DETROIT — Colliers International has arranged the sale of two industrial buildings in Detroit for an undisclosed price. The first property at 13901 Joy Road spans 456,156 square feet. The second building at 8211 Decatur Road totals 113,332 square feet. Peter E. Kepic and Peter J. Kepic of Colliers represented the buyer, Schostak Brothers & Co. Inc., as well as the seller, Joy Road Holdings LLC. Schostak has retained the duo to market the buildings for lease. Schostak says the purchase fits its strategy of buying and renovating well-located industrial properties.
UPPER MOUNT BETHEL, PA. — Developer River Pointe Logistics and CBRE have revealed updated plans for River Pointe Commerce Park, a 725-acre industrial project located in the Lehigh Valley city of Upper Mount Bethel. The development, which is located 1.5 miles from Interstate 80, will now consist of 15 buildings totaling approximately 6 million square feet. The first, 420,000-square-foot building is expected to deliver in 2022 and will feature a clear height of 45 feet, 42 docks and two drive-in doors. Jake Terkanian and Sean Bleiler of CBRE are the leasing agents for the project.
DAYTON, N.J. — CenterPoint Properties, a Chicago-based investment firm, has acquired a 274,430-square-foot distribution center in Dayton, about 45 miles south of New York City. The building is situated on a 27-acre site that includes 10 acres for parking and outdoor storage. In addition, the property, which is leased long-term to a global distribution company, features a clear height of 34 feet and is configured to accommodate parking for 300 trailers and 400 cars. The seller was not disclosed. Marc Duval, Jordan Avanzato and Jose Cruz of JLL brokered the deal.
PFLUGERVILLE, TEXAS — Atlanta-based developer Seefried Industrial Partners has completed a 3.8 million-square-foot warehouse and distribution center in the northern Austin suburb of Pflugerville. The name of the major online retailer that will occupy the property was not disclosed, but Amazon, which has engaged Seefried in the past for build-to-suit projects, had previously announced plans to open a major fulfillment center in Pflugerville. Features of the five-story building include 63 loading docks, 372 trailer stalls and 1,846 car parking stalls. CESO Inc. designed the property, with The Conlan Group and Jones/Carter respectively serving as the general contractor and civil engineer. According to the development team, the property is also currently the largest distribution warehouse in Texas.
KANNAPOLIS, N.C. — Trammell Crow Co. (TCC) has plans to develop Metro63, a new 755,928-square-foot, speculative industrial facility near Charlotte. Construction is expected to begin this month, with delivery slated for August 2022. Located at 5700 Royce St. in Kannapolis, Metro63 is situated on a 94-acre site. The property will feature 40-foot clear heights, an 8-inch reinforced floor slab, 580-foot building depth with 65-foot speed bays, ESFR fire protection, 172 trailer drops, 490 auto parking spaces and 10 acres of auxiliary parking for trailer or car parking. Metro63 is located less than half a mile from Interstate 85, 25 miles northeast of Uptown Charlotte and about 32.7 miles from the Charlotte Douglas International Airport. Samet Corp. is the general contractor on the project. Atlanta-based Cadence Bank is providing an undisclosed amount of construction financing. Sink Kimmell of Selwyn Property Group represented the undisclosed land sellers, and Henry Lobb of Avison Young represented TCC. Lobb and Tom Tropeano, also with Avison Young, are handling leasing for the project.
BRASELTON, GA. — Rockefeller Group has sold a 222,618-square-foot distribution center in Braselton to Cabot Properties for an undisclosed price. Stewart Calhoun and Casey Masters of Cushman & Wakefield represented the seller in the transaction. Since March 2021, the building, known as Braselton 85, has been fully leased to Duckyang America Inc., a Korean automotive equipment supplier that is using the property for warehousing and light manufacturing. The company manufactures and distributes cockpit modules, instrument panels and door trims for the automotive industry. The property sits along Broadway Avenue near Interstate 85 North. Atlanta-based Pattillo Construction began construction on 85 Braselton in the fall of 2020 and delivered the asset in March. The newly built facility includes an ESFR sprinkler system, 26 onsite trailer drops, 134 auto parking spaces, 47 dock doors with two drive-in doors, 32-foot clear heights and LED lighting.
SAN ANTONIO — Locally based firm Koontz Corp. will develop a 300-unit apartment project that will be located at the site of a former Regal Fiesta 16 movie theater at 12631 Vance Jackson Road in San Antonio. The 267,000-square-foot property, which will be situated on 10.3 acres, will feature one- and two-bedroom residences and amenities such as two pools and a dog park. Koontz Corp. will serve as developer and general contractor, and other project partners will include Garcia + Associates Architects and Pape-Dawson Engineers. Construction is expected to begin in early 2022 and to be complete some time in 2024. The property is currently being referred to as Fiesta Trails Apartment Community, but the developer plans to release a formal name and branding at a later date.
NEW JERSEY — National brokerage firm SVN has negotiated the sale of a portfolio of self-storage facilities located throughout New Jersey that consists of 3,147 units and 393,400 net rentable square feet. The portfolio comprises five stabilized facilities that were originally built in the mid-1980s and two expansion projects. Nick Malagisi and Hans Hardisty of SVN brokered the deal. The buyer and seller were not disclosed.
MILLSTONE, N.J. — Crow Holdings will develop Millstone 8 Logistics Center, a 1.2 million-square-foot industrial project that will be located in Millstone, an eastern suburb of Trenton. The project will consist of a 1 million-square-foot building and a 220,000-square-foot building that will be developed on a 140-acre parcel. The first building will feature a clear height of 40 feet, 274 trailer parking stalls and 172 loading doors, while the second building will offer a clear height of 36 feet, 37 dedicated trailer parking stalls and 50 loading doors. Construction is expected to be complete in the second quarter of 2022. Crow Holdings is developing the property in partnership with The Carlyle Group and 2020 Acquisitions. JLL will handle leasing.
By Bobby Weinberg, senior vice president of debt and equity, NorthMarq Employment growth is providing a powerful tailwind for the Dallas-Fort Worth (DFW) commercial real estate market. And while Dallas may be the headline name that is attracting employers and investment capital to the metroplex, Fort Worth is commanding attention as a formidable market in its own right. DFW embodies a classic story of a high tide raising all boats. The metro has been one a national leader in terms of employment growth for several years, and the region is expected to add another 150,000 jobs this year. Employers that are looking to tap into that workforce are finding that Fort Worth checks all the right boxes. It has an educated labor pool with colleges and universities that include Texas Christian University and the nearby University of Texas-Arlington, among others. Furthermore, the city has a business-friendly government. An important third leg to that stool involves the affordable cost of living for workers. Fort Worth offers a multitude of workforce housing options — both in its single-family residential and its growing multifamily sector — that provide lifestyle choices for workers that employers like. Investors are discovering that there is not a …