FLOWER MOUND, TEXAS — Custom Ink, a provider of printing services for the apparel industry, has signed a 90,200-square-foot industrial lease renewal at Lakeside Commerce Center in the Fort Worth suburb of Flower Mound. Blake Kendrick and Mac Hall of Stream Realty Partners represented the landlord, Stockbridge, in the lease negotiations. Chris Stout of JLL represented the tenant.
CANTON, MISS. — Trammell Crow Co. will develop a 700,000-square-foot Amazon robotics fulfillment center in Canton, about 26 miles north of Jackson along Interstate 55. The project is expected to house 1,000 employees who will pick, pack and ship small items such as books, electronics and toys to customers. This will be the third fulfillment center in the Magnolia State but the first to incorporate Amazon’s robotics technology. The Seattle-based e-commerce giant opened its first Mississippi facility in Byhalia in 2019 and its second in August in Olive Branch. According to Madison County officials, the Canton fulfillment center is expected to deliver in August 2021. Amazon expects to fill the 1,000 jobs by next holiday season.
SOMERSET, N.J. — NAI DiLeo-Bram has negotiated a 308,000-square-foot industrial lease at 481 Weston Canal Road in the Northern New Jersey city of Somerset. Bridge Development Partners recently completed the property, which is located within the three-building Bridge Point Somerset development. Building features include 36-foot clear heights, 78 trailer stalls, 50 loading docks and proximity to Interstate 287 and the New Jersey Turnpike. Eric Bram Johnston and Christopher Galiano of NAI DiLeo-Bram represented the tenant, an undisclosed furniture manufacturer that is relocating from Edison, in the lease negotiations. JLL represented Bridge Development Partners.
BURLINGTON, N.J. — A partnership between an affiliate of Endurance Real Estate Group and Boston-based Cabot Properties has broken ground on a 289,042-square-foot speculative industrial project in Burlington, about 20 miles northwest of Philadelphia. The 56.6-acre site at 2609 Rancocas Road will house two warehouses that are expected to be complete in the fourth quarter of 2021. Building I will feature 217,986 square feet, 36-foot clear heights, 180 car parking spaces and 28 trailer parking spaces. Building II will total 71,056 square feet and will offer 32-foot clear heights and 69 car parking spaces. John Plower, Nate Demetsky and Ryan Cottone represented the development team in the acquisition of the land. Newmark represented the seller of the land.
BOSTON — JLL has negotiated the $12.2 million sale of a 26,500-square-foot industrial property located at 202 Southampton St. near downtown Boston. The single-story building features 29-foot clear heights, six loading docks with four drive-in doors and 33,000 square feet of excess parking housing 150 spaces. Michael Restivo of JLL represented the seller in the transaction. Brett Paulsrud and Sam Campbell of JLL arranged fixed-rate acquisition financing through Webster Five Centers Savings Bank on behalf of the buyer, a partnership between Oliver Street Capital and Bain Capital Real Estate.
WESTFIELD, IND. — Sealy & Co. has acquired Westfield Business Centre in Westfield, north of Indianapolis. The purchase price was undisclosed. The distribution center spans 133,160 square feet and is located on Oak Ridge Road. The Peterson Co. built the property in 2018. It is fully leased to distribution and manufacturing tenants, with Aptiv occupying 40 percent. Other tenants include Grinds LLC, ETI Fab and 3rd Dimension Industrial Printing. Alex Cantu and Alex Davenport of Colliers International brokered the sale on behalf of the seller, Oak Ridge LLC, which is an affiliate of Carmel-based Jackson Development LLC.
PHOENIX — Cale Enterprises and Los Angeles-based 36th Street Partners have completed the disposition of Desert Gateway II, a two-building industrial property located at 747 and 777 W. Pinnacle Peak Road in Phoenix. A California-based private investor acquired the asset for $13.4 million in an off-market transaction. Completed in January 2018, the property features 76,874 square feet of Class A industrial space spread across two multi-tenant buildings. The 36,004-square-foot and 40,870-square-foot buildings feature 20-foot clear heights, 12-foot by 14-foot overhead doors, office build-out and air conditioning throughout the office and warehouse space. At the time of sale, the property was 95 percent occupied. Dylan Scott, Mike Ciosek and Eric Bell of Kidder Mathews served as leasing agents prior to the sale.
POMONA, CALIF. — Newport Beach, Calif.-based CapRock Partners has purchased an infill industrial property situated on 12.5 acres at 4200 W. Valley Blvd. in Pomona. Terms of the transaction were not released. The buyer acquired the asset as a sale-leaseback from an owner-tenant that will continue to occupy the existing 230,000-square-foot manufacturing building in the short term. Upon expiration of the lease, CapRock intends to demolish the existing facility and develop a 270,000-square-foot, 36-foot-clear-height building offering up to 10,000 square feet of speculative office space. The property’s location is within minutes of the California State Route 57 and Interstate 605 interchange, Interstate 10 and California State Route 71. Wes Hunnicutt, Matt Moore and Eric Tomchick of Newmark represented the buyer and undisclosed seller in the transaction. Additionally, the Newmark team will serve as leasing agents for the property. Greg Brown, Peter Thompson and San Godfrey of JLL Capital Markets Debt Placement arranged an undisclosed amount of financing on behalf of CapRock Partners.
BIRMINGHAM, ALA. — GCP has sold its Fund I portfolio, which consists of 47 industrial properties totaling 11.6 million square feet, to an undisclosed group of institutional investors for $800 million. The portfolio consists of 11 properties in Alabama totaling 2.9 million square feet; 13 properties in Georgia totaling 2.9 million square feet; seven properties in Florida totaling 2.3 million square feet; seven properties in North Carolina totaling 1.9 million square feet; and nine properties in South Carolina totaling 1.6 million square feet. The properties were 98 percent occupied at the time of sale. John Huguenard of JLL’s Chicago office brokered the transaction on behalf of GCP. “This transaction highlights the investment community’s laser focus on acquiring institutional-quality industrial product from operators in growth markets as a defensive play in response to the changing landscape brought on by the COVID-19 pandemic,” says Huguenard. GCP was under contract to sell its Fund I portfolio prior to the start of the pandemic, but the initial buyer elected not to proceed due to the potential impact of COVID-19 on the industrial market. “In August, GCP was approached by several institutional investors who ultimately made unsolicited offers to acquire the Fund I portfolio,” says …
LEBANON, TENN. — Starbucks Corp. has renewed its 680,160-square-foot industrial lease within Park 840 East 1009 in Lebanon. Starbucks will continue to fully lease the facility, which features 36-foot clear heights, dock- and drive-in doors, trailer parking and automobile parking. The building is situated at 1050 International Drive, 27 miles east of downtown Nashville. The site serves as a Southeastern distribution hub for the Seattle-based company. Lonnie Russell of Cushman & Wakefield represented the landlord, Duke Realty, in the transaction. Laura Hart of CBRE represented the tenant.