AMARILLO, TEXAS — Amazon (NASDAQ: AMZ) has announced plans to open a 1 million-square-foot fulfillment center in Amarillo, its first in the northwest Texas city, in a move that is expected to create about 500 new full-time jobs. Citing an announcement from the Amarillo Economic Development Corp., local news outlet KFDA reports that the facility will be located at the corner of Northeast 24th Avenue and Loop 335 and will generate approximately $35 million in economic impact. The opening is slated for early 2022. The developer was not disclosed.
MIDDLEBURG HEIGHTS, OHIO — Owner and developer The Dickman Co. Inc. is nearing completion of a $9 million speculative industrial project in Middleburg Heights, a southern suburb of Cleveland. Terry Coyne of Newmark is representing Milwaukee-based Dickman in leasing efforts. The 125,500-square-foot project is now 90 percent pre-leased. Forward Air has leased 52,500 square feet and Lasership has signed for 63,000 square feet. There are 10,000 square feet remaining available for lease. Completion of the project is slated for the end of the second quarter. Building features include a clear height of 28 feet, multiple docks and drive-in doors, and ample employee and trailer parking.
HANOVER TOWNSHIP, PA. — Locally based developer J.G. Petrucci has signed wholesale redistribution firm RJ Schinner to a 160,000-square-foot, full-building industrial lease at Lehigh Valley Flex Center campus in Hanover Township. The tenant will relocate from an 80,000-square-foot space in nearby Bethlehem. Van Martin Brokerage represented RJ Schinner in the lease negotiations.
ANDOVER, MASS. — Tampa-based SkyView Advisors has arranged the sale of a 470-unit self-storage facility located at 17 Dundee Park Drive in Andover, a northern suburb of Boston. The property is situated on 1.5 acres and spans 65,836 net rentable square feet. Richard Riddle and Ryan Clark of SkyView Advisors represented the seller in the transaction. Additional terms of sale were not disclosed.
By Brian Pinch, managing director, Newmark On a national level, the industrial market continues to perform well amidst the coronavirus-induced market correction that has impacted other asset classes. Industrial fundamentals ended 2020 on solid footing, with outsized demand, rising rents and a healthy supply pipeline. Despite the impacts of COVID-19, key logistics hubs like Los Angeles and the Inland Empire are doing well, as are smaller metros like Boston. The continued shift towards e-commerce and online shopping, as well as a greater emphasis on strong distribution networks and supply chains, are driving activity within tertiary markets as well. Combined with sustained cap rate compression, such positive fundamentals have led to increased investor interest in the industrial asset class. Capital that was previously allocated for other property types is now flowing into the industrial market, and low interest rates are giving buyers increased purchasing power. As a result, pricing for industrial product continues to climb across many metros, including greater Boston. In fact, greater Boston’s industrial market maintains one of the most dynamic investment landscapes in the country, as historically tight vacancies and rapidly rising rents attract record levels of capital. Though the metro-wide vacancy rate is below 6 percent — …
GALVESTON, TEXAS — A public-private partnership between Royal Caribbean International and the Port of Galveston, located in Southeast Texas, is moving forward with development of a new $100 million cruise ship terminal. The partnership will develop the two-story property within an eastern section of the port known as Pier 10 and will harbor one of the Miami-based cruise line’s largest ships, the Allure of the Seas. Construction of the facility, which will span approximately 170,000 square feet and 10 acres, is set to begin in April for completion in fall 2022. The project was originally announced in December 2019. At that time, construction was expected to begin in April 2020 and wrap up in fall 2021. Those plans were significantly delayed by the outbreak of COVID-19, which hurt the cruise industry as part of the larger hospitality sector. The facility will feature state-of-the-art technology, including mobile check-in and facial recognition platforms to expedite guests’ arrival. The plans also include a staging and loading area; bus and taxi staging areas; and substantial parking space. The terminal is designed to meet LEED certification standards. The partnership between Royal Caribbean and the Port of Galveston dates back to 2002, when the luxury cruise …
THOUSAND OAKS, CALIF. — Irvine, Calif.-based Sares Regis Group has started construction of Conejo Spectrum Gateway, a two-building speculative industrial park at the intersection of Rancho Conejo Boulevard and Lawrence Drive in Thousand Oaks. The two new buildings will offer a total of 172,516 square feet of for-lease space between an 88,946-square-foot facility at 1515 Rancho Conejo Blvd. and an 83,570-square-foot building at 1489 Lawrence Drive. The 1515 Rancho Conejo building will offer a 5,554-square-foot office space, 17 dock-high doors, two ground-level doors, 30-foot clear heights, 1,200 amps (expandable), 277-480 volts, three-phase power, 201 parking stalls, 28 electric vehicle stalls and 17 bicycle parking stalls. The facility at 1489 Lawrence Drive will offer a 5,586-square-foot office area, 15 dock-high doors, two ground-level doors, 172 parking stalls, 11 electric vehicle stalls, 14 bicycle stalls, 1,200 amps, 299-480 volts and three-phase power. Grading is complete for the two buildings and vertical construction is underway. Both buildings are available for lease now and will be ready for tenant build-out in the third quarter. Tom Dwyer and Bennett Robison of CBRE represented Sares Regis Group.
LOS ANGELES — JLL Capital Markets has arranged a $140 million credit facility with the ability to expand up to $215 million for Los Angeles-based InSite Property Group. The facility will fund InSite’s development pipeline of Class A self-storage facilities across the nation. ACORE Capital provided the floating-rate loan, which was arranged by Bill Fishel, Matt Stewart and Chad Morgan of JLL Capital Markets, along with Brian Somoza, Steve Mellon and Griffin Guthneck of JLL’s national self-storage team. The financing is part of the InSite’s ongoing acquisition, development and repositioning strategy that includes a pipeline of 40 projects totaling nearly 5 million square feet of core, Class A product in infill markets across the United States. The company operates facilities under the Secure Space Self Storage brand.
PALMETTO, GA. — MCB Real Estate LLC, a private Baltimore-based commercial real estate development and investment firm, has signed SBS Transportation to a new lease for a 1 million-square-foot, newly built logistics center in Palmetto. The global shipping and logistics solutions firm will utilize the space for storage, distribution and minor assembly of power sports vehicles, such as ATVs, recreation vehicles and jet skis. Located 25 miles south of Atlanta, the logistics center is situated at 1015 Collinsworth Road with direct access to Interstate 85. The property is located within five miles of a CSX Intermodal Terminal in Fairburn and 15 miles of Hartsfield-Jackson Atlanta International Airport. Mark Hawks and Todd Barton of CBRE represented the landlord in the lease transaction. Mike Sutter of Lee & Associates represented the tenant. Headquartered in St Paul, Minn., SBS Transportation has 11 locations across the United States and four along the East Coast.
LAKE ZURICH, ILL. — Marcus & Millichap has arranged the $4.1 million sale of a 58,955-square-foot industrial flex building in Lake Zurich, a northwest suburb of Chicago. Situated on Oakwood Road, the property is leased to 10 tenants. Peter Doughty of Marcus & Millichap marketed the building on behalf of the seller, a private investor. Anthony Catanese and James Ziegler of Marcus & Millichap secured and represented the buyer, a private investor completing a 1031 exchange. Frank Montalto and Dean Giannakopoulos of Marcus & Millichap Capital Corp. assisted the buyer in obtaining acquisition financing.