Industrial

JLL Arranges $157.3M Equity Partnership for Industrial Developments in Minnesota, North Carolina

by Julia Sanders August 6, 2021

MINNEAPOLIS AND BOSTON — JLL Capital Markets has arranged a $157.3 million joint venture equity partnership for the development of three bulk distribution and life sciences projects in Minnesota and North Carolina. Colin Ryan, John Huguenard, David Berglund, Pete Pittroff and Patrick Nally of JLL arranged the equity investment with Rockpoint Group LLC, a Boston-based real estate private equity firm, on behalf of the Minneapolis-based developer, Oppidan Investment Co. Blake Hastings, Jay Moore and Tim Brent of Oppidan are leading the project development. “We are excited to embark on a programmatic relationship with Rockpoint and continue to grow the industrial and logistics vertical at Oppidan,” says Blake Hastings, president of Oppidan. “Our cultures are very well aligned, and we look forward to a long, deep relationship.” The portfolio will include nine buildings on three construction sites that total about 1.6 million square feet. Five buildings are expected to begin construction this year, and completion of all nine are anticipated by 2023. The Minnesota facilities are planned for industrial use while the North Carolina facilities will be for life sciences firms. Two of the nine buildings will be within Chaska Creek Industrial Park, which is 26.5 miles from Minneapolis in Chaska. …

August 6, 2021

Development Georgia Industrial Southeast

SunCap Breaks Ground on Speculative Industrial Project Near Savannah

by Julia Sanders August 5, 2021

POOLER, GA. — SunCap Property Group has broken ground on SunPort 95, a speculative industrial project situated on 123 acres in Pooler, about 10.2 miles from Savannah and 7.3 miles from the Port of Savannah. SunPort 95 is located off Coleman Boulevard near the intersection of Highway 80 and Interstate 95. The project’s first building will be a 944,260-square-foot, cross-dock facility meant for warehouse and distribution users. The building will accommodate a single user or multiple tenants and will feature 40-foot clear heights. At full buildout, the project can accommodate 1.8 million square feet. Building One is slated for completion in September 2022. Bill Sparks of CBRE will handle leasing for the project. Ware Malcomb designed Building One, and Evans General Contractors has been selected as its general contractor.

August 5, 2021

Acquisitions Industrial New York Northeast

Avison Young Brokers $7.9M Sale of Brooklyn Industrial Property

by Taylor Williams August 5, 2021

NEW YORK CITY — Avison Young has brokered the $7.9 million sale of a 18,320-square-foot industrial property in the Greenpoint area of Brooklyn. The property features a clear height of 18 feet, 1,500 square feet of office space and multiple loading docks. James Nelson, Brent Glodowski, Frederick Richter, Chris Johnson and Alexandra Marolda represented the seller, Marc Jason Realty Co. Inc. in the transaction. The buyer was an entity doing business as 688 Court Street LLC.

August 5, 2021

CapRock-Tropical-Logistics-Phase-II-North-Las-Vegas-NV

Development Industrial Nevada Western

CapRock Partners Acquires 20.7 Acres in North Las Vegas for Three-Building Industrial Development

by Amy Works August 5, 2021

NORTH LAS VEGAS, NEV. — CapRock Partners has purchased a 10-parcel land assemblage totaling 20.7 acres in North Las Vegas for the development of CapRock Tropical Logistics Phase II, an industrial complex adjacent to CapRock Tropical Logistics. The land parcels were acquired from nine individual sellers. The total acquisition price was not released. Totaling 441,554 square feet, CapRock Tropical Logistics Phase II will feature three industrial buildings with 32-foot clear heights, large truck courts and approximately 362 parking stalls. Building 1 will offer 248,391 square feet and more than 300 linear feet of Interstate 15 frontage, 32 dock-high doors, a 185-foot truck court and 57 trailer stalls. The 101,825-square-foot Building 2 will feature 15 dock-high doors and 180 feet of shared truck courts, and the 91,338-square-foot Building 3 will offer 15 dock-high doors and 180 feet of shared truck courts. Development is underway and groundbreaking is planned for first-quarter 2022. Completion is slated for the fourth quarter of 2022. The adjacent CapRock Tropical Logistics park is a two-building, 1.1 million-square-foot industrial complex currently nearing completion. The first phase is 100 percent pre-leased and scheduled for completion in third-quarter 2021.

