By Marc Betesh, founder and CEO of Visual Lease While the commercial real estate industry has experienced many uncertainties during the pandemic, the industrial and logistics market continues to thrive. With the rapid acceleration of e-commerce in the wake of COVID-19, major online retailers are picking up large warehousing and manufacturing spaces to keep up with the surge in demand, which is ultimately responsible for industrial real estate experiencing vacancies at historic lows in 2020. The trend of moving operations online is likely to continue at a faster pace after the pandemic subsides. Major retail companies have taken notice and are starting to capitalize on available real estate, converting square footage in malls to last-mile delivery centers and buying up spaces in logistics parks. To accommodate the increase in tenant demand, the industrial real estate market has already started to adapt. However, with all of the additional leases that have occurred in the short-term, is there still opportunity for this sector to grow? Who Are Industrial’s Biggest Winners? According to the U.S. Commerce Department, during the first half of 2020, e-commerce sales rose by 44 percent relative to that period in 2019. This rate of growth marked the highest year-over-year …
ROSEVILLE, MICH. — Anji Logistics USA has subleased a 129,021-square-foot warehouse located at 30450 Little Mack Ave. in Roseville from Blue Bell Mattress Co. The third-party logistics provider is headquartered at a larger facility in nearby Warren. Anji Logistics USA is the North American branch of China-based automotive logistics service provider, Anji Automotive Logistics. Anji offers services such as international freight forwarding, inbound and outbound logistics, finished vehicle transportation, border transportation and warehousing management. Jason Capitani of L. Mason Capitani represented Anji in the sublease.
MILFORD, MASS. — Nuveen Real Estate has purchased One National, a 300,000-square-foot industrial facility located in the southwestern Boston suburb of Milford for $52 million. According to LoopNet Inc., the property is located at 1 National Drive, was built in 1973 and renovated in 2019. The seller was not disclosed. The property was fully leased to an undisclosed e-commerce tenant at the time of sale.
SCOTTSDALE, ARIZ. — Fadden Enterprises has completed the sale of Evans Airpark Center, a four-building industrial park located at 8212 and 8224 E. Evans Road and 14555 and 14557 N. 82nd St. in Scottsdale. Portland, Oregon-based Harsch Investment Properties acquired the multi-tenant asset for $17.6 million. Tracy Cartledge, Steve Lindley, Bob Buckley and Michael Kitlica of Cushman & Wakefield’s Phoenix office represented the seller in the transaction. Evans Airpark Center consists of four buildings offering a total of 120,433 square feet of industrial space. The manufacturing/warehouse facility was constructed in the early 1980s, while the remaining three general industrial buildings were constructed in 2006. At the time of sale, the industrial park was 90 percent occupied by multiple tenants.
HENDERSON, NEV. — Brass Cap Development has broken ground on Executive Airport Crossing, an industrial project located on Raiders Way and Dale Street in West Henderson. Totaling 70,000 square feet, Executive Airport Crossing will consist of two freestanding buildings that can be divisible from 14,446 square feet to 40,000 square feet. Both buildings include dock- and grade-level loading areas. Executive Airport Crossing received more than $5 million in investment funding in eight minutes on CrowdStreet, a real estate investing platform that gives investors direct access to individual commercial real estate investment opportunities. This is the first Brass Cap Development project funded through CrowdStreet. Las Vegas-based LM Construction Co. is serving as design-build general contractor for Executive Airport Crossing, which is slated for completion in June 2021. Paul Sweetland and Jerry Doty of Colliers International | Las Vegas will handle sales for the project.
BOWLING GREEN, KY. — Georgia-Pacific, a manufacturer of paper and wood products, has opened a $100 million Dixie manufacturing facility in Bowling Green. Georgia-Pacific began the expansion in 2019. The project included adding an 80,000-square-foot operations building, a new industrial printer and additional plate-forming presses. More than 70 full-time jobs were added due to the expansion, bringing the number of employees at the plant to more than 200. The plant was originally built in 1991. The facility accounts for approximately 25 percent of all paper plates and bowls that Georgia-Pacific produces. The Atlanta-based company also operates a plant in Lexington, Ky.
RICHMOND, CALIF. — TJL Properties has completed the disposition of a light industrial warehouse and office facility located in the East Bay community of Richmond. An institutional investor acquired the asset for $50.1 million. Situated on 12.3 acres at 700-702 National Court, the asset features 267,500 square feet of light industrial and office space. The property comprises a 250,500-square-foot industrial warehouse and a 17,000-square-foot office building. The industrial component features 22-foot clear heights and 15 dock-high, two grade-level and four rail doors. At the time of sale, the facility was triple-net leased to a beverage distribution company. Ryan Sitov, Tony Beatty, Mark Detmer and Andie Fezell of JLL Capital Markets represented the seller in the deal.
HUMBLE, TEXAS — Developer Jackson-Shaw has completed Parc 59, a 279,632-square-foot industrial project located in the northern Houston suburb of Humble. Designed by Powers Brown Architecture and built by Cadence McShane Construction Co., Parc 59 consists of an 83,436-square-foot building with 28-foot clear heights and a 196,196-square-foot building with 32-foot clear heights. The buildings also feature 130-foot truck courts, ESFR sprinkler systems and a combined 437 car parking spaces. Gulf Atlantic Packaging Corp. (GAPCO) recently signed a lease to occupy 43,539 square feet at the larger of the two buildings.
COLUMBUS, OHIO — Core5 Industrial Partners has received construction financing to move forward with the development of C5 Southgate, a 437,000-square-foot, speculative industrial building in Columbus. The property will be situated on a 30-acre site near I-70. Patterson Real Estate Advisory Group arranged an undisclosed amount of construction financing through ServisFirst Bank in Atlanta. Core5 has developed more than 12 million square feet of industrial space since 2015.
ODESSA, TEXAS — Marcus & Millichap has brokered the sale of Permian Storage, a 123-unit facility located in the West Texas city of Odessa. The self-storage property spans 15,513 square feet of net rentable of non-climate-controlled space, with units ranging in size from 45 to 280 square feet. Arol Horkavy and Jon Danklefs of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Other terms of sale were not disclosed.