Industrial

Talonvest Negotiates $16M Loan for Two Self-Storage Facilities in Oregon, Washington

by Amy Works July 8, 2021

PORTLAND, ORE., AND VANCOUVER, WASH. — Talonvest Capital has arranged a $16 million loan for Get Space. The life insurance company-backed, 10-year loan is secured by two self-storage facilities in Portland and Vancouver. The loan provided the borrower permanent financing prior to economic stabilization at the properties. The properties offer a total of 122,000 rentable square feet and 1,257 storage units in a mix of climate-controlled and non-climate-controlled units. The Vancouver property was built in 2018, while the Portland location was expanded and renovated in 2018. Erich Pryor, David DiRienzo, Jim Davies and Tom Sherlock of Talonvest Capital handled the financing.

July 8, 2021

Acquisitions Content Partner Data Centers Development Features Industrial Midwest NAI Northeast Southeast Texas Western

From Hype to Hyperscalers: NAI Global Discusses Trends for Data Centers

by Sarah Daniels July 8, 2021

Data centers have exploded in importance over the last year and a half. Kevin Goeller, principal, NAI KLNB, has over 21 years of experience in the field of data center development, sales and leasing, but says that, lately, exponential change is driving demand in this asset class. He spoke to REBusinessOnline about the booming need and limiting factors for data centers. REBusiness: Tell us about the sudden, increased demand for data centers. What amount of this demand is due to the pandemic driving people to work from home? What amount of the demand is here to stay? Goeller: Prior to the pandemic, we were already in an upward curve because of the added disciplines of 5G and edge data centers contributing to the already competitive growth of the hyperscalers and multitenant data centers. Data center development didn’t have the interest from institutional investors that it does today; these assets were just starting to get these institutions to chase them as a real estate discipline. Fast forward to the pandemic, which added Zoom, Microsoft Teams and other video conferencing and work-from-home needs. These put additional pressure on an already pressurized discipline, an asset class already trying to adapt and grow. REBusiness: …

July 8, 2021

Development Illinois Industrial Midwest

Bridge Industrial to Build 1.5 MSF Industrial Park in Melrose Park, Illinois

by Kristin Harlow July 7, 2021

MELROSE PARK, ILL. — Bridge Industrial has acquired a former Navistar manufacturing site in Melrose Park for the development of Bridge Point Melrose Park, a 1.5 million-square-foot industrial park. Navistar sold the 86-acre site to the Chicago-based developer. Plans call for three Class A, speculative buildings, two of which will each span 415,918 square feet. The third building will measure 707,953 square feet. The facilities will feature clear heights ranging from 36 to 40 feet, 130-foot truck courts, a total of 234 exterior docks, eight drive-in doors, 1,481 car stalls and 282 trailer stalls. Completion is slated for mid-2023. Dan McGillicuddy of JLL represented Navistar in the sale.

July 7, 2021

Acquisitions Industrial Kansas Midwest

Newmark Zimmer Brokers Sale of 1.1 MSF Distribution Center in Gardner, Kansas

by Kristin Harlow July 7, 2021

GARDNER, KAN. — Newmark Zimmer has brokered the sale of a 1.1 million-square-foot distribution center in Gardner, about 30 miles southwest of Kansas City. The sales price was undisclosed. Located at 17150 Mercury St., the 72-acre property is one of the largest distribution facilities in metro Kansas City, according to Newmark Zimmer. It is fully leased to outdoor recreation company Coleman Co. Inc., which has occupied the facility since 2009. Mark Long, John Hassler and Jim Linn of Newmark Zimmer brokered the transaction, further details of which were undisclosed.

July 7, 2021

Development Industrial Midwest Ohio

Kroger, KNAPP to Modernize Great Lakes Distribution Center in Ohio

by Kristin Harlow July 7, 2021

DELAWARE, OHIO — The Kroger Co. and KNAPP have unveiled plans to modernize and expand the grocer’s Great Lakes Distribution Center in Delaware, about 30 miles north of Columbus. The property opened in 2003 and currently services 115 Kroger stores in central and northwest Ohio as well as southeast Michigan and the Ohio River Valley region. Plans call for the addition of modern technology and a 130,000-square-foot expansion. KNAPP provides logistics solutions and specialized software for production and distribution. “The expansion of the facility is part of the ongoing transformation of our supply chain network, and this project will more than double our capacity while delivering innovation and scalability that can grow with demand,” says Tony Lucchino, Kroger’s vice president of supply chain and network strategy.

