Industrial

McShane Underway on 429,524 SF Industrial Expansion for Abt Electronics in Glenview, Illinois

by Kristin Harlow May 11, 2021

GLENVIEW, ILL. — McShane Construction Co. is underway on a 429,524-square-foot addition to the existing warehouse and showroom facility for Abt Electronics in Glenview, about 15 miles northwest of Chicago. The expansion will incorporate two three-story office blocks totaling 22,230 square feet and 407,294 square feet of warehouse space. The office buildout will include trucking offices, security offices, a breakroom and open office space. The warehouse will feature a clear height of 32 feet, and 39 semi-truck docks. Completion is slated for October. Camburas & Theodore is the project architect. Abt is an electronics, appliances and home goods retailer.

May 11, 2021

Industrial Loans Midwest Wisconsin

Associated Bank Provides $13.2M Construction Loan for Industrial Project Near Milwaukee

by Kristin Harlow May 11, 2021

PEWAUKEE, WIS. — Associated Bank has provided a $13.2 million loan for the construction of a speculative industrial project in Pewaukee, about 15 miles west of Milwaukee. The 218,000-square-foot building will be located on Bluemound Road near I-94. Situated on 42.7 acres, the project will feature a clear height of 32 feet, parking for 158 cars and parking for 25 trucks. Completion is slated for the fourth quarter. The borrower was WRP Pewaukee LLC, an affiliate of Lake Forest, Ill.-based Westminster Capital LLC. Ted Notz of Associated Bank handled the loan closing.

May 11, 2021

Development Industrial Louisiana Southeast Top Stories

Amazon to Open 650,000 SF Fulfillment Center in Northwestern Louisiana, Create 1,000 Jobs

by Taylor Williams May 10, 2021

SHREVEPORT, LA. — Amazon Inc. (NASDAQ: AMZ) has planned a 650,000-square-foot fulfillment center in the northwestern Louisiana city of Shreveport. The Louisiana Economic Development (LED) organization claims the development will generate $200 million in capital investment and add more than 1,000 jobs to the local economy. The site of the multi-level building, which will feature automated inventory management and shipping technology, is located within Hunter Industrial Park, a 135-acre development situated within three miles of interstates 20,49 and 220. The property will also be LEED certified. The Shreveport Times reports that the fulfillment center will be Amazon’s first in northern Louisiana. The Seattle-based e-commerce giant announced a fulfillment center in Carencro, located outside of Lafayette in the southern part of the state, in December, and is also planning to convert the Cortana Mall in Baton Rouge into a fulfillment center, according to the local newspaper. Of the seven Amazon facilities that have been announced or are under construction in Louisiana, the Shreveport fulfillment center will be the largest. Construction is set to begin immediately with completion expected in September 2022. In addition to the 1,000 full-time jobs at the facility, development of the new fulfillment center is expected to create …

May 10, 2021

Development Illinois Industrial Midwest

Lion Electric to Invest $70M in Joliet, Build Electric Vehicle Manufacturing Facility

by Kristin Harlow May 10, 2021

JOLIET, ILL. — Lion Electric Co., a Canadian manufacturer of all-electric buses and trucks, has unveiled plans to build its first-ever U.S. manufacturing facility in Joliet. A minimum of $70 million will be invested to build a new facility dedicated to producing electric vehicles. The 900,000-square-foot project is expected to come online in the second half of 2022. Annual production capacity is estimated at 20,000 zero-emission vehicles per year, creating at least 745 jobs for Illinoisans. Lion is known for its production of electric school buses. The Illinois Department of Commerce and Economic Opportunity worked with the state’s public-private economic development partner, Intersect Illinois, to put together a site selection process that involved both virtual and in-person site visits, economic analysis and coordination with local officials and utilities. Lion has qualified for the state’s EDGE incentive program, a tool to support companies making large-scale capital investments that lead to significant job creation.

May 10, 2021

Acquisitions Illinois Industrial Midwest

MAG Capital Partners Acquires 645,000 SF Industrial Property in Northwest Illinois

by Kristin Harlow May 10, 2021

ROCK FALLS, ILL. — MAG Capital Partners LLC has acquired a 645,000-square-foot industrial property in the Northwest Illinois community of Rock Falls for an undisclosed price. Cimco Recycling LLC leases the property, which is known as the I-88 Distribution Center. Cimco has occupied the facility since 2018. It previously served as the home of a Stanley Black & Decker plant. Mary Garnett and Jim Tuesley of Barnes & Thornburg LLP represented MAG Capital Partners in the transaction. Kent Williams, Matt Taylor and Steven Weinstock of Marcus & Millichap represented the undisclosed seller. Fort Worth, Texas-based MAG Capital Partners is led by principals Dax T.S. Mitchell and Andrew Gi.

