Industrial

CT Realty, Diamond Realty Purchase Land in Jacksonville for 3.2 MSF Logistics Park Development

by Julia Sanders May 14, 2021

JACKSONVILLE, FLA. — CT Realty, in a joint venture with Diamond Realty Investments, has purchased 250 acres of industrial-zoned land in Jacksonville for the development of an eight-building, 3.2 million-square-foot logistics park. The buyers have begun developing the first phase, which spans 1.7 million square feet across three buildings, and is projected to be completed in 2022. Southeast Toyota Distributors, an independent Toyota automotive distributor, sold the site for $300 million. Guy Preston and Seda Preston of Colliers International represented both Southeast Toyota Distributors and the buyers in the land sale. The site is situated off Pritchard Road, approximately three miles west of Interstate 295 and close to Jacksonville Port Authority (JAXPORT), which handles the highest container volume of Florida’s four major seaports. JAXPORT is in the midst of a major dredging project that, upon completion in 2022, will create the deepest port on the East Coast, capable of serving high-capacity post-Panamax container ships.

May 14, 2021

Acquisitions Industrial Southeast Tennessee

LRC Properties, Machine Investment Buy 2 Dell Parkway Warehouse Property in Nashville for $36.2M

by Julia Sanders May 14, 2021

NASHVILLE, TENN. — LRC Properties has bought 2 Dell Parkway, a 288,860-square-foot property comprising mostly warehouse and office space adjacent to Nashville International Airport. LRC Properties co-purchased the property with Machine Investment Group for $36.2 million. Randy Wolcott of Northstar represented the undisclosed seller in the transaction, and Melissa Alexander of Foundry Commercial represented the buyers. The property is currently 100 percent leased to Averitt Express and Amazon, which operates its Amazon flex business line from the location. The new ownership group plans to reposition the property by creating a shallow bay, last-mile warehouse and distribution space. Plans include expanding the property’s warehouse capabilities by removing the office and converting the building’s first floor to industrial warehouse space for smaller users in a 20,000- to 40,000-square-foot space. In addition, LRC will also develop an additional estimated 120,000 square feet of shallow bay warehouse space and add trailer parking. 2 Dell Parkway is LRC’s second investment in Tennessee in the past six months. In December, the New York City-based company purchased the 640,000-square-foot Technicolor Building in Memphis. With this purchase, LRC owns approximately 5 million square feet of commercial properties in the Southeast.

May 14, 2021

Company News Industrial Washington Western

Amazon to Hire 75,000 Fulfillment, Transportation Employees at Average Pay Above $17 Per Hour

by Amy Works May 14, 2021

SEATTLE — Amazon (NASDAQ: AMZN) is planning to hire 75,000 employees in its fulfillment and logistics network across the U.S. and Canada as the company continues to expand its footprint. Hiring is currently underway with the most openings in Arizona, California, Colorado, Georgia, Illinois, Kentucky, Maryland, Michigan, Minnesota, New Jersey, Pennsylvania, Tennessee, Washington and Wisconsin. Amazon also announced pay increases across its fulfillment and transportation networks with these roles offering an average pay of more than $17 per hour, plus sign-on bonuses in many locations of up to $1,000. Additionally, the company offers full-time employees benefits, including health, vision and dental insurance, 401(k) with 50 percent company match, paid parental leave and access to various company-funded learning opportunities that includes Amazon’s Career Choice program, which prepays 95 percent of tuition for courses in high-demand fields. Amazon is also offering $100 to any new hires who show proof of COVID-19 vaccinations. In late March, the company began rolling out on-site vaccination events at fulfillment centers in Missouri, Nevada and Kansas. The program has now expanded to more than 250 locations across the U.S. and Canada and offers access to the COVID-19 vaccine for more than half a million front-line employees, contractors …

May 14, 2021

Industrial Leasing Activity Texas

Southwest Warehouse Services Signs 175,000 SF Cold Storage Lease in Denton

by Taylor Williams May 14, 2021

DENTON, TEXAS — Southwest Warehouse Services, a Fort Worth-based logistics company, has signed a 175,000-square-foot lease at a 374,560-square-foot speculative cold storage facility in the North Texas city of Denton. Cold Creek Solutions is the developer of the project, which features 45-foot clear heights, 65 trailer parking spaces and multi-temperature zones. MCM Real Estate Advisors LLC represented the tenant in the lease negotiations. Cold Creek Solutions was self-represented. Construction is scheduled to begin in the third quarter and to be complete in the second quarter of 2022.

