JACKSONVILLE, FLA. — Kansas City-based VanTrust Real Estate LLC has broken ground on three industrial buildings at its Imeson Park South property in Jacksonville totaling approximately 1.7 million square feet. The three projects currently underway include a 200,000-square-foot build-to-suit building, one 547,200-square-foot speculative building on approximately 33 acres and a 1 million-square-foot building on about 63 acres. Building amenities at both speculative buildings include ample automobile, dock and trailer parking. Construction on all three buildings is expected to be complete by the second quarter of 2023. Located at 1511 Zoo Parkway, the property is situated 10.5 miles from Jacksonville International Airport and 3.1 miles from the Jacksonville Zoo. VanTrust purchased the 196-acre Imeson Park South property in October 2021.
NEW YORK CITY — Chase Bank has provided a $60.8 million loan for the refinancing of a portfolio of seven light industrial properties totaling 199,457 square feet in New York City. Three of the properties are located in Brooklyn; two are in Queens, and two are in The Bronx. The Class B properties offer clear heights ranging from 16 to 28 feet, 20 loading positions, some office finish and ample parking. The portfolio was fully leased to eight tenants at the time of the loan closing. Greg Nalbandian, Jim Cadranell, Michael Lachs and Alex Staikos of JLL arranged the 10-year, nonrecourse loan, which carried a fixed interest rate, on behalf of the borrower, metro Philadelphia-based Seagis Property Group.
LAS VEGAS — RealComm Advisors has arranged the sale of an industrial property located at 4750 W. Sunset Road in Las Vegas. Oulette DS acquired the 42,000-square-foot building for $10.7 million. Greg Pancirov and Paul Hoyt of RealComm handled the transaction.
SUMMERVILLE, S.C. — WRS Inc. Real Estate Investments has acquired three fully tenanted industrial/flex buildings totaling 55,643 square feet in Summerville. Patrick Marr of WRS Inc. represented the firm internally. The seller and sales price were not disclosed. The industrial/flex buildings include the following: 114-A&B Trigard Lane (20,803 square feet); 215-A&B Varnfield Drive (25,000 square feet); and 220 Varnfield Drive (9,840 square feet). The properties are located about 25 miles from Charleston and 18 miles from Charleston International Airport.
FENTON, MO. — U.S. Capital Development has selected IMPACT Strategies to build two new speculative industrial buildings at Fenton Logistics Park in Fenton, a southwest suburb of St. Louis. Building 6A will span 125,000 square feet, while Building 6B will total 160,000 square feet. Completion of both buildings is slated for the fourth quarter of this year. IMPACT is also handling site development for earthwork, utilities, parking lots and landscaping. Fenton Logistics Park is the redevelopment of a former Chrysler plant that will span more than 2.5 million square feet upon full buildout.
CRESTWOOD, ILL. — Entre Commercial Realty has arranged the sale of a 20,273-square-foot industrial building in Crestwood, a southwest suburb of Chicago. The sales price was undisclosed. The property features five drive-in doors and an outdoor storage yard. The building is fully leased to two tenants. Jeff Locascio and Chris Wilbur of Entre represented the seller, TFZ Enterprises. Matthew Lee of Darwin Realty/CORFAC International represented the buyer, Commercial Business Properties LLC.
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Lee & Associates’ First-Quarter 2022 Economic Rundown by Sector
Lee & Associates’ newly released Q1 2022 North America Market Report scrutinizes first-quarter 2022 industrial, office, retail and multifamily outlooks throughout the United States. This class-by-class review of commercial real estate trends for the first quarter of the year focuses on how real estate is adjusting to long-term post-COVID attitudes. Lee & Associates has made the full market report available here (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city), but the overviews offered below provide sweeping looks at the overall health and obstacles for four major commercial real estate sectors. Industrial: Rents Pushed on Strong Demand Strong demand for industrial space throughout North America continued in the first quarter as vacancies fell to record lows and rent growth hit double digits. First quarter net absorption in the United States totaled 92.8 million square feet, which was up 25 percent year over year but down 35 percent from the 143-million-square feet average of the last three quarters of 2021. Annualized rents rose 10.1 percent in the U.S. and the average vacancy rate fell to 4.1 percent. Part of this trend was due to a pause in new construction starts early in the pandemic. However, …
KATY, TEXAS — Mirae Asset Global Investments, a global investment firm based in Seoul, South Korea, has purchased the headquarters campus of sporting goods retail giant Academy Sports + Outdoors (Nasdaq: ASO) in the west Houston suburb of Katy. Phoenix-based Tratt Properties sold the 1.5 million-square-foot campus, which is triple-net leased to Academy Sports on a long-term lease, for $190 million. The 93-acre campus includes a little over 1.2 million square feet of warehouse space, 250,000 square feet of flexible office space and mezzanine space totaling approximately 800,000 square feet. Located at 1800 N. Mason Road, the site has immediate access to Interstate 10 and Texas Highway 99, which circles Houston. “From a logistics perspective, this property is exceptionally well-located, with access to highways in all directions,” says Ken Hedrick, executive managing director of Newmark. “The scarcity and increasing value of land in the west Houston area further enhance the property’s value.” Hedrick, along with Newmark colleagues Jerry Hopkins, Andrew Ragsdale, Alex Foshay and Kristian Nielsen, represented Tratt Properties in the sale. Dustin Stolly, Jordan Roeschlaub and Nick Scribani, also with Newmark, arranged acquisition financing on behalf of Mirae Asset Global. Tratt Properties is an active logistics real estate investor …
MEDLEY, FLA. — CBRE has secured the sale of Medley 104 Industrial Center, a 263,188-square-foot distribution center in Medley. José Lobón, Trey Barry, Frank Fallon, Royce Rose and Devin White of CBRE represented the seller, Dallas-based Lincoln Property Co., in transaction. The buyer, an Ares Management fund, purchased the asset for an undisclosed price. Medley 104 Industrial Center is fully leased to three tenants, including USPLY, PGT Industries and Artefacto. The building features include 25-foot clear heights, 132-foot truck court depths, a rear-load configuration, 40 dock-high doors, three drive-in doors and ESFR sprinklers. The property has recently undergone a $7 million renovation, including converting the north side of the property to a truck court, replacing the dock doors and canopies for the existing truck bays, converting the south side of the building to a car parking lot, constructing three speculative offices, replacing the roof membrane, upgrading the exterior building lighting and adding LED lighting in the warehouse. Located at 9400 NW 104th St., the property is situated approximately 10 miles from Miami International Airport.
BRADENTON, FLA. — Atlanta-based MDH Partners has acquired 301 Corporate Center, a two-building, 208,000-square-foot industrial property in Bradenton. Joe DeHaven served as the acquisition lead for MDH Partners. John Dunphy of JLL represented the seller and developer, Peak Development, in the transaction. JLL will handle the leasing and property management assignment at the property. Built in 2022, 301 Corporate Center is situated on 16 acres and features two 104,000-square-foot buildings available for lease. Amenities include ESFR sprinkler systems, clear heights of 32 feet, 30 exterior dock doors, 375 parking spaces and access to a 175-foot shared truck court. The property is situated close to Tampa International Airport, as well as Interstates 75 and 275.