Industrial

Lee & Associates Orange Brokers $22.3M Sale of Industrial Building in Cerritos, California

by Amy Works September 30, 2020

CERRITOS, CALIF. — Lee & Associates Orange has arranged the sale of a freestanding industrial building located at 12836 Alondra Blvd. in Cerritos. The property traded for $22.6 million. The names of the seller and buyer were not released. Situated in Cerritos Industrial Park, the 109,368-square-foot facility features 10 dock-high loading positions, 24-foot clear heights, a fenced yard and major street frontage on Alondra Boulevard. Jeff Gahagan of Lee & Associates Orange represented the seller in the deal.

September 30, 2020

Acquisitions Industrial Video

Video: Trends in Industrial and Flex Properties: Value and Lending

by Sarah Daniels September 29, 2020

Yonah Sturmwind of Alliant Credit Union gets right to the heart of what makes an industrial or flex property a good candidate for a loan. Watch this brief interview with REBusinessOnline and hear about demand and value in this increasingly popular asset class. Changing building needs, cold storage demand, underwriting metrics and forecasts related to market appetite for industrial and flex are all covered in this brief and informative discussion. See below for list of some of the topics covered: Pandemic impact on industrial space Asset value assessment Collections and occupancy aFuture of industrial and flex properties Leveraging coverage Loan candidate needs and requirements Q&A sponsor: Alliant Credit Union is one of the nation’s largest credit unions with more than $12 billion in assets. Working in concert with mortgage bankers, Alliant as a balance sheet lender provides tailor-made solutions for commercial real estate borrowers by offering step-down yield maintenance with open periods, interest only periods and limited to non-recourse on qualified loans, longer term competitive fixed-rate pricing, stabilized to value-add structures, future earn outs and other flexible features that resonate with experienced property owners all as a par lender. For stabilized to value-add debt structures, Alliant Credit …

September 29, 2020

Data Centers Development Industrial Oregon Western

Skanska to Develop $64M Data Center for Flexential in Hillsboro, Oregon

by Amy Works September 29, 2020

HILLSBORO, ORE. — Skanska has signed a multi-phase contract with Flexential Corp. to develop H3 – Flexential Data Center in Hillsboro, a western suburb of Portland. The $64 million first phase includes a 349,827-square-foot Tier III data center with a structural steel core and concrete tilt panels as the primary façade. The first data hall will support an initial IT capacity of 4.5 megawatts. Construction is underway with completion slated for September 2021. Flexential is an IT solutions provider based in Charlotte, N.C. The company’s clients include healthcare systems, financial services corporations, digital media and communications companies and technology firms.

September 29, 2020

Acquisitions California Industrial Western

Crow Holdings Completes Sale of 241,591 SF Industrial Facility Near San Francisco

by Amy Works September 29, 2020

LIVERMORE, CALIF. — Crow Holdings Industrial, the industrial development arm of Crow Holdings, has completed the sale of Bay Area Commerce Center I – Hawthorne, located at 7600 Hawthorne Ave. in Livermore. Black Creek Group, a Denver-based real estate investment management firm, acquired the asset for an undisclosed price. The newly constructed property features 241,591 square feet of warehouse space, 32-foot clear heights and parking for 190 cars and 18 trailers. At the time of sale, the facility was 70 percent leased to a mattress retailer. Situated within the Tri-Valley submarket, Bay Area Commerce Center I – Hawthorne provides easy access to Interstate 580 and the greater Bay Area, including the Port of Oakland and Oakland International Airport.

September 29, 2020

Development Industrial New Jersey Northeast

Evergreen Theragnostics to Open New Manufacturing Facility in Springfield, New Jersey

by Taylor Williams September 29, 2020

SPRINGFIELD, N.J. — Radiopharmaceutical firm Evergreen Theragnostics will open a new, 14,000-square-foot manufacturing facility in Springfield, about 20 miles west of New York City. The new facility will feature four fully equipped production suites, three additional customizable suites, research space and multiple sterility lines, as well as quality control, material storage and packaging space. Construction of the facility is underway, and completion is scheduled for 2021.

September 29, 2020

Development Industrial Michigan Midwest

Kroger Invests $95M for New Customer Fulfillment Center in Romulus, Michigan

by Kristin Harlow September 29, 2020

ROMULUS, MICH. — The Kroger Co. and grocery e-commerce technology company Ocado have selected Romulus as the latest location for a customer fulfillment center. The automated warehouse facility, equipped with digital and robotic capabilities, will serve customers across the Great Lakes region. Kroger will invest $95 million and create 250 new jobs in Romulus, according to Warren Evans, Wayne County chief executive. The 135,000-square-foot facility will be located at 15675 Wahrman Road. It is expected to become operational 18 months after construction begins.