May 14, 2021

Acquisitions Industrial Texas

PHP Capital Acquires Three Industrial Properties Totaling 194,784 SF in Dallas-Fort Worth

by Taylor Williams May 14, 2021

ARLINGTON, GRAND PRAIRIE AND NORTH RICHLAND HILLS, TEXAS — PHP Capital Partners, a newly launched investment firm, has acquired three industrial properties totaling 194,784 square feet in the Dallas-Fort Worth metroplex. The properties include a 96,124-square-foot building in Arlington; a 37,400-square-foot complex in Grand Prairie; and a 61,260-square-foot asset in North Richland Hills. Additional terms of the deals were not disclosed.

May 14, 2021

Industrial Leasing Activity Texas

Newmark Negotiates 63,000 SF Industrial Sublease in Fort Worth

by Taylor Williams May 14, 2021

FORT WORTH, TEXAS — Newmark has negotiated a 63,000-square-foot industrial sublease at Valley View Business Center in Fort Worth. Frank Puskarich, Jim Cooksey, Louis Pascuzzi and Reid Halverson of Newmark represented the subtenant, linen manufacturer Brunton International Inc., in the lease negotiations. The representative of the sublandlord, Tosca Services Inc., was not disclosed.

May 14, 2021

Acquisitions Industrial New Jersey Northeast

Legacy Capital Acquires 60,400 SF Industrial Building in Carlstadt, New Jersey

by Taylor Williams May 14, 2021

CARLSTADT, N.J. — Legacy Capital has acquired 2 Palmer Terrace, a 60,400-square-foot industrial building located outside of New York City in Carlstadt. The property was originally built on three acres in 1977 and renovated in 2014. Building features include 17- to 39-foot clear heights and four oversized drive-in doors. Matthew Pizzolato and Thomas Didio Jr. of JLL arranged an undisclosed amount of acquisition financing through Sound Point Commercial Real Estate Finance for the deal. The property was triple net leased to Sofive Soccer Centers at the time of sale.

May 14, 2021

Industrial Leasing Activity New Jersey Northeast

ePost Global Signs 41,256 SF Industrial Lease in South Hackensack, New Jersey

by Taylor Williams May 14, 2021

SOUTH HACKENSACK, N.J. — ePost Global Inc., a California-based provider of global delivery solutions, has signed a 41,256-square-foot industrial lease at 18 Central Blvd. in South Hackensack, located in the northern part of the state. Jason Fisch of F. Greek Development Inc. represented the tenant in the lease negotiations. Stephen Jennings represented the landlord, Alfred Sanzari Enterprises, on an internal basis.

May 14, 2021

Industrial Market Reports New Jersey Northeast Northeast Market Reports

Investment Demand Heats Up for Multi-Use Logistics Assets in New Jersey

by Taylor Williams May 14, 2021

By Alex Kachris, research manager — Northeast industrial region, JLL Industrial commercial real estate had its second-best year on record in 2020, with U.S. transaction volume nearing $96 billion. As competition among investors for industrial product remains strong in 2021, JLL Capital Markets Research isolated one sub-class that is gaining investor interest: multi-use logistics. The multi-use logistics profile includes older, multi-tenant assets ranging from 20,000 to 100,000 square feet that have solid footprints within infill urban logistics markets. These assets, which often have diversified, local tenant bases, usually house a mix of distribution, flex showroom, industrial showroom, R&D, warehouse and/or manufacturing space. Multi-use logistics assets boast compelling rent growth profiles and strong long-term outlooks. With new, yield-focused investors jumping into the industrial space, multi-use logistics product is desirable as an alternative to the bulk industrial market, which is getting tighter. Given that multi-use logistics facilities are generally older properties, population centers have exploded around these assets, making not only almost impossible to replace but highly sought-after as last-mile logistics locations close to end users. Compounded by industry fundamentals that are driven by macroeconomic factors, including reshoring and acceleration of e-commerce adoption, the increased demand for these smaller, multi-tenant industrial assets …

May 14, 2021

Acquisitions Arizona Industrial Western

MAG Capital Partners Buys 38,300 SF Cold-Storage Facility in Phoenix in Sale-Leaseback Deal

by Amy Works May 13, 2021

PHOENIX — Fort Worth, Texas-based MAG Capital Partners has acquired a cold-storage warehouse property located at 2721 W. Willetta St. in Phoenix. Lin’s Distribution Corp. sold the property for an undisclosed price in an off-market, sale-leaseback transaction. Built in 1980 on 1.7 acres, the 38,300-square-foot facility features five truck wells and two industrial GL doors. The multi-tenant property is fully occupied by Lin’s Distribution Corp., Red Bird Farms Distribution Co. and Bon Suisse. Concurrent with the sale, Lin’s signed a long-term leaseback deal to continue to occupy the property. Mary Garnett and Jim Tuesley of Barnes & Thornburg LLP represented the buyer, while Oscar Lopez and Steve Lowe of Matthews Real Estate represented the seller in the transaction.

May 13, 2021

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