GRAND PRAIRIE, TEXAS — Lee & Associates has negotiated a 146,748-square-foot industrial lease at 2750 114th St. in Grand Prairie, located roughly midway between Dallas and Fort Worth. According to LoopNet Inc., the property was built in 1998 and spans 196,012 square feet. Mark Graybill and Reed Parker of Lee & Associates represented the landlord, Prologis, in the lease negotiations. The representative of the tenant, third-party logistics firm Amplex Corp., was not disclosed.
PHARR, TEXAS — Marcus & Millichap has brokered the sale of Pharr Logistics Center, a 109,737-square-foot industrial building located in the Rio Grande Valley. The property was built on 7.7 acres in 1994 and was fully leased at the time of sale. Adam Abushagur of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a private equity firm. Both parties involved in the deal requested anonymity.
The calculus for which asset classes are likeliest to demonstrate strong growth continues to shift as the pandemic appears to be receding. Patterns in labor shortages, supply chain issues and material costs have managed to solidify through the third quarter of 2021. Lee & Associates’ newly released Q3 2021 North America Market Report dissects third-quarter 2021 industrial, office, retail and multifamily findings, with a focus on where demand is moving and the challenges facing each asset class. Lee & Associates has made the full market report available at this link (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city). Below is a bird’s-eye overview of four commercial real estate asset classes as general categories, broken down to frame each through the trends and complications they faced up to the fourth quarter, according to Lee & Associates’ research. Industrial: Q3 Posts More Record Demand Pandemic-fueled consumer spending drove up third-quarter demand for warehouse and distribution facilities that eclipsed previous records. And despite a nationwide surge in new construction, some metros can barely accommodate the pace of tenant expansion. Additionally, year-over-year rent growth is at a record 6.7 percent for the industrial property sector …
BOLINGBROOK, ILL. — Lithotype, a commercial printing company, has signed an 81,079-square-foot industrial lease at 2 Territorial Drive in Bolingbrook. Lithotype is moving to the 101,844-square-foot building from a nearby location in Bolingbrook and is more than doubling its space. Trinity Scurto of Brown Commercial Group represented the tenant in the lease transaction. Cushman & Wakefield represented the undisclosed landlord.
DALLAS — Marcus & Millichap has brokered the sale of Walnut Hill Business Center, a 108,154-square-foot industrial property in Dallas. The multi-tenant facility was built on 7.1 acres in 1979. Adam Abushagur and Tyler Ranft of Marcus & Millichap represented the seller, a private investor, in the transaction. The duo also procured an out-of-state institutional investor as the buyer. Both parties involved in the deal requested anonymity.
HOUSTON — Drilling Tools International, a manufacturer of products for the downhole land and offshore drilling industries, has signed a 27,150-square-foot industrial lease at 1612 Southcreek Lane in Houston. The crane-served property is located on a 2.9-acre site within Candle Ridge Business Park on the city’s north side. Ed Frantz, John Amini and Boomer White of CBRE represented the tenant in the lease negotiations. Jason Tangen of Colliers International represented the landlord, TRECAP Southcreek Partners.
GREER, S.C. — PCCP LLC and Panattoni Development Co. Inc. have formed a joint venture to develop Abner Creek Logistics Center, a 182,520-square-foot warehouse in Greer. The joint venture plans to start construction in the second quarter of 2022 with completion expected by the fourth quarter of 2022. Abner Creek Logistics Center will be located on a 16.5-acre site along the east side of Deyoung Road. The project will include amenities such as 32-foot clear heights, a rear-load configuration, 44 trailer parking spaces, 123 car parking spaces and 33 dock doors. The site is located adjacent to BMW’s manufacturing facility and provides access to Interstate 85. The property is also situated six miles from Inland Port Greer.
NEWARK, DEL. — Chicago-based Logistics Property Co. will develop First State Logistics, an approximately 1 million-square-foot industrial project that will be located on a 149-acre parcel in Delaware’s New Castle County. The site of the three-building project, which will be developed in two phases, is in Newark, about 45 miles south of Philadelphia. Building features will include 40-foot clear heights, 60,000 square feet of office space, proximity to Interstate 95 and ample car and trailer parking. Phase I will comprise two buildings totaling 702,600 square feet that will be developed on a speculative basis. Phase II will encompass one 385,000-square-foot building. CBRE is leasing the project. A construction timeline was not disclosed.
MILPITAS, CALIF. — Lionstone Investments has completed the sale of Tasman Tech, a 14-building office/R&D campus located at Tasman Drive and Interstate 880 in Milpitas. Washington Holdings acquired the asset for $170 million. Tasman Tech has undergone substantial renovation and capital investment by the seller to continue to attract tenancy. The renovations included the addition of on-site retail amenities, outdoor collaboration areas, a fitness center, building signage and ChargePoint vehicle chargers. Additionally, the campus is within a five-minute VTA Light Rail ride to the Milpitas BART station. Steven Golubchik, Edmund Najera, Jonathan Schaefler and Darren Hollak of Newmark brokered the transaction.
SOMERSET, N.J. — CBRE has brokered the sale of a 143,670-square-foot industrial building in the Northern New Jersey community of Somerset. The property was built on nine acres in 1986 and features a clear height of 26 feet and 13 loading docks. Mark Silverman, Elli Klapper, Charles Berger, Jeremy Wernick and Kevin Dudley of CBRE represented the buyer, GLP Capital Partners, in the off-market transaction. The seller and sales price were not disclosed.
