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Industrial

AcquisitionsIllinoisIndustrialMidwest

Provender Partners Acquires 570,028 SF Industrial Facility in Metro Chicago for $30M

by Kristin Harlow

MANTENO, ILL. — Provender Partners has acquired a 570,028-square-foot industrial facility in Manteno, about 55 miles south of downtown Chicago. The purchase price was $30 million. Located at 1125 Sycamore Road and built in 1999, the property is fully temperature-controlled. It features 84 docks, 132 trailer stalls and rail service. The facility serves as the Midwest distribution center for McKesson’s pharmaceutical supply chain. The acquisition also includes 50 acres of excess land, which is fully entitled for the development of an additional 620,000 square feet of industrial space. Provender is considering several options for the land, including future expansion of the existing building, speculative or build-to-suit development. This is the fourth and largest food-related industrial building that Provender has acquired in the Chicago area over the past 18 months. Will Mura and Ted Gates of CBRE brokered the sale, the seller in which was undisclosed.

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DevelopmentIndustrialIowaMidwest

Construction Underway on Edgewood Logistics Park in Cedar Rapids, Iowa

by Kristin Harlow

CEDAR RAPIDS, IOWA — Construction is underway on Edgewood Logistics Park, a 204,000-square-foot speculative industrial building in Cedar Rapids. The 21-acre project will feature a clear height of 36 feet, 48 docks, 200 vehicle parking stalls and 130 semi-trailer parking spaces. Completion is slated for spring 2022. Dave Drown of GLD Commercial is marketing the project for lease. The development group is privately held and locally owned. Garling Construction is the general contractor.

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AcquisitionsConnecticutIndustrialNortheast

Wharton Industrial, Long Wharf Acquire 279,256 SF Warehouse in East Windsor, Connecticut

by Taylor Williams

EAST WINDSOR, CONN. — A joint venture between Wharton Industrial, an investment arm of New York City-based Wharton Equity Partners, and Boston-based Long Wharf Capital has acquired a 279,256-square-foot warehouse in Connecticut. The property, which is located in East Windsor, a northern suburb of Hartford, was built on 40 acres in 1979. Building features include a clear height of 18 to 20 feet, over 300 parking spaces and 5,000 square feet of designated office space. Chris Metcalfe and Jack Reed of CBRE brokered the deal and will also handle leasing of the property on behalf of the new ownership, which will implement a capital improvement program.

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CaliforniaDevelopmentIndustrialWestern

CapRock Partners Breaks Ground on 24-Acre Saddle Ranch Industrial Complex in Norco, California

by Amy Works

NORCO, CALIF. — CapRock Partners, with Premier Design + Build Group as general contractor, has broken ground on Saddle Ranch Phase II in Norco. Situated on 23.8 acres at 3166 Horseless Carriage Drive, the development will feature three buildings offering a total of 387,180 square feet. The speculative structures will feature 32-foot clear heights, 8,000 amps of power in each building, ESFR K17 @ 52 PSI fire sprinklers, three drive-in doors and 35 dock doors. Additionally, Premier will add parking to accommodate approximately 36 trailers and 309 vehicles. The project scope also includes 270,000 square feet of landscaping. Project partners include RGA, Office of Architectural Design, X Engineering and Darin Fong and Associates. Completion is slated for third-quarter 2022.

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Data CentersIndustrialMarket ReportsSoutheastSoutheast Market ReportsVirginia

Richmond Industrial Pipeline Shows No Sign of Slowing Development, Leasing

by John Nelson

At the mid-year mark, industrial occupancy in the greater Richmond area remains strong, closing with an overall occupancy rate of 93 percent in the categories we track (Class A, B select C vacant and investor-owned product with a minimum of 40,000 square feet total). Class A occupancy increased to 96 percent at the end of the second quarter, up from 93 percent at the end of the first quarter. Class B occupancy experienced a slight decrease to 91 percent, down from 92 percent at the end of the first quarter. CoStar Group reports overall industrial occupancy at 95 percent for product of all sizes, including investor-owned facilities, but excluding flex space (minimum 50 percent office). Richmond’s strategic Mid-Atlantic location along Interstate 95 provides access to 55 percent of the nation’s consumers within two days’ delivery by truck, and in addition to being the northernmost right to work state on the Eastern seaboard, Virginia has once again been named as the top state for business by CNBC. Business Facilities also ranked Richmond as one of the top locations for corporate headquarters. With 12 Fortune 1000 companies located in the region, Richmond is home to the most Fortune 1000 headquarters compared to …

