AVON, MASS. — New York City-based Ready Capital has closed a $6 million loan for the acquisition and renovation of a 60,000-square-foot warehouse in Avon, a southern suburb of Boston. The nonrecourse, interest-only loan featured a floating interest rate, 36-month term and two extension options. The undisclosed sponsor plans to implement a capital improvement plan to modernize the warehouse and convert a portion of the office suite into flex space.
Speaking at the Port of Baltimore on Nov. 10, President Joe Biden touted the now passed $1 trillion infrastructure bill as a “once-in-a-generation investment” designed to help us push past the COVID-19 pandemic. The $17 billion earmarked specifically for port improvements is welcome news as on Nov. 15, the day the bill was signed, 90 container ships carrying goods valued at $85 billion were still waiting to dock off the coast of California. Throughout the pandemic, the transportation infrastructure and labor supply for the East Coast and the Mid-Atlantic specifically have demonstrated efficiency and productivity. The two main ports — the Port of Virginia and Port of Baltimore — processed record container volumes of imports and exports through cargo ship, rail and barge at record “turn times” of under one hour, meeting and overcoming many of the challenges within the supply chain. Connecting the dots As we approach the 2021 gift-giving season and beyond, it is crucial to focus on the “why I should care” factor. The Port of Virginia for example, which by 2024 will be the only 55-foot-deep port on the East Coast, experiences cargo movements that occur 64 percent by truck, which is nearly double the next …
BALTIMORE — Trout Daniel & Associates (TD&A) has brokered the sale of 1870 & 1900 Frankfurst Ave., a combined 91,175-square-foot industrial property in Baltimore’s Fairfield industrial submarket. Steven Cornblatt and Jared Engel of TD&A represented the seller, an entity doing business as WFP-Port Liberty LLC, in the transaction. New York-based Criterion Group purchased the properties for $7 million. The two properties sit near each other and total 12.3 acres. The site is located close to Interstate 895 and the Port of Baltimore. Many years prior, the properties were used to manufacture Liberty Ships to transport cargo in the Allies’ World War II efforts. In 2003, WFP-Port Liberty LLC purchased the properties, and TD&A shortly thereafter executed a long-term lease with Amports, an automotive services provider. Amports remained a tenant at the site until this past July.
HOUSTON — Hercules Inc., an Alabama-based manufacturer of polyethylene products, has signed a 111,062-square-foot industrial lease in northwest Houston. The company will occupy roughly half the space at Park 8, a 242,760-square-foot distribution center owned by Avera Cos. and AEW Capital Management. Completed in April 2020, the cross-dock building features 36-foot clear heights, 130-foot truck court depths and an ESFR sprinkler system. Jim Autenreith and J.W. Wall III of Moody Rambin represented the tenant in the lease negotiations. Jason Dillee and Nathan Wynne of CBRE represented the landlord.
CARROLLTON, TEXAS — Illinois-based investment and development firm ML Realty Partners has purchased a 72,000-square-foot industrial building located at 2520 Marsh Lane in the northern Dallas suburb of Carrollton. According to LoopNet Inc., the property was built in 1997 and offers 24-foot clear heights and 7,325 square feet of office space. Dan Spika of Henry S. Miller (HSM) Brokerage represented ML Realty Partners in the transaction. Jim Turano, also with HSM, represented the undisclosed seller.
GLENDALE, ARIZ. — CA Industrial, in joint venture partnership with DWS/RREEF, has broken ground for the first phase of Luke Logistics Center at the northwest corner of Loop 303 and Glendale Avenue in Glendale. Situated on 90 acres, the four-building project features a total of 1.5 million square feet of industrial space. Each building will feature 32-foot to 40-foot clear heights, cross-dock and rear loading with 185-foot-deep gated truck courts, trailer storage, ample car parking, ESFR sprinkler systems and 60-foot speed bays. LGE Design Build is serving as the project’s designer and builder. John Lydon and Hagen Hyatt of JLL will handle leasing of the property.
CREST HILL, ILL. — Summit Design + Build has completed construction of a 55,012-square-foot expansion for TLC Ingredients in Crest Hill near Joliet. The warehouse for the food ingredients and industrial products distributor previously spanned 44,000 square feet. The expansion includes new warehouse and cold storage space along with four new loading docks, a breakroom and additional parking stalls. Harris Architects Inc. was the project architect.
MARTINSBURG, WV. — Hines, along with an investor advised by MetLife Investment Management, MetLife, Inc.’s institutional asset management business, has broken ground on the first phase for Tabler Station Logistics Park, which will feature a total of over 730,000 square feet in Martinsburg. Located close to Interstate 81 on a 145-acre site, the first phase of Tabler Station Logistics Park will include two Class A, industrial buildings with each building consisting 365,400 square feet. Both buildings will feature 40-foot clear heights at first column, cross-dock configuration with 450-foot building depths, 185-foot-deep truck courts and full-building circulation with segregated car and trailer traffic. Construction on Phase I of the project is slated for completion by the fourth quarter of 2022. The overall project will feature three buildings with approximately 1.6 million square feet of industrial space. Powers Brown Architects and Pennoni Engineering designed the project. RS Mowery will construct Phase I of the development. Wells Fargo is providing an undisclosed amount of construction financing. Chuck Watters, Tom Griggs, John Carroll, Julia Craig and Eric Mitman of Hines worked on the development team for the project.
FORT WORTH, TEXAS — Stonemont Financial Group has broken ground on DFW Point35, a 485,680-square-foot industrial project located less than three miles from the AllianceTexas master-planned community in Fort Worth. The development will consist of two rear-load warehouses totaling 218,400 and 267,280 square feet. Building features include 32-foot clear heights, ample car and trailer parking and contemporary office space. Completion is slated for summer 2022. Lee & Associates is marketing the property for lease.
HUNTSVILLE, MONTGOMERY AND BIRMINGHAM, ALA. — Seattle-based Amazon.com Inc. (NASDAQ: AMZN) has unveiled plans to build four new operations sites in Huntsville, Montgomery and Birmingham. The company will build two new fulfillment centers in Huntsville, a receiving center in Montgomery and a delivery station in Birmingham. In Huntsville, Amazon recently opened a fulfillment center that allows Amazon employees to pick, pack and ship larger items to customers, such as bulk paper goods, outdoor equipment or rugs. Additionally, the 1 million-square-foot facility uses technologies and energy-efficient, zero-emission power industrialized truck (PIT) equipment. In 2022, Amazon plans to open another new fulfillment center in Huntsville. The 1 million-square-foot facility will be designed to receive, store and package heavy or bulky items like home appliances and will also use advance technologies and energy-efficient PIT equipment. The facility will provide more than 250 full-time jobs, according to Amazon. Also in 2022, Amazon plans open an inbound cross-dock facility in Montgomery. The 650,000-square-foot facility will be used to receive and consolidate items from vendors and facilitate shipment to fulfillment centers. The property will provide more than 500 full-time jobs, according to the retailer. Lastly, Amazon plans to break ground on a new Birmingham delivery station …