Industrial

Blackstone Agrees to Acquire Data Center Giant QTS Realty Trust in $10B Deal

by John Nelson June 8, 2021

NEW YORK CITY AND OVERLAND PARK, KAN. — Blackstone (NYSE: BX) has entered into a definitive acquisition agreement with QTS Realty Trust (NYSE: QTS), a data center real estate investment trust, in an all-cash transaction valued at $10 billion. Upon completion of the transaction, the parties expect that QTS will continue to be led by its senior management team and maintain its corporate headquarters in Overland Park. QTS has a diverse footprint spanning more than 7 million square feet of owned data centers across 28 markets in North America and Europe, including Atlanta, Chicago, Dallas-Fort Worth, Miami, the Netherlands, Northern Virginia, Overland Park, the Pacific Northwest, Phoenix and Southern California. The decision by Blackstone follows several high-profile acquisitions in other niche real estate property sectors. Since January 2020, the New York City-based firm’s dealings have included a joint venture with Starwood Capital to buy hotelier Extended Stay America for $6 billion; the $3.4 billion acquisition of a life sciences portfolio in metro Boston; a joint venture with Hudson Pacific to develop movie studios and creative offices in Hollywood, Calif.; and a $4.6 billion partnership with MGM Growth Properties to buy the MGM Grand and Mandalay Bay casinos in Las Vegas. …

June 8, 2021

Industrial Leasing Activity Texas

Webstaurant Store Signs 643,940 SF Industrial Lease Near Port Houston

by Taylor Williams June 7, 2021

HOUSTON — The Webstaurant Store, a Pennsylvania-based e-commerce firm specializing in restaurant supplies and equipment, has signed a 643,940-square-foot industrial lease within Cedar Port Industrial Park near Port Houston. The tenant will occupy Cedar Port Logistics Building I, a cross-dock facility developed by Avera Cos. and AEW Capital Management, on a long-term basis. Building features include 36-foot clear heights, 185-foot truck court depths, 211 trailer parking spaces and an ESFR sprinkler system. Jim Belcher and Rob Stillwell of Newmark represented The Webstaurant Store in the lease negotiations. Gray Gilbert, Holden Rushing and Chris Haro of NAI Partners represented building ownership.

June 7, 2021

Development Industrial Office Texas

Harvey Builders to Construct 115,000 SF Manufacturing, Office Facility in Houston

by Taylor Williams June 7, 2021

HOUSTON — General contractor Harvey Builders will construct a 115,000-square-foot manufacturing and office facility in Houston. Designed by Powers Brown Architecture, the facility will be situated on an 8.3-acre site within the Houston Spaceport campus on the city’s southwest side. The project will be a build-to-suit for Hamilton Sundstrand, a subsidiary of Collins Aerospace, and is expected to be complete in summer 2022. Houston-based Griffin Partners has been tapped as the development manager for the project, which is expected to add about 250 new jobs to the local economy.

June 7, 2021

Mountain-Vista-Commerce-Center-Phoenix-AZ

Acquisitions Arizona Industrial Western

Westmount Realty Capital Buys 134,713 SF Mountain Vista Commerce Center in Phoenix

by Amy Works June 7, 2021

PHOENIX — Westmount Realty Capital has purchased Mountain Vista Commerce Center, a three-building industrial property located at 14647 S. 50th St. in Phoenix. Terms of the transaction were not released. Built in 1999, the multi-tenant property features 134,713 square feet of flex industrial space. One building is configured for corporate office use built out with modern standard design and finishes. The other two buildings are configured for showroom/training and office/warehouse spaces with 18-foot, clear-height dock doors. Additionally, the property provides 517 total parking spaces and a large monument sign. At the time of sale, the property was 62 percent occupied. Cognizant Trizetto, a healthcare IT services provider, occupies 38 percent of the modern corporate office space, while six wellness- and fitness-related businesses occupy another 32 percent.

June 7, 2021

Indiana Industrial Leasing Activity Midwest

Mauser Packaging Signs 25,110 SF Industrial Lease in Northwest Indiana

by Kristin Harlow June 7, 2021

VALPARAISO, IND. — Mauser Packaging has signed a 25,110-square-foot industrial lease at 2650 Barley Road in Valparaiso, a city in Northwest Indiana. Barley Properties owns the newly constructed building, which spans 65,592 square feet. Holladay Properties and Holladay Construction Group provided development and construction services for the project. The two firms have also been tapped to market the property for lease. Mauser specializes in manufacturing packaging products from recycled content as well as reconditioning, reuse, recycling and professional disposal.

