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Industrial

5853-Rue-Ferrari-San-Jose-CA
CaliforniaDevelopmentIndustrialWestern

Duke Realty Starts Construction of Three Spec Industrial Developments in Northern California

by Amy Works

SAN JOSE, RICHMOND AND HAYWARD, CALIF. — Duke Realty (NYSE: DRE) has started construction of three speculative industrial facilities in Northern California. The projects include: a 302,772-square-foot development with 42-foot clear heights, 47 dock-high doors, 108 truck trailer spaces, 296 car spaces and up to 12,000 amps of power on 17.4 acres at 5853 Rue Ferrari in San Jose. a 153,803-square-foot facility with 36-foot clear heights, 24 dock-high doors, 36 truck trailer spaces and 140 car spaces at 731 W. Cutting Blvd. in Richmond. a 157,725-square-foot property with 36-foot clear heights, 24 dock-high doors, 65 trailer parking stalls and 79 car spaces at 24493 Clawiter Road in Hayward. Chip Sutherland, Rob Shannon and Ben Knight of CBRE are listing brokers for the San Jose asset; Jason Ovadia, Mike Murray, Patrick Metzger and Greg Matter of JLL are handling listing for the Richmond property; and Bob Ferraro, Kevin Hatcher and Chris Van Keulen of CBRE are listing brokers for the Hayward facility.

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IndustrialMarket ReportsMidwestMidwest Market ReportsWisconsin

Industrial Cap Rate Spread Narrows in Milwaukee as Demand Continues to Surge

by Kristin Harlow

Like much of the country, the Milwaukee industrial market flourished over the last 12 to 24 months and has continued to shatter records across the board. Tenant demand far exceeded supply, driving vacancy rates down and rental rates up. Pent-up capital chased deals at record numbers, compressing cap rates further in this sector. And new construction continued its speedy pace, with over 8 million square feet on schedule to be delivered in 2022.  But with inflation surpassing 8 percent and interest rates on the rise, the question now is how long will we continue this record-setting pace? Just-in-time to just-in-case As supply chain constraints emerged during the pandemic, businesses switched from the widely used just-in-time model to just-in-case, meaning drastic increases in inventory storage and logistic needs for many companies. Tenants scrambled to lease additional space to house what inventory they could get in stock.   At the start of 2021, Class A industrial vacancy in Milwaukee was 9.68 percent. By the end of the year, that number had been slashed in half to just 4.39 percent as the flight to quality industrial product exceeded deliveries. In the fourth quarter of 2021, 1.65 million square feet of new industrial space …

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DevelopmentIllinoisIndustrialMidwestTop Stories

Logistics Property Co. to Develop Chicago’s First Multi-Story Industrial Facility on Goose Island

by John Nelson

CHICAGO — Logistics Property Co. has unveiled plans to develop 1237 West Division, an industrial project on the west side of Chicago that will span 600,000 square feet of logistics space across two floors. The city’s first multi-story warehouse will also offer both rooftop parking and an adjacent five-story parking garage. Logistics Property recently closed on the 11.5-acre land sale in Chicago’s Goose Island neighborhood and received approval from the Chicago City Council for the project. Situated adjacent to the four-way interchange at Division Street and Elston Avenue, 1237 West Division is located 3.5 miles from the Chicago Loop and 15 miles from Chicago O’Hare International Airport. The JLL team of Michael Conway, Leslie Lanne, Dan McGillicuddy and Gavin Stainthorpe will lease and market the property. “1237 West Division provides flexibility for companies that must get closer to their customers,” says Lanne, who leads JLL’s urban infill group. “It gives them access to modern distribution space, which urban core markets are severely lacking.” The first level of 1237 West Division will feature 36-foot clear heights, 28 dock doors and two drive-in doors. The second floor, which will be accessible by separate two-way, double-wide ramps, will feature 33-foot clear heights, 28 …

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AcquisitionsFloridaIndustrialSoutheast

Ten Capital Management Purchases 224,359 SF Industrial Park in Metro Orlando

by John Nelson

LAKE MARY, FLA. — Ten Capital Management, a privately held real estate investment management firm based in metro Cleveland, has purchased SunTech Commerce Park, a six-building, 224,359-square-foot industrial park in suburban Orlando. The property is situated on 19.3 acres at 39-59 Skyline Drive in Lake Mary, about a quarter mile from Interstate 4. According to LoopNet Inc., the campus includes five single-story flex buildings and one three-story office building. The seller and sales price were not disclosed.

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IndustrialLeasing ActivityTexas

Renaissance Network Reinvent Signs 42,596 SF Industrial Lease Renewal in Flower Mound, Texas

by Taylor Williams

FLOWER MOUND, TEXAS — Renaissance Network Reinvent, which provides engineering-centric repairs and supply chain management solutions, has signed a 42,596-square-foot industrial lease renewal at 1200 Lakeside Parkway in Flower Mound, located north of Fort Worth. According to LoopNet Inc., the property was built on 26.6 acres in 2007. Evan Hammer, Ben Crancer, Lauren Pesqueda and Brendan Zrowka of Whitebox Real Estate represented the tenant in the lease negotiations. Whitney Williamson represented the landlord, Prologis, on an internal basis.

