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Industrial

DevelopmentIndustrialMidwestOhio

Pizzuti Breaks Ground on Nearly 1.1 MSF Spec Warehouse in Central Ohio

by Kristin Harlow

WEST JEFFERSON, OHIO — The Pizzuti Cos. and development partner West Jeff Partners LLC have broken ground on a nearly 1.1 million-square-foot speculative warehouse in West Jefferson, a city in central Ohio about 20 miles west of downtown Columbus. The facility will be situated within the larger West Jefferson Logistics Center, which is located off I-70. The project will include dedicated public roadways and utility extensions. The building will feature a clear height of 40 feet, up to 211 dock doors and up to 320 trailer parking spaces. Construction is slated for completion in the second quarter of 2022. Jeff Lyons and Alex Vulic of CBRE will market the project for lease.

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AcquisitionsIllinoisIndustrialMidwest

TriStar Properties Sells 593,094 SF Distribution Center in Edwardsville, Illinois

by Kristin Harlow

EDWARDSVILLE, ILL. — TriStar Properties has sold a 593,094-square-foot distribution center and 54 associated acres in Edwardsville near St. Louis. An institutional buyer purchased the asset for an undisclosed price. The property is located at 3077 Gateway Commerce Center Drive. Constructed in 2018, the facility is part of TriStar’s Gateway Commerce Center, a 2,300-acre regional logistics and bulk distribution park. The building features a clear height of 36 feet and parking for more than 400 vehicles.

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DevelopmentIndianaIndustrialMidwest

Meridian Design Build to Construct 278,148 SF Spec Industrial Building in Plainfield, Indiana

by Kristin Harlow

PLAINFIELD, IND. — Developer HSA Commercial Real Estate has selected Meridian Design Build to construct a 278,148-square-foot speculative industrial building in Plainfield. Located at 915 Airtech Parkway, the project will sit on 25 acres. Precast delivery is scheduled for mid-August. The building will feature a clear height of 32 feet, up to 54 loading docks, four drive-in doors, 400 auto parking spaces and 143 trailer parking stalls. The project marks Meridian’s fifth ground-up development in the Indianapolis area and its third building for HSA. The project team includes Cornerstone Architects, Swift Structural Design and American Structurepoint. Terry Busch and Jared Scaringe of CBRE will market the property for lease.

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IllinoisIndustrialMarket ReportsMidwestMidwest Market Reports

Chicago Industrial: Full Speed Ahead at End of Second Quarter

by Kristin Harlow

By Adam Haefner, Avison Young The Chicago industrial market continues to move at full speed at mid-year 2021, with strong tenant demand keeping vacancy around 6 percent, despite 64.7 million square feet of new construction added since 2018.  At this stage in the pandemic recovery, large corporate healthcare, retail, logistics and e-commerce businesses continue to drive much of the leasing activity, which totaled 27.5 million square feet near the mid-point of 2021. Companies such as Wayfair, which is building a 1.2 million-square-foot distribution facility in the I-55 Corridor, are joining the ranks of Walmart, Target, Amazon, Home Depot and others that are expanding their industrial space in the Chicago market to keep pace with soaring demand. There are also many small to mid-sized industrial businesses that are increasing their output and expanding their space after seeing slowdowns due to the pandemic. While the industrial sector is navigating some supply chain disruption and fluctuations in construction materials costs, those headwinds are not enough to slow market activity. Given the boost in consumer and business activity from the vaccine rollout and subsequent reduction in the state’s pandemic mitigation measures, demand for industrial space should be strong for the foreseeable future.  Avison Young …

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DevelopmentIndustrialTexas

Velocis, Sumitomo to Develop Two Industrial Buildings Totaling 850,000 SF in Dallas

by Taylor Williams

DALLAS — A partnership between Velocis and Sumitomo Corp. of America, the New York City-based subsidiary of Tokyo-based Sumitomo Corp., will develop two industrial projects totaling 850,000 square feet in Dallas. The partnership acquired development sites in the South Dallas and Great Southwest submarkets. Construction timelines have not yet been established. Velocis is a private equity real estate fund manager based in Dallas.

