Industrial

Auto Innovation Continues to Drive Detroit Industrial Market

by Kristin Harlow August 26, 2021

By Anthony Pellegrino III, P.A. Commercial Detroit is the industrial, transnational logistics and auto powerhouse of the Midwest. Detroit has continued year after year to grow and transform its industrial sector in three prominent geographical locations. Each of these locations is anchored by auto innovation, creating a stable market for suppliers and transport: 1. The Mount Elliot Employment District: This is the home of General Motors’ $2.2 billion investment into its existing Hamtramck Assembly. GM is renaming it “GM Factory Zero” to represent its full dedication to electric vehicle production. 2. Southeast Detroit: Fiat Chrysler’s $2.5 billion expansion to Jefferson North includes a new 1.4 million-square-foot Mack Avenue Engine Complex. This is part of a total $4.5 billion earmarked for Michigan plants. 3. Southwest Corktown: Ford is conducting an ongoing investment of $1.45 billion into its autonomous vehicle campus in an area called Corktown. The multi-building transformation is near Detroit’s international bridge and tunnel. Each area contains various tax incentivized Opportunity Zones, New Market Tax Credits and qualified HUB Zones. According to Costar Group MLS, Greater Detroit has a healthy 4.6 percent vacancy rate while Detroit proper has a 9.45 percent vacancy rate for industrial buildings. Much of the 9.45 …

August 26, 2021

Acquisitions California Industrial Western

Nuveen Real Estate Acquires 236,700 SF Inland Empire Industrial Property from Myers Power Products

by Amy Works August 25, 2021

ONTARIO, CALIF. — Newport Beach-based Nuveen Real Estate has purchased an industrial building, located at 2950 E. Philadelphia St. in Ontario, from Myers Power Products in a sale-leaseback transaction for an undisclosed price. Myers Powers, the tenant, is an industry leader in the design and manufacture of engineered-to-order power distribution equipment. The company occupies the freestanding, 236,700-square-foot building and utilizes the facility for its full in-house manufacturing capabilities, including metal fabrication, state-of-the-art paint systems, assembly, integration and testing. Situated on 12 acres, the building features two oversized, grade-level loading doors, 35 dock-high loading positions, a 155-foot truck court, 4,000 amps, a fenced yard and is naturally divisible. Chris Migliori of Daum Commercial Real Estate Services handled the transaction.

August 25, 2021

Acquisitions California Industrial Office Western

Dollinger Properties Buys Six-Building R&D/Office Campus in Silicon Valley for $56M

by Amy Works August 25, 2021

SAN JOSE, CALIF. — Redwood City-based Dollinger Properties has acquired Valley Creative Center, a six-building R&D and office campus located at the confluence of Zanker Road, Bering Drive and Charcot Avenue in San Jose. Vista Investment Group sold the asset for $56 million. Located at 2235-2249 Zanker Road, 2340-2390 Bering Drive and 225-245 Charcot Ave., the complex features 166,928 square feet of space with grade-level loading, ample parking and new exterior façade upgrades. Alan Guterman, Jon DeCoite, Steve Horton and Kelly Yoder of Cushman & Wakefield represented the buyer in the deal. Additionally, the team will service as leasing agents for the multi-tenant property.

August 25, 2021

Acquisitions Industrial New Jersey Northeast

CBRE Negotiates $15.6M Sale of Manufacturing Facility in Mahwah, New Jersey

by Taylor Williams August 25, 2021

MAHWAH, N.J. — CBRE has negotiated the $15.6 million sale of an 84,280-square-foot manufacturing facility in Mahwah, located in the northernmost part of the state. The property was fully leased to Nobel Biocare, a provider of dental implant products, at the time of sale. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Travis Langer and Zach McHale of CBRE represented the seller, AVR Realty, in the transaction. The team also procured the buyer, Urbana Partners, an investment firm based in South America.

August 25, 2021

Industrial Leasing Activity Texas

Morrison Express Signs 73,962 SF Industrial Lease in Grand Prairie, Texas

by Taylor Williams August 24, 2021

GRAND PRAIRIE, TEXAS — Third-party logistics and supply chain management firm Morrison Express Corp. has signed a 73,962-square-foot industrial lease at GSW Distribution Center in Grand Prairie, located roughly midway between Dallas and Fort Worth. Blake Anderson of Newmark represented the tenant in the lease negotiations. CBRE represented the landlord, Morris Truman Associates LLC.

