Industrial

Exan Capital Acquires 1 MSF Amazon Fulfillment Center in Metro Houston

by Taylor Williams January 28, 2021

BROOKSHIRE, TEXAS — Miami-based Exan Capital has acquired a 1 million-square-foot fulfillment center in the western Houston suburb of Brookshire that is fully leased to an investment-grade e-commerce user. Multiple news outlets, including the Houston Business Journal, report that the tenant is Amazon. The property was built on 84 acres in 2018 and features 36-foot clear heights, 100 dock-high doors, an ESFR sprinkler system and ample parking for trailers and the facility’s 1,600 employees. Trent Agnew, Rusty Tamlyn, Charles Strauss, Tom Weber and Jack Britton of JLL represented the seller, a publicly traded REIT, in the transaction. Colby Mueck, Michael Johnson and Molly Leinsdorf of JLL arranged a five-year, fixed-rate acquisition loan through New York Life on behalf of the new owner.

January 28, 2021

Development Industrial Self-Storage Texas

Public Storage Opens 1,101-Unit Self-Storage Facility in West Houston

by Taylor Williams January 28, 2021

HOUSTON — Public Storage (NYSE: PSA) has opened a 1,101-unit self-storage facility at 2055 Hayes Road in West Houston. The site previously housed a self-storage property that was demolished to make way for the new 125,000-square-foot facility. Triad Construction Inc. served as the general contractor for the three-story project, which was completed in less than 10 months.

January 28, 2021

Industrial Leasing Activity Midwest Missouri

Logoplaste Leases 160,000 SF in Kansas City’s Executive Park

by Kristin Harlow January 28, 2021

KANSAS CITY, MO. — Logoplaste, a designer and manufacturer of plastic packaging products, has leased 160,000 square feet of industrial space in Kansas City’s Executive Park. The property is located at 6900 Stilwell St. Mark Long, David Zimmer and John Hassler of Newmark Zimmer represented the undisclosed landlord in the lease transaction. Daniel Jensen of Kessinger Hunter and Britt Casey of Cushman & Wakefield represented the tenant.

January 28, 2021

Industrial Loans Northeast Pennsylvania

Cronheim Mortgage Arranges $14M Bridge Loan for Industrial Property in Souderton, Pennsylvania

by Taylor Williams January 28, 2021

SOUDERTON, PA. — Cronheim Mortgage has arranged a $14 million bridge loan for 209 Commerce Center, a 176,500-square-foot industrial property in Souderton, about 35 miles northwest of Philadelphia. The newly built property features 32-foot clear heights and 29 loading docks and was vacant at the time of the loan closing. A national bridge lender provided the loan on behalf of the undisclosed borrower. The loan was structured with an earn-out provision that will allow the sponsor to recoup some equity once the property leases up.

January 28, 2021

Development Indiana Industrial Midwest Mixed-Use Office Top Stories

Citimark Buys Massive hhgregg Headquarters Campus in Indianapolis, Plans Redevelopment

by Jeff Shaw January 28, 2021

INDIANAPOLIS — Citimark has acquired the former headquarters of hhgregg Inc. and announced plans to redevelop the 27-acre property on the far north side of Indianapolis. Citimark hasn’t unveiled full plans yet, but says it is considering single or multi-tenant flex, industrial and last-mile uses while preserving the flexibility for some retail out-lots. Appliance, electronics and furniture retailer hhgregg declared bankruptcy and liquidated all its assets in 2017, including closing its 220 stores and laying off more than 5,000 workers. The 400,000-square-foot headquarters, which featured office, industrial and showroom buildings, has sat vacant since then. The property’s unique shell design, with an open-air courtyard that can accommodate 200 cars, may have slowed the sale process. In January of 2019, national car dealer Napleton Auto Group kicked the tires on the property as a potential Kia dealership, before backing out later in the month, according to the Indiana Business Journal. Local contractor Deem LLC considered purchasing the property, but pulled out of the deal in November 2020, reported the Journal. Ultimately, Citimark emerged as the buyer in late December, paying $14 million for the asset. Alex Cantu with Colliers Indianapolis assisted Citimark with the purchase. Colliers Indianapolis brokers Jimmy Cohoat and …

