Industrial

Aeroterm to Open $145M Cargo Handling Facility at JFK Airport, Create 350 Jobs

by Taylor Williams June 29, 2021

NEW YORK CITY — Aeroterm, a provider of facility-related services to airports throughout North America, has signed a ground lease at JFK International Airport in Queens with plans to open a $145 million cargo handling facility. The project is expected to create about 350 new jobs. Aeroterm will develop the 26-acre facility in partnership with the Port Authority of New York and New Jersey and Worldwide Flight Services, the main cargo handler at JFK, as part of New York Gov. Andrew Cuomo’s JFK Vision Plan to redevelop the airport. Demolition of the existing facilities on the site is scheduled to begin in September, with project completion slated for the end of 2023.

June 29, 2021

Development Indiana Industrial Midwest

Stonemont Breaks Ground on 500,000 SF Industrial Build-to-Suit in Bristol, Indiana

by Kristin Harlow June 28, 2021

BRISTOL, IND. — Stonemont Financial Group has broken ground on a 500,000-square-foot industrial build-to-suit for MJB Wood Group in northern Indiana’s Bristol. Headquartered in Dallas, MJB is a manufacturer and distributor of industrial wood products. The Bristol facility will service the manufacturer’s transportation division, which supplies specialty wood to recreation vehicle manufacturers in the surrounding area. The development lies on a 37-acre rail-served site and will include 374,320 square feet of warehouse space, a 108,000-square-foot manufacturing area and 10,000 square feet of office space. Stonemont will serve as the building landlord once construction is complete. Stonemont is partnering with ARCO Construction on the project, completion of which is slated for March 2022.

June 28, 2021

Acquisitions California Industrial Western

Rexford Industrial Acquires Five Industrial Properties in Southern California for $188.9M

by Amy Works June 25, 2021

LOS ANGELES — Rexford Industrial Realty expanded its Southern California portfolio by purchasing five industrial properties for an aggregate acquisition price of $188.9 million. The facilities total 660,254 square feet. The transactions include: – The $93.6 million, or $363 per square foot, acquisition of a 257,976-square-foot repositioned industrial campus at 2425-2535 E. 12th St. in Los Angeles. The property is 96 percent leased and features 24-foot warehouse clearance and dock-high loading. – The $27.4 million, or $307 per square foot, purchase of an 89,272-square-foot facility at 19951 Mariner Ave. in Torrance. Situated on 4.2 acres, the property offers 27-foot warehouse clearance, dock-high loading and an oversized yard. – The $13.5 million, or $174 per square foot, acquisition of a two-building, 77,758-square-foot industrial property located at 2555 E. Del Amo Blvd. in Rancho Dominguez. – The $27.3 million, or $87 per land square foot, purchase of a single-tenant, 100,000-square-foot property situated on 7 acres in the Los Angeles – Greater San Fernando Valley submarket. – The $27.1 million, or $200 per square foot, acquisition of a two-tenant, 135,258-square-foot industrial building at 29120 Commerce Center Drive in Valencia. The property features 30-foot clear heights, dock-high loading and proximity to freeway access. The …

June 25, 2021

Development Industrial South Carolina Southeast

Trinity Capital Advisors Begins Construction of 850,000 SF Industrial Park in Charleston

by Julia Sanders June 25, 2021

CHARLESTON, S.C. — Trinity Capital Advisors (TCA) has begun construction of Tradepark East at Palmetto Commerce Parkway, an 850,000-square-foot, Class A industrial development in Charleston. The project is slated to be completed in 2022. Tradepark East will include four buildings. Building One, the park’s largest building, will be cross-docked and will total 342,160 square feet with 36-foot clear heights. Buildings Two and Three will total 174,720 square feet each and Building Four will span 145,600 square feet. Frampton Construction is the general contractor for Tradepark East, DMA Architecture is the design firm and Reveer Group serves as the civil engineer. Trinity Capital Advisors is a commercial real estate development and investment firm based in Charlotte, N.C.

June 25, 2021

Acquisitions Industrial Texas

Partnership Acquires 311,000 SF Forney Industrial Park in Metro Dallas

by Taylor Williams June 25, 2021

FORNEY, TEXAS — A partnership controlled by Dallas-based developers Gault Co. and RTG Capital LLC has purchased Forney Industrial Park, a 311,000-square-foot property located on the eastern outskirts of Dallas. The property consists of 32 buildings across 50 acres that are leased to a roster of 35 tenants. The seller and sales price were not disclosed. The new ownership is planning various upgrades and improvements to the property, including possibly adding additional buildings in the future. TAG Industrial Group, a division of Marcus & Millichap, brokered the deal.

