Industrial

Amazon Signs 202,421 SF Industrial Lease in Ventura County, California

by Madison Pettway August 9, 2021

MOORPARK, CALIF. — Amazon has signed a long-term lease to occupy a 202,421-square-foot industrial building in the Ventura County submarket of Moorpark, about 48 miles northwest of Los Angeles. DAUM Commercial Real Estate Services, along with Donald J. Thordarson Inc., secured the lease on behalf of the owner, Transwestern Development Co. Transwestern also manages the building. Cushman & Wakefield represented Amazon in the lease negotiations. The property features 16 dock-high positions, a clear height of 24 feet and a secure fenced yard with parking that can accommodate up to 405 cars. The location offers close proximity to California State Routes 118 and 23, providing ease-of-access throughout the Southern California region. The asset was recently refurbished, providing the tenant with the necessary space for its last-mile operations.

August 9, 2021

Industrial Market Reports Washington Western Western Market Reports

Puget Sound’s Industrial Leasing Activity is Explosive in 2021

by Jeff Shaw August 9, 2021

By Brian Cagayat, Research Analyst, Cushman & Wakefield Washington officially reopened at the end of the second quarter of 2021, lifting most of the COVID-19 restrictions that had been in place for more than a year and bringing a mixture of relief and uncertainty to residents and businesses. Workers in the industrial sector were mostly considered essential, so many continued to work onsite through the pandemic. The industrial sector was also instrumental in helping aid and support everyone through the pandemic conditions, with some of those leading industrial users based here in the Puget Sound. New leasing activity in the Puget Sound region has been explosive in 2021, totaling 14.1 million square feet in the first half of the year. This has nearly equaled the 15 million square feet of annual activity tracked in all of 2020. Net occupancy growth still remains a bit in the red through the first half of 2021 with a negative 423,000 square feet of absorption. However, we expect a considerable portion (of over 10 percent) of the 29.1 million square feet of leasing activity signed since 2020 to translate into net growth in future quarters once those companies officially take occupancy. Ecommerce and 3PL firms have been …

August 9, 2021

Acquisitions Company News Industrial New York Northeast Top Stories

Blackstone Enters into Agreement to Acquire WPT Industrial REIT for $3.1B in Cash

by Taylor Williams August 9, 2021

NEW YORK CITY — Blackstone Real Estate Income Trust Inc. (BREIT) has entered into an agreement to acquire Toronto-based WPT Industrial REIT for a cash price of US$3.1 billion. That figure includes the assumption of the publicly traded Canadian REIT’s corporate debt. Under the terms of the deal, shareholders of WPT Industrial will receive US$22 for each share of common stock they own. That figure represents a premium of 17 percent over the closing price of WPT Industrial’s stock on Friday, Aug. 6, the last day of trading prior to the merger announcement. The price per share also marks a 19.5 percent premium over the Canadian REIT’s weighted average unit price for the 30-day period that ended on Aug. 6. The deal is expected to close in the fourth quarter. “Logistics continues to benefit from strong tailwinds driven by e-commerce,” says David Levine, senior managing director at Blackstone. “We look forward to expanding our logistics presence across key U.S. markets with the acquisition of this high-quality portfolio that WPT has built.” WPT Industrial owns, develops and manages warehouse and distribution facilities throughout the United States. The company’s U.S. footprint consists of 109 properties totaling approximately 37.5 million square feet of …

August 9, 2021

Development Florida Industrial Southeast

Sansone Breaks Ground on 425-Acre Industrial Development in Port St. Lucie, Florida

by Julia Sanders August 6, 2021

PORT ST. LUCIE, FLA. — Sansone Group has broken ground on the second phase of a multi-building industrial park in Port St. Lucie named Legacy Park at Tradition Center. The 425-acre industrial development is situated along Interstate 95 and Becker Road. Sansone is working with NorthBridge Partners on the project. The project’s second phase includes a speculative industrial development on 40.9 acres. The two Class A facilities, a 520,000-square-foot cross-dock building and a 168,000-square-foot rear-load building, will be developed and slated for completion by spring 2022. The two buildings will accompany Sansone’s nearly completed, 245,000-square-foot FedEx sorting center at Legacy Park. Once completed, Legacy Park will include a total of approximately 5.5 million square feet of single- and multi-tenant light industrial and distribution facilities. Peter Crane of Sansone Group was one the brokers involved in the land transaction. Robert Smith and Kirk Nelson of CBRE are the listing brokers.

