Industrial

MAG Capital Partners Sells Texas Industrial Portfolio Totaling 320,852 SF

by Taylor Williams February 1, 2022

FORT WORTH, TEXAS — MAG Capital Partners has sold a portfolio of three Texas industrial properties totaling 320,852 square feet. Cameron Ashley Building Products Inc. occupies the portfolio, which comprises a 136,882-square-foot asset in Dallas, a 79,970-square-foot facility in Lubbock and a 104,000-square-foot property in San Antonio. An Israel-based fund purchased the portfolio for an undisclosed price. Chelsea Mandel, Jonathan Wolfe and Jordan Shtulman of Stream Capital Partners represented MAG Capital Partners in the transaction while also securing the buyer.

February 1, 2022

Acquisitions Industrial Northeast Rhode Island

Marcus & Millichap Brokers Sale of 479,000 SF Industrial Property in Cumberland, Rhode Island

by Taylor Williams February 1, 2022

CUMBERLAND, R.I. — Marcus & Millichap has brokered the sale of a 479,000-square-foot industrial property in Cumberland, located north of Providence near the Massachusetts-Rhode Island border. The site previously housed the headquarters of locally based discount retailer Ann & Hope, which ceased operations in 2020. Harrison Klein, Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller, an undisclosed private investor, in the transaction. Klein also procured the buyer, a developer that similarly requested anonymity. John Horowitz of Marcus & Millichap assisted in closing the deal as the broker of record.

February 1, 2022

Acquisitions Industrial NAI New Jersey Northeast

NAI Fennelly Negotiates $40.2M Sale of Vacant Manufacturing Facility in Spotswood, New Jersey

by Taylor Williams February 1, 2022

SPOTSWOOD, N.J. — NAI Fennelly has negotiated the $40.2 million sale of a vacant manufacturing facility that sits on 58 acres in the Central New Jersey community of Spotswood. Jerry Fennelly and Patrick Dintrone of NAI Fennelly represented the undisclosed seller, which operated the facility from 1941 to 2020, in the transaction. The buyer was an unnamed institutional investor.

February 1, 2022

Acquisitions Development Florida Industrial Southeast

Joint Venture Purchases 115-Acre Parcel in Jupiter, Florida for Industrial Development

by Julia Sanders January 31, 2022

JUPITER, FLA. — A joint venture between PCCP LLC, Woodmont Industrial Partners and Butters has purchased 115 acres in Jupiter. The site is situated within Palm Beach Park of Commerce, a 1,200-acre master-planned industrial park located 23 miles northwest of West Palm Beach. The seller and sales price for the land were not disclosed. The parcel is zoned for industrial use and the site plan approval is now in process. The joint venture plans to develop eight industrial buildings totaling approximately 1.5 million square feet at the site. The speculative project will feature concrete tilt-up construction, and the first two buildings for development will include a 301,145-square-foot warehouse with anticipated completion in January 2023 and a 50,094-square-foot warehouse anticipated for completion in July 2023. Palm Beach Park of Commerce is home to more than 70 businesses and 1,400 employees with tenants including Amazon, Walgreens, CSX and McLane. The site is situated close to the Florida Turnpike and Interstate 95.

January 31, 2022

Development Industrial Kentucky Southeast

Kroger, Ocado to Open 50,000 SF Fulfillment Center in Louisville

by Julia Sanders January 31, 2022

LOUISVILLE, KY. — The Kroger Co. has plans to open a 50,000-square-foot delivery spoke facility in Louisville. The Cincinnati-based grocer has partnered with Ocado Group, a UK-based technology company, to operate the facility. The property will collaborate with Kroger’s Customer Fulfillment Center in Monroe, Ohio. Additionally, the Louisville property will serve as a cross-dock to connect customers with fresh food by using a combination of vertical integration, machine learning and robotics. The project is expected to become operational later this year and will employ up to 161 full-time associates.

January 31, 2022

Industrial Leasing Activity Midwest Ohio

Workhorse Group Signs 58,720 SF Industrial Flex Lease in Suburban Cincinnati

by Kristin Harlow January 31, 2022

SHARONVILLE, OHIO — Workhorse Group, an electric vehicle manufacturer, has signed a 58,720-square-foot lease for both industrial and office space at Park 42 in Sharonville, a northern suburb of Cincinnati. The company is relocating its headquarters from nearby Loveland. Situated on nearly 30 acres, the 286,000-square-foot building is located near I-275, I-75 and I-71. Workhorse Group is expected to move into the new space no later than April of this year. Todd Pease and Tom Fairhurst of JLL represented the building owner, Experimental Holdings. John Schenk Jr. and Chris Vollmer Sr. represented the tenant.

