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Industrial

IllinoisIndustrialLeasing ActivityMidwest

CEVA Logistics, Expeditors International Sign Industrial Leases at Bridge Point Melrose Park

by Kristin Harlow

MELROSE PARK, ILL. — CEVA Logistics and Expeditors International have signed leases at Bridge Point Melrose Park, an industrial property currently under development in the Chicago suburb of Melrose Park. Bridge Industrial owns the property. CEVA, a supply chain management firm, signed a long-term lease agreement for a 707,953-square-foot warehouse. Expeditors, a logistics and freight forwarding firm, will occupy a 669,914-square-foot facility. The project team includes architecture firm Cornerstone, general contractor ARCO Murray and civil engineer SPACECO Inc. CIBC provided project financing last year. Bridge plans to construct one final building that will span 225,009 square feet. Dan McGillicuddy, Charlie Kenning and Brian Carroll of JLL represented Bridge in the lease transactions. Jason Lev and Jimmy Kowalczyk of CBRE, along with Jeffrey Kernochan and Andrew Mager of Fischer, represented the tenants.

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IndustrialLoansMidwestOhioSelf-Storage

Ready Capital Closes $22.8M Loan for Acquisition of Self-Storage Portfolio in Metro Columbus

by Kristin Harlow

GRANDVIEW HEIGHTS AND UPPER ARLINGTON, OHIO — Ready Capital has closed a $22.8 million loan for the acquisition and stabilization of a 1,649-unit self-storage portfolio located in the metro Columbus cities of Grandview Heights and Upper Arlington. The nonrecourse loan features interest-only payments, a floating rate and a three-year term. The borrower was undisclosed.

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AcquisitionsIllinoisIndustrialMidwest

Inno-Tech Purchases 30,990 SF Industrial Building in Glendale Heights, Illinois

by Kristin Harlow

GLENDALE HEIGHTS, ILL. — Inno-Tech has purchased a 30,990-square-foot industrial building in the Chicago suburb of Glendale Heights for its new corporate headquarters. The property is located at 1879 Internationale Blvd. Inno-Tech, a custom sheet metal and 3D printing group, purchased the asset for $3.5 million. David Conroy of Cawley Chicago represented the buyer. JLL represented the seller, Global Furniture, which relocated to a larger space in Warrenville.

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Bayport-South-Business-Park
AcquisitionsIndustrialTexas

NAI Partners Negotiates 295,134 SF Industrial Lease Near Port Houston

by Taylor Williams

PASADENA, TEXAS — NAI Partners has negotiated a 295,134-square-foot industrial lease at Bayport South Business Park, which is located near Port Houston in Pasadena. According to propertyshark.com, the development was built on 41.5 acres in 2020 and totals 642,994 square feet. Chris Haro of NAI Partners represented the tenant, freight transit company Frederick Trucking, in the lease negotiations. Richard Quarles, March Nicholas and Jarret Venghaus of JLL represented the undisclosed landlord.

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AcquisitionsIllinoisIndustrialMidwest

Clear Height Properties Sells 450,034 SF Industrial Portfolio in Metro Chicago

by Kristin Harlow

CHICAGO — Clear Height Properties has sold an industrial portfolio totaling 450,034 square feet throughout metro Chicago for an undisclosed price. The seven-property portfolio is 94 percent leased to 66 tenants. The assets are located in Bensenville, Carol Stream, Des Plaines, Northbrook, Wheeling and Chicago. Erik Foster, Mike Wilson and Adam Haefner of Avison Young represented Clear Height, which completed improvements to several of the properties, in the sale. J&L Real Properties was the buyer.

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AcquisitionsIndustrialMidwestMultifamilyOhio

Green Harvest Capital Purchases Historic Warehouse in Akron, Plans Apartment Conversion

by Kristin Harlow

AKRON, OHIO — Green Harvest Capital LLC has purchased a nearly 64,000-square-foot historic warehouse in Akron with plans to convert the property into roughly 50 apartment units. The historic Akron Soap Co. building was formerly occupied by WhiteSpace Creative. Completed in 1893, the factory was built to manufacture soap and was later utilized by Pioneer Cereal Co. and Pockrandt Paint Co. The facility sat vacant for several years until White Hot Properties LLC purchased it in 2013 and converted the building into office space. Nichole Booker of SVN Summit Commercial Real Estate Advisors brokered the sale. The sales price was undisclosed.

