property at 1155 Roberts Blvd. in Kennesaw. Completed between 1992 and 1996, the Norcross buildings feature 22-foot clear heights, 27 dock-high doors, four drive-in doors and approximately 3.5 years of weighted average remaining lease term. The Kennesaw asset was built in 1991 and houses two unnamed, globally recognized tenants with over six years of weighted average remaining lease term.

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