NEW HAVEN, IND. — Sauder Woodworking Co. has signed a 100,000-square-foot industrial lease at Building B within Cedar Oak Industrial Park in New Haven, just east of Fort Wayne. Located at 10651 Rose Ave., the building is the final space to be leased within the industrial park. Bill Drinkall and Brook Steed of Bradley Co. represented ownership in the lease transaction. Sauder is a producer of ready-to-assemble furniture and plans to bring 50 new jobs to New Haven.
CBRE Global Investors, Trammell Crow to Develop 606,343 SF Logistics Facility in Northern California
TRACY, CALIF. — CBRE Global Investors has purchased a 29.3-acre site located at 1205 E. Grant Line Road in Tracy for the development of a logistics center. The investment firm will partner with Trammell Crow Co. to develop the 606,343-square-foot facility. Construction is slated to begin in early 2022, with completion scheduled for first quarter 2023. The distribution facility will feature 40-foot clear heights, 185-foot truck courts, 56-foot by 60-foot column spacing, LED and sky lighting and an ESFR sprinkler system. HPA is serving as architect of record and Big-D Construction is the general contractor.
GLENDALE, ARIZ. — St. Louis, Mo.-based US Capital Development has broken ground on its first development in Arizona. The first phase of Falcon Park 303 will comprise a 599,468-square-foot speculative industrial building on 36.7 acres along Camelback Road at 152nd Avenue in Glendale. The building will feature 40-foot clear heights, 92 dock-height loading doors and four drive-in loading doors. The building, which is divisible by half, is slated for completion by August 2022. The project team includes Willmeng Construction, Gray Design Group and Hilgart Wilson. Andy Markham, Mike Haenel and Phil Haenel of Cushman & Wakefield are handling leasing for the development.
STAMFORD, CONN. — Boston-based mortgage banking firm EagleBridge Capital has arranged a $14.5 million permanent loan for a 140,000-square-foot industrial flex property in Stamford, located in the southern coastal part of the state. The property consists of six warehouse buildings that include office space and that range in size from 3,800 to 45,150 square feet. Tenants include CenturyLink, Lowa Boots, Site One, Kaster Moving and Alba Stone. Brian Walsh of EagleBridge Capital arranged the loan through an undisclosed national bank. The borrower was also not disclosed.
AUSTIN, TEXAS — CBRE has negotiated the sale of Harris Ridge Business Center, a 387,838-square-foot industrial park in North Austin. Harris Ridge consists of five buildings that were constructed in phases between 2008 and 2021. The park was fully leased at the time of sale to a roster of 11 tenants with an average suite size of 32,392 square feet. Boston-based TA Realty purchased the property from Austin-based HPI Real Estate Services for an undisclosed price. Randy Baird, Jonathan Bryan, Ryan Thornton and Eliza Bachhuber of CBRE brokered the deal on behalf of HPI.
KNIGHTDALE, N.C. — Frampton Construction Co. LLC has broken ground on the final building within Eastgate 540, an industrial park in the Raleigh suburb of Knightdale. The facility is the seventh building in the park and the fourth built by Frampton. Eastgate 540’s final building will be a 204,000-square-foot industrial facility with features including 32-foot clear heights, 50 dock doors and two drive-in doors. The property will feature concrete tilt walls and a structural steel frame. Eastgate 540 is located beside Interstate 540 in Raleigh’s East Wake submarket and totals 1.2 million square feet. The developer, Trinity Capital Advisors, has sold three buildings at Eastgate 540, and there are agreements in place for the disposition of the four remaining buildings once construction and delivery near completion. Merriman Schmitt Architects completed the design for the buildings, and Advanced Civil Design Inc. provided civil engineering services. Construction for the final building is expected to finish in May 2022.
BRIDGEWATER, N.J. — Cushman & Wakefield has brokered the sale of two industrial buildings totaling 204,000 square feet that are located in the Northern New Jersey community of Bridgewater. Both buildings feature cross-dock configurations and clear heights of 23 feet and were fully leased at the time of sale. A Cushman & Wakefield team of Gary Gabriel, David Bernhaut, Kyle Schmidt and Seth Zuidema represented the seller, Camber Real Estate Partners, and procured the buyer, High Street Logistics Properties, in the transaction. The sales price was not disclosed.
PENNSAUKEN, N.J. — Colliers International has negotiated a 63,347-square-foot industrial lease at 6901 N. Crescent Blvd. in Pennsauken, located in Southern New Jersey. Ian Richman and Marc Isdaner of Colliers represented the landlord, Velocity Venture Partners, in the transaction. Scott Mertz of NAI Mertz represented the tenant, TopPop, a provider of packaging for frozen alcoholic beverages. TopPop expects its new facility to be operational by January.
Momentum in the local industrial market has been maintained because of Memphis’ world-class infrastructure offering the “four Rs” of transportation: river, road, rail and runway. Thanks to Memphis’ central location, truck freight can reach 65 percent of the nation’s population in 24 hours. The Port of Memphis is the fifth-largest inland port in the United States and an east-west highway spans the width of the country. As home to FedEx Global Headquarters and a UPS hub, Memphis International Airport surpassed Hong Kong International Airport this year as the busiest cargo airport in the world. The direct vacancy rate of the metro industrial market went from 6.5 percent in 2020 to 4.8 percent by mid-2021. Currently, there is 13.7 million square feet of inventory under construction with over 75 percent of it being speculative. The demand and recent growth continue to improve in 2021. Net absorption is above 5.3 million square feet with tenants like Yeti, Walgreens, Hamilton Beach and Amazon moving into new facilities mid-year. Rents have also continued to rise faster than the national average in many years. The average rent growth over the past 12 months is 6.9 percent, or $4 per square foot. Large preleased facilities are …
SALISBURY, N.C. — NorthPoint Development has purchased around 40 acres in Salisbury, about 36.5 miles north of Charlotte. NorthPoint bought the land in order to build I-85 Commerce Center, a speculative industrial project that will total 676,000 square feet. The seller and sales price were not disclosed. I-85 Commerce Center will feature 40-foot ceilings, 185-foot truck courts, auto and trailer parking, as well as immediate access to Interstate 85. The project is slated for completion by summer 2022. Avison Young will be in charge of leasing once the property is finished.