NEWPORT BEACH, CALIF. — CapRock Partners has acquired, leased or sold nearly 10 million square feet of industrial space across the Western United States and opened two offices in Phoenix and Northern California, welcoming 26 new employees, according to the Newport Beach-based firm. CapRock Partners signed 10 leases totaling more than 5.3 million square feet; acquired eight properties and land sites totaling 4.2 million square feet; and sold 196,534 square feet across two properties. Additionally, an institutional investor retained the company to manage a six-asset, 1.9 million-square-foot industrial real estate portfolio that spans four markets. These transactions bring CapRock’s total investment, development and asset management pipeline to more than 25 million total square feet since inception in 2009. On the development side, the company completed more than 4.1 million square feet of Class A industrial product across the Las Vegas basin and Inland Empire, including the 3 million-square-foot Commerce Center in Ontario, California, which CapRock developed on behalf of Ivanhoé Cambridge. Since March 2020, the company started construction of an additional 2.8 million square feet and successfully received entitlements for over 3 million square feet in multiple projects across the Inland Empire. This brings CapRock’s total either recently constructed or …
CHANDLER, ARIZ. — JLL Income Property Trust has purchased Southeast Phoenix Distribution Center, a Class A distribution center located in Chandler, for $91 million. Constructed in 2019, the four-building campus features 474,000 square feet of space that can accommodate a wide range of tenants, ranging from 20,000 square feet to 135,000 square feet. The buildings offer 32-foot clear heights, ESFR sprinkler systems, grade- and dock-high doors and full concrete truck courts with fencing. The asset is situated at the confluence of Interstate 10 and Loop 202, 15 minutes from Sky Harbor International Airport and 20 minutes from downtown Phoenix.
CARSON, CALIF. — CT Realty and Clarion Partners have commenced construction of South Bay Logistics Center, a Class A industrial facility in Carson. Located at 333 W. Gardena Blvd., the single-tenant, 145,840-square-foot building will feature 25 dock-high positions, 36-foot clear heights, a 144-foot secure truck yard, an ESFR K-25 sprinkler system, 5,500 square feet of modern two-story office space and ample parking. Completion is slated for this fall. Danny Williams, Barry Hill and John McMillan of Newmark are listing agents for the project.
ELIZABETH, N.J. — Miami-based investment firm Elion Partners has purchased a 207,000-square-foot industrial property in the Northern New Jersey city of Elizabeth that is located approximately two miles from Newark Liberty International Airport. The sales price $29.7 million. According to LoopNet Inc. the property was built on 8.6 acres in 1948 and renovated in 2019. The seller was not disclosed.
LODI, N.J. — CBRE has negotiated a 130,000-square-foot industrial lease at the former National Wholesale Liquidators building in the Northern New Jersey community of Lodi. Bill Waxman and Kevin Dudley of CBRE represented the tenant, AAA Wholesale, a supplier of household items, in the lease negotiations. The name and representative of the landlord were not disclosed.
HAGERSTOWN, MD. — PCCP LLC and Panattoni Development Co. Inc. have partnered in a joint venture to acquire a 90-acre site in Hagerstown for the speculative development of Creekside Logistics Center. The project will be a fully entitled, 730,880-square-foot industrial warehouse building featuring 40-foot clear heights. Located at 16422 National Pike, the project is anticipated for completion in December. Located directly south of the Pennsylvania/Maryland border, Creekside Logistics Center sits just off Interstate 81 in an area in high demand from big box distribution tenants. The project will feature multi-modal infrastructure, low operating costs, a super-regional highway network, regional parcel and freight hubs and a concentration of third-party logistics (3PL) carriers. PCCP is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. Panattoni Development is a privately held, full-service development company based in Irvine, Calif.
SUMMERVILLE, S.C. — Avison Young has facilitated the sale of a 587,720-square-foot industrial property located at 537 Omni Industrial Blvd. in Summerville. The building was constructed in 2018 and is fully leased to 3G Distribution Services, a third-party logistics (3PL) provider. The Class A facility is situated on a 43-acre site within the Omni Industrial Campus, a 221-acre business park situated 28 miles from the Port of Charleston. The industrial facility features LED light fixtures, ESFR sprinkler systems and 36-foot clear heights. The property includes 79 docks (expandable to 111), as well as 151 remote trailer stalls, heavy power and a fenced lot. Erik Foster and Mike Wilson of Avison Young represented the sellers, Clarius Partners LLC and Wanxiang America Real Estate Group, in the transaction. Foster and Wilson also raised development equity on Clarius’ behalf in order to commence the project. The buyer was an institutional real estate venture capital firm, and the sales price was not disclosed. Clarius Partners is a full-service real estate investment and development company with offices in Chicago and Scottsdale, Ariz. Wanxiang America Real Estate Group is a Chicago-based real estate investment firm.
Conor Commercial Underway on Development of 436,500 SF Spec Industrial Project in Bartlett, Illinois
BARTLETT, ILL. — Conor Commercial Real Estate is underway on the development of Brewster Creek Commerce Center in Bartlett, about 35 miles northwest of Chicago. The speculative industrial project will span 436,500 square feet. Conor expects to serve e-commerce and logistics companies in need of large-scale distribution space. The building will feature a clear height of 36 feet, 54 truck docks, four drive-in doors, ESFR sprinklers, parking for 125 trailers and parking for 340 cars. Completion is slated for the second quarter. McShane Construction Co., V3 Cos. and Harris Architects Inc. make up the project team. The project is part of a larger 670-acre business park that is home to tenants such as McKesson, ITW, Greco & Sons, Rana, Creative Werks and Cheese Merchants of America.
GLENDALE HEIGHTS, ILL. — ML Realty Partners has completed the development of a 115,924-square-foot speculative industrial building in Glendale Heights. Located at 760 E. North Ave., the project features a clear height of 32 feet, 26 exterior truck docks and two drive-in doors. ML Realty acquired the 7.5-acre site in fall 2019. Kelly Disser, Eric Tresslar, Michael Freitag and Dion Ursino of NAI Hiffman will market the property for lease. Meridian Design Build and Harris Architects made up the project team.
BLAIR, NEB. — Clayco is serving as design-builder for Dollar General’s new distribution center in Blair, about 25 miles north of Omaha. Clayco recently broke ground on the $85 million property, which will span 800,000 square feet on 85 acres. Designed by Lamar Johnson Collaborative, the building will handle both dry and fresh items for the discount retailer. The facility will also include 180,000 square feet of cold storage space. Once fully operational in 2022, the development will create an estimated 400 new jobs in the surrounding community. The project is expected to add approximately $106 million annually to a 10-county area as well as provide $300,000 in job training funds. This project marks the sixth distribution center that Clayco will build for Dollar General. In August, Dollar General unveiled plans for the expansion of its cold storage footprint nationwide.