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IndustrialLeasing ActivityMidwestNebraska

Ford Storage and Moving Co. Signs 150,280 SF Industrial Lease in Omaha, Nebraska

by Kristin Harlow

OMAHA, NEB. — Ford Storage and Moving Co., a Nebraska-based warehouse company, has signed a 150,280-square-foot industrial lease at R&R Commerce Park in Omaha. R&R Commerce Park is a four-building industrial park spanning 1.1 million square feet. The development features a clear height of 32 feet and convenient access to I-80. Sam Andres and David Maenner of CBRE represented the tenant in the lease negotiations. R&R Realty Group owns R&R Commerce Park.

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IndustrialLeasing ActivityMidwestMinnesota

Stonebrooke Equipment Leases 99,683 SF of Industrial Space in Rosemount, Minnesota

by Kristin Harlow

ROSEMOUNT, MINN. — Stonebrooke Equipment Inc. has leased 99,683 square feet of industrial space at 15100 Business Parkway in Rosemount, a southern suburb of the Twin Cities. Stonebrooke specializes in partnering with fleet managers and business owners to provide custom-built fleet solutions to improve productivity, efficiency, safety and profits. Doug Fulton, Rob Youngquist and Andi Simon of Avison Young represented the tenant in the lease. Avison Young’s project management team is working with a design and construction team to manage tenant improvements before Stonebrooke takes occupancy in August. Cushman & Wakefield represented the landlord, Business Parkway Building.

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AEROS-Logistics-Center-Aurora-CO
ColoradoDevelopmentIndustrialWestern

JAGreen, Raith Capital Partners Plan 2 MSF AEROS Logistics Center in Aurora, Colorado

by Amy Works

AURORA, COLO. — JAGreen Development (JAG), in partnership with an affiliate of New York-based Raith Capital Partners, has acquired 157 acres in Aurora for the development of AEROS Logistics Center, a Class A industrial park. AEROS Logistics Center will feature 2 million square feet of logistics, distribution, manufacturing, construction and data center space. Tenants will have the option to buy or lease from the property. The park could accommodate two 1 million-square-foot, east/west-facing, cross-dock buildings, or it could be divided into smaller parcels. Aaron Valdez, Alec Rhodes and Tyler Smith of Cushman & Wakefield represented JAG in the acquisition and will handle the marketing for AEROS.

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5800-Mesa-Drive-Houston
IndustrialLeasing ActivityTexas

CBRE Negotiates 500,000 SF Industrial Lease in Northeast Houston

by Taylor Williams

HOUSTON — CBRE has negotiated a 500,000-square-foot, full-building industrial lease at 5800 Mesa Drive in northeast Houston. Situated on 95 acres, the property features 330 terminal doors, a 46,000-square-foot maintenance facility and 25 acres of secured trailer parking. Tres Reid and Andrew Jewett of CBRE represented the tenant, an undisclosed logistics firm, in the lease negotiations. John Simons, Gray Gilbert and Chris Haro of NAI Partners, along with Dave Dandurand of Burr & Temkin, represented the landlord, Dayton Street Partners. The Chicago-based investment firm acquired the property in January 2021 and implemented a $25 million value-add program.

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Company NewsIndianaIndustrialMidwest

Prologis Offers to Acquire Duke Realty in $23.7B Deal, Duke Realty Rejects Offer

by Kristin Harlow

INDIANAPOLIS — In a letter sent May 10 to Indianapolis-based Duke Realty Corp. (NYSE: DRE), San Francisco-based Prologis Inc. (NYSE: PLD) offered to acquire the firm in an all-stock transaction valued at $61.68 per share, which equates to about $23.7 billion. Under the terms of the proposal, Duke Realty stockholders would receive 0.466 shares of Prologis common stock for each share of Duke Realty common stock they own. The $61.68 figure is based on Prologis’ closing price on May 9, and represents a premium of 29 percent to Duke Realty’s closing price on the same date. Hamid Moghadam, CEO and co-founder of Prologis, said he is confident that the proposed combination will be a win-win for both company’s shareholders. Prologis first sent a letter to Duke Realty on Nov. 29 regarding a potential transaction at an exchange ratio of 0.465, representing a 20 percent premium to Duke Realty’s stock price at the time. On May 3, Prologis increased the proposed exchange ratio, but Duke Realty rejected the proposal that same evening. As of March 31, logistics real estate firm Prologis owned or had investments in properties and development projects totaling roughly 1 billion square feet in 19 countries. The company’s …

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