Industrial

Trammell Crow, CBRE Break Ground on 500,000 SF Cochrane Technology Center in Morgan Hill, California

by Amy Works November 9, 2022

MORGAN HILL, CALIF. — Trammell Crow Co., along with joint venture partner CBRE Investment Management, has broken ground on Cochrane Technology Center, a Class A industrial park in Morgan Hill. Situated on 30 acres, the speculative development will feature five buildings offering a total of 500,000 square feet. The single-phase Cochrane Technology Center will offer buildings ranging from 73,000 square feet to 138,000 square feet. The property is slated for completion in early 2024. The project team includes HPA as architect of record, Kier and Wright as civil engineer and Mille & Severson as general contractor. Rob Shannon, Chip Sutherland and Brian Matteoni of CBRE will handle marketing and leasing of the property.

November 9, 2022

Development Industrial Nevada Western

Panattoni Plans 195,000 SF Industrial Facility at Spanish Springs Business Center Near Reno, Nevada

by Amy Works November 9, 2022

SPANISH SPRINGS, NEV. — Panattoni Development has released plans for 420 Ingenuity Ave., a Class A industrial building at the 594-acre, master-planned Spanish Springs Business Center in Spanish Springs, a suburb north of Reno. The 195,000-square-foot facility will offer a combination of light industrial flex space with smaller units divisible to 9,000 square feet, and larger mid-bulk industrial space with unit sizes ranging from 31,500 square feet to 141,000 square feet. Each suite will include a build-to-suit office showroom, dock-high and grade-level door access, 30-foot clear heights, 50-foot by 50-foot column spacing with 60-foot speed bays, skylights and motion sensor LED lighting. Alston Construction will serve as general contractor on the project, which is slated for delivery in fourth-quarter 2023. Groundbreaking is scheduled for this fall.

November 9, 2022

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 298-Unit Self-Storage Facility in Magnolia, Texas

by Taylor Williams November 8, 2022

MAGNOLIA, TEXAS — Marcus & Millichap has brokered the sale of Corporate Woods Storall, a 298-unit self-storage facility located in the northwestern Houston suburb of Magnolia. The facility spans 99,180 net rentable square feet. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were Texas-based limited liability companies that requested anonymity.

November 8, 2022

Development Industrial Nevada Western

Westport Properties Plans 84,511 SF Industrial Facility in Henderson, Nevada

by Amy Works November 8, 2022

HENDERSON, NEV. — Westport Properties has released plans to develop an industrial property on a recently acquired land site in Henderson. Construction of the single-tenant, 81,511-square-foot facility is slated to begin in first-quarter 2023. Located at the corner of Bruner Avenue and Amigo Street, the building will feature 32-foot clear heights, a secured truck court, ESFR sprinklers, 11 dock doors and 5,000 square feet of office space. Completion is scheduled for fourth-quarter 2023. Amy Ogden of Logic Commercial Real Estate will oversee leasing.

November 8, 2022

Acquisitions Industrial Midwest Wisconsin

Founders 3 Brokers Sale of Two Industrial Buildings in Menomonee Falls, Wisconsin

by Kristin Harlow November 8, 2022

MENOMONEE FALLS, WIS. — Founders 3 Real Estate Services has brokered the sale of two industrial buildings totaling 75,163 square feet in Menomonee Falls, a northwest suburb of Milwaukee. The sales price was undisclosed. Bob Flood of Founders 3 represented the seller, Kohl’s Inc. Flood will market the properties for lease or sale on behalf of the buyer, Luther Group.

November 8, 2022

Development Industrial South Carolina Southeast

Hughes Underway on 226,800 SF Industrial Facility in Spartanburg, South Carolina

by John Nelson November 7, 2022

SPARTANBURG, S.C. — Hughes Commercial Property is underway on its I-26 Logistics Center, a 226,800-square-foot industrial facility located in Spartanburg. Scheduled for completion in the second quarter of 2023, the facility will feature 32-foot clear heights, 60 dock doors, two drive-in doors, 53 trailer parking spaces and 225 car parking spaces. Other industrial and distribution companies located in the park include Walmart Return Center, Master Gardener and Yusen Logistics. Harper General Contractors is coordinating construction, and Lee & Associates will manage leasing at the property.