September 29, 2020

Illinois Industrial Midwest

E-commerce Fulfillment Company ShipBob Raises $68M in Funding

by Kristin Harlow September 29, 2020

CHICAGO — ShipBob, an e-commerce fulfillment company based in Chicago, has raised $68 million in Series D funding led by SoftBank Vision Fund 2, which has previously invested in companies such as Uber, Slack, Opendoor and Doordash. ShipBob says it has experienced a “tremendous acceleration” in new customers since the onset of the COVID-19 pandemic. The new capital will enhance the company’s capabilities to provide for more customers, hire more workers and expand its software platform. To support the influx in demand, ShipBob has opened six new fulfillment centers since April, including two international locations. The company has also hired hundreds of new fulfillment associates over the last few months and plans to hire hundreds more leading up to the holiday season. ShipBob expects to open two more U.S. centers this year and 10 facilities across North America, Europe, Asia and Australia in 2021. Dhruv Saxena and Divey Gulati formed ShipBob in May 2014. Series D funding refers to the fourth stage in the financing cycle of new business growth.

September 29, 2020

Acquisitions Arizona Industrial Western

Value Investment Group Sells Prescott Airpark Flex Industrial Property in Arizona for $3.1M

by Amy Works September 29, 2020

PRESCOTT, ARIZ. — Value Investment Group has completed the sale of Prescott Airpark NNN Flex Industrial, an industrial property located at 2286 Crosswind Drive in Prescott. A privately held, California-based 1031 exchange buyer acquired the asset for $3.1 million. Cory Gross of Marcus & Millichap’s Denver office represented the seller in the deal. Gross, along with Ryan Sarbinoff as Marcus & Millichap’s Arizona broker of record, secured and represented the buyer in the transaction. Built in 2000, the property features 30,020 square feet of warehouse and industrial space. At the time of sale, the facility was fully occupied by a mix of national and regional tenants all on triple-net leases.

September 29, 2020

California Development Industrial Top Stories Western

CT Realty, PGIM Break Ground on 4.4 MSF Logistics Hub in Southern California’s Inland Empire

by John Nelson September 29, 2020

JURUPA VALLEY, CALIF. — A joint venture between CT Realty and PGIM Real Estate has broken ground on Agua Mansa Commerce Park in Jurupa Valley, a city within greater Los Angeles’ Inland Empire West submarket. The logistics hub is fully entitled for 4.4 million square feet of industrial space. Newport Beach, Calif.-based CT Realty has undergone predevelopment on the 206-acre industrial park and plans to begin site work immediately. Newark, N.J.-based PGIM has invested in the development on behalf of institutional investors in its U.S. core plus equity fund. Agua Mansa Commerce Park will feature three buildings spanning over 1 million square feet each. The larger buildings will have a cross-dock design with 40-foot clear heights, which are ideally suited for e-commerce users. E-commerce sales have spiked during the coronavirus pandemic and are estimated to grow by 18 percent this year, the highest year-over-year increase on record, according to eMarketer. The Inland Empire’s network of rail systems and highways, as well as its proximity to the Port of Los Angeles and Port of Long Beach, provides tenants with access to 25 million people throughout Southern California. Agua Mansa will also feature two 200,000-square-foot buildings with 32-foot clear heights that are …

September 29, 2020

Industrial Leasing Activity South Carolina Southeast

Colliers Arranges 150,000 SF Industrial Lease in West Columbia, South Carolina

by Alex Tostado September 29, 2020

WEST COLUMBIA, S.C. — Colliers International has arranged a 150,000-square-foot lease within Midway Logistics IV, bringing the 200,000-square-foot speculative development in West Columbia to full occupancy. The tenant, TreeHouse Foods, will move into the space located at 828 Bistline Drive, eight miles south of downtown Columbia and two miles south of the Interstate 26-77 interchange. TreeHouse will use the space to support its current pasta plant located at 2000 American Italian Way, 11 miles east of Midway Logistics IV. TreeHouse is a manufacturer and distributor of foods and beverages. Chuck Salley, Dave Mathews, Thomas Beard and John Peebles of Colliers represented the landlord and developer, Magnus Development Partners, in the lease transaction. With the property now being fully leased, Magnus will begin development on Midway Logistics VI, a planned 192,780-square-foot spec industrial building on the West Columbia campus.

September 29, 2020

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