Industrial

Dollar-General-Aurora-CO

AURORA, COLO. — Dollar General has acquired a 75-acre land parcel within HighPoint Elevated, an industrial and logistics park located at the southeast corner of East 64th Ave. and E-470 in Aurora, for the development of a Class A distribution facility. The Goodlettsville, Tenn.-based discount retailer plans to invest $172 million into the Aurora facility, which will create around 400 new jobs at full capacity. Dollar General announced the project as part of a three-distribution center expansions in Arkansas, Colorado and Oregon. Hyde Development and Mortenson, the park’s development team, will build the 919,000-square-foot facility. Daniel Close, Todd Witty, Tyler Carner, Jeremy Ballenger and Jessica Osternick of CBRE represented Hyde Development in the land sale. The Dollar General project is the first build-to-suit commissioned at the park, which broke ground last year. Construction for the Dollar General facility is slated to being this summer, with completion scheduled for late 2023. At buildout, Highland Elevated will include up to 5.5 million square feet of industrial and logistics space, as well as retail space. The new Dollar General facility will anchor the east side of the park.

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CLX-Ventures-Denton

DENTON, TEXAS — A partnership between Dallas-based developer CLX Ventures and Principal Real Estate Investors has broken ground on a 1.2 million-square-foot industrial project in the North Texas city of Denton. The development, which has been branded ICC-35, will consist of three buildings ranging in size from 123,584 to 702,766 square feet that will be situated on a 73-acre site along I-35. Buildings will feature clear heights of 32 to 36 feet, truck court depths of 135 to 185 feet and a total of 233 dock doors and 10 drive-in ramps, as well as combined parking for 640 cars and 257 trailers. Construction is slated for an August 2023 completion. Holt Lunsford Commercial has been appointed as the leasing agency.

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ARLINGTON, TEXAS — California-based automotive parts manufacturer Prestige Autotech has signed a 49,280-square-foot industrial lease at 2001-2023 Exchange Drive in Arlington. According to LoopNet Inc. the property was built in 1972 and spans 187,840 square feet. Reed Parker and Mark Graybill of Lee & Associates represented the landlord, Link Logistics Real Estate, in the lease negotiations. Greg Nelson and Jimmy Holcomb of Paladin Partners represented the tenant.

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SANDY, ORE. — Spartan Investment Group has completed FreeUp Storage Sandy, its first ground-up self-storage development in Oregon and second ground-up facility to date. FreeUp Storage is Spartan’s brand of owned and managed self-storage facilities. Located at 16555 Champion Way in Sandy, FreeUp Sandy features 353 self-storage units spanning nearly 51,000 square feet with drive-up storage and heated interior units. The facility also features 24/7 surveillance and gated access. The Sandy location marks the 51st addition to the FreeUp portfolio of self-storage units across Arkansas, Colorado, Florida, Georgia, Kentucky, North Carolina, Tennessee, Texas, Washington and Wisconsin.

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LINDEN, N.J. — Cushman & Wakefield has brokered the sale of a portfolio of two industrial buildings totaling 73,277 square feet in the Northern New Jersey community of Linden. The portfolio consists of a 46,674-square-foot industrial facility and a 26,603-square-foot industrial lab. The sale also included an adjacent 2.1-acre land site used as laydown yard. Gary Gabriel, Kyle Schmidt and Seth Zuidema of Cushman & Wakefield represented the seller, Hub Realty, in the transaction and procured the buyer, Modlo.

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Denver Lee & Associates Second Quarter Economic Rundown

Rising interest rates, inflation and general economic uncertainty altered the patterns and outlooks for the industrial, office, retail and multifamily sectors across the United States. As Lee & Associates’ recent Q2 2022 North America Market Report reveals, certain sectors like industrial and multifamily, that were white hot last year, have begun to cool slightly. Meanwhile, retail is making historic gains in the face of decreasing interest in ecommerce. The full Lee & Associates report is available (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city) here. The analysis below provides an overview of four major commercial real estate sectors alongside economic factors impacting each. Industrial Overview: Record Low Supply, Rent Growth Demand for industrial space eased slightly from its record-setting growth of last year but remained strong through for the first half of 2022 as annualized rent growth moved into double digits and the overall vacancy rate fell to 3.9 percent, a record low. Net absorption through June totaled 192.2 million square feet. It was the second highest two-quarter total on record and more than the 170 million square feet of tenant growth for all of 2019. It was exceeded only by 297.8 …

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VT-202-Phoenix-AZ

PHOENIX — VanTrust Real Estate has broken ground on VT 202, a speculative two-building industrial project in Phoenix. The infill development will offer 181,000 square feet of Class A industrial space on 12 acres along 59th Avenue. Totaling 104,687 square feet, Building A will feature 32-foot clear heights, 30 dock-high doors and two grade-level doors. The 76,319-square-foot Building B will have comparable amenities and features. Completion of VT 202 is slated for February 2023. The project team includes Butler Design Group and Wespac Construction. Colliers International Arizona is handling leasing for the development.

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Provident-El-Paso

EL PASO, TEXAS — Dallas-based Provident Realty Advisors will develop a 308,270-square-foot speculative industrial project in El Paso. The facility will be situated on an 18.4-acre site near the intersection of Windermere Avenue and Loop 375 and will have both warehouse and distribution space. Building features will include 32-foot clear heights and 190-foot truck court depths. Construction is set to begin toward the end of the year. CBRE represented the seller of the land, River Oaks Properties, and will market the facility for lease upon completion.

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The-Pearl-Building-Queens

NEW YORK CITY — Boston-based investment and development firm The Davis Cos. has begun the renovation of a 156,792-square-foot industrial facility known as at The Pearl Building that is located in the Maspeth area of Queens. Capital improvements will include new dock doors, levelers, seals/bumpers, paving/coatings and building protection systems. In addition, Davis will restore the façade, upgrade the elevator and lobby and add new restrooms and security features. Cushman & Wakefield will lease the building upon completion of the program, which is scheduled for the first quarter of 2023.

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INDIANAPOLIS — MDH Partners has acquired Park 100 Building 71, a 193,348-square-foot industrial building in Indianapolis. The purchase price was undisclosed. Constructed in 1988, the facility features a clear height of 24 feet, 26 exterior dock doors and 90 car parking spaces. The property is 87 percent leased to DB Schenker, Watkins & Shepard Trucking Inc. and MKM Distribution Service. Alex Cantu and Alex Davenport of Colliers represented the undisclosed seller. Houston Hawley served as the acquisition lead for MDH Partners, which now owns more than 1 million square feet in Indiana.

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