November 7, 2022

Acquisitions Industrial Texas

AC Industrial Properties Acquires 301,796 SF Logistics Building in McKinney, Texas

by Taylor Williams November 7, 2022

MCKINNEY, TEXAS — California-based investment firm AC Industrial Properties LLC has acquired Building B at Logistics Center at McKinney on the northern outskirts of Dallas. The 301,796-square-foot, rear-load building sits on 17 acres and features 32-foot clear heights, 130-foot truck court depths, 52 overhead doors, two drive-in doors and 190 parking spaces. Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe and Pauli Kerr of JLL represented the seller, a joint venture between Thor Equities and Morgan Stanley, in the transaction.

November 7, 2022

Colorado Development Industrial Western

Prologis Buys 55-Acre Land Parcel to Develop 1 MSF Logistics Park Expansion Near Denver

by Amy Works November 7, 2022

AURORA, COLO. — Prologis has acquired a 55-acre land parcel in Aurora to expand Prologis Park 70, a 5.7-million-square-foot, fully leased industrial park. US Foods sold the site for an undisclosed price. Prologis plans to develop nearly 1 million square feet at the site, with groundbreaking scheduled for second-quarter 2023. The initial plans offer two design options: one with four buildings, two 325,000 square feet and two 150,000 square feet, and the second design includes one 700,000-square-foot building and two 150,000-square-foot buildings. The developer had not decided which it will build yet. The new buildings will have either a front park/rear loan or cross-dock design with dock-high and drive-in loading, trailer parking, ESFR sprinklers and 36-foot minimum clear heights. Prologis will begin development speculatively with build-to-suit options available. The first buildings are slated for completion in early 2023. Jim Bolt and Mike Camp of CBRE are representing Prologis and marketing the new space for lease, sale or build-to-suit development.

November 7, 2022

Industrial Loans New York Northeast Self-Storage Top Stories

Newmark Arranges $360M Refinancing for 3.9 MSF Self-Storage Portfolio

by Taylor Williams November 7, 2022

NEW YORK CITY — Newmark has arranged a $360 million refinancing for a portfolio of 50 self-storage facilities totaling 3.9 million square feet of net rentable space. A partnership between two New York-based firms, Andover Properties and Angelo Gordon, owns the properties, which are located in various primary markets across the country. Jordan Roeschlaub, Dustin Stolly, Nick Scribani, Aaron Swerdlin and Taucha Hogue of Newmark arranged the loan, specific terms of which were not disclosed, through Goldman Sachs. Andover Properties, perhaps best known for its Storage King USA brand, currently owns and operates a self-storage portfolio that totals more than 12.1 million square feet across 152 facilities in 18 states. Angelo Gordon is a global alternative investment firm that was founded in 1988 and currently has approximately $52 billion in assets under management. In describing the deal, Newmark’s debt placement team cites the profiles of the sponsors as integral to closing the transaction. “Critical to the success of this transaction was the strength of sponsorship between Andover, with its Storage King USA operating platform, and Angelo Gordon, with its deep sector experience and large equity commitment to the portfolio,” says Stolly. “The sponsorship’s ability to drive cash flow growth by …

November 7, 2022

Content Partner Features Industrial Leasing Activity Loans Midwest Multifamily NAI Northeast Office Retail Southeast Texas Western

Experts Turn to Opportunistic Moves, Lending During Uncertainty of Economic Downturn

by Sarah Daniels November 7, 2022

As we shift through economic uncertainty and changes in the market, commercial real estate businesses are planning for a range of scenarios — and looking to historical trends to make predictions. REBusinessOnline sat down with two industry experts to talk about how this period of uncertainty compares to previous eras and where there may be benefits and opportunities in the current landscape. Jay Olshonsky, president and CEO, and Cliff Moskowitz, executive vice president, at NAI Global spoke about the commercial real estate outlook and the challenges it is likely to face in the immediate future. REBusiness: Looking at the current environment, how does it compare to previous periods of uncertainty? What might be the impacts on commercial real estate? Olshonsky: To start with, we are in a recession. We’ve already had two quarters of negative GDP growth. I think the most fundamental difference between this cycle and a lot of other cycles is that we have extremely low unemployment, differentiating this moment from others, for example, 2009. Even though the most recent job numbers were lower, they were still fairly strong. Jobs create the demand for commercial real estate at all levels, but especially at the services level. We do …

November 7, 2022

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