SAN ANTONIO — Colliers has brokered the sale of a 40,800-square-foot industrial building located at 8555 NE Loop 410 in San Antonio. The property was built on two acres on the city’s east side in 1986. Jason Tangen of Colliers represented the buyer, TRECAP Management, in the transaction. Zachary Taylor of Colliers, along with Charles Hargis of Endura Advisory Group, represented the seller, EJ Morales III Holdings. The facility was 30 percent leased at the time of sale.
BRATTLEBORO, VT. — FoxRock, a commercial investment firm based in Boston’s South Shore area, has acquired a 165,611-square-foot industrial facility located in the southern Vermont city of Brattleboro. The site at 90 Technology Drive spans 48.5 acres and is situated roughly a mile from Interstate 91. At the time of sale, the facility was fully leased to two tenants: New Chapter, a vitamin- and supplement-focused subsidiary of Proctor & Gamble; and UNFI, a wholesale grocery distributor. The seller and sales price were not disclosed.
As the pandemic recedes, unusual supply and demand trends have taken root in retail and industrial markets throughout the nation. Factors that caused upheaval even before the arrival of COVID — the changing face of retail due to e-commerce and the growing demand for industrial real estate — continue unabated two years past the pandemic lockdowns. Los Angeles County may act as a bellwether for the rest of the country in retail and industrial trends, especially in high-cost, high-density areas, where these two real estate types often compete for space. Bayard (By) Cartmell, senior director at Walker & Dunlop, Los Angeles, has extensive experience with commercial real estate in the Los Angeles area. He has seen unprecedented demand for industrial space and growing investor interest in retail cap rates in the Los Angeles area. Cartmell sat down with REBusinessOnline to talk about the outlook for industrial and retail in Los Angeles, their intersections and the sector trends he expects to see in the coming year. Los Angeles Industrial — High Demand REBusiness: What are you seeing in terms of demand for industrial space — particularly in Los Angeles? Cartmell: There is currently almost unlimited demand for industrial space, of any size, …
With low vacancy, positive absorption and robust leasing and investment activity, the Columbus industrial sector is positioned to experience a substantial amount of demand to continue throughout 2022 after a record-breaking year in 2021. Last year set the tone for historic construction and absorption and the market is poised to continue its strong momentum. It is easy to look at the map and see why Columbus is such a great logistics hub given its prime location within a 10-hour drive within 47 percent of the U.S. population, fairly flat topography and direct access to major freeways. There is one big piece of the pie that doesn’t always get noticed, which is the economic development powers that are putting Columbus on the map. Jobs Ohio and OneColumbus have done an incredible job attracting businesses to the state of Ohio. The biggest investment in the history of Ohio was announced this January when Intel revealed plans on building a new chip factory in New Albany. This $20 billion investment really put all eyes on the Northeast part of Columbus. As it gets tougher to get entitlements and zoning in other industrial submarkets, New Albany seems to be carrying a significant amount …
SOMERS AND OAK CREEK, WIS. — Chicago-based HSA Commercial Real Estate has unveiled plans to build three new speculative warehouses totaling nearly 1.2 million square feet in Southeast Wisconsin. Highland Commerce Center of Somers will span 910,000 square feet in Somers. Construction is scheduled to begin in the third quarter with completion slated for the second quarter of 2023. The project will feature a clear height of 40 feet. OakView II Industrial will span 154,810 square feet with a clear height of 32 feet. The project will be situated within the OakView Business Park in Oak Creek. Construction is scheduled to begin in June with completion slated for October. HSA also plans to build 150 West Oakview Industrial in the OakView Business Park. That building will span 131,244 square feet with a clear height of 32 feet. Construction is expected to begin in May and wrap up in September. The project team for all three buildings includes Pinnacle Engineering Group as civil engineer and Chicago-based Partners in Design as architect. PREMIER Design + Build Group will serve as general contractor for the Somers project, while Riley Construction will build both properties in Oak Creek.
AURORA, ILL. — Panattoni Development has purchased 29 acres in Aurora with plans to build a 356,462-square-foot speculative industrial development. Panattoni expects to break ground on the project this month. The industrial facility will feature a clear height of 36 feet, 34 loading docks, 139 trailer positions and 290 car parking spaces. Completion is slated for the third or fourth quarter of this year. Nick Krejci and Noel Liston of Darwin Realty/CORFAC International represented Panattoni in the acquisition. Darwin has been retained to market the project for lease.
INDIANAPOLIS — Colliers has arranged the sale of Franklin Road Business Center in Indianapolis for an undisclosed price. The two-story industrial flex building spans 320,219 square feet at 2855 N. Franklin Road. Originally built in 1961, the property features 16 docks, three drive-in doors, a 239-seat auditorium and office space. Franklin Road Business Center is 75 percent leased to five tenants, including Nakoma Products, Barrette and Siro Technology. Alex Davenport and Alex Cantu of Colliers represented the seller, Franklin Road Realty LLC. Denver-based Legacy Capital Partners Inc. purchased the asset.
COPPELL, TEXAS — South Korean multinational electronics corporation Samsung has signed an 815,850-square-foot industrial lease renewal at Point West Industrial Park, a 2.1 million-square-foot development in the central metroplex city of Coppell. According to LoopNet Inc., the property at 400 Dividend Drive totals just over 1 million square feet and was built on a 48.8-acre tract in 2007. Matt Hyman represented the landlord, Indianapolis-based REIT Duke Realty (NYSE: DRE), in the lease negotiations on an internal basis. Mark Becker and Jay Benner of Cushman & Wakefield represented Samsung.
MIAMI — Colliers has negotiated the sale of the Borden Dairy Co./Velda Farms dairy processing facility in Miami for $21.8 million. Steven Wasserman and Erin Byers of Colliers represented the buyer, CP Logistics Miami 95 LLC, in the transaction. Harold Ginsberg from Southern Asset Service Corp. represented the seller, New Dairy Florida LLC, in the transaction. The buyer, which is an entity of Panattoni Development, has plans to redevelop the site into a 126,000-square-foot Class A warehouse. The current tenant for the past 50 years, Borden Dairy, will vacate the site for redevelopment. Construction is slated for completion by late 2023. Located at 501 NE 181st St., the property is situated 19.7 miles from the University of Miami and 15.7 miles from Miami International Airport.
DANVILLE, VA. — Clayco has broken ground on Tyson Foods’ new poultry processing facility in Danville. Construction started last month and is slated for completion by the spring of 2023. Built on a 64-acre site, the project will be used primarily for the production of fully cooked, Tyson-branded chicken products. Tyson Foods has committed to purchasing 60 million pounds of Virginia-grown chicken over the next three years. The chicken processing plant’s features will include a mezzanine level, ASRS cold storage structure, raw materials storage, production and packaging space, a two-story space for offices, and cold storage spaces that will range in temperatures throughout the building. A wastewater treatment plant will also be included. Lamar Johnson Collaborative is the designer for the project, with Clayco in charge of designing and building. Other project partners include Concrete Strategies, Tucker Jones and Stock Engineering.