Sunday, November 24, 2024
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Industrial

IndustrialMarket ReportsMidwestMidwest Market ReportsWisconsin

Milwaukee Industrial Growth Sees Ripple Effects in Submarkets

by Kristin Harlow

By James Young, JLL Through 2023 and 2024, JLL industrial has seen a historically high number of new leases signed. JLL research saw positive absorption in the third quarter of 2024 at 48,200 square feet, primarily driven by the completion of owner-built projects. This activity, combined with existing occupier commitment to the region and record-high asking rents, points to a thriving market.  As the Milwaukee industrial market continues to grow its regional presence, there are a few factors that set it apart from its larger peer cities like Indianapolis or Minneapolis. In this article, we will discuss what is driving regional industrial activity and the market’s strong growth trajectory. Industrial evolution We continue to see wide expansion into the suburban market, though this has not always been the case. Relocating a tenant from an established urban industrial area to a suburban location was often challenging 15 years ago. Such a move could entail workforce relocation, warehouse closures and complex logistical changes that potentially risked business disruption. Today, JLL research shows other large occupiers are not only retaining their spaces in the Milwaukee market but are also actively expanding into suburbs like Waukesha and Menomonee Falls. JLL is tracking 11 build-to-suit …

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentIndustrialTexas

KDC Delivers $114M Industrial Build-to-Suit Project for Volkswagen in Freeport, Texas

by Taylor Williams

FREEPORT, TEXAS — Dallas-based developer KDC has delivered a $114 million importation facility in Freeport, a Gulf Coast city located about 60 miles south of Houston, that is an industrial build-to-suit project for Volkswagen Group of America (VWGoA). The 120-acre development represents a consolidation of the German automaker’s port operations in Houston and Midlothian and encompasses several service buildings totaling more than 200,000 square feet, along with asphalt parking for more than 16,000 vehicles, trucks and railcars. In addition, the facility will be able to process up to 140,000 Volkswagen, Audi, Bentley, Lamborghini and Porsche vehicles annually, supporting about a third of VWGoA’s U.S. retail dealers. Stewart Development & Construction served as the general contractor for the project, construction of which began in late 2022.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIndustrialSelf-StorageTexas

Marcus & Millichap Brokers Sale of 316-Unit Self-Storage Facility in Athens, Texas

by Taylor Williams

ATHENS, TEXAS — Marcus & Millichap has brokered the sale of Sentry Storage, a 316-unit self-storage facility located about 50 miles southeast of Dallas in Athens. Built on 9.1 acres in 1981 and recently expanded, the facility totals 47,356 rentable square feet. Brandon Karr and Danny Cunningham of Marcus & Millichap represented the Dallas-Fort Worth-based seller in the transaction and the locally based buyer. Both parties were private investors that requested anonymity.

Continue Reading
FacebookTwitterLinkedinEmail
Triten-McKay-Road-Houston
DevelopmentIndustrialTexas

Triten Real Estate Breaks Ground on 171,000 SF Industrial Project in North Houston

by Taylor Williams

HOUSTON — Locally based developer Triten Real Estate Partners has broken ground on a 171,000-square-foot industrial project in North Houston. The property, which can support a single or multiple users, will function as a distribution center and will feature two drive-in ramps, 41 dock-high doors, speculative office space and ample trailer parking. Method Architecture is designing the project, and Angler Construction is serving as the general contractor. CBRE is the leasing agent. Completion is slated for summer 2025.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsGeorgiaIndustrialSoutheast

Marcus & Millichap Brokers $8.2M Sale of Flex Industrial Property in Kennesaw, Georgia

by John Nelson

KENNESAW, GA. — Marcus & Millichap has brokered the $8.2 million sale of Noonday Business Center, a 66,000-square-foot flex industrial facility located at 771 Shallowford Road in Kennesaw, a northwest suburb of Atlanta. Ani Paulson and Mason Bierster of Marcus & Millichap marketed the property for sale and also procured the buyer in the transaction. Both parties requested anonymity. Paulson says the buyer’s winning bid was for $230,000 over the asking price and came in at a 5.12 percent cap rate. Built in 2001 near State Route 92 and I-575, Noonday Business Park was fully leased to a diverse tenant mix at the time of sale.

