HARLINGEN, TEXAS — Los Angeles-based BH Properties has acquired an 86,640-square-foot industrial building located in the Rio Grande Valley city of Harlingen. The property was built in 1970 as a regional distribution facility for Sears. Most recently, Valley Baptist Hospital operated the property as a laundry and supply storage facility prior to it being damaged in a storm. BH Properties will undertake a multimillion-dollar capital improvement program to address deferred maintenance, install a new roof and restore power and building systems. Conrad McEachern and Carlos Telles with CBRE represented the seller in the transaction.
PORTAGE, IND. — Dayton Street Partners LLC has purchased 42 acres in the Northwest Indiana town of Portage. The developer plans to build a 538,000-square-foot speculative industrial development known as DSP Crossroads Portage. Corey Chase and Chris Hill of Newmark represented the undisclosed seller, which sold three assembled land sites. Chase and Hill will also be retained to market the project for sale or lease.
Richmond continues to solidify its position as a high growth Mid-Atlantic market and one of the top secondary markets in the country for inbound corporate and real estate investment. The Richmond MSA, totaling nearly 1.4 million people, has been one of the true beneficiaries of the COVID-19 pandemic due to its historical performance during economic distress, in-bound millennial and corporate migration from larger peer markets, quality of life and affordability, diversified economy, educated workforce, pro-business environment and the city’s central East Coast location. With such broad and fundamentally important characteristics, Richmond will continue to attract both domestic and global corporations and capital alike. The continued growth of Richmond’s diverse economy and workforce, fueled by its core industries including healthcare, manufacturing, industrial and technology, and further supported by its federal (Federal Reserve Branch and 4th Circuit Court) and state capital underpinnings, has generated a bullish sentiment on the economic growth prospects for 2022. As of fourth-quarter 2021, Richmond’s unemployment currently sits at 4 percent, representing a consistent decrease since the start of 2021 and well below the national average of 5 percent. City’s Industrial Sector is Taking Off Richmond’s highly coveted Interstate 95 corridor location and $300 million Port of Richmond …
GLENDALE HEIGHTS, ILL. — Clyde’s Donuts and Advanced Technical Services (ATS) have pre-leased space at Army Trail Trade Center in Glendale Heights, a western suburb of Chicago. Mike Antonelli and Dan Brown of Brown Commercial Group represented the development’s owner, ML Realty Partners. Clyde’s Donuts pre-leased a 153,000-square-foot facility at 85 West Army Trail Road. ATS pre-leased 24,161 square feet at 55 West Army Trail Road. Kelly Disser and Michael Freitag of NAI Hiffman represented Clyde’s, while Bill Lussow and Matt Kelly of Bespoke represented ATS. A timeline for occupancy was not provided.
MOONACHIE, N.J. — Denver-based EverWest Real Estate Investors has purchased three industrial buildings totaling 190,032 square feet in Moonachie, located in Bergen County, for $65.8 million. The buildings at 135, 137-141 and 170 W. Commercial Ave. feature a combined 26 loading positions and 243 parking spaces and are fully leased to Loomis Armored US, Paris Baguette and Toy Wonders. Gary Gabriel, Kyle Schmidt, David Bernhaut and Seth Zuidema of Cushman & Wakefield represented the undisclosed seller in the transaction. Stephen Feinberg handled the transaction for EverWest on an internal basis.
ST. LOUIS — The office and industrial team at Cresa St. Louis and its parent company Pace Properties will be affiliating with Avison Young, effective Jan. 1. The affiliation strengthens Avison Young’s presence in the St. Louis market by adding a team of experts with a strategic focus on office, industrial, project management and property management services. The retail brokerage and retail property management segments of Pace Properties will continue to operate as Pace Properties.
WALLINGTON, N.J. — Locally based investment firm Devli Real Estate has acquired four industrial properties totaling approximately 80,000 square feet in Northern New Jersey. The properties include a three-building complex in Howell that was built in 2005 and vacant buildings in Moonachie and Fair Lawn, as well as a two-acre development site in North Bergen. The sellers were not disclosed.
RUTLEDGE, GA. — Rivian Inc. (NASDAQ: RIVN), an Irvine, Calif.-based electric truck manufacturer, has announced plans for the East Atlanta Megasite, a $5 billion manufacturing plant about 50 miles east of downtown Atlanta. The site is located between Social Circle and Rutledge on Interstate 20, according to The Atlanta Journal-Constitution. Construction on the plant is slated to start in the summer of 2022, with plans to open by 2024. The manufacturing plant is the largest economic development in Georgia’s history, according to a press release by Georgia Governor Brian Kemp. With the new plant, Rivian says it will create approximately 7,500 jobs. The manufacturer plans to develop community engagement and workforce training programs in the area of the new plant. Additionally, Georgia Quick Start, a division of the Technical College System of Georgia and provider of workforce training, plans to build and operate a manufacturing training center. The Georgia Department of Labor also plans to assist Rivian in finding skilled employees to work at the Georgian plant. The plant could have up to 10,000 workers, which would mean the project would be the biggest car assembly project in the country, according to CNBC. The East Atlanta Megasite, which is located on nearly …
IRVING, TEXAS — Chicago-based investment firm CenterPoint Properties has acquired a 330,000-square-foot industrial facility located on an 18-acre site at 2201 Chemsearch Blvd. in Irving. Features of the newly built facility include frontage on State Highway 183, 36-foot clear heights, 47 dock doors, an ESFR sprinkler system and parking for 59 trailers and 356 cars. The seller/developer was not disclosed. Josh McArtor and Caitlin Clinton of Eastdil Secured brokered the sale.
WOOLWICH, TOWNSHIP, N.J. — J&J Snack Foods, a food manufacturer known for brands such as Super Pretzel, ICEE and Luigi’s, has signed a 200,640-square-foot industrial lease in Woolwich Township, located in Gloucester County. The space is located within LogistiCenter at Woolwich, a 1 million-square-foot development by Nevada-based Dermody Properties that will be fully complete by late 2022. Drew Green, Paul Touhey and Dan McGovern of CBRE represented the landlord in the lease negotiations. The deal is expected to add about 90 new jobs to the local economy.