Industrial

PRP Purchases 1.9 MSF Distribution Center Underway in Upstate South Carolina

by John Nelson August 18, 2022

MOORE, S.C. — PRP has purchased a new distribution center under construction in Moore totaling nearly 1.9 million square feet. Situated in South Carolina’s Upstate region, the modern distribution center will be fully leased to Hart Consumer Products, a subsidiary of Techtronic Industries Co. Ltd. that produces power tools and lawn and garden equipment. PRP will finish developing the build-to-suit project with joint venture partner Flint Development. The total capitalization of the development is $185 million and will be fully completed by the fourth quarter of 2023, according to PRP. The property will feature a cross-dock loading configuration, 40-foot clear heights, 338 dock doors, a 185-foot truck court and 835 spaces of excess trailer parking on 178 acres.

August 18, 2022

Development Industrial Texas

Stream Completes 2.3 MSF Phase II of Empire West Business Park in Metro Houston

by Taylor Williams August 18, 2022

BROOKSHIRE, TEXAS — Stream Realty Partners has completed Phase II of Empire West Business Park, a project in the western Houston suburb of Brookshire that added roughly 2.3 million square feet of Class A industrial space to the local supply. Stream broke ground on the second phase, which comprised six buildings that can support users with footprints from 50,000 to 1 million square feet, in November 2021. Phase I of Empire West Business Park consisted of three buildings totaling roughly 1 million square feet that were delivered in April 2021. Stream, which acquired the 300-acre site in late 2019, is also marketing the development for lease.

August 18, 2022

Development Indiana Industrial Midwest

Lauth, Covington to Build 2 MSF Industrial Park at Former Ford Site in Indianapolis

by Kristin Harlow August 18, 2022

INDIANAPOLIS — Lauth Group Inc. and Covington Group Inc. have formed a joint venture to acquire and redevelop the former Ford Visteon site at 6900 English Ave. in Indianapolis. The 150-acre industrial park will be named Thunderbird Commerce Center. Plans call for up to 2 million square feet of build-to-suit and speculative space with rail access along the western side of the property. Mark Writt and Nikki Leahy of CBRE are marketing the project for lease.

August 18, 2022

Industrial Leasing Activity NAI Texas

NAI Partners Negotiates 50,995 SF Industrial Lease in Northwest Houston

by Taylor Williams August 18, 2022

HOUSTON — NAI Partners has negotiated a 50,995-square-foot industrial lease at 6410 Langfield Road in northwest Houston. According to LoopNet Inc., the property was built in 2015. Travis Land and A.J. Williams of NAI Partners represented the landlord, an entity doing business as HOU IND 2 LLC, in the lease negotiations. Patrick McKiernan and Jason Mashni of First Houston Properties represented the tenant, Legion Piping Fabricators Inc.

August 18, 2022

Acquisitions Industrial New York Northeast Self-Storage

Marcus & Millichap Negotiates Sale of 748-Unit Self-Storage Portfolio Near Syracuse

by Taylor Williams August 18, 2022

CLAY AND BALDWINSVILLE, N.Y. — Marcus & Millichap has negotiated the sale of the Store Your Stuff Portfolio, a duo of self-storage facilities totaling 748 units in Upstate New York. The facilities, which comprise 83,550 net rentable square feet across 80 climate-controlled units and 668 non-climate-controlled units, are specifically located in Clay and Baldwinsville, both of which are northern suburbs of Syracuse. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, an individual/personal trust, in the transaction. The trio also procured the buyer, a limited liability company. John Horowitz of Marcus & Millichap assisted in closing the deal as the broker of record.

August 18, 2022

Industrial Loans New Jersey Northeast

JLL Arranges $14.5M Loan for Refinancing of Central New Jersey Distribution Center

by Taylor Williams August 18, 2022

EWING, N.J. — JLL has arranged a $14.5 million loan for the refinancing of a 130,000-square-foot distribution center located in the Central New Jersey city of Ewing. The newly built property sits on 22.6 acres and features a clear height of 40 feet, 18 dock-high doors and 32 trailer parking stalls. Michael Klein and Max Custer of JLL arranged the 11-year, fixed-rate loan through Nationwide Life Insurance Co. on behalf of the borrower, Herring Properties. At the time of the loan closing, the facility was fully leased to Binsky & Snyder, a provider of mechanical construction services.

August 18, 2022

Development Illinois Industrial Midwest

Bridge Industrial Acquires Land for 186,880 SF Project in Melrose Park, Illinois

by Kristin Harlow August 17, 2022

MELROSE PARK, ILL. — Bridge Industrial has acquired 12 acres in Melrose Park with plans to build Bridge Point Melrose Park II, a 186,880-square-foot development. Bridge acquired the site, formerly a truck parking lot, from a joint venture between Missner Group and Timber Hill. Completion is slated for the third quarter of 2023. The project will feature a clear height of 36 feet, 30 exterior docks, two drive-in doors, 221 car parking spaces, 30 trailer parking spaces, a 129-foot truck court and office space. Matthew Stauber, Thomas Rodeno and Patrick Turner of Colliers represented the seller. Bridge’s neighboring project, Bridge Point Melrose Park, is a 1.6 million-square-foot facility currently under development that is 86 percent pre-leased to CEVA Logistics and Expeditors International.

August 17, 2022

Acquisitions Industrial Self-Storage Texas

Berkshire Hathaway Brokers Sale of 278-Unit Self-Storage Facility in Amarillo

by Taylor Williams August 17, 2022

AMARILLO, TEXAS — Berkshire Hathaway has brokered the sale of Create Space Storage, a 278-unit facility in Amarillo. The property spans 31,912 net rentable square feet. A private ownership group sold the property to a REIT for an undisclosed price, with both parties requesting anonymity. Cameron Vale, Parker Sweet and Josh Cato of Berkshire Hathaway brokered the deal.

August 17, 2022

Acquisitions Florida Industrial Southeast

Sealy Acquires 841,849 SF Key Logistics Center in Lakeland, Florida

by John Nelson August 17, 2022

LAKELAND, FLA. — Sealy & Co. has purchased Key Logistics Center, an industrial property located at 5300 Allen K Breed Highway in Lakeland. The two-building property includes a 491,920-square-foot distribution center and a 349,929-square-foot facility. The two buildings at Key Logistics Center feature 36-foot clear heights, cross-dock configurations, ample parking, ESFR fire protection, LED lighting and proximity to I-4. Jason Gandy and John Nida led the transactions for Sealy & Co. on an internal basis. Frank Fallon of CBRE represented the undisclosed seller in the off-market transaction. The sales price was not disclosed.

August 17, 2022

54-Otis-Street-Westborough-Massachusetts

Industrial Loans Massachusetts Northeast

Atlantic Management Receives $96.5M in Financing for Metro Boston Industrial Properties

by Taylor Williams August 16, 2022

WESTBOROUGH, MASS. — New Jersey-based investment and development firm Atlantic Management has received $96.5 million in financing for two industrial properties that are located in Westborough, about 35 miles west of Boston. The company received a $70.5 million loan for the refinancing of 50 Otis Street, a 406,437-square-foot building that was renovated and expanded in 2021. In addition, Atlantic Management received a $26 million construction loan for 54 Otis Street, a 100,000-square-foot development that will be a build-to-suit for an undisclosed e-commerce user that also fully occupies 50 Otis Street. Completion of 54 Otis Street is slated for mid-2023. Robert Griffin, David Douvadjian Sr., Timothy O’Donnell, Brian Butler, David Douvadjian Jr. and Conor Reenstierna of Newmark arranged the loans. The direct lender was not disclosed.

August 16, 2022

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