Industrial

CBRE Brokers $9.2M Sale of Industrial Property in Chandler, Arizona

by Amy Works July 24, 2020

CHANDLER, ARIZ. — CBRE has negotiated the sale of an industrial building located at 6615 W. Boston St. in Chandler. Ivanhoe/Evergreen acquired the asset from Cabot Properties for $9.2 million. The 96,000-square-foot property features 4,405 square feet of office space, 22-foot clear heights, 11 dock-high doors, one grade-level door and up to 189 parking spaces. At the time of sale, Advanced Circuits and a second tenant fully occupied the property. Jackie Orcutt, John Grady and Jonathan Teeter of CBRE represented both parties in the transaction.

July 24, 2020

Development Florida Industrial Southeast

Sansone Group to Construct 3.2 MSF Distribution Center in South Florida

by Alex Tostado July 23, 2020

PORT ST. LUCIE, FLA. — Sansone Group plans to develop Tradition Commerce Park, a 3.2 million-square-foot light industrial and distribution center in Port St. Lucie. The St. Louis-based developer entered into an agreement with the Port St. Lucie City Council to acquire 300 acres for the property, which is situated at the northwest corner of Southwest Becker Street and Interstate 95. Sansone expects to break ground by the end of 2020 and deliver Phase I by the third quarter of 2021. Development of Phases II and III will depend on market conditions, according to Peter Crane, regional director of Sansone Florida. Sansone paid the City of Port St. Lucie $5 million for the 63 acres needed for Phase I and will pay $82,764 and $87,120 per acre for the land needed for Phases II and III, respectively. Crane and Alex Pappas of Sansone, along with Lee & Associates, represented the developer in the land transaction.

July 23, 2020

Alabama Development Industrial Southeast

Aldi to Develop 564,000 SF Distribution Center in Loxley, Alabama

by Alex Tostado July 23, 2020

LOXLEY, ALA. — Aldi will develop a regional office and distribution center in Loxley. The facility will serve Aldi grocery stores in southern Alabama, the Florida Panhandle and Louisiana. Details of the building were not disclosed, but multiple media outlets report the property will span 564,000 square feet upon completion. Aldi operates 180 stores in Florida and Alabama. The German-based grocer plans to break ground on the distribution center in 2021. The exact location of the facility was not disclosed. but Loxley is located 22 miles east of Mobile and 40 miles west of Pensacola, Fla. Aldi plans to open 70 stores nationwide by the end of 2020.

July 23, 2020

Development Florida Industrial Office Southeast

North American Properties Acquires 21 Acres in Florida’s Space Coast for Industrial, Office Development

by Alex Tostado July 23, 2020

TITUSVILLE, FLA. — North American Properties (NAP) has acquired 21 acres in Titusville to develop industrial and office space. Phase I of the project will include 135,000 square feet of commercial space spread across multiple buildings. DAG Architects is the designer, NAI Talcor is handling sales and leasing, The Taproot Agency is serving as an advisor, Collins Brown Barkett Chartered is providing legal counsel and Atkins is the civil engineer. NAP expects to have Phase I ready to lease in the next 12 months, according to Shawn McIntyre, NAP Florida managing partner. A timeline for construction was not disclosed. The land is situated on the southeast corner of U.S. Highway 1 and NASA Causeway, seven miles west of the Kennedy Space Center. This is the first project in Florida’s Space Coast for the Cincinnati-based developer, which was attracted to the area’s concentration of global aerospace giants such as SpaceX, Blue Origin, Boeing, Lockheed Martin and United Launch Alliance.

July 23, 2020

Acquisitions Data Centers Industrial Massachusetts Northeast

Rhino Capital Buys 200,000 SF Data Center in Southern Massachusetts

by Taylor Williams July 23, 2020

FALL RIVER, MASS. — Boston-based investment firm Rhino Capital Advisors has purchased a 200,000-square-foot data center located in the southern Massachusetts city of Fall River. Rhino Capital is acquiring the center in a sale-leaseback deal in which the seller has committed to a new 10-year lease at the newly built property. Brett Paulsrud and Madeline Joyce of JLL arranged a $10.3 million acquisition loan through Cambridge Savings Bank on behalf of the new ownership.

