GRAND PRAIRIE, TEXAS — McWane Inc., an Alabama-based manufacturer of iron water works and plumbing products, has signed a 66,961-square-foot industrial lease at 1201 Avenue S in the central metroplex city of Grand Prairie. According to LoopNet Inc., the property was built on 5.4 acres in 1997, totals approximately 116,000 square feet and features 24-foot clear heights. Art Leichner and Andrew Crites of Newmark represented the tenant in the lease negotiations. CBRE represented the landlord, an entity doing business as TAF Dallas Industrial Portfolio LP.
MINNEAPOLIS — CBRE has arranged a $165 million joint venture partnership between United Properties and PCCP for the development of an 11-building industrial portfolio. The properties will total 1.4 million square feet across the Minneapolis, Denver and Austin markets. The joint venture has the potential to carry into a second phase of development with an additional 18 buildings totaling 2.3 million square feet, according to CBRE. Judd Welliver, Sonja Dusil, Ryan Watts, Bentley Smith and Tom Holtz of CBRE Minneapolis led the team that arranged the partnership on behalf of United Properties, which is based in Minneapolis. PCCP, formerly known as Pacific Coast Capital Partners, is an investment manager with offices in New York, San Francisco, Atlanta and Los Angeles.
ARLINGTON HEIGHTS, ILL. — Clear Height Properties has sold a 100,000-square-foot industrial building in Arlington Heights, a northwest suburb of Chicago. The buyer and sales price were undisclosed. Located at 3456 N. Ridge Road, the property was occupied by three tenants at the time of sale. Clear Height owned the asset since May 2018. Pat Turner and Brendan Green of Colliers International represented Clear Height in the sale. Clear Height is a real estate investment and management company headquartered in Oak Brook, Ill. Its portfolio totals 2.8 million square feet across 32 properties.
By John Dickerson, OMNE Partners Our Omaha-area industrial sector has come through the pandemic very well, compared with other commercial sectors. We have not had to work out many rent payment plans with tenants, and industrial users going out of business have been minimal. Omaha has survived and come out of 2020 well economically. Our unemployment rate is the second lowest in the country. Our cost of living has also been lower than most other major cities in the Midwest. This low cost of living carries over to real estate rental rates and operating costs. Leasing activity Industrial leasing has been quite good in Omaha for years. Our vacancy rates have been below 5 percent for a number of years and currently have been about 3.5 percent. By reviewing spaces for lease on Crexi, an internet marketing service, there are about 120 properties that I identified with space available with a total of over 3 million square feet for lease. Rental rates for industrial vary, of course, for typical reasons — age and condition of the property, location and how much a space/building might be finished in office or other special improvements. In Omaha, many flex buildings have users that …
FREDERICK, MD. — Matan will open a U.S. manufacturing facility in Frederick for the digital diagnostics company, Ellume. Once fully operational, the facility will have the capacity to produce 19 million Ellume COVID-19 Home Tests per month. The facility is on track to begin limited operation in the second half of 2021, and will be Ellume’s first U.S. located facility. The Ellume COVID-19 Home Test was the first rapid COVID-19 self-test to be granted Emergency Use Authorization by the U.S. Food and Drug Administration (FDA) for both asymptomatic and symptomatic use without a prescription. In February, Ellume announced a $231.8 million investment from the U.S. Department of Defense (DOD) and Department of Health and Human Services (HHS) to accelerate production of its COVID-19 home tests. The agreement provided funding to support the establishment of Ellume’s first U.S. manufacturing facility. As part of this agreement, Ellume will provide 8.5 million COVID-19 home tests to the U.S. government by end of the year. Ellume’s U.S. operation will include two manufacturing facilities totaling more than 180,000 square feet that Matan Progress Labs is developing. Matan, a Washington, D.C.-based commercial real estate development firm, says the company will deliver the first two buildings in …
SAVANNAH, GA. — CBRE has secured a 499,200-square-foot industrial lease with East Coast Warehouse at 521 Morgan Lakes Blvd. in Savannah. Bill Waxman, Chris Dempsey and Blaine Kelley of CBRE represented the tenant in the lease transaction. CBRE’s Bill Sparks represented the landlord, Principal Financial. There are currently no other tenants in the building. New Jersey-based East Coast Warehouse provides temperature-controlled logistics services to the food and beverage industry. East Coast Warehouse has also expanded in other port markets along the East Coast, such as the Ports of New York/New Jersey, Philadelphia and Baltimore. The industrial facility totals nearly 1 million square feet and features 36-foot clear heights, LED lighting and 220 dock doors. It is located close to Interstates 95 and 16 and the Port of Savannah.
EL PASO, TEXAS — Stonelake Capital Partners, a Texas-based real estate private equity firm, has acquired a 69-acre site in El Paso for the development of Eastlake Logistics Park, a 1.1 million-square-foot speculative industrial project. The site is located at the corner of Eastlake Boulevard and Interstate 10, adjacent to Amazon’s future fulfillment center. Construction is scheduled to begin in the fourth quarter and to be complete in the third quarter of 2022. CBRE is leasing the development.
MESQUITE, TEXAS — Global investment firm KKR has acquired Skyline Commerce Center, a 198,000-square-foot, newly built industrial property located in the eastern Dallas suburb of Mesquite. The seller, Conor Commercial, began construction on the two-building development in April 2020. Building 1 features 32-foot clear heights, 23 truck docks, 12 trailer parking stalls and 133 car parking spots. Building 2 offers 28-foot clear heights, 18 truck docks and 122 car parking spaces.
PETERBOROUGH, N.H. — Marcus & Millichap has brokered the sale of Vose Farm Business Center, a 271,008-square-foot warehouse in Peterborough, located in the southern-central part of the state. The asset sold for roughly $10.8 million. Vose Farm Business Center is situated on 79.2 acres, features clear heights of 14 to 22 feet and has been renovated since its original construction. Harrison Klein and Luigi Lessa of Marcus & Millichap, along with Andy Peterson of Four Seasons Sotheby’s International Realty, represented the seller, Juniper Advisory Services LLC, in the transaction. Scott Geller, also with Marcus & Millichap, represented the buyer, New York-based Premium Capital Resources LLC. James Koury of Marcus & Millichap assisted in closing the deal as the broker of record.
SPIRITWOOD, N.D. — ADM (NYSE: ADM) has unveiled plans to build a new soybean crushing plant and refinery to meet demand from food, feed, industrial and biofuel customers. Located in Spiritwood, which is about 85 miles west of Fargo, the approximately $350 million complex will have the capacity to process 150,000 bushels of soybeans per day. ADM expects to complete the facility in time for the 2023 harvest. ADM also plans to invest approximately $25 million to expand refining and storage capacity at its crush and refining property in Quincy, Ill. The expanded facility is slated for completion in the second quarter of 2022. ADM is an agricultural origination and processing company based in Chicago.