DALLAS — HSM Bonnie View LP, an affiliate of Dallas-based Henry S. Miller Brokerage (HSM), has acquired seven acres at the corner of Bonnie View and Langdon roads in South Dallas for a future industrial development. Tom Pearson and Chris Teesdale of Colliers International represented the seller, First United Bank, in the transaction. Huntley Luna and Nick Robinson of HSM brokered the deal on behalf of the firm. Mark Smith of HSM Equity Partners will lead the development efforts, specific details of which were not disclosed.
ELGIN, ILL. — Lee & Associates has negotiated a 45,112-square-foot industrial lease at 1755 Britannia Drive in Elgin. Kenneth Franzese and John Cassidy of Lee & Associates represented the owner, Scannell Properties. Steve Bass of NAI Hiffman represented the tenant, Hardinge Inc., which is a provider of advanced metal-cutting solutions. The 80,491-square-foot, newly constructed building features a clear height of 32 feet. There are 35,379 square feet remaining available for lease.
MINNEAPOLIS — Cogent Communications has signed a 6,000-square-foot lease at T5@Minneapolis, a newly expanded data center located at 1001 Third Ave. South in downtown Minneapolis. Legacy Investing, an investment and commercial real estate firm focused on technology properties, owns the asset. T5 Data Centers, a national data center operating company, manages and operates the property, which features private suites, technical office space, a conference area and tenant lounge. The building is served by access to 74 network providers, now including Cogent. Sean Brady, Randy Borron and Justin Baratz of Cushman & Wakefield represented Legacy Investing in the lease transaction. Scott Becker of JLL and Jonathan Larsen of Avison Young represented Cogent.
CHANDLER, ARIZ. — Denver-based Comunale Properties, with Stevens-Leinweber Construction as general contractor, is developing Chandler Connection, a Class A industrial property located adjacent to the Chandler Municipal Airport in Chandler. Located on Germann Road, Chandler Connection will offer 201,000 square feet of mid-bay industrial space featuring 32-foot clear heights, 140-foot to 240-foot bay depths, 52-foot by 60-foot column spacing and a 135-foot fenced and secured concrete truck court. The project will also offer dock-high and drive-in loading, as well as accommodations for users ranging from 14,500 square feet to full building. Construction is slated to begin in July 2021, with completion scheduled for first-quarter 2022. Butler Design Group is serving as architect for the project, which Ken McQueen and Chris McClurg of Lee & Associates will market for lease.
By Joe Iannacone, vice president of development, Titan Development; and Rob Burlingame, SIOR, CCIM, senior vice president, CBRE While industrial was a preferred investment vehicle prior to the pandemic, the impacts of COVID-19 have further cemented the property type’s place as the favorite asset class among investors. Newly implemented safety precautions related to COVID-19 have accelerated established trends toward e-commerce and delivery-based shopping. The pandemic has also exposed various weaknesses in the global supply chain, spurring predictions of a return to domestic manufacturing and processing of raw material. As more consumers have yielded to the convenience that e-commerce provides, investors of all types have acknowledged the strength of industrial fundamental metrics, causing demand to spike in the process. As a result, investors have spent the past year seeking existing and new industrial development opportunities to capitalize on what many see as a trend that will likely continue. The increased level of vaccine administration on the horizon has further accelerated this interest in industrial properties, with many experts predicting a return to somewhat normal living, working and shopping habits by the middle of 2021. On a more micro level, one subtype of industrial real estate — cold storage — could also …
LAKE JACKSON, TEXAS — Marcus & Millichap has brokered the sale of Brazos Self Storage, a 378-unit facility in Lake Jackson, located south of Houston. The facility was built on 3.4 acres in 1978 and expanded in 1981 and 1992. The unit mix consists of 104 climate-controlled and 274 non-climate-controlled units totaling 45,086 net rentable square feet. Brian Kelly, Brett Hatcher, Gabriel Coe and Dave Knobler of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Tim Speck of Marcus & Millichap also assisted in closing the deal as the broker of record. The buyer and sales price were not disclosed.
FORT WORTH, TEXAS — Logistics firm Lineage Redistribution has signed a 122,500-square-foot industrial lease in Fort Worth. Matt Carthey and Thomas Grafton with Holt Lunsford Commercial represented the landlord, SCRS Fort Worth Industrial, in the lease negotiations. The representative of the tenant was not disclosed.
CEDAR RAPIDS, IOWA — Garling Construction is scheduled to break ground next month on the first building at Edgewood Logistics Park, a 145-acre industrial business park in southwest Cedar Rapids. The first building will span 200,000 square feet and will be built on a speculative basis. It will feature a clear height of 36 feet and more than 50 truck docks. Situated at the northeast corner of Edgewood Road and 76th Avenue, Edgewood Logistics Park will house approximately 1.5 million square feet of industrial buildings upon completion for a total value of more than $125 million. The development group undertaking the project is privately held and locally owned. GLD Commercial is the leasing agent.
BURNSVILLE, MINN. — Westmount Realty Capital LLC has sold I-35 Industrial Center in Burnsville, a southern suburb of Minneapolis. Located at 2300 State Highway 13 West, the 413,239-square-foot warehouse is fully leased to e-commerce company ShopJimmy.com. Originally built in 1970, the Class B property is situated on 21 acres. It features a recycling center, showroom and storage space as well as 23 dock doors, 12 drive-in doors and a clear height of 21 feet. Westmount repaired masonry work on the building’s exterior, painted the building and upgraded the parking lot. Mark Kolsrud, Pete Carbonneau and Peter Loehrer of Colliers MSP Investment Services Group represented Westmount in the sale. The buyer and sales price were undisclosed.
KENOSHA, WIS. — Panattoni Development Co. has purchased a 13.7-acre site in Kenosha with plans to build a 270,000-square-foot speculative distribution center. Located at 10200 55th St., the project will feature a clear height of 32 feet, two drive-in doors and LED lighting. Ned Frank, Fred Regnery, Jeff Devine, Steve Disse and Jack Rosenberg of Colliers International Chicago represented the seller, Kenall Manufacturing. Colliers also represented Panattoni in the acquisition and will handle lease-up of the facility.