January 31, 2022

California Development Industrial Life Sciences Western

Luminous Capital, Virtus Real Estate Buy R&D Building in Carlsbad, Plan Life Sciences Conversion

by Amy Works January 31, 2022

CARLSBAD, CALIF. — Luminous Capital Management, in partnership with Austin, Texas-based Virtus Real Estate Capital, has acquired 2290 Cosmos Court, an industrial/R&D building in Carlsbad. Los Angeles-based Excelsior Partners sold the asset for $9.5 million, or $255 per square foot. The 37,300-square-foot building was vacant at the time of sale. Previously, ViaSat utilized the property for its global communications operations. The buyers plan to renovate the property the property for bioscience research and development, including the build out of wet lab and support space. The property features heavy power, ground-level loading and abundant parking. Completion of the planned upgrades is slated for early 2023. Virtus provided joint venture equity for the renovation and repositioning of the property. Rusty Williams, Chris Roth and Jake Rubendall of Lee & Associates represented the seller in the deal. John Chun and John Marshall of JLL arranged the equity joint venture between Luminous and Virtus. California Bank & Trust provided financing for the acquisition and conversion.

January 31, 2022

Industrial Market Reports Nevada Western Western Market Reports

Southern Nevada: Where Industrial Real Estate Matters

by Jeff Shaw January 31, 2022

WREB recently sat down with Tom van Betten, vice president of Matter Real Estate Group. The San Diego-baseed real estate development company currently has 2.5 million square feet of industrial projets either in development or owned by Matter. One of those four projects is Matter Logistics @ North 15, a 930,000-square-foot warehouse/distribution project in North Las Vegas that spans two buildings. Below, Van Betten discusses the firm’s attraction to the Las Vegas Valley, where he sees the industry heading and how Matter is able to find developable land in tight markets. WREB: What about the North Las Vegas submarket is attractive to Matter? Van Betten: Right now, Matter is focused on scale and land availability. North Las Vegas is currently where the larger available land parcels are — or were. I say “were” because there is a real shortage of land that has the infrastructure to develop, such as power and water. On the scale size, the tenants moving to Las Vegas continue to grow in size. To accommodate that demand, we are focused on larger sights. WREB: How were you able to acquire more than 42 acres for the new Matter Logistics @ North 15? As you mention, transactions of that size are …

January 31, 2022

Acquisitions Industrial Texas

Marcus & Millichap Brokers Sale of 677-Unit Self-Storage Portfolio in Santa Fe, Texas

by Taylor Williams January 28, 2022

SANTA FE, TEXAS — Marcus & Millichap has brokered the sale of a portfolio of four self-storage properties totaling 677 units in Santa Fe, located south of Houston in Galveston County. All four properties were built between 1979 and 1984 on a combined 4.4 acres. The portfolio consists of 655 non-climate-controlled units, 21 outdoor parking spaces and an efficiency apartment. Dave Knobler of Marcus & Millichap represented the seller, private investor Raymond Haak, in the transaction. Knobler also procured a Los Angeles-based private investor as the buyer.

January 28, 2022

Acquisitions Industrial Texas

JLL Negotiates Sale of 385,472 SF Industrial Park in Metro Dallas

by Taylor Williams January 28, 2022

DESOTO, TEXAS — JLL has negotiated the sale of I-20 Corporate Center, a 385,472-square-foot industrial park in the southern Dallas suburb of DeSoto. Built in 1986 and expanded in 1992, the property serves as the North American headquarters of Diab America, a manufacturer of core materials for the marine and aerospace industries. Building features include 28- to 33-foot clear heights, 21 overhead dock doors and roughly 23,000 square feet of office space. Stephen Bailey, Dustin Volz, Zach Riebe and Pauli Kerr of JLL represented the seller, locally based investment firm Bradford Cos., in the transaction. The buyer was a joint venture between Denver-based Triumph Capital Group and Mexico City-based Abilia.

January 28, 2022

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