Industrial

Avera, AEW Capital to Develop 522,135 SF Industrial Project in Metro Houston

by Taylor Williams November 15, 2021

BAYTOWN, TEXAS — Locally based firm Avera Cos. and AEW Capital Management will develop Kilgore Grand Parkway, a 522,135-square-foot industrial project that will be located in the eastern Houston suburb of Baytown. Situated on a 33.9-acre site near Port Houston, the building will offer 40-foot clear heights, 185-foot truck court depths, an ESFR sprinkler system and build-to-suit office space. Cushman & Wakefield is the leasing agent for the project, which is expected to be complete in the fourth quarter of 2022.

November 15, 2021

Acquisitions Industrial Southeast Virginia

Galloway Group Purchases 53,268 SF Industrial Property in Fairfax, Virginia

by Julia Sanders November 15, 2021

FAIRFAX, VA. — Galloway Group has purchased Spring Street Business Park, a 53,268-square-foot industrial property in Fairfax. Malcolm Shaw and Bill Wrench of Washington, D.C.-based Phillips Realty Capital secured $7.5 million in debt financing from Fairfax-based FVCbank as part of an $11 million capitalization. Multiple equity investors raised the funds, and Audeo Partners provided a major portion of the equity. Next-Realty Mid-Atlantic represented the Galloway Group in the transaction. Built in 1988, Spring Street Business Park is fully leased and features three adjacent buildings on a 2.9-acre parcel. The properties encompass a mix of industrial uses including warehouse, light industrial and service industrial. The park features 18-foot to 22-foot high ceilings with overhead insulated roll-up garage doors, tempered glass paneled entrance doors, tempered fixed windows and bays spanning approximately 2,180 square feet.

November 15, 2021

Industrial Loans Massachusetts Northeast

Ready Capital Closes $6M Acquisition Loan for Warehouse in Avon, Massachusetts

by Taylor Williams November 15, 2021

AVON, MASS. — New York City-based Ready Capital has closed a $6 million loan for the acquisition and renovation of a 60,000-square-foot warehouse in Avon, a southern suburb of Boston. The nonrecourse, interest-only loan featured a floating interest rate, 36-month term and two extension options. The undisclosed sponsor plans to implement a capital improvement plan to modernize the warehouse and convert a portion of the office suite into flex space.

November 15, 2021

District of Columbia Industrial Market Reports Southeast Southeast Market Reports

Mid-Atlantic is Where Labor, Ports and Transportation Infrastructure Intersect

by John Nelson November 15, 2021

Speaking at the Port of Baltimore on Nov. 10, President Joe Biden touted the now passed $1 trillion infrastructure bill as a “once-in-a-generation investment” designed to help us push past the COVID-19 pandemic. The $17 billion earmarked specifically for port improvements is welcome news as on Nov. 15, the day the bill was signed, 90 container ships carrying goods valued at $85 billion were still waiting to dock off the coast of California. Throughout the pandemic, the transportation infrastructure and labor supply for the East Coast and the Mid-Atlantic specifically have demonstrated efficiency and productivity. The two main ports — the Port of Virginia and Port of Baltimore — processed record container volumes of imports and exports through cargo ship, rail and barge at record “turn times” of under one hour, meeting and overcoming many of the challenges within the supply chain. Connecting the dots As we approach the 2021 gift-giving season and beyond, it is crucial to focus on the “why I should care” factor. The Port of Virginia for example, which by 2024 will be the only 55-foot-deep port on the East Coast, experiences cargo movements that occur 64 percent by truck, which is nearly double the next …

November 15, 2021

Acquisitions Industrial Maryland Southeast

Trout Daniel & Associates Brokers Sale of 91,175 SF Industrial Center in Baltimore

by Julia Sanders November 12, 2021

BALTIMORE — Trout Daniel & Associates (TD&A) has brokered the sale of 1870 & 1900 Frankfurst Ave., a combined 91,175-square-foot industrial property in Baltimore’s Fairfield industrial submarket. Steven Cornblatt and Jared Engel of TD&A represented the seller, an entity doing business as WFP-Port Liberty LLC, in the transaction. New York-based Criterion Group purchased the properties for $7 million. The two properties sit near each other and total 12.3 acres. The site is located close to Interstate 895 and the Port of Baltimore. Many years prior, the properties were used to manufacture Liberty Ships to transport cargo in the Allies’ World War II efforts. In 2003, WFP-Port Liberty LLC purchased the properties, and TD&A shortly thereafter executed a long-term lease with Amports, an automotive services provider. Amports remained a tenant at the site until this past July.