August 6, 2021

Acquisitions Industrial Texas

Marcus & Millichap Brokers Sale of 110,400 SF Industrial Complex in Metro Dallas

by Taylor Williams August 6, 2021

LEWISVILLE, TEXAS — Marcus & Millichap has brokered the sale of a three-building, 110,400-square-foot industrial complex located in the northern Dallas suburb of Lewisville. Andes Coil Processors occupies the property, which sits on 7.6 acres. Adam Abushagur of Marcus & Millichap represented the seller and buyer, both of which were private investors that requested anonymity, in the transaction.

August 6, 2021

Industrial Leasing Activity Massachusetts Northeast

TriMark USA Signs 345,000 SF Industrial Lease in Bellingham, Massachusetts

by Taylor Williams August 6, 2021

BELLINGHAM, MASS. — Restaurant equipment and foodservices supplier TriMark USA LLC has signed a 345,000-square-foot, full-building industrial lease at Bellingham Distribution Center, located about 40 miles southwest of Boston. Dallas-based Lincoln Property Co. developed the building, which features a clear height of 36 feet, 130-foot truck court depths and 227 car parking spaces, in partnership with global investment manager Barings. Ed Jarosz and Rick Schuhwerk of Newmark represented the tenant in the lease negotiations. Ellison Patten and James Tambone of Lincoln Property Co. represented the landlord on an internal basis.

August 6, 2021

Acquisitions Industrial New York Northeast

Marcus & Millichap Brokers Sale of 100,984 SF Industrial Building in Binghamton, New York

by Taylor Williams August 6, 2021

BINGHAMTON, N.Y. — Marcus & Millichap has brokered the sale of a 100,984-square-foot industrial building in the Upstate New York city of Binghamton. The property sits on 7.3 acres and was leased to aerospace and defense firm L3 Harris on a triple-net basis at the time of sale. Adam Abushagur of Marcus & Millichap represented the seller, a private investor, in the transaction. Marcus & Millichap also procured the buyer, Spirit Realty Capital. The sales price was not disclosed.

August 6, 2021

Development Illinois Industrial Midwest

Duke Realty Breaks Ground on 370,973 SF Spec Industrial Project in Woodridge, Illinois

by Kristin Harlow August 6, 2021

WOODRIDGE, ILL. — Duke Realty has broken ground on a 370,973-square-foot speculative industrial project in Woodridge, a southwest suburb of Chicago. The development will sit on 21 acres at 1000 Woodward Ave. Plans call for a clear height of 36 feet, 37 dock doors, four drive-in doors, 44 trailer spaces and 343 car parking spaces. Completion is slated for January 2022. Jason West and Sean Henrick of Cushman & Wakefield will market the project for lease.

August 6, 2021

Acquisitions Industrial Midwest Ohio

ILPT Acquires 357,504 SF Industrial Building in Columbus, Ohio, for $31.5M

by Kristin Harlow August 6, 2021

COLUMBUS, OHIO — Industrial Logistics Properties Trust (ILPT) has acquired a 357,504-square-foot industrial building in Columbus for $31.5 million. The property is located at 7303 Rickenbacker Parkway West near the Rickenbacker intermodal terminal and airport. Synnex Corp. fully occupies the facility on a seven-year, net-lease basis. Steve Disse, Alex Cantu, Jeff Devine and Michael Linder of Colliers International brokered the sale, which includes excess land that can accommodate future expansion of more than 100,000 square feet. Seller information was undisclosed. ILPT, based in Newton, Mass., is managed by The RMR Group LLC.

August 6, 2021

Development Industrial Iowa Midwest

Opus Begins Construction of 277,930 SF Industrial Build-to-Suit in Ankeny, Iowa

by Kristin Harlow August 6, 2021

ANKENY, IOWA — The Opus Group has begun construction of an industrial build-to-suit for Brown Warehouse Co. in Ankeny, a northern suburb of Des Moines. The 277,930-square-foot building will be located within Swanwood Logistics Center. The facility will feature 43 vehicle parking stalls, 24 dock doors and two drive-in doors. Brown, a leasing and third-party logistics company, will operate its warehousing business in the new building and relocate its workforce from its three previous locations. Completion of the new building is slated for April 2022. Opus is the developer, design-builder, interior designer, architect and structural engineer. Snyder is the civil engineer. Opus also owns 25 acres adjacent to the site and plans to build a speculative industrial building spanning 296,360 square feet. Marcus Pitts and Austin Hedstrom of JLL will market that building for lease.

August 6, 2021

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