SAN ANTONIO — Houston-based development and investment firm Welcome Group has purchased 7.6 acres in San Antonio for the construction of a industrial flex project that could span as much as 135,00 square feet. The site is located within the 350-acre Connection Industrial Park master-planned development, in between distribution centers occupied by Amazon and Dollar General. Michael Kent of Stream Realty Partners represented the seller in the land deal. A construction timeline was not disclosed.
ATLANTA — Fundrise has purchased Aerotropolis North, a more than 200,000-square-foot modern industrial and logistics facility on the south side of Atlanta, for $30.4 million. Dennis Mitchell, Matt Wirth, Britton Burdette and Bo Osgood of JLL Capital Markets represented the seller, Orange County, Calif.-based Bixby Land Co., in the transaction. Built in 2020, Aerotropolis North is a single-tenant distribution facility fully leased to Kal Freight Inc., a provider of modern transportation services. The tenant uses the facility for some of its warehousing, distribution and administrative offices. The front-load building features 32-foot clear heights, 31 dock-high doors, two drive-in doors, 29 trailer parking stalls, LED lighting, ESFR fire protection and 115 auto parking spaces. Located at 3435 Jonesboro Road SE on 16.2 acres, the property is situated less than one mile from Interstate 285 and 5.9 miles from Hartsfield-Jackson Atlanta International Airport.
SHAWNEE, KAN. — Hunt Midwest is building Heartland Logistics Park on a 113-acre site in Shawnee. The project represents the developer’s first industrial project in the state of Kansas. The site will support up to 1.5 million square feet of industrial space across three to four buildings. Construction is set to begin this month on the first speculative building, which will span 574,732 square feet and feature a clear height of 36 feet, 58 loading dock positions, 69 trailer parking spaces and 230 car parking spaces. Completion of the first building is slated for March 2023. The project team includes civil engineer Renaissance Infrastructure Consulting, architect Finkle + Williams Architecture and general contractor Brinkmann Constructors. Ed Elder and John Stafford of Colliers will market the project for lease.
FREMONT, IND. — Marcus & Millichap has arranged the $4.9 million sale-leaseback of a 129,920-square-foot industrial building in Fremont, a city in northeast Indiana that is a few miles south of the Michigan state line. Koester Metals Inc. (KMI) occupies the property, which is located at 301 W. Water St. and was built in 1975. Nikalos Beery, Joseph DiSalvo and Forest Bender of Marcus & Millichap represented KMI in the transaction. Aaron Kuroiwa, Jack Friskney and Austin Meeker of Marcus & Millichap secured and represented the buyer, a limited liability company.
MEDWAY, MASS. — JLL has negotiated the $21.7 million sale-leaseback of a 120,000-square-foot industrial flex building located in Medway, about 35 miles southwest of Boston. Built on nine acres in 1983, the property consists of 85,000 square feet of warehouse space and 35,000 square feet of newly renovated office space. Coler Yoakam, Michael Restivo, Martha Nay, Lenny Pierce and Sean Lync of JLL represented the seller and occupant, global IT firm Spencer Technologies, in the transaction. Amy Lousararian led a JLL team that arranged $14.5 million in acquisition financing through HarborOne Bank on behalf of the buyer, Dallas-based Lincoln Property Co.
2021 has been an absolute whirlwind for the Minneapolis-St. Paul (MSP) industrial market. Plunging cap rates, liquidity growing faster than ever and a sharply felt shortage of new supply have defined the last year and will continue to define 2022. New faces on the development side are entering the market right and left to capture the huge profits to be had from the supply/demand imbalance. New construction has been stabilizing in six to eight months and institutions have ear-marked MSP as a forward-sale market. The following are a few of the salient trends that should be considered when contemplating the MSP industrial market. Liquidity growth Since the last trough in 2016, the MSP industrial market has experienced an average 30 percent year-over-year growth in sales volume. 2021 experienced nearly half a billion dollars more in industrial investment sales than 2020, according to Real Capital Analytics. Cap rate compression Over the last year, the MSP industrial market has experienced change unlike in any other year. Entering 2021, the low-water stabilized cap rate was 5.15 percent, but by year-end, that had sunk 82 basis points to 4.33 percent. Warehouse rates in the $8 to $9 NNN range, once rare, are now commonplace; …
NEW BRAUNFELS, TEXAS — Marcus & Millichap has brokered the sale of B’s Stor All, a 286-unit self-storage facility in the northeastern San Antonio suburb of New Braunfels. The property consists of 32,320 net rentable square feet of non-climate-controlled space across 237 units, along with 49 outdoor parking spaces. Jon Danklefs of Marcus & Millichap represented the seller, an undisclosed limited liability company, in the transaction. The buyer and sales price were also undisclosed.
HUTTO, TEXAS — Titan Development has broken ground on a 110,000-square-foot manufacturing facility for water purification and wastewater treatment firm Ovivo Inc. in the northern Austin suburb of Hutto. The facility will be located within Titan’s Innovation Business Park, which is in its second phase of development following the delivery of a five-building, 68-acre first phase. Construction is slated for a fourth-quarter completion. Titan is developing Innovation Business Park in partnership with Hutto’s economic development department.
PEARLAND, TEXAS — Locally based investment firm Welcome Group has acquired a 44,800-square-foot, single-tenant building in the southern Houston suburb of Pearland that consists of 31,400 square feet of warehousing space and 12,800 square feet of office space. The sale also included a five-acre parcel that can support 80,000 square feet of new development. John Ferruzzo of Transwestern represented the undisclosed seller in the transaction. Ryan Wasaff and John Wilson represented Welcome Group on an internal basis.
GLENDALE, ARIZ. — LPC Desert West, the Southwest arm of Dallas-based Lincoln Property Co., has broken ground on Phase II of Park303 in Glendale. Totaling nearly 2.5 million square feet, the second phase will feature three industrial buildings fronting Loop 303. Park303 Phase II includes Building A, totaling 629,835 square feet on 38 acres; Building B, totaling 483,300 square feet on 30 acres; and Building C, totaling 1.2 million square feet on 72 acres. Similar to Park303 Phase I, Buildings A and B are designed to quickly convert from two stand-alone buildings into one 1.2 million-square-foot facility, with 104,052 square feet of infill space, to meet the needs of a major single user. Phase II buildings will feature 40-foot clear heights, touchless technology throughout, 25-foot glass entries, 3,000 amps of power and seven-foot slabs over four inches of crushed rock a steel. Additionally, a shear bracing will allow for highly modern, automated racking and picking equipment. The buildings will include five-foot by 10-foot clerestory windows on all elevations. The second phase will also feature 430 dock doors, 778 trailer stalls and more than 1,556 parking stalls, as well as a basketball/pickleball court, barbecue station, shaded outdoor eating area and employee …