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ColoradoDevelopmentIndustrialWestern

Brookfield Properties Breaks Ground on 695,899 SF Central Park Logistics Center in Denver

by Amy Works

DENVER — Brookfield Properties has broken ground for the development of Central Park Logistics Center, an industrial project located at 9300 and 9400 E. 46th Place in Denver. Slated for delivery in spring 2022, Central Park Logistics Center will feature two buildings offering a total of 695,899 square feet of last-mile warehouse and industrial space. The buildings will feature 32-foot and 36-foot clear heights, cross-dock and front-park/rear-load designs, TPO cool roofs, clerestory windows, ESFR sprinkler systems, modern truck courts with ample car and trailer parking, and speculative office space completed with core and shell construction. Building 1, which will be located at 9300 E. 46th Place, will total 201,501 square feet, divisible down to 35,000 square feet. Building 2, located at 9400 E. 46th Place, will total 494,398 square feet, divisible down to 75,000 square feet. Ware Malcomb is serving as project architect and Brinkman Construction is the general contractor. Mike Wafer and Mike Wafer Jr. of Newmark are exclusive leasing agents for the project.

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AcquisitionsCaliforniaIndustrialWestern

Avison Young Negotiates Acquisition of 156,937 SF Gifford Business Park in San Bernardino, California

by Amy Works

SAN BERNARDINO, CALIF. — Avison Young has arranged the purchase of Gifford Business Park, a multi-tenant industrial property in San Bernardino. A Southern California-based private investor acquired the asset from Phoenix-based Gifford Business Park LLC for $21.1 million. Alan Pekarcik and Chris Smith of Avison Young represented the buyer in the transaction. Built in 1989 on 11.5 acres, the seven-building property features 156,937 square feet of industrial space. At the close of escrow, the property was 95 percent occupied by 35 tenants. The asset is located at 750-760 E. Central Ave. and 765-791 S. Gifford Ave.

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AcquisitionsIndustrialTexas

MAG Capital Partners Sells 124,417 SF Industrial Property in Longview, Texas

by Taylor Williams

LONGVIEW, TEXAS — MAG Capital Partners has sold a 124,417-square-foot industrial property in Longview, about 120 miles east of Dallas, that houses the headquarters and production facilities of M. Roberts Media. The property is located within an Opportunity Zone and has an available parcel for future development. Los Angeles-based investment firm DWG Capital Partners purchased the asset for an undisclosed price.

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IndustrialLeasing ActivityLee & AssociatesTexas

Lee & Associates Negotiates 123,269 SF Industrial Lease in The Colony, Texas

by Taylor Williams

THE COLONY, TEXAS — Lee & Associates has negotiated a 123,269-square-foot industrial lease at 2001 Midway Road in the northern Dallas suburb of The Colony. According to LoopNet Inc., the property features a rear-load configuration and 168 car parking spaces. Johnny Anderson, Adam Graham and Mark Graybill of Lee & Associates represented the landlord, First Industrial Texas, in the lease negotiations. The name and representative of the tenant were not disclosed.

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AcquisitionsIllinoisIndustrialMidwest

Colliers Brokers Sale of Two-Building Industrial Facility Near O’Hare Airport

by Kristin Harlow

DES PLAINES, ILL. — Colliers Chicago has brokered the sale of the CEVA O’Hare Distribution Complex, a two-building industrial facility totaling 228,603 square feet in Des Plaines, a Chicago suburb just north of the O’Hare International Airport. The sales price was undisclosed. CEVA Logistics, a global logistics and supply chain company, uses the facility for distribution and sorting. The property is located on Mount Prospect Road. Jeff Devine and Steve Disse of Colliers represented the seller, James Campbell Co. California-based LBA Realty was the buyer.

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