Industrial

TOMBALL, TEXAS ­— Marcus & Millichap has brokered the sale of a 597-unit facility located in the northern Houston suburb of Tomball. The property was built on 5.5 acres in 1998, consists of 70,100 net rentable square feet and features a relatively even mix of climate- and non-climate-controlled space. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a family trust, in the transaction. A California-based corporation purchased the asset for an undisclosed price.

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Dalfen-Industrial-Lehigh-Valley

LANCASTER AND ELIZABETHTOWN, PA. — Dallas-based development and investment firm Dalfen Industrial has acquired a portfolio of two facilities in the Lehigh Valley area totaling 572,800 square feet. The newly built Lancaster property spans 252,800 square feet, and the Elizabethtown asset totals 320,000 square feet and was built in 2018. Both facilities offer high clear heights, ample parking spaces and modern office spaces to appeal to e-commerce users. Robert Yoshimura and Joseph Hill of Lee & Associates brokered the transaction. The seller was not disclosed.

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EAST BRUNSWICK, N.J. — New York-based investment firm AMS Acquisitions has purchased a seven-acre multifamily development site in East Brunswick, about 35 miles south of New York City, for $5.1 million. The company plans to construct a 96-unit complex that will consist of 24 affordable units and 72 market-rate units across four buildings. Amenities will include a clubhouse, fitness center, tenant lounge, dog run and a playground. A Cushman & Wakefield team led by Brian Whitmer, Ryan Dowd and Peter Welch represented the seller, a joint venture between the Hampshire Cos. and Diversified Realty Advisors, and procured AMS Acquisitions as the buyer.

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NORTHBROOK, ILL. — The Boulder Group has brokered the $8.9 million sale of a single-tenant, net-leased industrial property in Northbrook, a northern suburb of Chicago. The 117,000-square-foot building is situated within the 1.8 million-square-foot Sky Harbor Industrial Park. Located at 3411 Woodhead Drive, the facility is fully leased to Atlas Fibre and recently underwent $2.1 million in improvements. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a local real estate owner. Buyer information was undisclosed.

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Megan Eckart Baird Datacenter Development

As more aspects of our lives become digital, the need for data centers is increasing exponentially. COVID fast-tracked the upsurge in data center demand, as businesses worldwide transferred communications and operations to digital platforms — but the need for data centers is permanent. “With an increase in devices needing to connect to each other and the Internet of Things (IOT), the amount of data needed to do this will always be growing, furthering the demand for additional space within data centers,” says Megan Baird, Professional Engineer (PE), a senior project manager at Bohler, a land development consulting and technical design firm. Getting the right space with the right zoning, utilities and market timeline can be a daunting task that requires extensive planning. Baird says three major factors determine whether a site is a prime data center opportunity: utilities, zoning and space. Plus, Baird explains how to get a property to market once the planning is done. [box style=”4″] What’s Available to Help Developers Tax incentives vary by state and locality and can depend on the number of jobs created, equipment used or amount of money invested. Overlay districts are a regulatory tool where jurisdictions specify additional restrictions/allowances in addition to …

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CHICAGO AND DENVER — NexCore Group, a national healthcare real estate developer and owner, has teamed up with global investment management firm Nuveen Real Estate to acquire a portfolio of 27 medical office and two life sciences buildings spanning nearly 1.2 million square feet. IRA Capital, a private equity firm based in Southern California, sold the portfolio in two transactions totaling $620.4 million. The portfolio spans 13 states: Arizona, California, Florida, Illinois, Michigan, North Carolina, New Jersey, New York, Ohio, Oklahoma, Pennsylvania, Texas and Wisconsin. The medical office properties comprise ambulatory surgery centers, micro-hospitals, freestanding emergency departments and single- and multi-tenant clinics. The properties were 99 percent leased at the time of sale to 38 tenants, the vast majority of which are well-established healthcare systems. The medical office buildings sold for about $463 million, according to NexCore, which will manage the facilities moving forward. Allianz Real Estate provided $234 million in acquisition financing on behalf of NexCore and Nuveen for the medical office portfolio. The financing is structured on a seven-year term with both a fixed-rate tranche totaling $163.8 million and a floating-rate tranche totaling $70.2 million. Chicago-based Nuveen is using equity for the medical office assets via its newly launched U.S. Cities …

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Project Midway

PORT ST. LUCIE, FLA. — Seefried Industrial Properties is developing a 1.1 million-square-foot build-to-suit warehouse facility in Port St. Lucie for Amazon. The project, which is dubbed Project Midway, is being constructed on 110 acres at Midway Business Park along West Midway Road near Interstate 95. The property will feature tilt-up concrete wall panels, a little over 1 million square feet of warehouse space, 32,457 square feet of office and social space, 1,000 employee parking spaces and 390 trailer stalls. Amazon says the company will hire around 500 full-time employees at its new location, according to the Commercial Observer. Construction is expected to begin late fall 2021 with completion slated for summer 2022. The Conlan Co. is serving as general contractor, Ford & Associates is the architect and Kimley-Horn is the civil engineer for Project Midway.

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DALLAS — JLL has negotiated the sale of a portfolio of six shallow-bay industrial properties totaling 289,225 square feet that are located throughout various markets in the Dallas-Fort Worth (DFW) metroplex. Dallas is home to three of the buildings, and the markets of Fort Worth, Arlington and Grand Prairie house one building apiece. The portfolio spans a combined 21.5 acres, was 82 percent leased at the time of sale and features an average office finish of 18 percent. Dustin Volz, Stephen Bailey and Matthew Barge of JLL represented the seller, Dallas-based CanTex Capital, in the transaction. John Chun, Peter Thompson, Jarrod McCabe, Samuel Godfrey and Jordan Leake of JLL arranged a three-year, floating-rate acquisition loan through Bridge Investment Group on behalf of the borrower, The Bendetti Co., an investment firm based in Southern California.

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CHICAGO — Faropoint has acquire a 757,017-square-foot industrial portfolio throughout Chicagoland for an undisclosed price. The seven-building portfolio was fully leased to 10 tenants at the time of acquisition. The tenant base includes a diverse mix of industries such as technology, manufacturing, robotics and energy. The properties are located in Elk Grove Village, Glendale Heights, Carol Stream, Hanover Park, Bolingbrook and Elgin. Jeff Devine, Steve Disse and Tyler Ziebel of Colliers International represented the undisclosed seller.

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ST. CHARLES, MO. — Contegra Construction will build a new 70,000-square-foot headquarters and manufacturing facility for Diode Dynamics in St. Charles, a northwest suburb of St. Louis. Situated within Fountain Lakes Commerce Center, the project will include a showroom, four drive-in engineering bays, a 14,000-square-foot manufacturing area, engineering laboratory, 37,000-square-foot warehouse and 16,000-square-foot office. Diode Dynamics is a designer, manufacturer and distributor of automotive lighting products. The company will move all of its existing employees from Earth City and plans to add 36 new positions over the next five years. Joining Contegra on the project team are Remiger Design, BAX Engineering and SSC Engineering. Bank of Franklin County provided project financing. Completion is slated for this fall.

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