Industrial

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

Acquisitions Development Florida Industrial Southeast

MDH Partners Acquires Development Site in Ocala, Florida for 350,878 SF Industrial Project

by Julia Sanders January 28, 2022

OCALA, FLA. — Atlanta-based MDH Partners has acquired 28 acres of industrial land in Ocala, with plans to construct Ocala Logistics Center, a 350,878-square-foot Class-A, cross-dock distribution building. The seller and the sales price for the land were not disclosed. Joe DeHaven served as the deal lead for MDH Partners. Clay Witherspoon with Avison Young represented the seller and will also lease the property on behalf of MDH. Peak Development Co. will act as the development manager for the project. Situated on 27.9 acres of land, Ocala Logistics Center will feature 279 parking spaces, ESFR sprinkler systems and 36-foot clear heights. Located at the corner of NW 35th Street and NW 27th Avenue, the facility is located a half-mile from Interstate 75 and 25 miles north of the Florida Turnpike Junction. The development of Ocala Logistics Center will increase MDH’s Florida footprint to over 1.5 million square feet.

January 28, 2022

Acquisitions Industrial Office Texas

Partners Capital Sells 149,305 SF Industrial Flex Property in Webster, Texas

by Taylor Williams January 28, 2022

WEBSTER, TEXAS — Partners Capital, the investment management platform and development arm of Partners Real Estate Co., has sold Clear Lake Business Park, a 149,305-square-foot industrial flex property located in the southern Houston suburb of Webster. Cary Latham and Josh Lass-Sughrue of NAI Partners represented Partners Capital, which originally acquired the asset in February 2019, in the transaction. The buyer and sales price were not disclosed.

January 28, 2022

Connecticut Industrial Leasing Activity Northeast

BlueTriton Brands Signs 279,256 SF Industrial Lease in East Windsor, Connecticut

by Taylor Williams January 28, 2022

EAST WINDSOR, CONN. — BlueTriton Brands, a locally based beverage company formerly known as Nestlé Waters North America, has signed a 279,256-square-foot, full-building industrial lease in East Windsor. Built in 1979, the property features clear heights of 18 to 20 feet, more than 300 parking spaces and 5,000 square feet of office space. Chris Metcalfe and Jack Reed of CBRE represented the landlord, a joint venture between an affiliate of New York City-based Wharton Equity Partners and Boston-based Long Wharf Capital, in the lease negotiations. The building is currently undergoing a renovation, and the tenant plans to take occupancy in late February or early March.

January 28, 2022

Acquisitions Industrial New York Northeast

TerraCRG Arranges $30M Sale of Industrial Property in Brooklyn

by Taylor Williams January 28, 2022

NEW YORK CITY — Locally based brokerage firm TerraCRG has arranged the $30 million sale of an industrial site located at 360 Kingsland Ave. in Brooklyn’s Greenpoint area. According to LoopNet Inc., the site spans 98,250 square feet and houses a 17,000-square-foot manufacturing and office facility. The site is zoned for up to 196,000 buildable square feet of commercial space. Dan Marks and Daniel Lebor of TerraCRG represented the seller, a limited liability company, in the transaction. The buyer was private equity firm Sitex Group.

January 28, 2022

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