BUDA, TEXAS — Minneapolis-based developer United Properties has broken ground on Phase I of Buda Midway, a project that will add 474,000 square feet of industrial space to the local supply. The site is located at the junction of Interstate 35 and State Highway 45 on the southern outskirts of Austin. Phase I will comprise three buildings — two rear-load facilities each totaling 115,090 square feet and one cross-dock facility totaling 244,285 square feet — on 35.9 acres. Completion of Phase I is slated for early 2022. Project partners include Aquila Commercial, Kimley-Horn Design and Engineering Consultants, Powers Brown Architecture, RC Page Construction and Hitchcock Design Group. Phase II of Buda Midway will include up to three buildings totaling 326,000 square feet. Once finished, the buildings will provide 30- to 36-foot clear heights, ample trailer parking and 200-plus automobile parking spots.
Industrial
Majestic Realty Co. Breaks Ground on 629,274 SF Spec Industrial Project in Tejon Ranch, California
by Amy Works
TEJON RANCH, CALIF. — Majestic Realty Co., in its fourth joint-venture partnership agreement with Tejon Ranch Co., has broken ground on a Class A speculative industrial building located at 5151 Wheeler Ridge Road at Tejon Ranch Commerce Center located at the junction of Interstate 5 and Highway 99 in Tejon Ranch. Designed for single- or multi-tenant use, the 629,274-square-foot building will feature 36-foot clear heights, a minimum seven-inch floor slab, 136 dock-high doors, 185-foot cross-dock truck courts and an ESFR sprinkler system. Occupancy is slated for mid-2022. Mike McCrary of JLL represented the developers for the project. Tejon Ranch Commerce Center is a 1,450-acre master-planned commercial/industrial development in Kern County, Calif.
SUNNYVALE AND ALAMEDA, CALIF. — Levin Johnston of Marcus & Millichap has arranged the purchases of three properties in the Bay Area on behalf of a local private investor. The acquisitions totaled a combined $68.2 million. The transactions are: The $18 million acquisition of a 65,805-square-foot self-storage facility located at 220 W. Ahwanee Ave. in Sunnyvale. The Storage Spot operates the 508-unit property. The $36 million purchase of Iris Park Apartments & Iris Garden Apartments, a 100-unit asset located at 611-641 Iris Ave. in Sunnyvale. The $14.2 million acquisition of Islander Apartments, a 38-unit, 31,374-square-foot apartment community at 1701 Shore Line Drive in Alameda. Adam Levin and Robert Johnston of Levin Johnston of Marcus & Millichap handled the transactions. The names of the sellers were not released.
Staley Point Capital, Bain Capital Acquire Industrial Property in Torrance, California for $34.5M
by Amy Works
TORRANCE, CALIF. — Staley Point Capital and Bain Capital Real Estate have purchased 2700 California, an infill industrial property located in Torrance, for $34.5 million, or $256 per square foot. The transaction marks the joint venture’s first investment in the South Bay market. The 135,000-square-foot property features 16- to 25-foot clear heights, six dock-high doors and 14 grade-level doors. Edelbrock, a specialty auto parts designer and manufacturer, formerly occupied the building. Greenberg Traurig LLP served as legal counsel to Staley Point Capital on the transaction. CBRE represented the seller and JLL Capital Markets will arrange the loan financing.
JEFFERSON, GA. — Trammell Crow Co. and its joint venture partner Clarion Partners LLC have released plans for a new distribution center for Ace Hardware Corp. as part of the Jefferson Mill Business Park in Atlanta’s I-85 Northeast submarket. Ace Hardware, a retailer of convenience hardware products based in Oak Brook, Ill., will lease a 1.1 million-square-foot building when construction is complete in the second quarter of 2022. Located at 1231 Hog Mountain Road in Jefferson, the build-to-suit facility will include 28,000 square feet of office space, 400 car parking spaces and 300 trailer parking spaces. The building will be expandable by an additional 460,000 square feet, and the property will serve as one of Ace Hardware’s retail support centers. David Lind of CBRE represented Ace Hardware in the lease negotiations. Ben Logue and Price Weaver of Colliers International represented the landlords.
DALLAS — Quiet 3PF, a third-party logistics firm based in Massachusetts, has opened a 550,000-square-foot fulfillment center at 10750 Denton Drive in northwest Dallas. The move added about 400 jobs to the local economy. Greenfield Partners LLC, which acquired Quiet 3PF along with Related Fund Management in 2018, developed the facility.
HOUSTON — Transwestern Real Estate Services (TRS) has negotiated the sale of three warehouses totaling 198,663 square feet in Houston. The first property spans 89,000 square feet across four buildings and is located at 15800 Export Plaza. The second facility totals 59,344 square feet and is located at 11940 Brittmoore Park Drive. The third asset consists of 50,319 square feet on a 7.2-acre site at 7211 Gessner Road. Nick Peterson and John Ferruzzo of TRS represented the sellers in all three transactions. The buyers were all undisclosed.
WHITESTOWN, IND. — The Opus Group has broken ground on a speculative industrial building at AllPoints at Anson, an industrial park in Boone County’s Whitestown, about 25 miles northwest of Indianapolis. The 256,000-square-foot building will feature a clear height of 36 feet, 26 dock doors, four drive-in doors, 219 car parking spots, 33 trailer parking spots and office space. Completion of the 16-acre project is slated for March 2022. Opus is serving as developer, design-builder, interior designer, architect and structural engineer. Luke Wessel of Cushman & Wakefield will market the new building for lease. AllPoints at Anson is a 616-acre industrial park.
DEKALB, ILL. — Zilber Property Group has acquired a 161,542-square-foot industrial building in Dekalb, about 65 miles west of Chicago. The purchase price was undisclosed. The Class A property is located at 711 Fairview Drive near I-88. Audiovisual and entertainment company Solotech and third-party logistics firm B&C Logistics fully occupy the building. Constructed in 2001, the facility features a clear height of 28 feet, 20 dock positions, four drive-in doors, 167 car parking spaces and onsite trailer parking. Dominic Carbonari, Frank Griffin, Kate Coxworth and Ed Halaburt of JLL represented the seller, SparrowHawk Real Estate. Rachel Agba represented Zilber on an internal basis.
Bridge Industrial Sells Box Yard Creative Industrial Park in Downtown Los Angeles to Rexford for $94M
by Amy Works
LOS ANGELES — Bridge Industrial has completed the sale of Box Yard, a four-building, creative industrial business park in downtown Los Angeles. Rexford Industrial acquired the asset for $94 million. Located at 2425, 2445, 2460 and 2535 E. 12th St., Box Yard offers a total of 261,528 square feet of flex space. At the time of sale, the property was 94 percent leased to a variety of tenants, including e-commerce, tech, entertainment/studio, fashion, arts and creative tenants. The asset features 24-foot clear heights, dock- and grade-level loading for each unit and a fully gated and secured site. The property recently underwent interior and exterior renovations, including upgraded office finishes, LED lighting and warehouse air circulation fans, exterior paint, new signage, landscaping and improved site security. Gensler was the architectural firm for the renovations. Andrew Briner, Bret Hardy, Jim Linn, Kevin Shannon, Scott Schmacher and Laura Stumm of Newmark represented the seller in the transaction.