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AcquisitionsFloridaIndustrialSoutheast

CBRE Brokers Sale of 692,000 SF Industrial Portfolio in South Florida

by John Nelson

MIRAMAR, FLA. — CBRE has brokered the sale of a three-building, 692,000-square-foot industrial portfolio in the Broward County city of Miramar. Metro Chicago-based CenterPoint Properties purchased the properties for an undisclosed price. José Lobón, Trey Barry, Frank Fallon, Royce Rose and Tom O’Loughlin of CBRE represented the undisclosed seller in the transaction. The portfolio includes a 500,000-square-foot facility at 3701 Flamingo Road, an 83,200-square-foot property at 2601 SW 145th Ave. and a 108,800-square-foot building at 2701 SW 145th Ave. The facilities feature dock doors, drive-in doors, ESFR sprinkler systems and clear heights ranging from 24 to 34 feet. The assets were fully leased at the time of sale to six tenants.

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Luke-Field-Glendale-AZ
AcquisitionsArizonaDevelopmentIndustrialWestern

LPC Desert West Buys 140-Acre Site for Luke Field Industrial Development in Glendale, Arizona

by Amy Works

GLENDALE, ARIZ. — LPC Desert West, the Southwest arm of Dallas-based Lincoln Property Co., has purchased a 140-acre development site in Glendale for $53 million. The company plans to develop Luke Field, a $515 million industrial project, on the site. The property’s borders are Litchfield Road, Northern Avenue, Northern Parkway and Luke Air Force Base. Upon completion, the 2.3 million-square-foot Luke Field will include three buildings totaling 1.26 million square feet, 604,000 square feet and 416,000 square feet. All buildings will feature 40-foot clear heights, touchless technology, 25-foot glass entries, 3,000 amps of power, automated dock doors, steel moment frame shear bracing and five-foot by 10-foot clerestory windows on all elevations. Additionally, the project will offer barbecue stations, a shaded outdoor eating area and employee collaboration spaces, as well as extensive car and secure trailer parking. Construction is slated to begin fourth-quarter 2022, with completion slated for first-quarter 2024. All three buildings will be constructed in a single phase. Butler Design Group is serving as architect. A general contractor has not yet been selected.

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DevelopmentFloridaIndustrialSoutheastTop Stories

Butters, BentallGreenOak Plan 2.2 MSF Gulf Landing Logistics Center in Fort Myers, Florida

by Kristin Harlow

FORT MYERS, FLA. — Butters Group and BentallGreenOak have partnered to develop Gulf Landing Logistics Center, a 2.2 million-square-foot speculative industrial park in Fort Myers. The project will be situated on 284 acres. The partnership anticipates developing the Class A property in several phases, with the first phase consisting of seven buildings totaling 740,000 square feet. Construction is scheduled to begin this fall, with completion of the first buildings slated for the third quarter of 2023. “With the tremendous growth in Southwest Florida, we recognized an opportunity to produce a first-class logistics facility with the flexibility to meet the needs of many different types of users,” says Kyle Jones, director of investments at Butters. The current plan for Gulf Landing Logistics Center includes 14 buildings of various sizes and configurations. A portion of the site plan offers flex space for light industrial and office users, while the remainder of the site is geared toward bulk distribution, e-commerce and other light industrial users. Build-to-suit opportunities are available. Florida-based Butters, a vertically integrated real estate company engaged in construction, development, leasing and property management, has developed more than 22 million square feet totaling over $2 billion. BentallGreenOak is a global real estate …

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TCC-Altamoore-Dallas
AcquisitionsIndustrialTexas

KKR Acquires 616,000 SF Industrial Park in Dallas from Trammell Crow

by Taylor Williams

DALLAS — Global investment firm KKR has acquired TCC Altamoore, an approximately 616,000-square-foot industrial park in Dallas, from Trammell Crow Co. for an undisclosed price. Built in 2021, TCC Altamoore consists of a 298,168-square-foot building and a 206,917-square-foot building that are fully leased to undisclosed, publicly traded companies. The third building spans 110,960 square feet and is currently being marketed for lease. Randy Baird, Jonathan Bryan, Ryan Thornton and Eliza Bachhuber of CBRE brokered the deal on behalf of Trammell Crow Co.

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