November 12, 2021

Industrial Leasing Activity Texas

Hercules Inc. Signs 111,062 SF Industrial Lease in Northwest Houston

by Taylor Williams November 12, 2021

HOUSTON — Hercules Inc., an Alabama-based manufacturer of polyethylene products, has signed a 111,062-square-foot industrial lease in northwest Houston. The company will occupy roughly half the space at Park 8, a 242,760-square-foot distribution center owned by Avera Cos. and AEW Capital Management. Completed in April 2020, the cross-dock building features 36-foot clear heights, 130-foot truck court depths and an ESFR sprinkler system. Jim Autenreith and J.W. Wall III of Moody Rambin represented the tenant in the lease negotiations. Jason Dillee and Nathan Wynne of CBRE represented the landlord.

November 12, 2021

Acquisitions Industrial Texas

ML Realty Partners Buys 72,000 SF Industrial Building in Carrollton, Texas

by Taylor Williams November 12, 2021

CARROLLTON, TEXAS — Illinois-based investment and development firm ML Realty Partners has purchased a 72,000-square-foot industrial building located at 2520 Marsh Lane in the northern Dallas suburb of Carrollton. According to LoopNet Inc., the property was built in 1997 and offers 24-foot clear heights and 7,325 square feet of office space. Dan Spika of Henry S. Miller (HSM) Brokerage represented ML Realty Partners in the transaction. Jim Turano, also with HSM, represented the undisclosed seller.

November 12, 2021

Arizona Development Industrial Western

CA Industrial, DWS/RREEF Break Ground on 1.5 MSF Luke Logistics Center in Glendale, Arizona

by Amy Works November 12, 2021

GLENDALE, ARIZ. — CA Industrial, in joint venture partnership with DWS/RREEF, has broken ground for the first phase of Luke Logistics Center at the northwest corner of Loop 303 and Glendale Avenue in Glendale. Situated on 90 acres, the four-building project features a total of 1.5 million square feet of industrial space. Each building will feature 32-foot to 40-foot clear heights, cross-dock and rear loading with 185-foot-deep gated truck courts, trailer storage, ample car parking, ESFR sprinkler systems and 60-foot speed bays. LGE Design Build is serving as the project’s designer and builder. John Lydon and Hagen Hyatt of JLL will handle leasing of the property.

November 12, 2021

Development Illinois Industrial Midwest

Summit Design + Build Completes Warehouse Expansion for TLC Ingredients in Illinois

by Kristin Harlow November 12, 2021

CREST HILL, ILL. — Summit Design + Build has completed construction of a 55,012-square-foot expansion for TLC Ingredients in Crest Hill near Joliet. The warehouse for the food ingredients and industrial products distributor previously spanned 44,000 square feet. The expansion includes new warehouse and cold storage space along with four new loading docks, a breakroom and additional parking stalls. Harris Architects Inc. was the project architect.

November 12, 2021

Development Industrial Southeast West Virginia

Joint Venture Breaks Ground on 730,000 SF Tabler Station Logistics Park in Martinsburg, West Virginia

by Julia Sanders November 11, 2021

MARTINSBURG, WV. — Hines, along with an investor advised by MetLife Investment Management, MetLife, Inc.’s institutional asset management business, has broken ground on the first phase for Tabler Station Logistics Park, which will feature a total of over 730,000 square feet in Martinsburg. Located close to Interstate 81 on a 145-acre site, the first phase of Tabler Station Logistics Park will include two Class A, industrial buildings with each building consisting 365,400 square feet. Both buildings will feature 40-foot clear heights at first column, cross-dock configuration with 450-foot building depths, 185-foot-deep truck courts and full-building circulation with segregated car and trailer traffic. Construction on Phase I of the project is slated for completion by the fourth quarter of 2022. The overall project will feature three buildings with approximately 1.6 million square feet of industrial space. Powers Brown Architects and Pennoni Engineering designed the project. RS Mowery will construct Phase I of the development. Wells Fargo is providing an undisclosed amount of construction financing. Chuck Watters, Tom Griggs, John Carroll, Julia Craig and Eric Mitman of Hines worked on the development team for the project.

November 11, 2021

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