May 10, 2021

Industrial Leasing Activity Texas

ABC Supply Signs 44,200 SF Industrial Lease in Waco

by Taylor Williams May 10, 2021

WACO, TEXAS — ABC Supply Co., a Wisconsin-based provider of roofing products, windows and gutters, has signed a 44,200-square-foot industrial lease at 1212 LaSalle Ave. in Waco. The building features 14- to 18-foot clear heights, nine grade-level overhead doors and office space. Josh Carter of Coldwell Banker Commercial represented the landlord, California-based Mission Linen Supply, in the lease negotiations. Dan Spika of Henry S. Miller Brokerage represented the tenant.

May 10, 2021

Acquisitions Industrial Northeast Pennsylvania

Endurance Real Estate Acquires 191,979 SF Industrial Facility in Hazelton, Pennsylvania

by Taylor Williams May 10, 2021

HAZELTON, PA. — Endurance Real Estate Group has acquired 360 Maplewood Drive, a 191,979-square-foot manufacturing and distribution facility in Hazelton, located roughly midway between Allentown and Scranton. The property was built in 1993, expanded in 1995 and features a clear height of 30 feet, 11 dock doors and rail access. Endurance plans to upgrade the facility’s roof, lighting and sprinkler system. Endurance acquired the property from an undisclosed seller in an off-market sale-leaseback transaction. Mike Hess of CBRE arranged that deal. CBRE will also market the building for lease upon completion of the capital improvements program in the third quarter.

May 10, 2021

Industrial Market Reports Washington Western Western Market Reports

Strong Market Fundamentals, Ecommerce Expansion Fueled Seattle’s Industrial Market in 2020

by Jeff Shaw May 10, 2021

By Kaden Eichmeier, Director, JLL Capital Markets Strong economic fundamentals bolstered market dynamics in the Puget Sound over the past 12 months. This market is driven in part by significant amounts of capital targeting industrial, the availability of low-cost debt and strong tenant demand. There were 125 industrial transactions totaling nearly $1.9 billion closed last year, and the outlook for 2021 looks even brighter. Competition has stiffened through the first quarter of 2021. Investors have increased allocation requirements, and the list of new entrants targeting the Seattle industrial market continues to expand. With growing demand, the core market is growing geographically as supply constraints push investors and developers further north and south. For example, Panattoni recently announced it will build a 2.1-million-square-foot, five-story warehouse for an ecommerce company on a 75-acre site just south of the Arlington Airport. Northpoint Development also announced the 4.1-million-square-foot Cascade Business Park in Arlington. To the south, Panattoni is also developing Big Freddy Logistics, a three-building park that will total 771,855 square feet, while Logistics Property Co. is developing the 352,801-square-foot Frederickson One speculative project. There is currently nearly 7.5 million square feet under construction. This includes 3.2 million square feet in Pierce County and …

May 10, 2021

Acquisitions Georgia Industrial North Carolina Southeast

Brennan, Arch Street Capital Sell 2.3M SF Industrial Portfolio in Southeast U.S., Massachusetts

by Julia Sanders May 7, 2021

CHICAGO AND NEW YORK CITY — Brennan Investment Group and Arch Street Capital Advisors have sold a four-building industrial portfolio with a combined square footage of 2.3 million square feet. The properties in the portfolio are located in Bellingham, Mass.; Lawrenceville, Ga.; Butner, N.C.; and Frederick, Md. The buyers, two unnamed, privately held institutional real estate investment firms, purchased the properties for an undisclosed price. BlueLinx Corp., a distributor of building and industrial products in the United States, is the sole occupant of all four facilities. The company operates through a broad network of distribution centers and is based in Atlanta. Brennan Investment and Arch Street originally acquired the portfolio in a joint venture in 2018. The firms stated they are seeking net-leased properties in their joint investment vehicle USIPA III. Brennan Investment is a Chicago-based, private real estate investment firm that acquires, develops and operates industrial properties. Arch Street Capital Advisors is a full-service real estate investment and advisory firm based in New York City.

May 7, 2021

Acquisitions Industrial Texas

Equus Capital Partners Buys 757,325 SF Industrial Park in Houston

by Taylor Williams May 7, 2021

HOUSTON — Philadelphia-based Equus Capital Partners has purchased a 757,325-square-foot industrial park located near the junction of Interstate 45 and Beltway 8 in Houston. The development consists of three rear-load buildings and two cross-dock buildings that were constructed between 2008 and 2014. The buildings were 62 percent leased to 11 tenants at the time of sale. Equus plans to implement a capital improvement program and to rebrand the properties as Park 845 Crossing. Rusty Tamlyn, Trent Agnew, Charlie Strauss, Katherine Miller and Jack Moody of JLL represented the seller, a joint venture between IDI Logistics and Heitman, in the transaction. John Ream, Michael Johnson and Stuart Hepler of JLL arranged $55 million in floating-rate acquisition financing on behalf of the buyer.

May 7, 2021

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