KANSAS CITY, MO. — Nuveen Global Investments LLC, a TIAA company, has acquired a six-property industrial portfolio in the Southeast for $272 million. McCraney Property Co. and Northwestern Mutual sold the 3.5 million-square-foot portfolio, which was built on a speculative basis. Chris Riley, Frank Fallon, and Trey Embrey of CBRE represented the sellers, Northwestern Mutual and McCraney Property Co., in the transaction. The portfolio features four Florida properties, including Country Line Logistics Center, which totals 1.1 million square feet in Plant City; Park 27, which spans 602,972 square feet in Davenport; 27 Logistics Park, which comprises 207,676 square feet in Davenport; and I-4 Commerce Center, which totals 45,340 square feet in Lake Mary. The remaining two properties are the 611,698-square-foot 985 Lanier Logistics in Buford, Ga.; and the 350,687-square-foot Airport South in Charlotte. All six buildings were fully leased at the time of sale.
PAPILLION, NEB. — Amazon.com Inc. has unveiled plans to open its first fulfillment center in the state of Nebraska in Papillion. Development is scheduled to begin next year on the 700,000-square-foot project, which is expected to create 1,000 full-time jobs. Employees will work alongside Amazon robotics to pick, pack and ship small items such as books, electronics and toys. When fully operational, the facility will add nearly $204 million to the local economy annually, according to David Brown, president and CEO of the Greater Omaha Chamber. Since 2019, Amazon has invested more than $96 million in Nebraska.
GLENWILLOW, OHIO — JLL has arranged the sale of Victory Commerce Center in Glenwillow, a suburb of Cleveland. The sales price was undisclosed. Developed in 2019, the 434,000-square-foot distribution and fulfillment center features a clear height of 32 feet, 30 dock-high doors, nine drive-in doors and LED lighting. It is situated on 40 acres within the larger Diamond Business Center. John Huguenard and Sean Devaney of JLL represented the seller, Illinois-based Westminster Capital. Matthew Schoenfeldt, Michael Gigliotti, Mike Tepedino and Brian Walsh of JLL secured acquisition financing on behalf of the buyer, Investcorp.
MARION, IOWA — MAG Capital Partners has acquired the corporate headquarters and manufacturing facility for Advanced Material Processing (AMP) in Marion, just north of Cedar Rapids, in a sale-leaseback transaction. The purchase price was undisclosed. AMP occupies the entire 48,237-square-foot property. The company focuses on material processing equipment for food and beverage, pharmaceutical and chemical sectors. May River Capital, a Chicago-based private equity firm, owns AMP. Katie Elliott of Stan Johnson Co. represented the seller, May River Capital. Mary Garnett and Jim Tuesley of Barnes & Thornburg LLP represented Fort Worth, Texas-based MAG Capital Partners, which is led by Dax T.S. Mitchell and Andrew Gi.
SPARROWS POINT, MD. — McCormick & Co. Inc. will open a 1.8 million-square-foot distribution center in Sparrows Point. The facility will be the largest in the food manufacturer and distributor’s portfolio. The Baltimore-based company plans to consolidate several jobs and distribution warehouses to the new location upon completion, which is slated for the second half of 2022. The new facility will be situated within Trade Point Atlantic Industrial Park, 12 miles south of the Port of Baltimore. Other tenants within the industrial park include Under Armour, Amazon and Perdue Foods. McCormick will host a groundbreaking ceremony at the site Thursday, Nov. 12. The developer and design team were not disclosed.
ALEXANDRIA, VA. — PS Business Parks Inc. has acquired Pickett Industrial Park, a three-building, 246,000-square-foot industrial campus in Alexandria, for $46.3 million. The assets offer 7,000- to 75,000-square-foot spaces, which were fully leased at the time of sale. Pickett Industrial Park is situated at 841 S. Pickett St., nine miles southwest of Ronald Reagan Washington National Airport. The seller was not disclosed.
NEW YORK CITY — Pennsylvania based self-storage REIT CubeSmart (NYSE: CUBE) has entered into an agreement to acquire a portfolio of eight properties in New York City from locally based developer Storage Deluxe for $540 million. The portfolio totals 780,425 net rentable square feet and consists of properties in Brooklyn, Queens and The Bronx that are already managed by CubeSmart. The deal is expected to close during the fourth quarter. CubeSmart will finance approximately 28 percent ($154.6 million) of the sales price with fixed-rate debt.
FORT WORTH, TEXAS — Locally based firm VanTrust Real Estate LLC has broken ground on Phase I of the 1.3 million-square-foot Fort Worth Logistics Hub, a project that will add 670,941 square feet of Class A industrial space to the local supply. Designed by Alliance Architects, Fort Worth Logistics Hub spans 75 acres on the city’s south side near Interstates 20 and 35. Phase I of the project is expected to be complete in July 2021, with construction of the 606,480-square-foot Phase II beginning shortly thereafter. Arlington, Texas-based Bob Moore Construction is the general contractor for the project, and Pacheco Koch is the civil engineer. CBRE is handling leasing.
HOUSTON — Stream Realty Partners has completed Benchmark Northwest Distribution Center, a 157,887-square-foot speculative industrial project located at 5215 Campbell Road in northwest Houston. The side-load building features 32-foot clear heights, 33 dock-high doors, an ESFR sprinkler system, 33 trailer parking spaces and 125 automobile parking spaces (expandable to 202). Ware Malcomb served as the project architect, and Rosenberg Construction served as the general contractor.
FREMONT, CALIF. — Dermody Properties has acquired a logistics property located at 45535 Northport Loop East in Fremont. Terms of the transaction were not released. Originally constructed in 1998 on 4.7 acres, the 70,209-square-foot property features 20-foot clear heights, four dock-high doors and four drive-in doors. At the time of purchase, 49,615 square feet was available in the facility. Dermody plans to invest in significant exterior and interior capital improvements, including a new roof, to the building. Michael Karp and Victor DeBeor of Cushman & Wakefield represented Dermody Properties in the transaction and will be leasing agents for the property.