KYLE, TEXAS — Texas-based HPI Real Estate Services & Investments and the City of Kyle Economic Development Department will build three new industrial buildings totaling 380,913 square feet within Hays Commerce Center, a development located in the southern Austin suburb of Kyle. Hays Logistics Center 2, the first of the three new buildings that is being developed in partnership with Hillwood Investment Properties, will span 206,000 square feet and will feature a cross-dock configuration and 32-foot clear heights. Hays Logistics Center 3 will total 68,240 square feet and will offer speculative suites ranging from 11,800 to 68,240 square feet. Completion of this building is slated for the end of the year. Hays Logistics Center 4 will total 106,673 square feet and will also feature 32-foot clear heights. HPI also expects to complete this building before the end of the year.
PLANT CITY, FLA. — Foundry Commercial and Stockbridge have broken ground on the second speculative development at Lakeside Logistics, a 1,000-acre industrial park located in Plant City. The park is situated about 1.5 miles south of Interstate 4, 22 miles east of Tampa and 56 miles southwest of Orlando. The first phase of Lakeside Logistics was recently delivered, featuring a 505,160-square-foot, cross-dock warehouse distribution facility with 36-foot clear heights. The second phase of Lakeside Logistics will include two buildings totaling 414,000 square feet. Foundry Commercial plans to develop additional phases at Lakeside Logistics, which when finished will total over 1 million square feet. Lakeside Logistics marks the 10th project developed by Foundry Commercial.
DECATUR, GA. — Faropoint has purchased an eight-building industrial portfolio totaling 255,013 square feet on 12.6 total acres in Decatur. Faropoint bought the property for a total of $23 million. Construction Resource is the seller and tenant. The company sold the properties to Faropoint and has leased the buildings back. The properties are approximately 8.3 miles from downtown Atlanta and about 21 miles from Hartsfield-Jackson Atlanta International Airport. Brian Bratton and Steve Ratchford of King Industrial Realty Inc./CORFAC International represented Faropoint in the transaction. Faropoint is a real estate investment firm that is based in Israel with U.S. offices situated in Memphis.
MIDDLETOWN, PA. — Marcus & Millichap has brokered the sale of Londonderry Storage, a 371-unit self-storage facility in Middletown, a suburb of Harrisburg. Built in 1999 and expanded on an adjacent parcel in 2003, the property consists of 49,250 net rentable square feet of non-climate-controlled space. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer and sales price were not disclosed. Sean Beuche of Marcus & Millichap assisted in closing the deal as the broker of record.
NORTH VERNON, IND. AND GADSDEN, ALA. — MAG Capital Partners LLC has purchased a five-property industrial portfolio occupied by Decatur Plastic Products (DPP) in Indiana and Alabama. The purchase price for the sale-leaseback transaction was undisclosed. The 252,322-square-foot portfolio includes a recently constructed warehouse and manufacturing facility spanning 100,000 square feet in North Vernon, Ind. The sale also includes two nearby facilities in North Vernon as well as two properties in Gadsden, Ala. Bill Drinkall, Brook Steed and Dave Horacek of Bradley Co. represented both the buyer and the seller in the transaction. Fort Worth, Texas-based MAG Capital Partners is a real estate investment and development firm led by principals Dax T.S. Mitchell and Andrew Gi.
FARMINGDALE, N.Y. — JLL has negotiated the $13.7 million sale of a 96,600-square-foot light industrial facility in Farmingdale, located on Long Island. The property sits on a four-acre site less than two miles from the Long Island Expressway and was 92 percent leased to multiple tenants at the time of sale. Jose Cruz, Jordan Avanzato, Marc Duval, Mike Kavanagh, Nick Stefans and Andrew Scandalios of JLL represented the undisclosed seller, which acquired the asset in 2004 and made multiple capital improvements, in the transaction. Additional terms of sale were not disclosed.
IRVINE, CALIF. — Irvine-based Shopoff Realty Investments, in a partnership with Artemis Real Estate Partners, has broken ground for its Interstate-10 Logistics Center project, which is located near the I-10 and Cherry Valley Boulevard interchange in the Inland Empire East. Upon completion, the project will feature more than 1.8 million square feet of industrial space, which is being designed to obtain LEED Silver certification. The development will feature two industrial high-cube warehouses, one offering 811,000 square feet and the second offering 1 million square feet. The project will feature 40-foot clear heights, 300 dock-high roll-up doors and 519 trailer parking spots. The project site totals 240 acres, with approximately 155 acres included within the developed portion of the project, and the remaining 85 acres of land will be donated to the Rivers and Lands Conservancy as permanently conserved open space.
ALAMEDA, CALIF. — Newmark has arranged $99.2 million in financing to Invesco Advisers for the acquisition and conversion of a newly developed, six-building portfolio in Alameda. Ramsey Daya and Chris Moritz of Newmark’s Debt & Structured Finance team arranged the financing for the buyer. PGIM Real Estate placed the loan. Located at 1410-1430 Harbor Bay Road and 1955-2115 N. Loop Road, the six buildings feature 24- to 28-foot clear heights, dock-high and at-grade doors and ample power. Invesco plans to convert the 335,000-square-foot property into a state-of-the-art life sciences complex, including lab research, development and domestic good manufacturing practice (GMP) manufacturing.
WEST HENDERSON, NEV. — Brass Cap Development has broken ground on Silver and Black, a two-building industrial complex located at the corner of Dale Avenue and Chaparral Road in West Henderson. Each building will offer approximately 75,000 square feet that can be divisible to 7,500 square feet. Both properties will feature 30-foot clear heights; 20 dock doors measuring nine by 10 feet high with dock bumpers installed at each door per building; 10 dock doors measuring 12-foot by 14-foot high per building; ESFR fire suppression systems; and 2,500 amps, 277/480V, three-phase power per building. Las Vegas-based LM Construction Co. is the design-build general contractor for the project. Colliers Las Vegas is handling leasing and sales at the property.
By Jakub Nowak, senior vice president investments, Marcus & Millichap Last year’s COVID-19 lockdown took a major toll on parts of New York City’s real estate market. The city’s industrial sector, however, fared relatively well compared with other asset classes. Although dollar volume for outright industrial sales transactions over $1 million fell by almost 25 percent from $1.75 billion in 2019 to $1.35 billion in 2020, the average price per square foot over the same period held flat at about $445 per square foot. Meanwhile, capitalization rates for industrial properties in 2020 continued their steady downward trajectory, compressing further from 4.7 to 4.4 percent on a year-over-year basis. Importantly, these 2020 sales numbers do not account for the $800 million-plus of institutional capital that poured into local industrial real estate by way of partial interest sales. Notable transactions included a joint venture between Hackman Capital and Square Mile Capital deploying just under $375 million for a majority interest in Queen’s Silver Cup Studios; GIC obtaining a 25 percent stake in Sunset Park’s Industry City for $330 million; and a joint venture between Madison Realty Capital, Meadow Partners and Acadia Realty acquiring a share of Sunset Park’s Liberty View Plaza for …