Industrial

DeBartolo, Location Finders International Sell 879,040 SF Warehouse in Monee, Illinois for $50.3M

by Kristin Harlow November 20, 2020

MONEE, ILL. — DeBartolo Development LLC and Location Finders International have sold an 879,040-square-foot warehouse in Monee, a southern suburb of Chicago, for $50.3 million. Dallas-based Hillwood, a Perot company, was the buyer. Located on 61 acres within Bailly Ridge Corporate Center, the facility is named Bailly Ridge 4. It features a clear height of 36 feet, 100 dock doors, four drive-in doors, 346 trailer stalls and up to 406 car parking stalls. Principle Construction Group completed construction of the property in November 2019. Bailly Ridge Corporate Center spans 412 acres. Notable tenants include Amazon, XPO Logistics and Hancock Tires.

November 20, 2020

Acquisitions California Industrial Western

Rexford Industrial Buys Two Industrial Properties in Southern California for $339.2M

by Amy Works November 20, 2020

WHITTIER AND SYLMAR, CALIF. — Rexford Industrial Realty has acquired two industrial assets in Southern California for a total consideration of $339.2 million. The acquisitions were funded using a combination of cash on hand, 1031 exchange proceeds from prior dispositions, assumption of existing debt and operating partnership units. The sellers in both cases were not disclosed. The company purchased Gateway Pointe Industrial Campus, a four-building complex located at 3963, 3931, 3735 and 3629 Workman Mill Road in Whittier for $296.6 million, or $300 per square foot. The 45.1-acre asset features four Class A industrial buildings totaling 989,195 square feet of space. The fully occupied complex features 32-foot clear heights at first bay, extensive dock-high loading, excess container parking and access to major transportation corridors. Additionally, Rexford acquired 13943-13955 Balboa Boulevard in Sylmar for $42.6 million, or $212 per square foot. Totaling 200,632 square feet, the property is fully occupied by three tenants.

November 20, 2020

Golden-Triangle-Logistics-North-Las-Vegas-NV

Industrial Leasing Activity Nevada Western

E-commerce Tech Company Expands to 350,528 SF Lease at Golden Triangle Logistics Center in North Las Vegas

by Amy Works November 20, 2020

NORTH LAS VEGAS, NEV. — Whitebox, a manufacturer and e-commerce marketplace and fulfillment partner for DTC brands, has expanded its lease at Golden Triangle Logistics Center in North Las Vegas. The company now occupies 350,528 square feet at the facility, located at 3049 E. Washburn Road. Baltimore-based Whitebox’s North Las Vegas facility consists of a freestanding building, which is part of Phase I of the Golden Triangle Logistics Center. Golden Triangle Industrial Park LLC is the developer of the project. Whitebox’s expansion in the Las Vegas area is reflective of the company’s growth in Southern Nevada. Revenue for Whitebox in first-quarter 2020 increased 40 percent compared to the same period in 2019 and its revenue increased another 78 percent from first-quarter 2020 to second-quarter 2020. Additionally, the company reports that its direct-to-consumer shipments soared to more than 300 percent over the first half of 2020 and had 141 percent growth year-over-year from 2018 to 2019. Golden Triangle Logistics Center is a 2.2 million-square-foot logistics/distribution project being developed on a speculative basis. Phase I will include two buildings comprising approximately 652,000 square feet with delivery slated for third-quarter 2020.

November 20, 2020

Acquisitions Industrial Loans North Carolina Southeast

PGIM Provides $120M Acquisition Loan for Industrial Portfolio in North Carolina

by Alex Tostado November 19, 2020

DURHAM AND GREENSBORO, N.C. — PGIM Real Estate has provided a $120 million acquisition loan for Patriot Park and Triangle Industrial Portfolio, two industrial campuses totaling 24 buildings in Durham and Greensboro, respectively. Blackstone Real Estate Income acquired the properties, which span nearly 3 million square feet. Tom Goodsite of PGIM originated the floating-rate loan on behalf of Blackstone. Patriot Park is located at 4032 Patriot Park and 2 Freedom Court on the edge of Research Triangle Park. The property comprises two buildings featuring 30-foot clear heights. Triangle Industrial Portfolio comprises six properties near Piedmont Triad International Airport. The list of properties was not disclosed, and the seller was not disclosed.

