PARKER, COLO. — John Propp Commercial Group has arranged the acquisition of a two-building flex industrial property located at 10136 and 10140 Parkglenn Way in Parker. An undisclosed seller sold the asset to Parkglenn LLC, an investment group headed by John V. Propp, for $5.8 million. Built in 2016, the 27,611-square-foot property was fully leased to six tenants at the time of sale. John V. Propp of John Propp Commercial Group represented the buyer in the deal.
WILLIAMSBURG TOWNSHIP, OHIO — Nestlé Purina PetCare (Purina), a subsidiary of the global Nestlé brand, plans to build a new 1.2 million-square-foot industrial facility in the Cincinnati suburb of Williamsburg Township. The St. Louis-based pet product manufacturer says its total investment in the facility will total $550 million and it will house more than 300 employees when fully operational. Purina will produce its brands of dry dog and cat food at the new facility such as Purina Pro Plan, Purina ONE and Dog Chow. The property will adhere to the latest food safety and sustainability standards and utilize robotics and digital technology to maximize efficiency, according to Purina. The new facility is situated within South Afton Industrial Park and represents the first ground-up facility for Purina since 1975. Construction will begin this fall and the factory is expected to be operational in 2023. This is Purina’s second pet food production facility announced in 2020 as the company revealed last month its plans to convert a former brewery in Eden, N.C., into a 1.3 million-square-foot pet food factory. The new $450 million property will sit on the North Carolina-Virginia border and begin operations in 2022. “Purina is excited to be building …
Nationwide Insurance Provides $38.2M Acquisition Loan for Industrial Portfolio Near Port of Virginia
SUFFOLK AND CHESAPEAKE, VA. — Nationwide Insurance Co. has provided a $38.2 million acquisition loan for a four-building industrial portfolio in Suffolk and Chesapeake. The 655,852-square-foot portfolio was fully leased at the time of the sale and comprises shallow bay properties. Three of the properties are located at 6900-6950 Harbour View Blvd. in Suffolk, eight miles northwest the Port of Virginia. The fourth property is located at 2601 Indian River Road in Chesapeake, seven miles east of the Port of Virginia. Michael Ryan, Brian Linnihan, Richard Henry and Blake Cohen of Cushman & Wakefield originated the financing on behalf of the borrower, Equus Capital Partners Ltd. The seller was not disclosed.
DORAL, FLA. — Cushman & Wakefield has arranged the $11.6 million sale of the former Miami Herald Printing Facility in Doral. The three-story warehouse spans 118,993 square feet and features 15 dock-high positions, one grade-level ramp and clear heights from 10 feet to 46 feet. The property was built in 2013 and is situated at 3500 NW 89th Court, 14 miles west of downtown Miami. Miguel Alcivar, Wayne Ramoski, Gian Rodriguez, Dominic Montazemi and Skylar Stein of Cushman & Wakefield, represented the undisclosed seller in the transaction. MG3 Group, a private real estate company, acquired the property. According to the Miami Herald, in 2019 the newspaper has a print circulation of 75,000 customers.
WACO, TEXAS — Amazon (NASDAQ: AMZN) will open a 700,000-square-foot fulfillment center in Waco, the Seattle-based e-commerce giant’s first in the Central Texas city. The facility is expected to come on line in 2021 and to bring about 1,000 new full-time jobs to the market. Local CBS affiliate KWTX reports that the facility will be situated on a 90-acre site at 2000 Exchange Parkway near Baylor Scott & White Hillcrest Medical Center on the city’s south side. Over the last decade, Amazon has made approximately $17 billion in capital investment in Texas, resulting in the creation of some 43,000 new jobs.
MIDLOTHIAN, TEXAS — Sunrider International, a California-based provider of food, health, beauty and household products, will open a 71-acre manufacturing and research and development facility in the southern Dallas suburb of Midlothian. Construction of the facility is underway, and the company will begin relocating employees of its California manufacturing operation to the new plant in 2021. The Dallas Morning News reports that Sunrider recently filed permits to develop a 340,000-square-foot building on the site, as well as to eventually build a facility spanning 1 million square feet or more. The newspaper also reports that the City of Midlothian and Ellis County offered Sunrider more than a 50 percent property and business tax abatement if the company ultimately expands its footprint to 600,000 square feet and hires more than 200 employees. Chicago-based merchant bank Conlon & Co. owns the site.
