NEWARK, N.J. — JLL has arranged a $110 million permanent loan for an 850,000-square-foot warehouse and distribution center in Newark. Thomas Didio, Thomas Didio Jr. and Ryan Carroll of JLL arranged the nonrecourse loan, which carried a fixed interest rate and a 15-year term, through a correspondent life insurance company. The borrower was not disclosed.
SOMERSET, N.J. — CBRE has brokered the $30.7 million sale of a 15-acre site in Somerset, located in the northern-central part of the Garden State, that currently houses a 209,000-square-foot office building. The undisclosed buyer plans to redevelop the property, which was built in 1986, into a warehouse and distribution center. Mark Silverman, Elli Klapper, Charles Berger, Jeremy Wernick and Kevin Dudley of CBRE represented the buyer in the transaction. The seller was also not disclosed.
ASHBURN AND ARCOLA, VA. — A joint venture between American Real Estate Partners (AREP) and Harrison Street has announced plans to develop six powered shell data centers in Virginia’s Data Center Alley for $1 billion. The campuses will span 2.1 million square feet across two sites in Ashburn and Arcola. The first project will include a portion of the former AOL headquarters on Pacific Boulevard in Ashburn. The development will feature four built-to-suit data centers delivering 300 megawatts (MW) of electrical power capacity. The second development will be located on Arcola Boulevard, directly across the street from a new development by Google and near Dulles International Airport in Arcola. The campus will include two built-to-suit data centers offering approximately 100 to 125 MW of electrical power capacity. The new buildings will range from 265,000 to 440,000 square feet in size. A timeline for the developments was not announced. The joint venture has also broken ground on ABX-1 at Beaumeade, a 265,000-square-foot, two-story, powered shell data center located on Loudoun County Parkway along the Ashburn Fiber Ring in Ashburn. The partnership acquired the site in January 2021 and has not announced a timeline for the project. A number of large-scale data …
2021 was a historic year for Kansas City industrial real estate. The local market size eclipsed 300 million square feet of space, representing the 16th-largest industrial market in the U.S. Class A building inventory is nearly 44 million square feet, ranking 15th in the nation. Of the industrial building inventory, 14.4 percent is Class A, ranking ninth-highest in the country, suggesting the inventory that we have is quality compared with other U.S. markets. Capital markets are firm influencers with soft voices. Nationally, the amount invested is a record high. Rental rate growth is at an all-time high and investors are confident that this growth will sustain. While you may not read about where capital is being deployed, the institutional development and investment activity provide the output to see where institutions have comfort. Cap rates in the Kansas City area broke records and saw compression in the last year of 50 to 150 basis points depending on the asset class. This is a result of investors seeking return and believing in the long-term strength of tier II industrial markets and yield premium afforded in these markets compared with gateway cities. Well-positioned assets traded with cap rates in the low to …
TEMPE, ARIZ. — Opus Development Co. has purchased an 18-acre development site at 1320 and 1330 W. Warner Road in Tempe. An undisclosed seller sold the asset for $9.3 million. Opus plans to develop a two-building, 197,000-square-foot speculative industrial project. Construction is slated to begin in first-quarter 2022. Brian Ackerman and Connor Clark of JLL Capital Markets represented the seller in the deal. Additionally, Opus has engaged JLL to handle leasing of the new property.
CARLSBAD, CALIF. — Lee & Associates has arranged the sale of an industrial property located at 3205 Lionshead Ave. in Carlsbad. Lionshead LLC sold the asset to Oak Canyon LLC for $15.9 million. At the time of sale, the 47,850-square-foot freestanding building was 100 percent triple-net leased on a long-term basis. Chris Roth, Rusty Williams and Jake Rubendall of Lee & Associates – NSDC represented the seller, while James deRegt of Lee & Associates – Newport represented the buyer in transaction.
LOUISVILLE, KY. — JLL Income Property Trust has acquired South Louisville Distribution Center, a 327,000-square-foot, newly constructed industrial property in Louisville. The sales price was $39.5 million. The seller was not disclosed. The South Louisville Distribution Center is fully leased to Rivian, an electric vehicle automaker and automotive technology company. The seven-year lease includes annual rent increases of 2.8 percent. Completed in August 2021, the property includes Class A features such as cross docking, 36-foot clear heights and LED lighting. The industrial property is located close to major distribution hubs including UPS Worldport (Air Distribution Hub), UPS Centennial Hub (Ground Distribution Hub) and Louisville Muhammad Ali International Airport.
OMAHA, NEB. — R&R Realty Group has unveiled plans to build R&R Commerce Park South, an industrial park that will eventually consist of six buildings totaling more than 1.3 million square feet. The speculative development will be located on the southeastern corner of 156th Street and Schram Road in Omaha’s Sarpy County. The first two buildings are slated for completion by the end of this year. Plans call for a 286,000-square-foot warehouse and a 151,840-square-foot warehouse. Iowa-based R&R has also built R&R Commerce Park, a four-building development in Omaha that broke ground in 2018.
STREETSBORO, OHIO — NAI Pleasant Valley has arranged the $8.4 million sale of a 130,257-square-foot industrial building in Streetsboro, a southern suburb of Cleveland. The property sits on 8.5 acres at 675 Mondial Parkway. David Hexter and Jeffrey Calig of NAI Pleasant Valley represented the undisclosed seller. Exeter 675 Mondial LLC was the buyer. The transaction marks the first acquisition in the Northeast Ohio market for the buyer.
MESA, ARIZ. — Wharton Industrial and Madison Ventures Plus have received $224.1 million in acquisition and construction financing for The HUB @ 202, a master-planned, 1.5-million-square-foot industrial park in Mesa. John Alascio, Dave Karson, Chris Moyer, Will Strong, Kirk Kuller, TJ Sullivan, Chuck Kohaut and Zachary Smolev of Cushman & Wakefield Capital Markets arranged the financing. Situated on 101 acres, The HUB @ 202 will feature 11 Class A buildings with 28-foot to 36-foot clear heights, ample truck and car parking, grade- and dock-high loading doors and functional divisibility with a variety of bay sizes. Construction is slated to begin in second-quarter 2022.
