FREMONT, OHIO — Marcus & Millichap has arranged the $5.4 million sale of a Whirlpool-occupied distribution center in Fremont, about 35 miles southeast of Toledo. The 132,500-square-foot, net-leased property is located at 240 Norwest Drive. Whirlpool has fully occupied the building for more than 10 years. Dustin Javitch, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap secured and represented the buyer, a private investor. Buyer information was undisclosed.
GILBERT, ARIZ. — On behalf of SunCap Property Group, Graycor Construction Co. has completed Gilbert Spectrum V, a flex office and industrial building located at 1715 W. Elliott Road in Gilbert. The two-story, 120,294-square-foot building adds to the expansion of Northrop Grumman’s multi-building satellite manufacturing campus in Gilbert. The building features 15-foot floor-to-floor elevations; state-of-the-art interior common areas and workspaces; and an outdoor employee amenity area with landscaping, shade canopies and seating. Additionally, the building offers a flagstone veneer exterior accented with steel canopies and 602 covered and surface parking spaces, including four electric vehicle charging stations. Graycor is completing Northrop Grumman’s interior build-out of Building V in two phases, with final delivery scheduled during first-quarter 2021. Balmer Architectural Group is serving as the building architect and Gensler is the tenant improvement architect. Bowman Consulting Group is serving as civil engineer. Gilbert Spectrum Building V is the latest property completed by SunCap and Graycor at the 63-acre Gilbert Spectrum Business Park. Already completed buildings include Northrop Grumman’s original 58,289-square-foot office building (delivered in 2017) and a 135,745-square-foot, 32-foot clear height manufacturing building leased to off-road vehicle supplier SDHQ Off Road, Pella Windows and disinfectant wipe manufacturer GPMI. At build out, …
By Brian Morrissey, Esq. and Lisa Stuckey, Esq. of Ragsdale Beals Seigler Patterson & Gray LLP Few commercial properties emerged with unscathed values from the harsh economic climate of 2020. Yet Georgia and many jurisdictions like it valued commercial real estate for property taxation that year with a valuation date of Jan. 1, 2020 — nearly three months before COVID-19 thrust the U.S. economy into turmoil. This means governments taxed commercial properties for all of 2020 on values that ignored the severe economic consequences those properties endured for more than 75 percent of the calendar year. When property owners begin to receive notices of 2021 assessments, which Georgia assessors typically mail out in April through June each year, property owners can at last seek to lighten their tax burden by arguing for reduced assessments. The pandemic hurt some real estate types more than others, however, and with both short-term effects and some that may continue to depress asset values for years. For taxpayers contesting their assessments, the challenge will be to show the combination of COVID-19 consequences affecting their property, and the extent of resulting value losses. The experiences of 2020 can serve as a roadmap for valuations in the …
HAGERSTOWN, MD. — JLL has arranged the sale of a 70-acre industrial development site that is located at the intersection of Interstates 81 and 70 in Hagerstown, near the Pennsylvania and West Virginia borders. JLL worked on behalf of the seller, Washco Management. Penzance, a real estate investment firm in the greater Washington, D.C., metropolitan area, purchased the fully entitled site. Additionally, JLL has been engaged to source construction financing and lease the property on behalf of the developer, which will begin construction of an 825,000-square-foot Class A distribution building on the site this spring. The property is part of the I-81 Corridor Industrial market, which encompasses Berkeley County, W.Va.; Frederick and Winchester Counties in Virginia; and Washington County, Md. The site is close to four major seaports on the East Coast and will have auto and trailer parking upon completion. The JLL Capital Markets Investment Advisory team representing the seller included Jay Wellschlager, Bruce Strasburg, Craig Childs and Elizabeth Runge. Dave Dannenfelser and Tyler Boykin of JLL provided local market expertise, and Michael Moorehead of JLL provided guidance on site and development costs. Rob Carey, Susan Carras and Paul Spellman of JLL’s debt placement team is arranging financing on …
BROOKSHIRE, TEXAS — Miami-based Exan Capital has acquired a 1 million-square-foot fulfillment center in the western Houston suburb of Brookshire that is fully leased to an investment-grade e-commerce user. Multiple news outlets, including the Houston Business Journal, report that the tenant is Amazon. The property was built on 84 acres in 2018 and features 36-foot clear heights, 100 dock-high doors, an ESFR sprinkler system and ample parking for trailers and the facility’s 1,600 employees. Trent Agnew, Rusty Tamlyn, Charles Strauss, Tom Weber and Jack Britton of JLL represented the seller, a publicly traded REIT, in the transaction. Colby Mueck, Michael Johnson and Molly Leinsdorf of JLL arranged a five-year, fixed-rate acquisition loan through New York Life on behalf of the new owner.
