VISTA, CALIF. — A joint venture between RPG and CenterSquare has purchased an industrial property located at 1 Viper Way in Vista. San Francisco-based Stockbridge sold the asset for an undisclosed price. The buyers plan to implement a comprehensive repositioning plan to modernize the 203,000-square-foot property to appeal to industrial tenants throughout the region. Planned improvements include the addition of nine dock-high doors and five grade-level doors, as well as a reduction of office and mezzanine space, to appeal to last-mile industrial users. The property features 28-foot clear heights, heavy power and dock loading options. At the time of purchase, the property was vacant, having previously served as headquarters for an automotive technology company for 20 years. Aric Starck and Bill Cavanagh of Cushman & Wakefield represented the seller in the transaction.
By Amy Ogden, Logic Commercial Real Estate This was an unprecedented year in a multitude of ways. Though the pandemic brought economic hardships — along with the world’s worst health crisis — it also opened our eyes to how quickly life can change overnight. Businesses reacted to the crisis as best and swiftly as they could to comply with state stay at home orders, capacity reductions, and the fear and panic that ensued. Little did we know that we would be desperately seeking toilet paper, cleaning supplies, and embracing online grocery shopping and food delivery with such intensity by early March. The aforementioned, in turn, created a domino effect as the pandemic became the catalyst for a boom in the industrial real estate sector. Ecommerce has grown more over the past year than it ever has. These occupiers have seen their five-year trajectory of forecasted retail sales occur in just six months. The rise of ecommerce has forever altered consumer buying behavior and expectations. With consumers now anticipating fast shipping and deliveries, there is now a strain on the traditional logistics and supply chain models. This has subsequently resulted in a heightened need for warehouse, fulfillment and distribution properties as …
PRINCE GEORGE, VA. — The Hollingsworth Cos. is developing a 650,250-square-foot speculative industrial building in Southpoint Business Park located at 8000-8072 Quality Drive in Prince George. This property will be the 12th and largest facility developed by The Hollingsworth Cos. in Southpoint Business Park. The speculative tilt-wall building will feature 40-foot clear heights, 60- by 60-foot column spacing, 142 dock doors and 177 trailer drops. After the new facility is built, Southpoint Business Park will have 1.6 million square feet of industrial space.
DELAND, FLA. — Franklin Street has secured a 136,000-square-foot, full-building warehouse lease with trailer manufacturing company ALCOM LLC. The property is located at 2526 W. New York Ave. in Deland. Franklin Street’s industrial team negotiated the lease on behalf of the landlord, Blackmore Family Trust. ALCOM’s new facility is approximately 40 miles north of Orlando and is close to major highways such as State Road 44, Interstate 75, Interstate 95, Florida’s Turnpike and Interstate 4. The facility features 24-foot clear heights, 3,600 square feet of office space, 21 dock doors and upgraded electricity and lighting. Previously occupied by a cabinet manufacturer, the property is currently being renovated to accommodate ALCOM’s manufacturing needs. The firm is expected to take occupancy of the property this month.
TOLLESON, ARIZ. — DAUM Commercial Real Estate has arranged the lease of a newly constructed industrial warehouse located at 320 S. 91st Ave. in Tolleson. Republic National Distribution Co. will occupy the 173,940-square-foot property, which Hopewell Development owns. The total consideration of the lease is $12 million. Chris Rogers, Trevor McKendry, Dan Casey and Parker Houston of DAUM represented the landlord, while Andy Markham, Will Strong, Mike Haenel and Phil Haenel of Cushman & Wakefield represented the tenant. The facility features 28 dock-high loading doors, four grade-level doors, 32-foot clear heights, a fenced and gated concrete court with 130-foot depth, 3,600 amps, an ESFR sprinkler system, R-19 insulation and LED lighting.
ATLANTA — Airbnb plans to open a technical hub in Atlanta by the end of 2021. The company did not disclose what area of Atlanta that it is going to occupy. The San Francisco-based lodging company originally made plans to open the hub in 2019 but had to stop development due to travel restrictions and the COVID-19 pandemic. In May 2020, Airbnb had to let 25 percent of its team go. Now that travel is picking up again, Airbnb has decided to move forward with its East Coast expansion. Airbnb anticipates the hub will be home to one of its product developments teams and will become the regional base for hundreds of technical and non-technical roles over time. Atlanta was the city that Airbnb choose due to many factors, including strong educational infrastructure and supporting communities of color. If any economic incentives or credits are associated with the East Coast hub location, Airbnb plans to donate them back to Atlanta for community impact initiatives.
MARION, IND. — Lee & Associates has brokered the $34.5 million sale of a food processing and cold storage facility in Marion, located about halfway between Indianapolis and Fort Wayne. The 291,262-square-foot, Class A property is situated on a 19.4-acre site at 3701 S. Adams St. Completed in 2013, the building features a clear height of 30 feet. It is fully leased to Café Valley Bakery, an independent wholesale bakery. Ross Sanzari, Greg Guglielmino, Marcus Muirhead and Steve Gonzalez of Lee & Associates represented the undisclosed seller. SomeraRoad was the buyer.
ELK GROVE VILLAGE, ILL. — Premier Design + Build Group is nearing completion of a two-building industrial development in Elk Grove Village. Seefried Industrial Properties is the developer. The project is located at 202-228 E. Devon Ave. near Chicago O’Hare International Airport and several major highways. Building 1 spans 79,290 square feet while Building 2 totals 83,052 square feet. Each of the buildings will feature two drive-in doors, 12 dock doors and ESFR systems. The project team included Harris Architects Inc. and civil engineer Jacob & Hefner. Premier expects to complete construction by March 1.
EAGAN, MINN. — Endeavor Development has acquired a 7.7-acre lot in Eagan with plans to build a 112,500-square-foot industrial project. The Class A warehouse will be named Yankee Doodle Business Center. It will feature a clear height of 28 feet, 11 dock doors and two drive-in doors. Construction is expected to begin in April with completion slated for the fall. Chris Hickok and Connor Ott of JLL will market the project for lease. Eagan’s current industrial vacancy rate is 4 percent, according to JLL.
NEW YORK CITY AND NASVHILLE — SomeraRoad, a development and investment firm with offices in New York City and Nashville, has acquired a portfolio of eight industrial assets totaling 1.5 million square feet $137 million. Each of the properties, which are located in the Southeast and Midwest regions, was fully leased to a single tenant at the time of sale. The roster includes users such as FedEx, McFarling Foods and Black Gold Farms. Ian Ross, Fergus Campbell, Amit Patel and Blake Toline negotiated the transaction for SomeraRoad on an internal basis. The seller was not disclosed. Dustin Stolly and Jordan Roeschlaub of Newmark arranged a $91 million acquisition loan through Capital One on behalf of SomeraRoad.