Continue Reading
FacebookTwitterLinkedinEmail
UCC-Mural-Los-Angeles-CA
CaliforniaDevelopmentIndustrialWestern

REDA, Clarion Partners Deliver 253,318 SF Industrial Project in Central Los Angeles

by Amy Works

LOS ANGELES — A joint venture between Real Estate Development Associates (REDA) and Clarion Partners have completed construction of Union Commerce Center, a Class A warehouse/distribution facility at 3690 E. Union Pacific Ave. in central Los Angeles. Situated on more than 11 acres, Union Commerce Center offers 253,318 square feet of speculative industrial space. The development consists of a single 253,318-square-foot industrial building with a clear height of 36 feet, 35 dock-high doors with levers on all docks, two oversized grade-level doors, 41 trailer stalls, an ESFR K-25 sprinkler system, skylights, wide column spacing and ample expandable power. Union Commerce Center features a large-scale mural that wraps around a 500,000-gallon water tower, which serves the property’s fire sprinkler system. The mural was produced by local artist Downtown Daniel, an Angeleno more formally known as Daniel Antelo. Antelo’s work has been featured on walls and canvases nationwide, and he is recognized for his work with Nike, Kobe Bryant’s family, The Marathon Clothing and the LA Rams, Clippers and Dodgers. Cushman & Wakefield’s John Minervini, Erik Larson, Chris Tolles and Paul Sims are handling the leasing efforts of the property.

Continue Reading
FacebookTwitterLinkedinEmail
4600-Norris-Canyon-Rd-San-Ramon-CA
AcquisitionsCaliforniaIndustrialOfficeWestern

Madison Marquette Divests of 96,535 SF Valent Innovation Center R&D Building in San Ramon, California

by Amy Works

SAN RAMON, CALIF. — Madison Marquette has completed the sale of Valent Innovation Center, a two-story R&D building in San Ramon. Orion Office REIT acquired the asset for an undisclosed price as the first acquisition under its new entity. Located at 4600 Norris Canyon Road, Valent Innovation Center offers 96,535 square feet of research and development space, which is fully leased to Valent USA, a wholly owned subsidiary of Sumitomo Chemical. The asset was most recently renovated in 2022. Adam Lasoff, Erik Hanson, Rob Hielscher, Caroline Reynolds and Quinn O’Connor of JLL Capital Market’s Investment Sales and Advisory represented the seller in the transaction.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIllinoisIndianaIndustrialMidwestMinnesotaMissouriOhio

Alterra IOS Acquires Portfolio of Seven Industrial Outdoor Storage Sites Across Midwest

by Kristin Harlow

PHILADELPHIA — Philadelphia-based Alterra IOS has acquired seven industrial outdoor storage (IOS) sites totaling 23 usable acres largely in the Midwest region. The purchase price was undisclosed. The sites are fully leased to a national telecommunications and broadband network company. Each parcel is located across metro areas in Dallas, Minneapolis, Indianapolis, Chicago, Nashville, Cleveland and St. Louis. Specifically, the properties are located in Haslet, Texas; Osseo, Minn.; Indianapolis; Frankfort, Ill.; La Vergne, Tenn.; Avon, Ohio; and St. Peters, Mo. All of the assets in the portfolio are located near city downtowns, interstate highways, international airports and rail networks. CRE Advising facilitated the acquisition.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentIndustrialTexas

Joint Venture Underway on 58,280 SF Industrial Project in Irving

by Taylor Williams

IRVING, TEXAS — A joint venture between Reserve Street Property Co. and BC2 Capital is underway on construction of a 58,280-square-foot industrial project in Irving. The 4.5-acre site at 1900 Hurd Drive is proximate to Dallas-Fort Worth International Airport. The new building will feature 28-foot clear heights and a one-acre outdoor laydown yard. Riley Maxwell and John Brewer of Transwestern represented the joint venture in its purchase of the land. JLL represented the seller, Hollman Inc. GSR Andrade is the project architect, and Bratjen Construction is the general contractor. Completion is slated for mid-2025.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIndustrialNew YorkNortheast

Ariel Property Advisors Negotiates $3.2M Sale of Brooklyn Industrial Property

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $3.2 million sale of an industrial property in Brooklyn. The site at 193-199 Varet St. comprises a two-story, 3,783-square-foot building and a 7,500-square-foot vacant lot. According to LoopNet Inc. the building was constructed in 1975 and features a clear height of 15 feet. Sean Kelly and Benjamin Vago of Ariel represented the seller, the Armel Family, in the transaction. The buyer was not disclosed.

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts