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Industrial

IllinoisIndustrialLeasing ActivityMidwest

Venture One Completes Lease-Up of Crossroads 55 in Channahon, Illinois

by Kristin Harlow

CHANNAHON, ILL. — Venture One Real Estate’s Crossroads 55 Business Park in Channahon is now fully leased. CJ Logistics America recently took occupancy of a 1 million-square-foot facility located at 24101 S. Frontage Road, about 13 miles southwest of Joliet. Additionally, Venture One recently began development of a 1.3 million-square-foot build-to-suit for Scotts Miracle-Gro, which will be located at 24231 S. Exchange Blvd. Clayco is building the facility, which is slated for completion in the fourth quarter. The remaining 1.1 million square feet of Crossroads 55 is leased to an undisclosed e-commerce company. Lynn Reich and Suzanne Serino of Colliers International represented CJ Logistics while David Prell and Phililp Pelok of CBRE represented Scotts Miracle-Gro. Jim Estus and Brian Kling of Colliers represented ownership.

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AcquisitionsIndianaIndustrialMidwestOffice

SomeraRoad Acquires Majority Stake in Historic Stutz Factory in Indianapolis, Plans Redevelopment

by Kristin Harlow

INDIANAPOLIS — SomeraRoad, a New York City and Nashville-based real estate firm specializing in restoring and modernizing historic properties, has acquired the majority stake in the historic Stutz Factory in downtown Indianapolis for an undisclosed price. The company will embark on a long-term redevelopment and modernization plan for the 400,000-square-foot property. The seller, Turner Woodard, will retain a minority ownership position and consult on the redevelopment efforts. Woodard, an Indianapolis resident and adaptive reuse developer, has owned the Stutz Factory since 1992. The multi-building property was originally built in 1912 as the home of the Stutz Motor Car Co. It is currently home to more than 200 art studios and specialty businesses. Stutz was an American producer of high-end sports and luxury cars. Stutz manufactured its last car in 1934 and the company closed in 1937. Colliers International has been retained as property manager.

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DevelopmentIllinoisIndustrialMidwest

Midwest Industrial Funds, PCCP to Develop $50M Industrial Project in Palatine, Illinois

by Kristin Harlow

PALATINE, ILL. — Midwest Industrial Funds (MIF) and its joint venture partner PCCP have purchased a 25-acre site on Sellstrom Drive in Palatine, a northwestern suburb of Chicago. The developers are building a $50 million speculative industrial project spanning two buildings and 428,000 square feet. It will be branded as Palatine Corporate Center. Demolition of three existing buildings at the site will commence in February. Completion of the new buildings is slated for the fourth quarter of this year. Steve Trapp and Sam Durkin of JLL represented the undisclosed seller. The duo has also been retained by MIF to market the new buildings for lease. MIF’s in-house construction arm, MIF Construction LLC, will serve as the general contractor. Harris Architects and Spaceco provided design services for the project.

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DevelopmentGeorgiaIndustrialSoutheast

CA Ventures Enters Partnership with AIG for 215,000 SF Industrial Development in Newnan, Georgia

by John Nelson

NEWNAN, GA. — CA Ventures has entered into a joint venture partnership with AIG to deliver a 215,000-square-foot, Class A light industrial facility in Newnan. The project, known as Coweta Business Center, will feature 32-foot clear heights, 200 auto parking spaces and up to 55 dock doors. The site is located adjacent to Interstate 85, less than one mile from the full diamond interchange at Exit 51. The joint venture partnership is planning to start construction later this year and finish construction in December. Wes Budd and Chris Irby of NAI Brannen Goddard represented CA in the acquisition of the land and will also be leasing the project. Mark Sixour, Dennis Mitchell, Matt Wirth and Britton Burdette of JLL Capital Markets arranged the joint venture partnership. CA Ventures, a Chicago-based firm, is a global real estate development and investment management company. AIG is a global finance and insurance firm based in New York City.

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DevelopmentIndustrialSoutheastTennesseeWalker & Dunlop

Walker & Dunlop Structures Equity for 171,000 SF Industrial Development in Nashville

by John Nelson

NASHVILLE, TENN. — Walker & Dunlop has structured joint venture equity for Myatt Drive Industrial, a 171,000-square-foot facility in Nashville. Heather McClure of Walker & Dunlop’s Capital Markets advised the client, CA South Development, in sourcing a joint venture partner, a Texas-based private equity fund, to fully capitalize the development. The project will be situated on 16 acres two miles south of Interstate 65 and 13 miles of downtown Nashville. The Class A development will have high-end office finishes and consists of 5-10 percent front office and 90 percent warehouse capacity in the rear. The transaction is Walker & Dunlop’s first deal with CA South, a women-owned industrial development firm based in Nashville.

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DevelopmentIndustrialTexas

Uzin Utz North America to Open $34M Manufacturing Plant in Waco

by Taylor Williams

WACO, TEXAS — Uzin Utz North America, a Colorado-based supplier of product installation systems for all types of flooring, will open a $34 million plant in Waco. The 125,000-square-foot facility will produce self-leveling compounds, thin set and grout material for tile installation, as well as patching compounds under the Uzin brand. The new facility will be located at the intersection of Mars Drive and Texas Central Parkway and will mark the third location in North America for the company, which is also a subsidiary of German chemical manufacturer Uzin Utz. A tentative opening date was not released.

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AcquisitionsIndianaIndustrialMidwest

JLL Brokers Sale of 660,384 SF Industrial Facility in Suburban Indianapolis

by Kristin Harlow

GREENFIELD, IND. — JLL Capital Markets has brokered the sale of Building I at Mount Comfort Logistics Center in Greenfield, a suburb of Indianapolis. The 660,384-square-foot industrial facility, built in 2020, is fully leased to an e-commerce tenant. Building I features include a clear height of 36 feet, 178 dock-high doors, two drive-in doors, LED lighting and both trailer and car parking. John Huguenard, Ed Halaburt and Jake Sturman of JLL represented the seller, Indianapolis-based Ambrose Property Group. The buyer information and sales price were undisclosed. Ambrose is underway on Building II at the industrial park, which is expected to span 2.2 million square feet upon completion.

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AcquisitionsIndustrialMidwestOhio

Marcus & Millichap Arranges $5.4M Sale of Whirlpool-Occupied Distribution Center in Fremont, Ohio

by Kristin Harlow

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.

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1715-W-Elliott-Rd-Gilbert-AZ
ArizonaDevelopmentIndustrialOfficeWestern

Graycor Completes 120,294 SSF Gilbert Spectrum V Flex Building in Arizona for Northrop Grumman

by Amy Works

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, …

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FeaturesHospitalityIndustrialMultifamilyOfficeRetailSoutheastSoutheast Feature Archive

COVID-19 Takes Heavy Toll on Commercial Property Values

by John Nelson

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 …

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