HUBBARDSTON, MASS. — Marcus & Millichap has brokered the sale of a self-storage development site in Hubbardston, about 45 miles west of Boston. The site is zoned for the development of 288 non-climate-controlled units totaling 47,800 net rentable square feet. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller and the buyer, both of which requested anonymity, in the transaction. John Horowitz of Marcus & Millichap assisted in closing the deal as the broker of record.
By Joseph W. Brady, President, Bradco Cos. The High Desert portion of San Bernardino County, also known as the Mojave River Valley, is anticipating exceptional industrial development growth in the upcoming years as the balance of the Inland Empire builds out and has no significant land to further develop. The Mojave River Valley region contains more than 22 million square feet of industrial space. The City of Hesperia has recently experienced a mass grading project — probably the largest grading project in the High Desert’s history. Covington Capital is mass grading 232 acres where it intends to build a 3.5-million-square-foot industrial complex. The first building (1,055,360 square feet) will be developed for Modway. It will increase the major furniture distributor’s ability to serve regional and national distribution requirements from its current 310,555-square-foot facility in Fontana. The 60-acre site is being developed by Exeter Property Group. Big Lots opened its new distribution center in north/east Apple Valley in late 2019. This 1.3-million-square-foot facility sits just south of Walmart’s distribution center. Brightline West has also acquired property in north Apple Valley near Dale Evans Parkway for a high-speed rail station that will move passengers from Southern California to Las Vegas in 90 minutes at speeds …
FORT WORTH, TEXAS — Hillwood will develop Alliance Center East 1, a 1.2 million-square-foot speculative industrial project that will be located within the company’s AllianceTexas master-planned community in Fort Worth. Building features will include 40-foot clear heights, 190-foot truck court depths, 236 car parking spaces and 271 trailer parking spaces. The site can be expanded to offer parking for as many as 1,438 cars and 511 trailers. RGA Architects is designing the project, and Hillwood Construction Services is serving as the general contractor. Frost Bank provided financing for construction, which is scheduled to begin in July and be complete in the second quarter of 2022. According to the development team, Alliance Center East 1 will be the largest speculative building that Hillwood has developed in its 30-year history.
HOUSTON — Chicago-based Brennan Investment Group has acquired a portfolio of seven industrial buildings in Houston totaling 123,800 square feet in Houston. The properties are located in the city’s Northwest, Southeast and North industrial submarkets. The tenant roster has a weighted average lease team of 4.68 years and includes users in the industrial equipment, industrial services, consumer goods, energy and construction industries. The seller and sales price were not disclosed.
SOUTH BRUNSWICK, N.J. — G.S. Wilcox has arranged two loans totaling $29.5 million for the refinancing of a 449,000-square-foot warehouse in South Brunswick, located in Middlesex County. Gretchen Wilcox and Albert Raymond of G.S. Wilcox arranged the debt through Thrivent Financial on behalf of the borrower, a New Jersey-based family office. The loans were both structured with 15-year terms and fixed interest rates.
ALPHARETTA, GA. — Dalfen Industrial has bought three Class A industrial properties in Alpharetta, adding 284,000 square feet to its metro Atlanta portfolio. The properties are located less than two miles from Ga. Highway 400. The price and the seller were not disclosed. Built in 2016 to 2019 by Childress Klein, the properties were fully leased at the time of acquisition to tenants including Ericsson and ABC Supply. The buildings have amenities including 24 foot clear heights, rear-load configuration, 100 dock-high doors and one drive-in door, as well as parking.
By Taylor Williams E-commerce has revealed some fundamental truths about how humans consume goods, mainly that price point and convenience are by far the most important criteria in purchase decisions. The COVID-19 pandemic has served to further ingrain these mentalities and to suck more people into the world of online shopping in the name of adhering to public health guidelines. According to the U.S. Census Bureau, in 2020, a year in which a global health crisis spurred furious increases in online shopping, total e-commerce sales clocked in at $791.7 billion, up a staggering 32.4 percent from 2019. E-commerce sales accounted for 14.4 percent of all retail sales in 2020 — essentially double the 7.3 percent proportion in 2015. In addition, the National Retail Federation (NRF) is projecting that e-commerce sales will grow by 18 to 23 percent in 2021, yielding a total annual sales volume in excess of $1.1 trillion. Based on 2020 figures provided by the NRF, which cited total retail sales of just over $4 trillion, the e-commerce component is now poised to account for more than a quarter of the market. Especially in the early days of the pandemic, the need to minimize shopping trips and shelter …
SIMI VALLEY, CALIF. — Stream Realty, in a joint venture with QuadReal Property Group, is developing Tapo Canyon Commerce Center, a five-building industrial complex located at 1800 Tapo Canyon Drive in Simi Valley. Slated for delivery in fall 2022, Tapo Canyon Commerce Center will offer buildings ranging from 25,786 square feet to 135,759 square feet and leasing options from 19,239 square feet to the entire 344,056-square-foot campus. Situated on 18 acres, the buildings will feature 28- to 36-foot clear heights; high-image, window-lined office space; above-regional-standard dock-high loading; five different access points to the complex; and immediate access to Freeway 118. Patrick DuRoss, John DeGrinis and Jeff Abraham of Newmark are handling leasing for the property.
FORT WORTH, TEXAS — CBRE has negotiated the sale of Interstate Crossing, a 1 million-square-foot fulfillment center in Fort Worth. Dallas-based Hunt Southwest developed the property, which provides immediate proximity to Interstates 820 and 35, on a speculative basis. Building features include 40-foot clear heights, 195-foot truck court depths and ample trailer and automobile parking. Jack Fraker, Randy Baird, Jonathan Bryan, Ryan Thornton and Eliza Bachhuber of CBRE represented Hunt Southwest in the transaction. The buyer was an undisclosed, publicly traded REIT.
PORTER, TEXAS — The Signorelli Co., the locally based developer behind the 1,400-acre Valley Ranch master-planned community, has opened Valley Ranch Self Storage, a 750-unit facility located in the northeastern Houston suburb of Porter. The three-story property has a gross square footage of 100,000 square feet and offers climate-controlled space. Units range in size from five-by-five feet to 10-by-30 feet, with units on higher levels accessible by elevator.