BROCKTON, MASS. — The Stubblebine Co. has brokered the $5.1 million sale of a 60,000-square-foot industrial building in Brockton, a southern suburb of Boston. The property offers clear heights of 24 to 28 feet and a fully built-out retail showroom. David Skinner, David Stubblebine and James Stubblebine of The Stubblebine Co. represented the seller, FW Webb Co., in the transaction. Mark Donahue of M. Donahue Associates represented the buyer, WB Mason.
STATESVILLE, N.C. — Heavy equipment manufacturer Doosan Bobcat North America plans to build a $70 million expansion of its manufacturing facility in Statesville. The company’s acquisition of 68 acres adjacent to its existing 92-acre campus will allow for the addition of 500,000 square feet of attached manufacturing space and 80,000 square feet of attached warehouse and distribution space. The project will create 250 full-time jobs over the next five years in Iredell County. Construction is expected to begin in July, with full project completion expected for May 2022.The company previously completed an $11 million facility upgrade at Statesville in January. Doosan Bobcat’s latest expansion will grow the floorplan from nearly 500,000 square feet to more than 1 million square feet when complete. With the expansion, the company plans to hire more people, including positions in production, manufacturing, engineering and operations. Doosan Bobcat North America is based in West Fargo, North Dakota, and is a global manufacturer of construction, agriculture, landscaping and grounds maintenance equipment, attachments and services. Doosan Bobcat employs approximately 4,500 people at 13 facilities across seven states.
ROMEOVILLE, ILL. — IDI Logistics has selected Peak Construction Corp. to build Gateway Romeoville Building A, a 351,870-square-foot speculative industrial building in Romeoville. The project will be situated on 19 acres between Route 53 and Joliet Road. Plans call for a clear height of 36 feet, 41 dock doors, two drive-in doors, 96 trailer stalls and 285 car stalls. Completion is slated for January 2022. The project team includes Macgregor Associates Architects and civil engineer Jacob & Hefner Associates.
CARSON, CALIF. — New York-based Thor Equities Group has purchased a last-mile warehouse facility located at 2575 El Presidio in Carson. An undisclosed seller sold the asset in an off-market, sale-leaseback transaction. Marc Schillinger and Keith Rosso of JLL Capital Markets arranged $15.9 million in acquisition financing for the buyer. National Life Group provided the seven-year, fixed-rate, interest-only loan. Built in 1972 on six acres, the 196,300-square-foot building features 22-foot clear heights, nine loading positions, office and mezzanine space and ample parking. The seller/tenant fully occupies the property.
CHICAGO AND HOLMDEL, N.J. — Equity Commonwealth (NYSE: EQC) and Monmouth Real Estate Investment Corp. (NYSE: MNR) have agreed to merge, signaling their intent to build a leading industrial real estate business and participate in the long-term growth of the sector. Based on the structure of the deal, Equity Commonwealth would acquire Monmouth in an all-stock transaction valued at approximately $3.4 billion, including the assumption of debt. The combined company is expected to have a pro forma equity market capitalization of approximately $5.5 billion. Under the terms of the agreement, Monmouth shareholders will receive 0.67 shares of Equity Commonwealth stock for every share of Monmouth stock they own. Equity Commonwealth and Monmouth shareholders are expected to own approximately 65 percent and 35 percent, respectively, of the pro forma company following the close of the transaction. Monmouth’s portfolio comprises 120 industrial properties totaling 24.5 million square feet. The Holmdel-based company is also under contract to purchase six properties totaling 1.8 million square feet, with the deals expected to close later this year or early next. Equity Commonwealth is a Chicago-based office REIT with a portfolio of four properties totaling 1.5 million square feet. “The transaction provides Equity Commonwealth with a high-quality, …
By Darlene Sullivan, partner, and Justin Raes, tax cunsultant, Popp Hutcheson PLLC While some commercial property types struggled to stay relevant in 2020, industrial real estate seemed supercharged by the pandemic. This year, tax assessors are likely to use strong investor and occupier demand for some industrial properties to support significantly higher assessments for all industrial real estate. They may see this as a solution to make up for value losses in the hospitality, retail and office sectors. That means industrial property owners should prepare for major assessment increases and begin building arguments to establish their properties’ true taxable value. E-commerce in Perspective If e-commerce was rising before 2020, it skyrocketed after the initial shock of the pandemic. The e-commerce share of total retail sales jumped to 16.1 percent at the end of the second quarter of 2020 from 11.8 percent in the first quarter and 10.8 percent a year earlier, according to the Census Bureau. As e-commerce grew, so too did industrial leasing demand, as online retailers secured spaces to process incoming goods and fulfill orders for shipment to consumers. The e-commerce operations driving the surge in demand brought with them a list of demands to serve their logistical …
LEESBURG, VA. — TA Realty LLC, a provider of real estate investment management services to domestic and international institutional investors, plans to develop a new $1.8 billion secure data center campus in Leesburg. The Loudoun County project will be the first data center development for the Boston-based firm. TA Realty’s new data center campus will be situated on the east side of Sycolin Road with Cochran Mill Road to the north and Energy Park Drive to the south. With the initial buildings slated to come on line in late 2021, the fully built-out campus will feature over 1.5 million square feet of space with 300 megawatts of power and a dedicated onsite substation. According to Michael Haggerty, Managing Partner at TA Realty, the campus will house both hyperscale and cloud providers. The site is shovel-ready and positioned atop major fiber routes, according to TA Realty. According to the Loudoun County Department of Economic Development, much of the world’s internet traffic passes through the county’s digital infrastructure.
TAMPA, FLA. — Westmount Realty Capital LLC has bought Interstate Business Park, a seven-building suburban office/flex property in Tampa. The Class B, 12.5-acre business park is close to Interstates 75 and 4, U.S. Highway 301 and State Roads 60 and 618. The acquisition is Westmount’s first office purchase in Florida. The seller and sales price were not disclosed. Interstate Business Park, which also has a small portion of warehouse space with grade-level access, is 73 percent occupied with more than 32,000 square feet of vacancy. National credit, government and construction tenants at the property include Kissinger Campo & Associates, Cohen Veterans Network, Ferguson Enterprises, Flatwoods Consulting Group, Nova Engineering & Environmental and the Florida Department of Agriculture. Most current leases expire between 2023 to 2026, according to Westmount. The property has five two-story buildings and two one-story buildings. The seller, an institutional owner and operator, invested over $1.6 million dollars on capital improvements. Renovations in 2020 totaled more than $340,000 including exterior painting, window replacements, awning replacements, parking lot updates and an elevator remodel. Westmount Realty Capital is a Dallas-based commercial real estate company that specializes in value add and big opportunity investments within the U.S.
MESQUITE, TEXAS — The City Council of Mesquite, an eastern suburb of Dallas, has granted final approvals to Urban Logistics Realty for the development of Alcott Logistics Station, a $130 million industrial project that will be located near Mesquite Metro Airport. At full buildout, the industrial park will consist of approximately 2.3 million square feet of Class A space across six buildings. The site will also feature collaborative outdoor space, a walking trail and a water feature, as well as enhanced landscaping and a public park. The project is expected to add about 1,600 new jobs to the local economy.
GLENDALE HEIGHTS, ILL. — Associated, a supply chain solutions company, has signed a 44,300-square-foot industrial lease at 490 Windy Point Drive in Glendale Heights. The building, which will complement the company’s existing 87,000-square-foot headquarters, features 2,300 square feet of office space, recently updated interior finishes and fenced outdoor storage access. Corey Chase of Newmark represented the tenant in the lease transaction. The landlord information was undisclosed.