Industrial

Spec Industrial Development Accelerates Throughout Texas

by Taylor Williams November 24, 2020

Industrial developers throughout the major markets of Texas are hustling to acquire and entitle land, arrange construction financing and break ground on projects to meet ever-growing requests for an increasingly diverse group of users. Accelerated demand for e-commerce and logistics services and sustained population growth ensure that new, well-located industrial spaces will be absorbed as soon as they come on line — if not before then. Developers are increasing the proportion of spec projects within their portfolios in response to this. A recent example of such a project is the 1.3 million-square-foot Fort Worth Logistics Hub, a spec project by locally based developer VanTrust Real Estate that is designed to meet rising demand from logistics users. The developer broke ground on Phase I of the project, which is located in South Fort Worth, in late October and expects to deliver a 670,941-square-foot building in July 2021. “Right now, nearly all of our projects across 10 major markets, including Dallas-Fort Worth (DFW) are being developed on speculative basis,” says Rob Huthnance, partner at California-based investment and development firm CT Realty. “As long as the level of tenant demand remains at or near where it is now, there will continue to be …

November 24, 2020

Development Florida Industrial Southeast

Miller Construction Breaks Ground on 312,592 SF Industrial Park in Metro Miami

by Alex Tostado November 23, 2020

HIALEAH GARDENS, FLA. — Miller Construction has broken ground on Midpoint Miami Logistics Park, a 312,592-square-foot industrial property in Hialeah Gardens. The 18-acre site will include the 147,974-square-foot Building 1 and the 164,618-square-foot Building 2. Miller expects to immediately break ground on Building 1 and then plans to start Building 2 four weeks later. The Fort Lauderdale, Fla.-based general contractor expects to complete the park in summer 2021. The assets will feature 32-foot clear heights, a shared 180-foot truck court and a total of 124 dock doors. Foundry Commercial is the developer and owner of Midpoint Miami Logistics Park. RLC Architects is the designer, and Avison Young is handling leasing efforts. The engineering team includes Miami-based firms Puga & Associates International, DDA Engineers and Langan Engineering.

November 23, 2020

Development Illinois Industrial Midwest

Ryan Cos. Completes Development of Pullman Crossings Industrial Project in Chicago

by Kristin Harlow November 23, 2020

CHICAGO — Ryan Cos. has completed the development of Pullman Crossings, a 62-acre industrial project within the larger Pullman Park in Chicago’s Pullman neighborhood. Ryan served as master developer in collaboration with Chicago Neighborhood Initiatives. With the recent completion of a 145,000-square-foot, build-to-suit distribution center for Amazon, Ryan has developed three industrial facilities totaling 685,000 square feet at Pullman Crossings since 2017. Located at the intersection of I-94 and 103rd Street, Pullman Crossings is part of an area that was originally home to factories that served as manufacturing sites for Pullman rail cars beginning in the late 1800s. Current tenants besides Amazon include Whole Foods Market and SC Johnson.

November 23, 2020

Acquisitions Industrial Texas

MAG Capital Partners Acquires 256,258 SF Industrial Portfolio in Texas, Michigan, Virginia

by Taylor Williams November 23, 2020

FORT WORTH, TEXAS — Fort Worth-based investment firm MAG Capital Partners LLC has acquired a portfolio of three industrial assets totaling 256,258 square feet in a sale-leaseback deal. The properties are located in Texas, Michigan and Virginia. The occupant of the facilities is South Carolina-based manufacturer Huntington Solutions. The seller, New York City-based private equity firm Mill Point Capital, purchased a predecessor of Huntington Solutions in 2016. J.C. Asensio, Andrew Sandquist, Briggs Goldberg and Tyrell McGee of Newmark represented the seller in the transaction.

November 23, 2020

Development Industrial New York Northeast

Tower Holdings Completes 81,200 SF Industrial Project in Montgomery, New York

by Taylor Williams November 23, 2020

MONTGOMERY, N.Y. — Development and construction management firm Tower Holdings Group has completed an 81,200-square-foot industrial project located on a 7.4-acre tract in Montgomery, about 60 miles northwest of New York City. The first floor features 7,237 square feet of office space and 71,643 square feet of warehouse space, while the second floor houses 9,880 square feet of office space, equipped with a conference room and showroom.

