Industrial

OPEX Buys 115,422 SF Industrial Building in Moorestown, New Jersey

by Taylor Williams November 4, 2021

MOORESTOWN, N.J. —OPEX, a manufacturer of automated machines, has purchased a 115,422-square-foot industrial building at 1224 N. Main St. in the Southern New Jersey city of Moorestown. Situated on eight acres, the property features a clear height of 22 feet and 12 loading docks, as well as proximity to Interstate 295, the New Jersey Turnpike and State Route 38. Scott Mertz of NAI Mertz represented the buyer, which will also occupy the building, in the transaction. The seller was Northbridge Partners.

November 4, 2021

Acquisitions Industrial Mississippi Southeast Tennessee

Industrial Logistics Properties Trust Buys Three Industrial Assets in Metro Memphis for $100M

by Julia Sanders November 4, 2021

MEMPHIS, TENN. AND SOUTHAVEN, MISS. — Newton, Mass.-based Industrial Logistics Properties Trust, managed by The RMR Group, has purchased a portfolio of three industrial properties in the Memphis area for a total of $100 million. The three properties span a combined 1.3 million square feet. Casey Masters and Stewart Calhoun of Cushman & Wakefield brokered the transaction. The seller(s) was not disclosed. One of the properties includes a 246,564-square-foot industrial asset located at 481 Airport Industrial Drive in Southaven. The property was built in 2008 and includes 193 auto parking spaces and 40 trailer parking spaces. The next property was a 602,500-square-foot industrial asset located at 8474 Market Place Drive in Southaven. Built in 2004, the property features 251 auto parking spaces. Lastly, there was a 437,940-square-foot property situated at 6380 E. Holmes Road in Memphis. The property was built in 2004 and includes 767 auto parking spaces and 70 trailer parking spaces. The buildings were fully leased to five tenants at the time of sale. Additionally, the properties are located near several highways such as Interstates 69 and 78.

November 4, 2021

Acquisitions Industrial Top Stories

EQT Exeter Sells 328-Property, 70.5 MSF Industrial Portfolio for $6.8B

by Katie Sloan November 4, 2021

CONSHOHOCKEN, PA. — EQT Exeter has sold a portfolio of 328 industrial properties for $6.8 billion on behalf of its private real estate funds, EQT Exeter Industrial Value Fund IV and related investment vehicles. The properties span 70.5 million square feet across the state of New York; Dallas; Atlanta; Chicago; Los Angeles; Memphis, Tenn.; Indianapolis; Columbus, Ohio; and Louisville, Ky. The portfolio consists primarily of logistics properties serving major corporations, including facilities for big box regional distribution, e-commerce fulfillment and last-mile distribution. EQT Exeter — which was formed earlier this year when Swedish private equity firm EQT AB acquired Exeter Property Group for $1.9 billion — assembled the portfolio through a mix of development and acquisitions. The company developed 15 million square feet of the portfolio, with 7 million square feet still under construction, and acquired the balance through 100 transactions over the course of the past three years. The portfolio was 95 percent occupied at the time of sale. The buyer — an undisclosed group led by an Asian sovereign-wealth fund, according to reports by The Wall Street Journal — was procured by Eastdil Secured. EQT Exeter will continue to operate and manage the properties as part of the transaction. …

November 4, 2021

Acquisitions Industrial Midwest Minnesota

MDH Partners Purchases 285,582 SF Industrial Facility in Rogers, Minnesota

by Kristin Harlow November 3, 2021

ROGERS, MINN. — MDH Partners has purchased Rogers Logistics Center for an undisclosed price. The 285,582-square-foot industrial facility is located at 20000 S. Diamond Lake Road in Rogers, a northwest suburb of Minneapolis. Constructed in 2004, Rogers Logistics Center features a clear height of 32 feet, 33 exterior docks and 215 car parking spaces. Developed as a build-to-suit for Archway Marketing Services Inc., the property has been fully occupied since completion. Archway’s current lease runs through January 2026. Judd Welliver and Bentley Smith of CBRE represented the undisclosed seller. The acquisition marks the first purchase in Minnesota for Atlanta-based MDH. Houston Hawley of MDH led the acquisition on behalf of the firm.

