Industrial

First Industrial Realty Breaks Ground on 2.5 MSF Industrial Park in Miami-Dade County

by Alex Tostado December 8, 2020

MEDLEY, FLA. — First Industrial Realty Trust has broken ground on First Park Miami, a 2.5 million-square-foot industrial campus in Medley. Phase I will comprise three buildings totaling 600,000 square feet. The facilities will feature 32- to 36-foot clear heights, ESFR sprinkler systems and 120- to 180-foot truck courts. Phase I is expected to be delivered in third-quarter 2021. Butters Construction & Development is the general contractor, while RLC Architects is the designer. At full buildout, First Park Miami will comprise 13 buildings spanning 2.5 million square feet. The property is situated on 126 acres along NW 87th Avenue between NW 80th and 90th streets, nine miles north of Miami International Airport and 14 miles northwest of PortMiami.

December 8, 2020

Development Industrial Maryland Self-Storage Southeast Virginia

Arcland Property Opens Two Self-Storage Facilities in Metro D.C.

by Alex Tostado December 8, 2020

RESTON, VA. AND KENSINGTON, MD. — Arcland Property Co. has opened two self-storage facilities totaling 2,414 units. The first property is located at 1808 Michael Faraday Court in Reston. The four-story building is situated 20 miles west of downtown Washington, D.C. The property offers 1,100 climate-controlled and drive-up units. According to property manager Self Storage Plus, rents at the facility range from $31 to $443 per month. The second property is located at 4900 Nicholson Court in Kensington, 12 miles north of downtown D.C. The asset offers 68 drive-up and 1,246 climate-controlled units. Rents at the location range from $28 to $434 per month. Self Storage Plus will manage both properties, marking the Washington, D.C.-based company’s 44th and 45th managed facilities.

December 8, 2020

Development Industrial Oklahoma Texas

Amazon to Open 1 MSF Fulfillment Center in Oklahoma City, Create 500 Jobs

by Taylor Williams December 8, 2020

OKLAHOMA CITY — Amazon (NASDAQ: AMZN) will open a 1 million-square-foot fulfillment center in Oklahoma City in a move that is expected to create about 500 new full-time jobs. The developer and location of the facility, which is expected to open some time in 2021, were not disclosed. Since 2010, Amazon has created more than 4,000 jobs in Oklahoma and invested more than $650 million across the state, including infrastructure and compensation to its employees. The company also recently announced plans to open new facilities in metro Houston and Waco.

December 8, 2020

Acquisitions Industrial Texas

JLL Negotiates Sale of 155,425 SF Park Row Logistics Center in Arlington

by Taylor Williams December 8, 2020

ARLINGTON, TEXAS — JLL has negotiated the sale of Park Row Logistics Center, a 155,425-square-foot industrial building in Arlington. Built on 9.2 acres in 2019, the property was fully leased to e-commerce servicer Mochila Fulfillment at the time of sale. Building features include 32-foot clear heights, 180-foot truck court depths and 28 trailer parking spaces. Dustin Volz, Stephen Bailey, Zach Riebe and Austin Ross of JLL represented the seller, a partnership between Stream Realty Partners and LaSalle Investment Management, in the deal. The buyer was New York-based Clarion Partners.

December 8, 2020

Development Industrial Michigan Midwest

Meridian Design Build Completes 320,988 SF Industrial Build-to-Suit in Southwest Michigan

by Kristin Harlow December 8, 2020

PORTAGE, MICH. — Meridian Design Build has completed construction of a 320,988-square-foot package sortation and distribution center in Portage within Southwest Michigan. Scannell Properties was the developer. The facility is a build-to-suit for an undisclosed provider of global shipping and information services. The building sits on 37.4 acres at 6701 Portage Road. The facility features 87 loading docks, eight drive-in doors and 10,441 square feet of office space. Precept LLC provided both architectural and structural design services while Paradigm Design handled the civil engineering work.

December 8, 2020

Acquisitions Industrial Utah Western

GPR Ventures Enters Utah Market, Acquires 49,234 SF Warehouse in West Jordan

by Amy Works December 8, 2020

WEST JORDAN, UTAH — GPR Ventures has entered the Utah market with the purchase of an industrial warehouse property situated on 3.6 acres in West Jordan. Terms of the transaction were not released. BC Technical, a diagnostic imaging solutions and services provider, occupies the 48,234-square-foot facility, which features a 35,632-square-foot manufacturing and assembly area and a 13,602-square-foot office space. The property offers raised floors with an anti-static covering throughout the office space to accommodate extensive wiring and fiber optics that run underneath, heavy-duty capacity HVAC systems, multiple climate-controlled computer areas with independent HVAC systems, high-efficiency fluorescent lighting and a sprinkler system that covers the entire building.

December 8, 2020

Acquisitions Industrial New Jersey Northeast

CenterPoint Buys 63,933 SF Industrial Building in Carlstadt, New Jersey

by Taylor Williams December 8, 2020

CARLSTADT, N.J. — Illinois-based investment firm CenterPoint has purchased a 63,933-square-foot industrial building in the Northern New Jersey city of Carlstadt. The property is situated on 7.8 acres and offers proximity to thoroughfares such as the New Jersey Turnpike and State Routes 80, 17 and 3. David Schechtman, Abie Kassin and David Benharouch of New York-based Meridian Capital represented the undisclosed seller in the transaction.

December 8, 2020

Acquisitions Colorado Industrial Western

Newmark Brokers Sale of 14,492 SF Industrial Property in Golden, Colorado

by Amy Works December 8, 2020

GOLDEN, COLO. — Newmark has arranged the sale and subsequent lease of a 14,492-square-foot flex industrial building located at 16360 Table Mountain Parkway in Golden. Bespoke Holdings Co. acquired the property for an undisclosed price. The name of the seller was not released. Fix-It 24/7 is relocating its headquarters from Arvada to the building in Golden. The property features six drive-in bays, 22-foot to 32-foot clear heights, industrial-grade electrical power, radiant-heated warehouse and trucking area, five finished offices and a modern welcome mezzanine. Additionally, the property features abundant parking and mountain views. Tenant improvements will include four additional executive offices and a conference room with an oversized garage door wall. Mike Viehmann of Newmark represented the buyer and tenant in the transaction.

December 8, 2020

Content Partner Features Industrial Lee & Associates Loans Office

Capital Markets Face Slowdown and Lender Scarcity

by Sarah Daniels December 8, 2020

The ability to find debt and equity financing for acquisitions and new development has been deeply affected by the coronavirus. Heading into 2020, there was plenty of inexpensive capital available to real estate investors and developers. The once wide field of potential lenders has shrunk significantly over the past nine months. And as for equity availability, it will be important in the coming months to be patient and diligent. REBusinessOnline recently spoke with Gary Sopko, senior vice president – structured finance/investment sales of Lee & Associates and principal at Baden Advisors (an affiliate of Lee & Associates) via video conference about his company’s approach to investment sales, debt financing and equity placement for commercial real estate clients in the midst of an unprecedented year. Sopko interprets what the lower loan volume across the board means for the commercial real estate industry, trends he’s seeing and his role in educating borrowers/clients on how to navigate this challenging time. Changing Lender Pools At the start of the pandemic, a variety of lenders were still ready, willing and able to lend; however, as the pandemic continued and shutdowns spread, the lender pool shrunk. Many private debt funds had to suspend lending for a …

December 8, 2020

Development Georgia Industrial Southeast

McCraney Breaks Ground on 1.3 MSF Spec Industrial Park Near Port of Savannah

by Alex Tostado December 7, 2020

GARDEN CITY, GA. — McCraney Property Co. has broken ground on Main Gate Logistics, a four-building, 1.3 million-square-foot industrial park in Garden City. The asset will be situated at 1 Prosperity Drive, eight miles west of the Garden City Terminal at the Port of Savannah. West Palm Beach, Fla.-based McCraney expects to deliver the first building in the third quarter of 2021 and be fully built out by the first quarter of 2022. The four buildings will feature ESFR sprinklers, LED lighting and a range of 180- to 195-foot truck courts, 32-foot to 36-foot clear heights, 54 to 96 docks and 41 to 124 trailer parking spaces. Evans Construction is the general contractor, and Ware Malcomb is the architect. All four buildings are being built on a speculative basis.

December 7, 2020

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