November 23, 2020

Acquisitions California Industrial Western

MCA Realty Sells Diaz Commerce Center in Orange County for $14M

by Amy Works November 23, 2020

TEMECULA, CALIF. — MCA Realty has completed the disposition of Diaz Commerce Center, an industrial facility located at 27711 Diaz Road in Temecula. A local investor acquired the asset for $14 million. The two-building property features 131,577 square feet of multi-tenant industrial space. MCA Realty initially acquired the asset in September 2018 for $10 million. During ownership, MCA implemented an upgrade program including the addition of LED lighting, updated asphalt, increased parking and expanded the fenced yard space. Scott Stewart of Lee & Associates represented the seller, while Barret Woods, also of Lee & Associates, represented the buyer in the deal.

November 23, 2020

Acquisitions Industrial Northeast Pennsylvania

Marcus & Millichap Brokers Sale of 59,050 SF Industrial Building in Harrisburg

by Taylor Williams November 23, 2020

HARRISBURG, PA. — Marcus & Millichap has brokered the sale of Hagy Way Industrial Building, a 59,050-square-foot property in Harrisburg. The asset was fully occupied at the time of sale and traded for $4.1 million. Building features include 22-foot clear heights, four drive-in bays and 10 loading docks. Craig Dunkle of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The property was fully occupied at the time of sale.

November 23, 2020

Acquisitions Georgia Industrial Southeast Top Stories

KKR Acquires 1.6 MSF Industrial Portfolio in Atlanta for $136M

by Taylor Williams November 23, 2020

ATLANTA — Global investment firm KKR (NYSE: KKR) has acquired a four-building, 1.6 million-square-foot industrial portfolio located throughout the greater Atlanta area for $136 million. The properties were acquired from four different undisclosed sellers. The newly acquired properties consist of three shallow-bay, last-mile distribution assets with an average completion date of 2006. The fourth property is a fulfillment center that was completed in 2020 and is leased to an investment-grade tenant on a long-term basis. “These acquisitions are part of our ongoing effort to expand our industrial portfolio across high-growth Sun Belt markets,” says Roger Morales, partner at KKR and head of the firm’s commercial acquisitions in the Americas. “We are excited to increase our footprint in Atlanta, given the market’s strong supply-demand fundamentals and long-term growth trajectory,” adds Ben Brudney, director at KKR. “These are important acquisitions for us as we continue to develop and diversify our industrial footprint to include both infill and multi-tenant assets, as well as larger, single-tenant fulfillment centers.” KKR is making the investment in the three smaller properties through its Real Estate Partners Americas Fund II. The fourth property represents an investment by KKR’s core plus real estate strategy, its first in Atlanta. KKR’s …

November 23, 2020

Acquisitions Industrial Texas

Henry S. Miller Arranges Sale of 100,000 SF Industrial Building, 23.2 Acres in Ponder, Texas

by Taylor Williams November 20, 2020

PONDER, TEXAS — Henry S. Miller Brokerage has arranged the sale of a 100,000-square-foot industrial building and 23.2 acres at 100 E. FM 2449 in Ponder, located north of Fort Worth and west of Denton. Dan Spika of Henry S. Miller represented the seller, Dallas-based Ponder Property LLC, in the transaction. The buyer was Ferti Management Corp., a Canadian producer of fertilizers. The sales price was not disclosed.

November 20, 2020

Development Industrial New Jersey Northeast Self-Storage

ARCO/Murray Completes 1,100-Unit Self-Storage Development in Rochelle Park, New Jersey

by Taylor Williams November 20, 2020

ROCHELLE PARK, N.J. — Dallas-based design/build firm ARCO/Murray has completed a 1,100-unit self-storage project in Rochelle Park, about 25 miles northwest of New York City. The 120,000-square-foot property features a 2,800-square-foot office and an interior loading dock. ARCO/Murray provided a complete design-build solution, including architectural and engineering design, permitting, construction and final equipment. Quinlan Development Group developed the project.

November 20, 2020

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