June 25, 2021

Development Industrial Texas

i3 Interests Breaks Ground on 148,900 SF Cold Storage Facility in Metro Houston

by Taylor Williams June 25, 2021

PASADENA, TEXAS — Developer i3 Interests has broken ground on 3° Red Bluff, a 148,900-square-foot cold storage facility that will be located in the eastern Houston suburb of Pasadena. The Class A property will consist of two buildings on a 12-acre site that can be customized to fit a variety of cold storage needs, from bulk distribution to food processing. About 62 percent of the first building is preleased to Houston Meat Distributors. Colliers International is leasing the development, completion of which is slated for late in the third quarter.

June 25, 2021

Acquisitions Industrial New York Northeast

W. P. Carey Acquires New York Distribution Center for $45M in Sale-Leaseback Transaction

by Taylor Williams June 25, 2021

ROME, N.Y. — In a sale-leaseback transaction, W. P. Carey has acquired a 779,000-square-foot distribution center in Rome, about 40 miles northeast of Syracuse. The purchase price was $45 million. Orgill, an independent hardware distributor, occupies the newly constructed property, which is located near Interstate 90. Orgill uses the facility as its primary regional distribution center. W. P. Carey now owns four of Orgill’s seven U.S. distribution centers. The property is triple-net leased for a period of 26 years with fixed rent escalations.

June 25, 2021

Acquisitions Industrial Midwest Minnesota

JLL Brokers $82.3M Sale of Suburban Minneapolis Industrial Park

by Kristin Harlow June 25, 2021

PLYMOUTH, MINN. — JLL Capital Markets has brokered the $82.3 million sale of Plymouth Ponds Business Park in Plymouth, about 15 miles west of downtown Minneapolis. The eight-building light industrial park sits on 60 acres at 17100 Media Road. The asset is located at the intersection of Highway 55 and County Road, providing convenient access to I-394 and I-494. Colin Ryan and David Berglund of JLL led the team that represented the buyer, Link Logistics, which was established by Blackstone in 2019. The seller was undisclosed.

June 25, 2021

Development Illinois Industrial Midwest

Sterling Bay Begins Development of 150,000 SF Spec Industrial Building in Elmhurst, Illinois

by Kristin Harlow June 25, 2021

ELMHURST, ILL. — Sterling Bay has begun development of a 150,000-square-foot speculative industrial building in Elmhurst. PREMIER Design + Build Group is serving as general contractor for the Class A project, which is located at 545 Lamont Road. The nine-acre site currently houses a 79,600-square-foot office building that will be razed. Completion of the project is slated for January 2022.

June 25, 2021

Camino-Santa-Fe-Business-Park-San-Diego-CA

Acquisitions California Industrial Office Western

Hill Properties, Westport Capital Partners Buy 172,743 SF Business Park in San Diego

by Amy Works June 24, 2021

SAN DIEGO — An entity controlled by a joint venture between Hill Properties and Westport Capital Partners has purchased Camino Santa Fe Business Park, a seven-building industrial asset located in San Diego’s Miramar submarket. A global investment manager sold the campus for an undisclosed price. The sale also includes an 0.8-acre developable land parcel. Developed between 1983 and 1990, Camino Santa Fe Business Park consists of six multi-tenant industrial buildings and one office building located at 8320, 8340, 8360, 8375, 8380, 8395 and 8445 Camino Santa Fe. Totaling 172,743 square feet, the park features efficient ingress/egress, functional warehouse and office layouts, docks and grade loading and ample parking. Suites range from 835 square feet to 22,290 square feet. At the time of sale, the property was 91 percent leased to multiple tenants. Bryce Aberg, Jeff Cole, Jeff Chiate and Zach Harman of Cushman & Wakefield’s Industrial Investment Advisory Group in Southern California, together with Rick Reeder and Brad Tecca of the firm’s Capital Markets Group in San Diego, represented the buyer and seller in the deal. Additionally, Cushman & Wakefield’s Brant Aberg and Ryan Downing provided market leasing advisory for the transaction.

June 24, 2021

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