June 7, 2021

Industrial Market Reports Maryland Southeast Southeast Market Reports

Baltimore’s Industrial Market is Stronger Than Ever, And There’s More to Come

by John Nelson June 7, 2021

Baltimore’s industrial market has been flourishing for years, but current trends suggest it may be poised to become one of the hottest markets in the United States over the next few years. Supporting these dynamics will be continued growth in e-commerce, a new emphasis by manufacturers and retailers on expanding their “safety stock” in warehouses and increasing land constraints in the Mid-Atlantic. The confluence of these trends is expected to drive average Baltimore industrial rents at one of the fastest clips of any market in the United States over the next two years. In 2021, the Baltimore industrial market recorded its most active first quarter of gross leasing in over a decade. Net absorption of 1.3 million square feet sparked the year with a strong start as the region’s industrial vacancy rate continued to hover near its lowest level in more than a decade. Vacancy in Baltimore industrial properties has been stable since 2018, despite approximately 12 million square feet of new warehouses constructed in that time span. Several important trends are driving the record-breaking market conditions and are expected to facilitate growth into the foreseeable future. The first trend is a sharply recovering economy in 2021 that may perform …

June 7, 2021

Acquisitions Data Centers Industrial Southeast Virginia

Yondr Group Acquires 270 Acres in Northern Virginia for Data Centers Developments

by Julia Sanders June 4, 2021

LOUDOUN AND PRINCE WILLIAM COUNTY, VA. — Yondr Group, in partnership with JK Land Holdings LLC, have acquired 270 acres of land in Loudoun and Prince William counties for the development of data centers. The price and seller were not disclosed. The data centers’ new sites are close to Northern Virginia’s major fiber path and power transmission lines, and the sites are expected to support the delivery of 500 megawatts of critical IT capacity. Yondr aims to have its first capacity ready for service in late 2022. Yondr also is currently building data center projects in London, England; Frankfurt and Berlin, Germany; Jakarta, Indonesia; and multiple cities in India. The company wants to develop data centers across five continents by 2024.

June 4, 2021

Data Centers Development Industrial Texas

Switch Inc. Buys Land in Metro Austin from Dell for Development of 1.5 MSF Data Center Campus

by Taylor Williams June 4, 2021

ROUND ROCK, TEXAS — Switch Inc. (NYSE: SWCH), a Las Vegas-based data center developer and operator, has purchased land in the northern Austin suburb of Round Rock from Dell Technologies for the development of a 1.5 million-square-foot campus. The site is adjacent to Dell’s global headquarters campus. The property will be Switch Inc.’s fifth data center campus in Texas and will be known as The Rock. Switch Inc., which recently acquired Data Foundry, a provider of colocation services in Texas, expects to begin site preparation and permitting for the project this summer. The company also intends to power its new facility with 100 percent renewable energy.

June 4, 2021

Development Industrial Northeast Pennsylvania

Court Street, Walton Capital to Develop 381,200 SF Distribution Center in Philadelphia

by Taylor Williams June 4, 2021

PHILADELPHIA — A partnership between developer Court Street Ventures and Chicago-based private equity firm Walton Street Capital will develop Crown 95 Logistics Center, a 381,200-square-foot distribution center that will be located in northeast Philadelphia. Crown 95 Logistics Center will feature a clear height of 36 feet and 3.5 acres of secured off-street parking for trailers, vans and cars. Construction is expected to begin before the end of the year and to be complete in the third quarter of 2022. Colliers International has been tapped to lease the Class A development.

June 4, 2021

Industrial Leasing Activity New Jersey Northeast

Amazon Signs 360,000 SF Industrial Lease in Rutherford, New Jersey

by Taylor Williams June 4, 2021

RUTHERFORD, N.J. — Amazon (NASDAQ: AMZN) has signed a 360,000-square-foot industrial lease at Highland Cross, a last-mile warehouse project under construction in the Northern New Jersey community of Rutherford. Lincoln Equities Group is developing Highland Cross, which will feature a cross-dock configuration, 70-plus dock high doors and 80-plus trailer parking stalls. Ford & Associates is designing the project, and RC Andersen LLC is serving as the general contractor. Completion is slated for early 2022. Jason Goldman of KBC Advisors represented Amazon in the lease negotiations. Lincoln Equities Group, which recently received $115 million in construction financing for the project, was represented internally.

June 4, 2021

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