July 7, 2021

Acquisitions Industrial Massachusetts Northeast Self-Storage

CBRE Negotiates $74.5M Sale of Industrial, Self-Storage Portfolio Near Boston

by Taylor Williams July 7, 2021

CHARLESTOWN, MASS. — CBRE has negotiated the $74.5 million sale of The Town Industrial Portfolio, a collection of three industrial and self-storage buildings totaling 110,898 square feet in Charlestown. The buildings are situated on a combined 4.3 acres near Interstates 90 and 93 on the north side of Boston. The portfolio consists of a 21,586-square-foot industrial building, a CubeSmart-branded self-storage facility with 617 interior storage units and 28 exterior storage units and a fully leased flex/R&D facility. Scott Dragos, Chris Skeffington, Doug Jacoby, Tony Hayes, Tim Mulhall, Roy Sandeman and Dan Hines of CBRE represented the seller, Center Court, in the transaction. The buyer was The Related Cos.

July 7, 2021

Acquisitions California Data Centers Industrial Western

CBRE Global Investors Acquires 395,673 SF Logistics Property in Irvine, California

by Amy Works July 7, 2021

IRVINE, CALIF. — A fund sponsored by CBRE Global Investors has purchased Irvine Crossing, a mixed-use logistics property in Irvine. Terms of the transaction were not released. The 395,673-square-foot property features a 193,173-square-foot data center with 10 megawatts of critical power located at 17836 Gillette Ave. and a 202,500-square-foot logistics warehouse located at 17871 Von Karman Ave. One of the largest data center operators in the world occupies the data center, while a large e-commerce company occupies the logistics warehouse.

July 7, 2021

Acquisitions Industrial Kentucky Southeast

JLL Income Property Trust Acquires Louisville Airport Distribution Center for $32.1M

by Julia Sanders July 6, 2021

LOUISVILLE, KY. — JLL Income Property Trust has acquired Louisville Airport Distribution Center, a newly constructed industrial property located in the Southside/Airport industrial submarket in Louisville. The facility totals approximately 284,000 square feet. The property is within five miles from distribution hubs including UPS Worldport (Air Distribution Hub), UPS Centennial Hub (Ground Distribution Hub) and the Louisville Muhammad Ali International Airport. The Chicago-based REIT purchased the property for $32.1 million from an undisclosed buyer. This acquisition is JLL Income Property Trust’s second in Louisville after purchasing Louisville Distribution Center earlier this year. Louisville Airport Distribution Center is located close to several interstates, including Interstates 24, 64, 65, 71 and 75. The center is 2.5 miles from GE Appliance Park. Built in 2020, the center is fully leased to Haier US Appliance Solutions, which is an affiliate of local heavyweight GE Appliances, and Derby Industries. The leases carry a weighted average term of 5.1 years. The property includes modern features such as 36-foot clear heights, LED lighting and HVAC throughout.

July 6, 2021

Industrial Leasing Activity Texas

FedEx Ground Package Service Signs 186,577 SF Industrial Lease in Fort Worth

by Taylor Williams July 6, 2021

FORT WORTH, TEXAS — FedEx Ground Package Service has signed a 186,577-square-foot industrial lease within Carter Distribution Center in Fort Worth. Built in 2018 on the city’s south side, Carter Distribution Center offers proximity to Interstates 20 and 35, as well as 32-foot clear heights and an ESFR sprinkler system. Matt Carthey and Thomas Grafton with Holt Lunsford Commercial represented the owner, PGIM, in the lease negotiations. Curt Star with Fischer & Co. represented the tenant.

July 6, 2021

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 114-Unit Self-Storage Facility in Longview, Texas

by Taylor Williams July 6, 2021

LONGVIEW, TEXAS — Marcus & Millichap has brokered the sale of Longview Climate Storage, a 114-unit self-storage facility located about 100 miles east of Dallas. Dave Knobler, Brandon Karr, Danny Cunningham and Mixson Staffel of Marcus & Millichap represented the seller, a Houston-based private investor, in the disposition of the facility, which spans 11,108 net rentable square feet. The quartet also procured the buyer, a limited liability company.

July 6, 2021

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