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Industrial

IndustrialLouisianaMarket ReportsSoutheastSoutheast Market Reports

Two Proposed Port Container Projects Could Catapult NOLA’s Industrial Sector

by John Nelson

The current state of the New Orleans industrial real estate market can best be described as “dichotomic.” On the one hand, New Orleans has the stability of a mature market featuring one of the largest and oldest ports in North America, traditionally serving heavy industry that continues to perform. On the other, you have two new proposed container port projects that could significantly alter the landscape of the industrial real estate market for the foreseeable future. Like so many other markets across the country, the New Orleans area is gaining its fair share of distribution facilities, with Amazon and the like scrambling for sites to service increased consumer and business-to-business demand. That said, the real game-changer for the distribution sector will ensue when at least one of the two announced container port projects in the New Orleans area comes on line. The Port of Plaquemines and the Port of New Orleans have both identified sites with access to rail, major roadways and water-based transport options that would fundamentally alter the opportunity for distribution emanating out of the New Orleans area. Either project would instantly create a great demand for warehousing and distribution space and further diversify the industrial asset class …

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IndustrialMarket ReportsSoutheast Market Reports

Four Reasons Why Louisville Industrial Market Shows No Signs of Slowing Down

by John Nelson

With the explosion of e-commerce over the past year and a half, it’s no surprise the industrial sector across the United States is posting significant gains. In fact, 2021’s national demand for industrial space is up by 22 percent year-over-year, and the market is showing no signs of retreating. This trend comes as a result of increased consumer demand for immediate, contactless deliveries, which has boosted demand for distribution centers that house e-commerce and logistics companies. The Louisville market, which features major attractors such as the UPS Worldport, two Ford plants, the GE Appliance Park and robust interstate connectivity, has experienced record success in 2021, with several key trends driving this sector’s growth. 1. Explosive leasing Louisville’s net absorption metrics are approaching historic highs. When COVID-19 hit, nearly all businesses took a 30-day pause to evaluate the implications the pandemic posed. The ensuing change in consumer purchasing patterns and product delivery pushed the national industrial market on a positive trajectory for both absorption and construction starts. Louisville is no exception. To date, 62 percent of industrial buildings in Louisville were leased prior to construction completion, compared to 25 percent in 2020. In addition, 85 percent of facilities delivered this year …

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CaliforniaCompany NewsDevelopmentIndustrialWestern

CapRock Raises $700M for New US Industrial Development Fund

by Amy Works

NEWPORT BEACH, CALIF. — CapRock Partners, a Newport Beach-based industrial real estate manager, has raised $700 million for CapRock Logistics Venture, its new development fund. The raised amount exceeds the fund’s initial $450 million target. CapRock Logitsics Venture is seeded with large-scale industrial real estate projects and will fund nearly $2 billion worth of projects in the Western United States totaling 15 million square feet. The seed portfolio includes CapRock’s Palomino Business Park, Saddle Ranch Business Park, Phase 2 and the I-15 Logistics asset. The new fund is an expansion of CapRock’s fund strategy that previously focused on value-add investments. Hodes Weill Securities served as global placement agent and financial advisor to CapRock.

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Deer-Valley-Four-Phoenix-AZ
AcquisitionsArizonaIndustrialWestern

DAUM Commercial Negotiates Sale of 110,679 SF Industrial Property in Phoenix

by Amy Works

PHOENIX — DAUM Commercial Real Estate Services has arranged the sale of an industrial asset in Phoenix’s Deer Valley submarket. The four-building property features 110,679 square feet of industrial space. California-based Greenwood & McKenzie sold the asset to Mountain West for an undisclosed price. Chris Rogers and Trevor McKendry of DAUM represented the seller and procured the buyer. Will Strong of Cushman & Wakefield also brokered the transaction. The buildings, which are fully leased to 38 tenants, are located at 23021, 23025, 23005 and 23015 N. 15th Ave. in Phoenix. The buildings offer 20-foot clear heights, two shared truck wells and 10-foot by 12-foot grade-level doors.

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goTRG-Fort-Worth
IndustrialLeasing ActivityTexas

Cushman & Wakefield Negotiates 250,000 SF Industrial Lease in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Cushman & Wakefield has negotiated a 250,000-square-foot industrial lease in Fort Worth for goTRG, a provider of reverse logistics services. The space is located within a newly built speculative development that consists of three buildings that are owned by Denver-based Black Creek Group. Mark Collins led the Cushman & Wakefield brokerage team that represented the tenant in the lease negotiations. Scott Moore and Bob Scully of CBRE represented Black Creek Group.

