Industrial

Core5 to Develop 957,400 SF Industrial Building Near Memphis

by Julia Sanders March 23, 2021

MARSHALL COUNTY, MISS. — Core5 Industrial Partners plans to develop I-269 Logistics Center, a five-building industrial park in Marshall County totaling 3 million square feet. The Atlanta-based developer acquired 221 acres of fully entitled land located at Highway 302 and Interstate 269 in the Mississippi suburbs of Memphis. Core5 plans to break ground soon on I-269 Industrial Park Building D, a 957,400-square-foot cross-dock facility that is expandable to 1.7 million square feet. Delivery of the building is scheduled for the first quarter of 2022. Building D will feature 40-foot clear heights and a six-inch Ductilcrete slab. The building will accommodate trailer parking for over 391 trailers and 597 auto parking spaces. The site also offers real and personal property tax exemptions for up to 10 years based on job creation and investment.

March 23, 2021

Development Illinois Industrial Midwest

ML Realty Partners to Develop Two Spec Industrial Buildings Totaling 605,300 SF in Bensenville, Illinois

by Kristin Harlow March 23, 2021

BENSENVILLE, ILL. — ML Realty Partners has unveiled plans to develop two speculative industrial buildings totaling 605,300 square feet in Bensenville, a suburb of Chicago. The firm expects to break ground this summer with completion slated for spring 2022. Plans call for clear heights of 40 feet along with ample car and trailer parking. Andrew Maletich, Matt Garland and Dustin Albers of Cawley Chicago represented ML in the land assemblage and will also oversee the lease-up of the buildings.

March 23, 2021

Industrial Leasing Activity Midwest Ohio

Woodpeckers Signs 79,203 SF Industrial Lease in Suburban Cleveland

by Kristin Harlow March 23, 2021

STRONGSVILLE, OHIO — Woodpeckers, a precision woodworking tools company, has signed a 79,203-square-foot industrial lease in Strongsville, a suburb of Cleveland. The newly constructed, speculative facility is located at 14720 Foltz Industrial Parkway within Mills Business Park. Scannell Properties completed development of the 179,578-square-foot building in the fourth quarter of 2020. Terry Coyne of Newmark represented Scannell in the lease transaction. Matthew Beesley of Cushman & Wakefield | CRESCO Real Estate represented Woodpeckers, which is based in Strongsville.

March 23, 2021

Development Industrial Northeast Pennsylvania

J.G. Petrucci, Cabot to Develop 148,960 SF Spec Industrial Project in Souderton, Pennsylvania

by Taylor Williams March 23, 2021

SOUDERTON, PA. — A partnership between J.G. Petrucci Co. and Boston-based Cabot Properties will develop a 148,960-square-foot speculative industrial project in Souderton, located north of Philadelphia in Montgomery County. The property will feature a clear height of 32 feet, 24 loading positions and 24 trailer storage positions. Completion is slated for this fall. Jon Mikula, John Plower and Mike Lachs of JLL arranged the partnership between the two developers.

March 23, 2021

Development Industrial Texas

Hunt Southwest Breaks Ground on 250,000 SF Phase I of Spec Industrial Project in Denton

by Taylor Williams March 22, 2021

DENTON, TEXAS — Dallas-based developer Hunt Southwest has broken ground on Phase I of I-35 Convergence, a speculative industrial project in the North Texas city of Denton that could ultimately feature as much as 500,000 square feet of Class A space. The site is located within Westpark Industrial Park, just northwest of the Interstate 35 East/West split. Building I will span 250,000 square feet and will include 32-foot clear heights and an ESFR sprinkler system. Building II will be a build-to-suit for a user with a 100,000- to 250,000-square-foot requirement. Completion of Building I is slated for December. Colliers International is leasing the project.