August 5, 2021

Acquisitions California Industrial Western

Alere Property Group Buys 35,475 SF Industrial Building in Irvine, California

by Amy Works August 5, 2021

IRVINE, CALIF. — Alere Property Group has purchased an industrial property located at 8710-8750 Research Drive in Irvine. A private investor sold the asset for an undisclosed price. Constructed in 2005, the 35,475-square-foot building features 20-foot clear heights, two dock-high loading positions, three ground-level doors and 12,000 square feet of office space. The Class A warehouse building is divisible to accommodate multiple tenants. Currently, a manufacturer of technological equipment for industrial machinery occupies the building. Todd Marten and Trent Walker of Voit Real Estate Services represented the seller and buyer in the deal.

August 5, 2021

Acquisitions Indiana Industrial Midwest

CBRE Global Investors Purchases 505,872 SF Warehouse in Metro Indianapolis

by Kristin Harlow August 5, 2021

GREENFIELD, IND. — A fund sponsored by CBRE Global Investors has purchased a 505,872-square-foot warehouse in the eastern Indianapolis suburb of Greenfield for an undisclosed price. Completed this year, the property is known as Mount Comfort Logistics Center II and is fully leased. The building sits on a nearly 43-acre site at 4268 W. County Road. The property features a clear height of 36 feet, 50 dock doors, three drive-in doors, 50 trailer parking spaces and 155 auto parking spaces. The facility is expandable by more than 220,000 square feet. Seller information was not disclosed.

August 5, 2021

Chris Destino SoCal Orange County Industrial

Acquisitions California Content Partner Development Features Industrial Lee & Associates Loans Western Western Feature Archive

Growing Southern California Industrial Demand Creates Shifts in Strategy, Outlook

by Sarah Daniels August 5, 2021

Industrial real estate in Southern California has become what one might conservatively call a “fast-paced atmosphere.” The presence of multiple offers, sellers pushing up values and buyers continuing to chase deals have made for constantly increasing values and activity. Christopher J. Destino, SIOR, principal at Lee & Associates, spoke to REBusinessOnline about making strategic decisions in this unusual environment. REBusiness: What is the forecast for demand in industrial properties in Southern California? Destino: The future of demand in the area is very strong, with developers seeking new sites aggressively and underwriting steady future rent growth over the next couple of years. A lot of that is driven by e-commerce, and there’s still so much room to grow in the e-commerce world. E-commerce accounted for approximately 13.6 percent of retail sales in the first quarter of 2021 (a number that is steadily increasing). There is still a lot of room for that percent to increase, and that’s what is driving most industrial demand. REBusiness: What are the types of tenants have the most demand for space right now? Destino: The big three are distribution companies, contractors and service-type industries. There is a still a small manufacturing base, but those are the …

August 5, 2021

Development Industrial Midwest Missouri

PCCP, TriStar Properties to Develop 1.3 MSF Spec Industrial Park in Metro St. Louis

by Kristin Harlow August 4, 2021

MARYLAND HEIGHTS, MO. — PCCP and TriStar Properties have formed a joint venture for the acquisition of 137 acres in Maryland Heights within metro St. Louis. The joint venture plans to build Westport Commerce Center, a speculative industrial park totaling six buildings and up to 1.3 million square feet. Buildings will range in size from 194,615 to 252,720 square feet. Construction will take place in phases, with the first phase consisting of two buildings totaling 194,615 square feet each. The buildings will share a 185-foot truck court and trailer parking area. Completion of the first phase is slated for spring 2022.

August 4, 2021

Development Industrial Midwest Missouri

VanTrust Breaks Ground on 1 MSF Spec Industrial Building in Raymore, Missouri

by Kristin Harlow August 4, 2021

RAYMORE, MO. — VanTrust Real Estate has broken ground on a second speculative industrial building at Raymore Commerce Center in Raymore, about 25 miles south of Kansas City. Completion of the 1 million-square-foot building is slated for fall 2022. Plans call for a clear height of 40 feet and expansive trailer and car parking. Brinkmann Constructors is managing construction in partnership with GBA as the architect and Olsson as the civil engineer. John Stafford, Ed Elder and Ben Boyd of Colliers Kansas City will continue to serve as the leasing agents for Raymore Commerce Center and market the new building for lease.

August 4, 2021

Development Industrial Texas

Koontz Corp. to Develop 360,000 SF Westport Industrial Park in San Antonio

by Taylor Williams August 4, 2021

SAN ANTONIO — Locally based developer Koontz Corp. will build Westport Industrial Park, a 360,000-square-foot industrial project that will be located near the corner of South Callaghan Road and State Highway 151 in San Antonio’s Near West Side submarket. Westport Industrial Park will consist of four 90,000-square-foot buildings that will be situated on a 35-acre site. Building features will include 24-foot clear heights, ESFR sprinkler systems, 130-foot truck court depths and ample trailer parking. Construction of Phase I, which will encompass the first two buildings, is scheduled to begin during the first quarter of 2022 and to be complete by the end of next year.

August 4, 2021

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