HOUSTON — Ti Cold Development, which specializes in cold storage properties, will build a 303,920-square-foot facility within East Hardy Commerce Park in Houston. The site offers proximity to Interstate 45, Beltway 8 and George Bush Intercontinental Airport. The facility will feature more than 42,000 pallet positions and will be marketed to both multi-tenant and build-to-suit users. A construction schedule was not disclosed.
NEW YORK CITY — Blackstone Real Estate Income Trust Inc. (BREIT) has entered into an agreement to acquire Simply Self Storage from an affiliate of Brookfield Asset Management for $1.2 billion. Brookfield acquired Simply Self Storage, whose operating portfolio spans approximately 8 million square feet across the country, in 2016 through one of its funds. The deal is expected to close before the end of the year. Simpson Thacher & Bartlett LLP is serving as legal advisor to BREIT, and BofA Securities and Deutsche Bank Securities Inc. are serving as financial advisors to BREIT. RBC Capital Markets LLC, Newmark Group Inc. and Fried, Frank, Harris, Shriver & Jacobson LLP advised Brookfield. BREIT currently owns a $300 million portfolio of self-storage facilities. Following this acquisition, BREIT will be the third-largest non-listed owner of self-storage in the country. Self-storage, which is typically viewed as a recession-resistant asset class, has seen its rates of absorption and leasing of new units rebound over the summer following a lull in move-in activity that normally occurs in the spring. Self-storage owner-operators expect some of the truncated move-in activity from spring and summer to be offset by the fact that in-person classes at many major universities have …
At the mid-year mark, industrial occupancy in the greater Richmond area remains strong, closing with an overall occupancy rate of 92 percent in the categories being tracked (Classes A and B, as well as select Class C vacant and investor-owned product with a minimum of 40,000 square feet). Class A occupancy decreased slightly to 95 percent at the end of the second quarter, down 100 basis points from 96 percent at the end of the first quarter. The largest addition to the vacant Class A inventory is a 226,000-square-foot former GSA facility in Chesterfield County. Class B occupancy experienced an increase to 92 percent, up from 90 percent at the end of the first quarter. CoStar Group reports overall industrial occupancy at 95 percent for product of all sizes, including investor-owned facilities but excluding flex space (minimum 50 percent office). Richmond’s strategic Mid-Atlantic location along Interstate 95 provides access to 55 percent of the nation’s consumers within two days’ delivery by truck. In addition to being the northernmost right to work state on the Eastern seaboard, Virginia has been ranked as the top state for business by CNBC. Richmond is located approximately 90 miles from the Port of Virginia in …
ASHEVILLE, N.C. — Pratt & Whitney, a division of Raytheon Technologies Corp., will invest $650 million for its new turbine airfoil production facility in Asheville. East Hartford, Conn.-based Pratt & Whitney designs, manufactures and services aircraft and helicopter engines, as well as auxiliary power units for the aerospace industry. The new facility will span 1 million square feet and is expected to house 800 employees by 2027. According to North Carolina Gov. Roy Cooper, the annual salary at the facility can reach $68,000 per year. The current average salary in Buncombe County is $43,134 per year. North Carolina is the second fastest growing aerospace hub in the United States, according to the Economic Development Partnership o North Carolina. Companies that operate in the Tar Heel State include GE Aviation, Lockheed Martin, Honeywell and Spirit AeroSystems. The North Carolina Economic Investment Committee approved a job development investment grant (JDIG) for the project. Under the JDIG, the state could reimburse Pratt & Whitney up to $15.5 million over the next 12 years. Additionally, under the JDIG, the firm will transfer $5.2 million into the state’s Industrial Development Fund — Utility Account for use by rural communities elsewhere in the state. A timeline …