January 28, 2021

Industrial Market Reports Midwest Midwest Market Reports Missouri

St. Louis Market Poised to Capitalize on Industrial Demand

by Kristin Harlow January 28, 2021

By Jake Corrigan, Sansone Group As we reflect on the tumultuous year of 2020 and the COVID-19 restrictions that decimated the retail real estate sector, those of us on the industrial side of the equation are breathing a sigh of relief. While there have been small pockets of industrial users and owners that have been adversely affected, the industrial market has remained strong as a sector. We anticipate this trend to continue. Statistics continue to show the conversion of the brick-and-mortar shopper to online is on the fast track. In the last 10 years, the meteoric shift to online shopping has increased from 7 percent in 2010 to just under 25 percent at the end of 2020, according to the U.S. Census Bureau. COVID-19 has forced the otherwise reluctant online shopper to shop for goods they had never thought to have delivered to their door. As a result, online retailers have dramatically improved web-based interfacing and ease of shopping. Active development These realities have supply chain experts, third-party logistics (3PL) companies, owner/users, and of course, mega online retailers clamoring for blocks of vacant space to house their inventories. Developers active in the St. Louis metropolitan statistical area (MSA) …

January 28, 2021

Development Georgia Industrial Southeast

Sansone Group Acquires 101.5 Acres of Land Near Savannah for New Industrial Development

by John Nelson January 27, 2021

PORT WENTWORTH, GA. — Sansone Group, in partnership with a private equity real estate fund advised by Crow Holdings Capital, has acquired 101.5 acres near Savannah. Sansone Group plans to develop up to 1.4 million square feet of Class A industrial space at the site, which will be the first development in Georgia for the St. Louis-based developer. The site’s address is 4737 Hendley Road in Port Wentworth, less than six miles from the Port of Savannah. The development will be situated at the intersection of Highway 21 and Interstate 95,. The plan includes three buildings that Sansone Group will be developed in two phases. Phase I comprises a 437,500-square-foot building that will break ground in March. Sansone expects to deliver the building in December. Phase II will comprise 805,000 square feet across two buildings Sansone anticipates breaking ground on the second phase in October with delivery slated for July 2022. JLL’s Chris Tomasulo is leasing the project for the ownership group. Kern & Co. designed the site layouts. No general contractor has been selected yet.

January 27, 2021

Development Industrial North Carolina Southeast

Trinity Capital Selects Frampton to Build Three Industrial Facilities in Metro Raleigh

by John Nelson January 27, 2021

KNIGHTDALE, N.C. — Trinity Capital Advisors has selected Frampton Construction Co. LLC to build three industrial facilities in Knightdale. The buildings will be situated within Trinity Capital’s Eastgate 540 industrial park, located along Interstate 540 in Raleigh’s East Wake submarket. The new buildings join three existing facilities in the complex and will bring the park’s total size to 980,000 square feet. The first building is a build-to-suit project for the park’s newest tenant, PCX Corp. The company designs and builds prefabricated modular electrical distribution and power systems. PCX recently signed a lease to occupy the entire 159,600-square-foot facility. The remaining two buildings, each measuring 120,000 square feet, are under construction with leases in progress. Frampton is underway on sitework for all three buildings. Merriman Schmitt Architects completed the design for the buildings, and Advanced Civil Design Inc. provided civil engineering services. Construction is expected to finish this summer. Frampton Construction is a regional, full-service general contractor with offices in Charlotte and Charleston.

January 27, 2021

Acquisitions Illinois Industrial Midwest

Colliers Arranges Sale of 144,207 SF Industrial Building in Chicago

by Kristin Harlow January 27, 2021

CHICAGO — Colliers International has arranged the sale of 10500 Woodlawn Ave. in Chicago’s Pullman Crossings for an undisclosed price. The 144,207-square-foot industrial building is situated on 38 acres and serves as a last-mile logistics facility for Amazon. It features a clear height of 36 feet as well as parking for 347 cars and 856 vans. Ryan Cos. completed development of the build-to-suit property in September. Jeff Devine and Steve Disse of Colliers represented the seller, a joint venture between Ryan and Allstate Investments. A private foreign investor purchased the asset.

January 27, 2021

Acquisitions Illinois Industrial Midwest

Entre Commercial Realty Arranges Sale of 10,500 SF Industrial Building in Gurnee, Illinois

by Kristin Harlow January 27, 2021

GURNEE, ILL. — Entre Commercial Realty has arranged the sale of a 10,500-square-foot industrial building in Gurnee for an undisclosed price. The property is located at 200 Ambrogio Drive and features six drive-in doors as well as 2,200 square feet of office space. Brian Bocci of Entre represented the buyer, Gen-3 Investments LLC, which will use the facility for its pool service operations. Charlie Mintz of JLL represented the undisclosed seller.

January 27, 2021

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