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Portobello
IndustrialLoansSoutheastTennessee

Portobello Taps Avison Young to Raise $80M in Construction Financing for Manufacturing Facility Near Nashville

by Julia Sanders

BAXTER, TENN. — Avison Young has been chosen by Portobello America to raise around $80 million in construction financing for a manufacturing facility in Baxter. Portobello selected Tim Hall and Jim Hanson of Avison Young to raise the capital, which will fund Phase I of construction. Upon completion, the facility will produce ceramic tiles and will also serve as Portobello’s U.S. headquarters. Portobello Group, a tile manufacturer and distributor headquartered in Brazil, estimates the facility will create about 220 local jobs and generate over $100 million in annual revenue. Investors can partner with Portobello in a sale-leaseback, build-to-suit transaction, resulting in the fee-simple ownership of the facility. Portobello will execute a long-term lease of the facility when construction is complete, which is expected for late 2022. The 92-acre project site is located on the south side of Interstate 40 in Putnam County at 8401 Ditty Road. The site was formerly known as the Tennessee Speedway Dirt Racetrack. Phase I will span 890,000 square feet, including 30,000 square feet of office space, a showroom, research-and-development lab and production lines. Portobello America started operating in the United States in 2018 as part of Portobello Group’s internationalization strategy. The company currently has two …

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Blakenbaker Logistics Center
DevelopmentIndustrialKentuckySoutheast

Hunt Midwest Completes 322,831 SF Blankenbaker Logistics Center in Louisville

by Julia Sanders

LOUISVILLE, KY. — Hunt Midwest has completed Blankenbaker Logistics Center, a 322,831-square-foot industrial development in northeast Louisville. The facility is located close to Interstates 64, 265 and 71 and the two Ford plants. Piston Automotive, a Redford, Mich.-based automotive supplier, signed a lease for the entire facility before buildout was complete. The cross-dock warehouse features 36-foot clear heights, 60-foot speed bays, a 140-foot-deep truck court, four drive-in doors, 44 trailer parking spots and 187 parking stalls. This facility is expandable to 88 doors as the need arises. H2B Architects designed Blankenbaker Logistics Center, and Mindel Scott, JSC Engineers and Willett Engineering were the engineers on the project. Kevin Grove of CBRE served as the leasing broker. Hunt Midwest is a Kansas City-based real estate development company with over 50 years of experience in the industrial sector and currently has more than 2.5 million square feet of buildings under development in Kansas City, Kentucky and South Carolina.

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Trade Center Parkway
AcquisitionsIndustrialSouth CarolinaSoutheast

JLL Facilitates Sale of 136,500 SF Industrial Property in Charleston

by Julia Sanders

CHARLESTON, S.C. — JLL Capital Markets has facilitated the sale of 553 Trade Center Parkway, an industrial facility located within Charleston Trade Center. Pete Pittroff, Patrick Nally, Dave Andrews, Michael Scarnato and Josh McArdle of JLL worked on behalf of the developer and seller, The Keith Corp., to complete the sale to the buyer, LBA Logistics. The sales price was not disclosed. Built in 2019, the 136,500-square-foot property was 100 percent leased at the time of sale to Thorne Research Inc. and Advanced Packaging Solutions & Products Inc. The building is positioned adjacent to Interstate 26 with direct access to Charleston International Airport, the Port of Charleston and large local manufacturers including Mercedes-Benz, Boeing and Volvo. The Keith Corp. is a privately held commercial real estate firm based in Charlotte. LBA Logistics is an Irvine, Calif.-based industrial real estate and investment and management company, which operates a portfolio that totals over 68 million square feet across the country.

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DevelopmentIndustrialMidwestMinnesota

Endeavor, PCCP to Develop Two Industrial Buildings Totaling 443,096 SF in Maple Grove, Minnesota

by Kristin Harlow

MAPLE GROVE, MINN. — Endeavor Development and PCCP have formed a joint venture to develop two Class A industrial buildings in Maple Grove, a northwest suburb of the Twin Cities. Totaling 443,096 square feet, the project will serve as the second phase of Arbor Lakes Business Park. Duke Realty developed the first phase of the business park, which is now fully occupied. Both buildings will feature a clear height of 32 feet along with dock doors, drive-in doors and car parking stalls. The buildings will share a 180-foot truck court. Construction will commence at different times, with completion of the first building slated for June 2022 and completion of the second building scheduled for fall 2023. David Berglund and Colin Ryan of JLL arranged the joint venture equity partnership and also represented the partnership in the land purchase. Scott Loving of Colliers International handled the debt placement. Dan Swartz of CBRE will serve as leasing agent.

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AcquisitionsIndustrialIowaMidwest

Phoenix Investors Acquires 364,000 SF Manufacturing Facility in Iowa City

by Kristin Harlow

IOWA CITY, IOWA — Phoenix Investors has acquired a 364,000-square-foot manufacturing and distribution center in Iowa City for an undisclosed price. The property is located at 2500 Highway 6 East. Phoenix acquired the asset from International Automotive Components, which used the facility for manufacturing of various automotive parts. The property features 19 loading docks, three drive-in doors and clear heights ranging from 25 to 37 feet. Phoenix now owns more than 2 million square feet of industrial assets in the state of Iowa.

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