Industrial

JLL Arranges Construction Financing for 956,020 SF Industrial Project in Fort Worth

by Taylor Williams August 5, 2020

FORT WORTH, TEXAS — JLL has arranged construction financing for South Fort Worth Logistics, a 956,020-square-foot speculative industrial project that will be situated on 47.6 acres near Interstates 20 and 35. Halff Associates is designing the project, which will consist of two cross-dock buildings with 36- to 40-foot clear heights, ample trailer parking and storage, 231 loading doors and ESFR sprinkler systems. A JLL Capital Markets team of Dustin Volz, Stephen Bailey, Taylor Coy and Zach Riebe arranged a three-year, floating-rate construction loan through Veritex Bank on behalf of the borrower, a partnership between Invesco Real Estate and Bandera Ventures. The development team expects to complete the project in 2021.

August 5, 2020

Industrial Leasing Activity Texas

Freedom Forever Texas Signs 16,364 SF Industrial Lease in San Antonio

by Taylor Williams August 5, 2020

SAN ANTONIO — Solar energy company Freedom Forever Texas has signed a 16,364-square-foot industrial lease at 4940 Eisenhauer Road in San Antonio. John Grady of CBRE’s Phoenix office represented the tenant in the lease negotiations. Josh Aguilar of CBRE’s San Antonio office represented the landlord, Prologis.

August 5, 2020

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Arranges $41.2M Sale of Industrial Property in Central Florida

by Alex Tostado August 5, 2020

LAKELAND, FLA. — Cushman & Wakefield has arranged the $41.2 million sale of CenterState West, a 440,000-square-foot distribution center in Lakeland. The property is situated on 44 acres at 8054 State Road 33 N., 40 miles east of downtown Tampa and 45 miles west of downtown Orlando. The building features 115 dock doors, 36-foot clear heights, 120- to 130-foot truck court depths, 172 trailer parking spaces and ESFR sprinklers. Rick Brugge, Mike Davis, Rick Colon, Dominic Montazemi, Zachary Eicholtz and Brooke Tulley of Cushman & Wakefield represented the seller, a joint venture between Chicago-based Brennan Investment Group and Grandview Partners, in the transaction. Nuveen Real Estate acquired the property.

August 5, 2020

Acquisitions Industrial New Jersey Northeast Self-Storage

Maya Capital Partners Acquires 505-Unit Self-Storage Facility in Sparta, New Jersey

by Taylor Williams August 5, 2020

SPARTA, N.J. — New York City-based Maya Capital Partners has acquired Sparta Drive-Up Storage, a self-storage facility in Sparta, located in the northern part of the state near the New Jersey-Pennsylvania border. The purchase price was approximately $6.8 million. The 505-unit facility spans 58,000 square feet and offers a combination of indoor, drive-up and climate-controlled units. Evergreen Property Advisors, an affiliate of Maya Capital Partners, will manage the property.

August 5, 2020

Development Indiana Industrial Midwest

Opus Begins Construction of 157,500 SF Spec Industrial Building Near Indianapolis, Secures Tenant

by Kristin Harlow August 5, 2020

NOBLESVILLE, IND. — The Opus Group has begun construction of a mid-size last mile distribution center in Noblesville, about 25 miles north of Indianapolis. The 157,500-square-foot speculative building is located on Bergen Boulevard within the Saxony Corporate Campus. CentraSep Technologies, a Trucent company specializing in centrifuges and filtration systems, has signed a lease to occupy 44,000 square feet at the building. Plans call for three front entrances, 159 auto parking stalls, 18 docks, two drive-in docks, LED lighting and a clear height of 32 feet. Construction is slated for completion in spring 2021. Opus is the developer, design-builder, architect and structural engineer. Brian Buschuk and Steve Schwegman of JLL are the leasing agents. Brian Sietz of JLL represented CentraSep.