August 24, 2021

Acquisitions California Industrial Western

Rexford Industrial Buys Torrance Technology Campus in Los Angeles for $182M

by Amy Works August 24, 2021

LOS ANGELES — Torrance FRM LLC has completed the disposition of Torrance Technology Campus, a five-building industrial facility situated on 27 acres in Los Angeles’ South Bay market. Rexford Industrial acquired the campus for $182 million. Located at 3100-3110 Lomita Blvd. and 3121 Skypark Drive, Torrance Technology Campus offers 575,976 square feet of industrial space. At the time of sale, the property was 90 percent leased to three credit tenants. L3Harris (S&P: BBB) occupies 80 percent of the campus. Other tenants include Torrance Memorial Medical Center and various parking tenants. Kevin Shannon, Scott Schumacher and Ken White of Newmark represented the seller, while the buyer was self-represented in the deal.

August 24, 2021

Industrial Leasing Activity Massachusetts Northeast

Metrie Signs 121,623 SF Industrial Lease Expansion in Northborough, Massachusetts

by Taylor Williams August 24, 2021

NORTHBOROUGH, MASS. — Metrie, a manufacturer and distributor of interior finishings, has signed a 121,623-square-foot industrial lease expansion at 301 Bartlett St. in Northborough, located in Worcester County. Bill Sullivan, Jon Pezzoni and Matt Walker of Avison Young represented the tenant, which originally occupied 58,123 square feet before expanding by an additional 65,000 square feet, in the lease negotiations. Colliers International represented the undisclosed landlord. Metrie will take occupancy of its expanded space in October.

August 24, 2021

Acquisitions Illinois Industrial Midwest

Venture One Acquires 179,508 SF Industrial Building in Niles, Illinois

by Kristin Harlow August 24, 2021

NILES, ILL. — Venture One Real Estate has acquired a 179,508-square-foot industrial building in Niles, about 15 miles northwest of Chicago. The purchase price was undisclosed. Located at 6900 Austin Ave., the property is fully leased to one tenant. Constructed in 1980, the building features a clear height of 21 feet, nine docks, one drive-in door, parking for 120 cars and 4,820 square feet of office space. Christopher Volkert of Colliers International represented the undisclosed seller. Venture One’s acquisition fund, VK Industrial V LP, is a partnership between Venture One and Kovitz Investment Group.

August 24, 2021

Acquisitions Company News Data Centers District of Columbia Industrial Life Sciences Maryland Office Southeast Texas Top Stories Virginia

PRP Sells Four Office Campuses for $1B, Makes $2B Commitment for Logistics and Data Center Acquisitions

by John Nelson August 24, 2021

WASHINGTON, D.C. — PRP, a privately held real estate investment and management firm based in Washington, D.C., is making a sea change as it looks to bolster its logistics and data center portfolio and churn its office assets. The company is in the process of selling four office campuses in separate deals totaling more than $1 billion. At the same time, PRP is allocating $2 billion to acquire logistics facilities leased to credit-worthy companies in primary and secondary markets, as well as data centers and land zoned for future data centers. The specific locations of the assets were not disclosed. “The assets that we are acquiring are located in attractive markets backed by solid demographics, high barriers to entry and historically high industrial occupancy rates,” says Joe Neckles, managing director of net lease acquisitions at PRP. “The logistics and data center sectors remained highly resilient throughout the pandemic and continue to grow at rates well in excess of inflation.” The office assets that PRP is selling include Sequoia Plaza, a 370,000-square-foot campus spanning three buildings in Northern Virginia’s Arlington County. The property houses the headquarters of Arlington County’s Department of Human Services and the Arlington County Public School System. An …

August 24, 2021

Development Industrial Texas

Creation Completes 1 MSF Industrial Project in Haltom City, Texas

by Taylor Williams August 23, 2021

HALTOM CITY, TEXAS — Phoenix-based developer Creation has completed 820 Exchange, a 1 million-square-foot industrial project in the northern Fort Worth suburb of Haltom City. The site is located between Beach Street and Haltom Road, just south of Interstate 820, and houses four buildings that range in size from approximately 139,000 to 426,000 square feet. Building features include 30- to 36-foot clear heights, 180- to 210-foot truck court depths and a total of 140 trailer parking spaces across all four structures. LGE Design Build served as both the project architect and general contractor.

August 23, 2021

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