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AcquisitionsIllinoisIndustrialMidwest

SRS Brokers $58.2M Sale of Large Distribution Center in Effingham, Illinois

by Kristin Harlow

EFFINGHAM, ILL. — SRS Real Estate Partners has brokered the $58.2 million sale of a 1.3 million-square-foot distribution center occupied by Sherwin-Williams in Effingham, about 90 miles southeast of Springfield. The property sits on 71 acres at 711 W. Wabash Ave. John Redfield, Britt Raymond and Kyle Fant of SRS represented the seller, a private partnership. JRW Realty represented the buyer, ExchangeRight. The facility serves as the only center that Sherwin-Williams uses to distribute coatings for the automotive industry. More than 300 workers are employed at the property.

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AcquisitionsDevelopmentFloridaIndustrialSoutheast

CBRE Arranges $26.4M Sale of Industrial Site in Hialeah, Florida

by John Nelson

HIALEAH, FLA. — CBRE has arranged the sale of North Dade Distribution, a 16.5-acre industrial site under development in Hialeah. Dallas-based Dalfen Industrial purchased the site for $26.4 million. Christian Lee, Chris Riley, José Lobón, Amy Julian and Royce Rose of CBRE represented the seller, Coconut Creek, Fla.-based Butters Realty, in the transaction. Slated to be completed in March 2023, North Dade Distribution will total 298,354 square feet. The rear-load warehouse will feature 32-foot clear heights, a 120-foot truck court, 240-foot building depth, separate ingress and egress access for cars and trucks and an ESFR sprinkler system. Located on the corner of 97th Ave. and 165th St., the site provides access to Interstate 75 and the Florida Turnpike via NW 138th St.

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One Logistics Park
AcquisitionsDevelopmentIndustrialSoutheastVirginia

Meridian Group Purchases 277-Acre Distribution Site in Winchester, Virginia

by Julia Sanders

WINCHESTER, VA. — Bethesda, Md.-based Meridian Group has purchased One Logistics Park, a 277-acre distribution center campus in Winchester that will be built over multiple phases. The sales price was not disclosed. JGR Three, Hockman Investments and Governor’s Hill LLC were the sellers. The Meridian Group has selected Colliers to market the $150 million project once completed. Construction will break ground in the first quarter of 2022 with delivery of Phase I set for the second half of 2023. The first phase will span nearly 1.4 million square feet spread across two facilities: a 1 million-square-foot building and a 360,000-square-foot building. Meridian Group and co-developer Wickshire Industrial plan for One Logistics Park to feature 2.8 million square feet of distribution logistics space and over 100,000 square feet for gas service, quick-service restaurants and other retail options. One Logistics Park will be located along Interstate 81 and offer access to the Baltimore-Washington Corridor via Interstates 66 and 70, with close proximity to the Virginia Inland Port, which is also located in Winchester.

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Buckeye-54-Buckeye-AZ
AcquisitionsArizonaDevelopmentIndustrialWestern

Joint Venture Acquires 54-Acre Land Parcel in Buckeye, Arizona for Logistics Park Development

by Amy Works

BUCKEYE, ARIZ. — Buckeye 54 LLC, a joint venture between Contour Real Estate and Shopoff Realty Investments, has purchased a 54-acre industrial development site at the southeast corner of Southern Avenue and Rainbow Road in Buckeye. KWC Motorsports LLC sold the property for $6.5 million. The joint venture plans to develop a logistics park with two warehouses totaling 900,000 square feet. Paul Borgesen and Dylan Sproul of SVN Desert Commercial Advisors represented the buyer in the deal.

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AcquisitionsArizonaDevelopmentIndustrialWestern

Dermody Properties Acquires 961-Acre Land Parcel Near Phoenix for Industrial Development

by Amy Works

EL MIRAGE, ARIZ. — Dermody Properties has purchased 961 acres of land in El Mirage, a suburb of Phoenix. The company plans to develop Copperwing Logistics Center, an industrial park with approximately 10 million square feet of speculative space over the next 10 years. Additionally, the company will develop approximately 300 acres for other third-party owners/users and build-to-suit customers. Initial development is slated to begin in 2022. Novo Development, which has been involved with the project since its inception, will continue to assist with the new venture. The land is being purchased from John F. Long Family Trust, known for developing more than 30,000 homes over four decades, including Arizona’s first master-planned community, before focusing efforts on retail and commercial projects in the West Valley Arizona market. Industrial zoning was already in place for the land. In addition, the property is within an approved Foreign Trade Zone (FTZ), meaning companies within the park that are active uses of FTZ can receive up to a 75 percent reduction in real estate and personal property taxes. Dermody Properties also intends to bring new water and sewer sources to the site along with new roads and park amenities. Pat Feeney, Rusty Kennedy and …

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