DEVINE, TEXAS — Marcus & Millichap has brokered the sale of a 35,183-square-foot industrial building located along the Interstate 35 corridor in Devine, a suburb of San Antonio. A national oilfield services firm currently occupies the property. Brennan Foley and Joshua Murphy of Marcus & Millichap represented the seller, a private investor, in the transaction. Other terms of sale were not disclosed.
MILPITAS, CALIF. — A joint venture between affiliates of Westport Capital Partners and Cannae Partners has completed the disposition of a research and development (R&D) property located at 1565 Barber Lane in Milpitas. New York City-based Empire Square Group acquired the asset for $41.1 million. Situated on 5.5 acres within Oak Creek Business Park, the property features 102,668 square feet of modernized R&D space. Originally developed in 1980, the facility underwent significant improvements in 1996, 2009 and 2019. At the time of sale, the two-story property was fully leased. Eric Fox, Steve Hermann, Adam Lasoff, Seth Siegel and Ryan Venezia of Cushman & Wakefield’s Northern California Capital Markets group represented both parties in the transaction.
KANSAS CITY, MO. — Newmark Grubb Zimmer (NGZ) has arranged the sale of Midtown Park and Rivergate Business Center, two light industrial parks containing a total of nine buildings in Kansas City, for an undisclosed price. The properties total 560,000 square feet. There are four buildings within Midtown Park and five buildings within Rivergate. The portfolio is home to 29 tenants that occupy space ranging in size from 3,600 to 80,000 square feet. Mark Long, John Hassler, Scott Bluhm and Trenton Wahl of NGZ represented the seller, Brennan Investment Group. Sealy & Co. purchased the portfolio.
MELBOURNE, FLA. — Aerion Supersonic has unveiled plans to develop Aerion Park, a future $300 million office campus in Melbourne. The property will span 60 acres at the Orlando Melbourne International Airport and form a new global headquarters and integrated campus for research, design, build and maintenance of the company’s supersonic aircraft. The company is relocating from Reno, Nev., and will break ground later this year. Aerion expects to create 675 jobs by 2026. At the new site, Aerion will build the AS2, the world’s first privately built supersonic jet.
Dallas-Fort Worth Remains National Leader in Industrial Construction Volume Amid COVID-19, Says CBRE
LOS ANGELES — With roughly 24 million square feet of space under construction at the end of the first quarter of 2020, Dallas-Fort Worth (DFW) leads the nation’s major markets in terms of volume of new industrial development, according to a new report from Los Angeles-based CBRE. About 19 percent of that space has been preleased. The metroplex also led the nation in this category at the end of 2019 with 23 million square feet of space under construction, and with Texas deeming such projects as essential services, that title has remained intact amid the COVID-19 outbreak. Of the top 20 markets listed in the report, only four — Philadelphia, Oakland, Central New Jersey and Pennsylvania’s I-78/81 Corridor — have shut down industrial construction sites. The report projected that completions of speculative projects across the country would have only a “marginal” impact on the overall industrial vacancy rate in 2020, with many of these projects having been put on hold as debt markets have faced tightening capital reserves and uncertainty on how to accurately price risk. CBRE’s report also noted that while prices for construction materials are declining, developers are also encountering delays in getting materials to sites. Lastly, the …
DALLAS — Locally based firm HBL Towing & Recovery has signed a 121,105-square-foot industrial lease renewal at 5200 E. Grand Ave. in Dallas. Canon Shoults and Josh Barnes represented the landlord, Holt Lunsford Commercial Investments, on an internal basis. The representative of the tenant was not disclosed.
CHICAGO — Cawley Chicago has arranged the sale of a 30,000-square-foot, rail-served warehouse in Chicago for $4 million. The facility is located on 10.5 acres at 3710 S. California Ave. Matt Garland, Frank Melchert and Stevan Arandjelovic of Cawley represented the seller, Romar Transportation. A private investor purchased the asset.
CANNON FALLS, MINN. — JLL Capital Markets has brokered the $7.4 million sale of a 200,000-square-foot distribution center in the Minneapolis-area community of Cannon Falls. The facility is net leased to Mauser Packaging Solutions, an industrial packaging conglomerate that has occupied the property since 2009. The building sits on nearly 17 acres at 100 Holiday Ave. Peter Bauman, Tivon Moffitt and Chris Hickok of JLL represented the undisclosed seller. A private foreign investor purchased the asset.
PALATINE, ILL. — Conor Commercial Real Estate will develop a 162,000-square-foot industrial facility on behalf of a major e-commerce retailer in Palatine, a northwest suburb of Chicago. Amazon is the tenant, according to Crain’s Chicago Business. The build-to-suit distribution center will serve as a last-mile logistics facility. The project, initially planned as a speculative facility known as Northwest Commerce Center, has been adjusted to fit the tenant’s needs. It will feature 146,750 square feet of distribution and warehouse space and 15,250 square feet of office space. Other features include a clear height of 36 feet, 20 truck docks, 14 loading doors and a conveyor system. Completion is slated for October. McShane Construction Co. is the general contractor and Ware Malcomb is the architect.
TEMECULA, CALIF. — Westcore, an industrial real estate acquisition, development and asset management firm, has entered the Temecula market with the purchase of an industrial warehouse located at 27731 Diaz Road. An undisclosed private investor sold the property for $10.8 million. Situated on 10.6 acres, the currently vacant property features 65,625 square feet of space. The facility offers 14 dock-high doors, 30-foot clear heights, cross-dock configuration and a large decomposed granite secured yard. Brad Yates and Stefan Pastor of Colliers International represented Westcore, while Barret Woods of Lee & Associates represented the seller in the transaction.