TEMPLE, TEXAS — Rowan Green Data, a data center developer and infrastructure provider with offices in Houston and Portland, will develop a $300 million hyperscale campus in the Central Texas city of Temple. The project will span approximately 135,000 square feet and have a power capacity of about 500 megawatts. In the data center space, the amount of electricity needed to power the servers and cool the equipment is the highest variable cost; as such, the size of data center deals is frequently measured by the consumption of megawatts rather than square footage. All factors being held equal, one megawatt of energy is enough to power 500 or so homes for a full year. The facility, whose hyperscale designation indicates that it will be marketed to large tech companies with heavy cloud-based operations, will be constructed in two phases on a 32-acre site. Construction of the first phase is slated for a summer-2022 delivery, and full completion is scheduled for 2023.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of the Interstate Industrial Portfolio, a collection of 15 buildings totaling approximately 2.5 million square feet located in various markets throughout the Northeast. Those markets include Harrisburg, Pennsylvania, and Columbus, Ohio, as well as the Upstate New York cities of Syracuse, Rochester and Albany. Cushman & Wakefield’s David Bernhaut, Kyle Schmidt, Ryan Larkin and Seth Zuidema represented the seller, Heritage Capital Group, in the transaction. Gideon Gil, Alex Lapidus and Meredith Donovan, also with Cushman & Wakefield, arranged $114.2 million in acquisition financing on behalf of the undisclosed buyer. An affiliate of LoanCore Capital provided the loan. The portfolio was 97 percent leased at the time of sale.
NEW YORK CITY — The Davis Cos., a Boston-based development and investment firm, will build a 17-story self-storage facility at 155-165 W. 29th St. in Manhattan’s Chelsea District. The property will span approximately 180,000 square feet and feature more than 6,300 units of various sizes. Davis, which is developing the project in partnership with Highland Development Ventures LLC, has completed demolitions of the existing structures on the site and expects to open the facility in spring 2023. Mancini Duffy is the project architect, and Cauldwell-Wingate Construction is the general contractor. Santander Bank and United Overseas Bank provided construction financing.
PHILADELPHIA — CBRE has negotiated the $33.5 million sale of a 454,456-square-foot industrial property located along the Interstate 95 corridor in Philadelphia. The property was originally built in 1960 on a 26.4-acre site and recently underwent a $3.7 million capital improvement program. Building features include clear heights of 18 to 24 feet, parking for 189 cars and 46 trailers and 16,800 square feet of office space. Michael Hines, Brian Fiumara, Brad Ruppel, Joe Hill, Lauren Dawicki, Stephen Marzullo and Adam Silverman of CBRE represented the seller, Ivy Realty, in the transaction. CBRE’s Steven Doherty and Nick Harris arranged acquisition financing on behalf of the buyer, a partnership between two New York-based firms, Ajax Advisors and Brickman Associates. The property was fully leased at the time of sale.
SALEM, ORE. — New Jersey-based SPC LLC has purchased a last-mile industrial property located in Salem from White Plains, N.J.-based Reich Brothers for $28.2 million. The property is a 129,760-square-foot former solar panel plant that Panasonic owned and operated. The company closed operations in September 2017, and Reich Brothers, a facility turn-around specialist, acquired the property in March 2018. In fall 2019, Reich Brothers leased the entire facility to a Fortune 100 e-commerce company. Craig Tomlinson of Stan Johnson Co. handled the transaction.
PHOENIX AND TUCSON, ARIZ. — Philadelphia-based investment firm Equus Capital Partners has acquired a portfolio of 73 industrial properties totaling roughly 7.3 million in the Phoenix and Tucson metro areas. The price was approximately $1.1 billion. The portfolio comprises 342 individual industrial buildings across 74 different developments. Between the two markets, about 85 percent of the portfolio is located in Phoenix, with the remaining 15 percent in Tucson. The properties had a collective occupancy rate of 98 percent at the time of sale. The tenant roster encompasses 22 different industries, including traditional industrial uses like e-commerce, logistics and manufacturing. In terms of individual footprints, no tenant occupies more than 1.5 percent (107,300) square feet of the roughly 7.1 million square feet of leased space. Equus acquired the portfolio through sponsored value-added funds and a consortium of strategic co-investment partners that remain unnamed. Internal agents Kyle Turner, Christopher Locatell, Robert Butchenhart, Laura Brestelli and Peter Russo oversaw the acquisition for Equus Capital Partners. As part of the deal, Equus is onboarding 26 professionals from the undisclosed seller’s property management team to maintain operation of the portfolio. “Due to the low market-wide industrial vacancy rates and growing demand, the portfolio is poised …
CONYERS, GA. — SRS Real Estate Partners’ Investment Properties Group has arranged the sale-leaseback of a Class A, 107,976-square-foot flex industrial facility in Conyers, about 24.4 miles from downtown Atlanta. The facility is fully leased to Batchelor & Kimball, a subsidiary of Emcor that manufactures plumbing and mechanical system fabrications. The tenant, via an entity doing business as New River Ventures LLC, sold the property for $16.2 million to Patriot Equity Partners LLC. Kyle Stonis and Pierce Mayson of SRS represented the buyer in the transaction. Bobby Mayson of Lavista Associates represented the seller. Located at 2227 Plunkett Road on 19.8 acres, the property was constructed as a build-to-suit for Batchelor & Kimball in 2017. The property features a 27.6 percent office finish, as well as other amenities including side-load truck access, 130-foot concrete truck courts, outside storage, gate entrance, pre-cast construction and 32-foot clear heights.
LIBERTY, MO. — The Opus Group has broken ground on Liberty Heartland Logistics Center in Liberty, a suburb just northwest of Kansas City. The first building is an 847,475-square-foot build-to-suit for Hallmark Cards Inc. The project will feature a clear height of 40 feet, 48 dock doors, two drive-in doors, 150 trailer parking spots and 450 vehicle parking spots. This will be Hallmark’s second distribution center in Liberty and will be situated less than one mile from its current facility. Completion is slated for February 2023, at which time Hallmark anticipates more than 1,200 full-time employees working between its two centers. Opus also plans to build two additional speculative buildings at Liberty Heartland Logistics Center that will span 572,000 and 239,000 square feet. Opus is the developer, design-builder, interior designer, architect and engineer. Mark Long, John Hassler and Scott Bluhm of Newmark Zimmer are marketing Buildings B and C for sale or lease. The Missouri Department of Economic Development collaborated with project partners.
KANSAS CITY, KAN. — Contegra Construction Co. has completed two additional industrial buildings at NorthPoint Development’s Turner Logistics Center in Kansas City. The two distribution centers total 919,080 square feet. Building II spans 543,544 square feet and features 54 dock doors, four drive-in ramps, 284 car parking stalls and 137 trailer stalls. Building III totals 375,536 square feet and offers 37 dock doors, two drive-in ramps and 371 parking spaces. Both buildings feature clear heights of 36 feet. The 250-acre industrial park is now home to three buildings, the first of which totals 408,000 square feet.
GROVEPORT, OHIO — Chicago-based Stotan Industrial and its joint venture partners LaSalle Investment Management and CA Industrial have acquired a 47-acre site in Groveport with plans to build a 640,640-square-foot speculative facility. The partnership acquired the land on Hayes Road from Sunshine and Smooch LLC. Development plans call for 60 dock doors, 154 trailer spots, 310 car parking spots and a clear height of 36 feet. CBRE’s Rick Trott represented Stotan in the land purchase and has been retained as the project’s leasing agent. Stotan, a private investment firm specializing in the acquisition and development of industrial properties, was launched earlier this year.