November 3, 2021

Development Industrial Iowa Midwest

Russell Breaks Ground on First Building at 95-Acre Industrial Park in Davenport, Iowa

by Kristin Harlow November 3, 2021

DAVENPORT, IOWA — Iowa-based construction and development firm Russell has broken ground on the first building at Russell Industrial Park in Davenport, one of the Quad Cities. The 251,100-square-foot building is a build-to-suit for an undisclosed tenant. The building marks the first of six anticipated projects at the 95-acre site. Russell plans to soon break ground on the second building, a 300,000-square-foot speculative project slated for completion in the fourth quarter of 2022. Marcus Pitts, Michael Minard and Austin Hedstrom of JLL represented Russell in the build-to-suit lease.

November 3, 2021

Industrial Leasing Activity Michigan Midwest

Vintage King Audio Signs 17,220 SF Industrial Lease in Troy, Michigan

by Kristin Harlow November 3, 2021

TROY, MICH. — Vintage King Audio has signed a 17,220-square-foot industrial lease at 2032 Heide St. in Troy. Sean Jamian of Dominion Real Estate Advisors LLC represented the undisclosed landlord in the seven-year lease. Sam McLean of Team Core represented the tenant, which is an audio-visual equipment supplier.

November 3, 2021

Acquisitions Industrial New Jersey Northeast

Cushman & Wakefield Brokers Sale of 400,000 SF Industrial Facility in Middlesex, New Jersey

by Taylor Williams November 3, 2021

MIDDLESEX, N.J. — Cushman & Wakefield has brokered the sale of a 400,000-square-foot industrial facility in Middlesex, about 40 miles southwest of New York City. Built on 30.3 acres in 2021, the property offers a clear height of 36 feet, 38 loading positions, 334 car and 281 van parks and 130-foot truck court depths. Gary Gabriel, Kyle Schmidt, David Bernhaut, Ryan Larkin, Jules Nissim and Kimberly Bach of Cushman & Wakefield represented the seller, Rockefeller Group, in the transaction. A fund sponsored by CBRE Investment Management acquired the asset for an undisclosed price.

November 3, 2021

Acquisitions Industrial Nevada Western

Applied Medical Resources Acquires 33,787 SF Industrial Warehouse in North Las Vegas

by Amy Works November 3, 2021

NORTH LAS VEGAS, NEV. — Applied Medical Resources Corp. has purchased an industrial facility located at 3955 N. Pecos Road in North Las Vegas. Aria Investments sold the asset for $5.3 million. Dean Willmore, Alex Stanisic, Mike Willmore and Lauren Willmore of CBRE represented the seller in the deal. Built in 2006, the 33,787-square-foot warehouse features 24-foot clear heights, seven private offices, two dock-high loading doors, three grade-level loading doors, a paved, fenced yard and a 50-stall parking lot.

November 3, 2021

Development Georgia Industrial Office Southeast

Joint Venture to Redevelop 35,500 SF Warehouse in Metro Atlanta into Office Space

by Julia Sanders November 2, 2021

CHAMBLEE, GA. — A joint venture between Seven Oaks Co. LLC and Packard Capital LLC have plans to redevelop 2135 American Industrial Way, a 35,500-square-foot warehouse in downtown Chamblee. Slated for completion by June 2022, the two-acre site and single-story building will be redeveloped into creative office space. The 2135 American Industrial Way building, which served as a warehouse for an event rental company and an antique showroom that provided movie props, will include a 1,200-square-foot covered front patio, an outdoor beer garden-style seating area and a dedicated food truck parking place. The interior will feature a furnished lobby with roll-up garage doors connected to the front patio, façade windows, the ability to add exterior access points and the option to modify windows to allow for open and close functionality. Winter Construction Co. will serve as the general contractor, and Aileen Almassy and Andy Sumlin of Cushman & Wakefield will oversee leasing efforts. S/L/A/M Collaborative is the designer for the building. Kimley-Horn is completing the civil and engineering design work, and Atlantic Capital Bank is providing construction debt financing.

November 2, 2021

Development Industrial Texas

Rosewood, Champion Begin Work on 610,000 SF Spec Industrial Project in Metro Dallas

by Taylor Williams November 2, 2021

WILMER, TEXAS — A partnership between two locally based developers, Rosewood Property Co. and Champion Partners, has begun construction on Tradepoint 45 East, a 610,000-square-foot speculative industrial project located in the southern Dallas suburb of Wilmer. Tradepoint 45 East will feature 40-foot clear heights, 112 dock doors and 215 trailer stalls. Pross Design Group is the project architect, and Kimley-Horn is the civil engineer. The Conlan Co. is the general contractor, and Veritex Community Bank provided construction financing. Stream Realty Partners is marketing the building for lease. Construction is slated for a third-quarter 2022 completion.

November 2, 2021

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