July 23, 2020

Acquisitions California Industrial Utah Western

PCCP, Koll Co. Acquire Eight-Building Industrial Portfolio in Sacramento, Salt Lake City for $41.3M

by Amy Works July 23, 2020

WEST SACRAMENTO, CALIF., AND SALT LAKE CITY — A joint venture between PCCP and The Koll Co. has purchased an eight-building industrial portfolio in West Sacramento and Salt Lake City. A private family trust sold the portfolio for $41.3 million. Totaling 510,7070 square feet, the assets were fully leased at the time of sale. The three California properties, totaling 226,000 square feet, are located within the Port of Sacramento Industrial Park. Built in 1987, the buildings feature 22- to 26-foot clear heights, dock-high doors, grade-level doors, wet sprinklers, reinforced concrete loading areas and ample parking. The remaining five properties, totaling 214,000 square feet, are located within Centennial Industrial Park in Salt Lake City. The buildings feature 24- to 27-foot clear heights, dock-high doors and grade-level doors. Bret Hardy and Kevin Shannon of Newmark Knight Frank represented the seller, while David Milestone of Newmark Knight Frank sourced acquisition debt from California Bank & Trust for the buyer.

July 23, 2020

Acquisitions Colorado Development Industrial Western

EverWest Buys Two-Building Industrial Spec Project in Colorado, Plans Additional Expansion

by Amy Works July 23, 2020

THORNTON, COLO. — EverWest Real Estate Investors, in a joint venture with Invesco, has acquired a two-building speculative industrial project located at 14901 N. Washington St. in Thornton. RE II Industrial II sold the property, which fronts Interstate 25, for an undisclosed price. The acquisition includes an adjacent, pad-ready site where EverWest, serving as developer, plans to build a 121,000-square-foot Class A industrial building. The new facility will complement the existing 219,000 square feet of speculative industrial space at the site, which also includes 46.4 acres of undeveloped land. With the undeveloped land, EverWest has the option to build a second and third phase totaling an additional 590,000 square feet of new industrial space.

July 23, 2020

Acquisitions Industrial Self-Storage Utah Western

Marcus & Millichap Brokers Sale of All American Storage in West Valley City, Utah

by Amy Works July 23, 2020

WEST VALLEY CITY, UTAH — The LeClaire Group of Marcus & Millichap has arranged the purchased of All American Storage in West Valley City. A regional real estate investor acquired the 8,800-square-foot self-storage facility for an undisclosed price. Built in 1997, the property features 45 drive-up, non-climate-controlled self-storage units and an on-site apartment. Units range in size from 100 square feet to 400 square feet, with the ability to reconfigure unit sizes to accommodate larger spaces. Additionally, the fully fenced and gated property features keypad access and 24-hour surveillance. Jordan Farrer of The LeClaire Group of Marcus & Millichap represented the buyer in the deal. The name of the seller was not released.

July 23, 2020

Development Industrial Texas

Amazon to Open 625,000 SF Fulfillment Center in El Paso, to Create 700 Jobs

by Taylor Williams July 23, 2020

EL PASO, TEXAS — Amazon will open a 625,000-square-foot fulfillment center in El Paso, a move that marks the e-commerce giant’s entrance to that market and that is expected to create about 700 new full-time jobs. Local news station and ABC affiliate KVIA reports that the site will be located along Rojas Drive and Interstate 10 on the city’s east side. Construction is underway, and the facility is expected to open some time in 2021. KVIA also reports that Amazon did not seek any tax breaks or other economic incentives from the City of El Paso.

July 23, 2020

Industrial Leasing Activity Texas

Vertical Farming Company Signs 83,436 SF Industrial Lease at Parc Air 59 in Metro Houston

by Taylor Williams July 23, 2020

HUMBLE, TEXAS — Kalera, a Florida-based vertical farming company, has signed an 83,436-square-foot industrial lease to be the first tenant at Parc Air 59, a 279,500-square-foot development in the northern Houston suburb of Humble by Jackson-Shaw. The company will occupy the entirety of Building A, a rear-load property that is nearing completion and that features 28- to 32-foot clear heights, 130-foot truck courts and an ESFR sprinkler system. Mike Spears and Derek Riggleman of Lee & Associates represented Kalera in the lease negotiations. Jason Dillee and Nathan Wynne of Cushman & Wakefield represented Jackson-Shaw.

July 23, 2020

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