HOUSTON — Public Storage (NYSE: PSA) has opened a 1,101-unit self-storage facility at 2055 Hayes Road in West Houston. The site previously housed a self-storage property that was demolished to make way for the new 125,000-square-foot facility. Triad Construction Inc. served as the general contractor for the three-story project, which was completed in less than 10 months.
KANSAS CITY, MO. — Logoplaste, a designer and manufacturer of plastic packaging products, has leased 160,000 square feet of industrial space in Kansas City’s Executive Park. The property is located at 6900 Stilwell St. Mark Long, David Zimmer and John Hassler of Newmark Zimmer represented the undisclosed landlord in the lease transaction. Daniel Jensen of Kessinger Hunter and Britt Casey of Cushman & Wakefield represented the tenant.
SOUDERTON, PA. — Cronheim Mortgage has arranged a $14 million bridge loan for 209 Commerce Center, a 176,500-square-foot industrial property in Souderton, about 35 miles northwest of Philadelphia. The newly built property features 32-foot clear heights and 29 loading docks and was vacant at the time of the loan closing. A national bridge lender provided the loan on behalf of the undisclosed borrower. The loan was structured with an earn-out provision that will allow the sponsor to recoup some equity once the property leases up.
INDIANAPOLIS — Citimark has acquired the former headquarters of hhgregg Inc. and announced plans to redevelop the 27-acre property on the far north side of Indianapolis. Citimark hasn’t unveiled full plans yet, but says it is considering single or multi-tenant flex, industrial and last-mile uses while preserving the flexibility for some retail out-lots. Appliance, electronics and furniture retailer hhgregg declared bankruptcy and liquidated all its assets in 2017, including closing its 220 stores and laying off more than 5,000 workers. The 400,000-square-foot headquarters, which featured office, industrial and showroom buildings, has sat vacant since then. The property’s unique shell design, with an open-air courtyard that can accommodate 200 cars, may have slowed the sale process. In January of 2019, national car dealer Napleton Auto Group kicked the tires on the property as a potential Kia dealership, before backing out later in the month, according to the Indiana Business Journal. Local contractor Deem LLC considered purchasing the property, but pulled out of the deal in November 2020, reported the Journal. Ultimately, Citimark emerged as the buyer in late December, paying $14 million for the asset. Alex Cantu with Colliers Indianapolis assisted Citimark with the purchase. Colliers Indianapolis brokers Jimmy Cohoat and …
By Jake Corrigan, Sansone Group As we reflect on the tumultuous year of 2020 and the COVID-19 restrictions that decimated the retail real estate sector, those of us on the industrial side of the equation are breathing a sigh of relief. While there have been small pockets of industrial users and owners that have been adversely affected, the industrial market has remained strong as a sector. We anticipate this trend to continue. Statistics continue to show the conversion of the brick-and-mortar shopper to online is on the fast track. In the last 10 years, the meteoric shift to online shopping has increased from 7 percent in 2010 to just under 25 percent at the end of 2020, according to the U.S. Census Bureau. COVID-19 has forced the otherwise reluctant online shopper to shop for goods they had never thought to have delivered to their door. As a result, online retailers have dramatically improved web-based interfacing and ease of shopping. Active development These realities have supply chain experts, third-party logistics (3PL) companies, owner/users, and of course, mega online retailers clamoring for blocks of vacant space to house their inventories. Developers active in the St. Louis metropolitan statistical area (MSA) …