November 19, 2020

Industrial Kansas Leasing Activity Midwest

Schlage Lock Co. Renews 253,440 SF Industrial Lease in Olathe, Kansas

by Kristin Harlow November 19, 2020

OLATHE, KAN. — Schlage Lock Co. has renewed its 253,440-square-foot industrial lease at 2119 E. Kansas City Road in Olathe. Dan and Kurt Jensen of Kessinger Hunter represented the landlord, a fund managed by DRA Advisors LLC. Ed Elder of Colliers International represented Schlage, which is one of the nation’s largest producers of commercial and consumer locks. The building has convenient access to major highways and nearby logistics support services.

November 19, 2020

Acquisitions Industrial Michigan Midwest

Newmark Arranges 52,939 SF Sale-Leaseback of Manufacturing Facility in Michigan

by Kristin Harlow November 19, 2020

MANISTEE, MICH. — Newmark has arranged the sale-leaseback of a 52,939-square-foot manufacturing and distribution facility located at 201 Glocheski Drive in Manistee along Lake Michigan. The sales price was undisclosed. Andrew Sandquist, JC Asensio, Briggs Goldberg and Fred Liesveld of Newmark represented the seller and tenant, Amptech Inc. Agracel was the buyer. Agracel will assist Amptech in a potential expansion of the facility to support future growth objectives. Amptech specializes in the design, manufacturing and distribution of automotive lighting assemblies and industrial valves. Newmark’s Tyrell McGee provided data analysis for the sale.

November 19, 2020

Development Industrial Texas

Mesquite City Council Approves Zoning Change for 356,000 SF Industrial Project

by Taylor Williams November 19, 2020

MESQUITE, TEXAS — The City Council of Mesquite, located east of Dallas, has approved a zoning change for a 356,000-square-foot industrial project to be developed by Huntington Industrial Partners. The proposed development would consist of a 240,000-square-foot cross-dock building and a 116,600-square-foot front-load building. The proposed site of the project spans 22 acres on Military Parkway, east of Interstate 635.

November 19, 2020

Acquisitions Industrial Texas

RGH Real Estate Buys 412,000 SF Industrial Building in Comfort, Texas

by Taylor Williams November 19, 2020

COMFORT, TEXAS — RGH Real Estate Holdings LLC has purchased a 412,000-square-foot industrial building located at 1206 5th St. in Comfort, located northeast of San Antonio. According to LoopNet Inc., the single-tenant property was built in 2015 and features clear heights between 20 and 37 feet. Ryan Boozer, Jeremy Kelly, Lena Pierce, Mackenzie Ford and Kevin Cosgrove of Stream Realty Partners represented the buyer in the transaction. Russell Noll of Transwestern represented the seller, WINRE LLC.

November 19, 2020

Development Industrial Texas

TexAmericas Center Breaks Ground on 150,000 SF Spec Industrial Building in Texarkana

by Taylor Williams November 19, 2020

TEXARKANA, TEXAS — TexAmericas Center (TAC) has broken ground on a 150,000-square-foot speculative industrial building in Texarkana. The multi-tenant building will be situated on 24 acres and will feature 32-foot clear heights, one dock door per 5,000 square feet and two drive-in doors. Completion is scheduled for summer 2021. TAC owns and operates one of the largest mixed-use industrial parks in the United States, with roughly 12,000 development-ready acres and 3 million square feet of commercial and industrial product.

November 19, 2020

Acquisitions Arizona Industrial Western

Cohen Asset Management Sells Two Phoenix-Area Two Industrial Facilities for $45.3M

by Amy Works November 19, 2020

TOLLESON AND TEMPE, ARIZ. — Cohen Asset Management has completed the dispositions of two Class A industrial properties totaling 292,185 square feet. The dispositions fetched a combined total of $45.3 million across two transactions. Will Strong and Greer Oliver of Cushman & Wakefield’s National Industrial Advisory Group in Phoenix represented the seller in the deals. In the first transaction, KKR acquired a 249,904-square-foot warehouse/distribution facility located at 8313 W. Latham St. in Tolleson for $31.8 million. The single-tenant property is fully leased, on a long-term basis, to an international convenience store operator. A California-based high-net-worth family purchased a 42,281-square-foot Class A industrial/warehouse building located at 2077 E. University Drive in Tempe for $13.5 million. The single-tenant property is leased to a global electric vehicle and clean energy company.

November 19, 2020

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