August 5, 2020

Development Industrial Kentucky Southeast Top Stories

Dollar General Plans $65M Distribution Center in Northern Kentucky, Expansion of Cold-Storage Footprint

by Kristin Harlow August 5, 2020

WALTON, KY. — Dollar General (NYSE: DG) has unveiled plans to open a 630,000-square-foot distribution facility in Walton, approximately 20 miles south of Cincinnati and the Ohio border. The $65 million investment is expected to bring 250 jobs to the city and support 800 stores. The Walton facility will serve as Dollar General’s 18th distribution center. Construction is scheduled to begin in September with operations to begin in January. Dollar General has also announced plans to build three additional DG Fresh facilities to support a shift toward self-distribution of products that require cold storage such as dairy, deli meats and frozen products. Construction is scheduled to begin this fall on a 160,000-square-foot cold storage facility in Ardmore, Oklahoma, with completion slated for spring 2021. Similarly, construction is scheduled to begin this fall on a 160,000-square-foot cold storage property in Bowling Green, Kentucky, with completion slated for summer 2021. Dollar General is currently finalizing construction of a 200,000-square-foot cold storage facility in West Sacramento, California, to complement its West Coast distribution operations. The property is scheduled to open this fall. At full capacity, each of the DG Fresh facilities are expected to create approximately 65 new jobs and support roughly 1,500 …

August 5, 2020

Company News Industrial Self-Storage Southeast Tennessee

NexPoint Advisors to Acquire Self-Storage Owner Jernigan Capital for $900M

by Alex Tostado August 4, 2020

MEMPHIS, TENN. — An affiliate of NexPoint Advisors LP will acquire Memphis-based Jernigan Capital Inc. for $17.30 per share, or approximately $900 million, in an all-cash deal. The transaction is expected to close in the fourth quarter of this year. Under terms of the agreement, Jernigan Capital will discontinue its regular quarterly dividends and does not expect to host a conference call and webcast to discuss its financial results for the quarter ended June 30. Jernigan Capital owns more than 5 million square feet of self-storage assets in more than 20 states. NexPoint is based in Dallas and is an investment adviser to a suite of funds and investment offerings.

August 4, 2020

Development Georgia Industrial Southeast

Home Depot to Develop Three Distribution Centers Around Atlanta

by Alex Tostado August 4, 2020

ATLANTA — The Home Depot will develop three distribution centers around its home city of Atlanta. The biggest of the three facilities will be a 657,600-square-foot center in Locust Grove that will supply stores in the Southeast. The Atlanta-based company expects the property to house 600 employees when operations begin in the next few months. The home improvement retailer also plans to open a “flatbed delivery service” in Stonecrest in 2021. The facility will offer same- and next-day delivery of bulk and oversized orders to both construction sites and private residences. Earlier this year, the company opened its first flatbed delivery center in Dallas, Texas. The third asset will be an order fulfillment center in East Point that is slated to open in late 2021. The facility will offer same- and next-day delivery of products primarily ordered by institutional business customers for their maintenance, repair and operations needs.

August 4, 2020

Industrial Leasing Activity New York Northeast

CBRE Negotiates 200,775 SF Industrial Lease in Blauvelt, New York

by Taylor Williams August 4, 2020

BLAUVELT, N.Y. — CBRE has negotiated a 200,775-square-foot industrial lease at Hudson Crossing Industrial Park, a 1.2 million-square-foot development in Blauvelt, about 30 miles north of Manhattan. The tenant, an undisclosed e-commerce user, will occupy 123,999 square feet at 400 Oritani Drive and 76,776 square feet at the neighboring building at 200 Oritani Drive. Thomas Monahan, Stephen D’Amato, Larry Schiffenhaus, Anastasia Lazrides, Lauren Hageman, Gerard Monahan and Brian Fiumara of CBRE represented the landlord, Onyx Equities, in the lease negotiations.

August 4, 2020

Industrial Leasing Activity New Jersey Northeast

Amazon Vendor Signs 67,430 SF Industrial Lease in Parsippany, New Jersey

by Taylor Williams August 4, 2020

PARSIPPANY, N.J. — Linemart NJ, an e-commerce fulfillment vendor for Amazon, has signed a 67,430-square-foot industrial lease at 60 E. Halsey Road in Parsippany, about 30 miles west of New York City. Scott Peck of New Jersey-based brokerage firm Resource Realty represented the tenant in the lease negotiations. Tom Consiglio and Bill Pastuszak, also with Resource Realty, represented the landlord, Longpoint Realty Partners.

August 4, 2020

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