March 22, 2021

Acquisitions Arizona Industrial Western

BKM Capital Sells Koll Cotton Center in Phoenix to TerraCap Management for $30.9M

by Amy Works March 22, 2021

PHOENIX — BKM Capital Partners has completed the sale of Koll Cotton Center, a seven-building light industrial park in Phoenix. Naples, Fla.-based TerraCap Management acquired the asset for $30.9 million. Situated on 17.8 acres at 4050 E. Cotton Center Blvd., Koll Cotton Center offers 225,403 square feet of light industrial space within Cotton Center Business Park, a 286-acre mixed-use development. Built in 2000, the property has undergone a multimillion-dollar improvement and enhancement plan that includes speculative suite buildouts, new signage and interior and exterior improvements. At the time of sale, the property was 93 percent leased to 20 tenants. Buildings feature 16- to 18-foot clear heights, ample parking and office finishes. Mark Detmer, Ryan Sitov, Steve Sayre, Mark Gustin and Dave Seeger of JLL Capital Markets represented the seller in the transaction. Additionally, Kevin MacKenzie and Jason Carlos of JLL Capital Markets Debt Placement arranged a $23.2 million, five-year, floating-rate acquisition through an unnamed life insurance company on behalf of TerraCap.

March 22, 2021

Acquisitions Industrial Texas

Lee & Associates Brokers Sale of 52,000 SF Manufacturing Building in Houston

by Taylor Williams March 22, 2021

HOUSTON — Lee & Associates has brokered the sale of a manufacturing building located on approximately 7.9 acres at 9110 Taub Road in Houston. According to LoopNet Inc., the property was built on 10 acres in 1997. Mike Spears and Frank Blackwood of Lee & Associates represented the buyer, Integrated Induction Inc., in the transaction. David Boyd and Wes Williams of Boyd Commercial represented the Houston-based seller, Allegiance Bank.

March 22, 2021

Acquisitions California Industrial Western

Lee & Associates Brokers $13M Acquisition of Industrial Building in Carlsbad, California

by Amy Works March 22, 2021

CARLSBAD, CALIF. — Lee & Associates has arranged the purchase of a single-tenant industrial property located at 6212 Corte del Abeto in Carlsbad. Elion Acq LLC acquired the asset from an undisclosed seller for $13 million. Built in 1987, the 70,224-square-foot building features two dock-high doors, six grade-level doors, up to 26-foot clear heights and visibility on Palomar Airport Road. The property is located within Palomar Airport Business Park. Rusty Williams, Chris Roth, Greg Pieratt and Jake Rubendall of Lee & Associates – North San Diego County represented the buyer in the transaction.

March 22, 2021

Illinois Industrial Midwest

Industrial Outdoor Ventures Recapitalizes, Forms Joint Venture with Stockbridge

by Kristin Harlow March 22, 2021

SCHAUMBURG, ILL. — Schaumburg-based Industrial Outdoor Ventures (IOV) and its equity sponsor BLG Capital Advisors have recapitalized and formed a joint venture with San Francisco-based Stockbridge. Financial terms of the deal were not disclosed. IOV sold a significant interest in its 26-building industrial service facilities (ISF) portfolio to Stockbridge. The properties are located in major markets throughout the U.S., including Atlanta, Chicago, Dallas, Phoenix and southern California. The venture plans to continue growing the portfolio, with plans to make $100 million to $200 million in property acquisitions each year. IOV has entered into an agreement to continue managing the portfolio and future investments. CIBC Bank, along with a group of co-lenders, provided a $145 million credit facility to the venture for the seed portfolio and future acquisitions. Mike Caprile, Zach Graham and Ryan Bain of CBRE arranged the recapitalization and joint venture. IOV is a national real estate investor focused exclusively on outdoor storage facilities. ISF are used to support supply chains in the storage, maintenance and dispatch of equipment and bulk material. They are primarily used by the transportation, e-commerce, construction and utility industries.

March 22, 2021

Industrial Leasing Activity NAI New Jersey Northeast

NAI Mertz Negotiates 100,170 SF Industrial Lease in Burlington, New Jersey

by Taylor Williams March 22, 2021

BURLINGTON, N.J. — NAI Mertz has negotiated a 100,170-square-foot industrial lease at 320 Dulty’s Lane in Burlington, located northeast of Philadelphia. The property is situated on 13 acres, spans 280,290 square feet and features 36-foot clear heights. Scott Mertz of NAI Mertz represented the landlord, Denver-based Black Creek Group, in the lease negotiations. The tenant is EBP Supply Solutions, a wholesale distributor of products to the cleaning and foodservice industries.

March 22, 2021

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