EULESS, TEXAS — Marcus & Millichap has brokered the sale of Texas Star Business Center, a 78,418-square-foot industrial building in Euless, located roughly midway between Dallas and Fort Worth. The property was built on 4.7 acres in 1984. Adam Abushagur of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity.
El Paso’s industrial market is growing and maturing, as evidenced by a surge in investment demand from institutional capital sources over the last 18 to 24 months. Whereas in past cycles, institutional capital found its way to El Paso by developing here, new players have been ready to buy existing portfolios, but we have seen very little new spec development. Stonelake Capital Partners, LINK Industrial Properties and Equity Industrial Partners/Raith Capital Partners are examples of new investors actively buying into the El Paso industrial market. Several factors have contributed to El Paso’s rise on the radars of institutional investors, but the heart of this trend is simple rent growth. The average asking rent for Class A and B industrial properties increased by a stunning 15.8 percent between 2018 and 2019. Rent growth in the East El Paso submarket increased by an even greater margin of 24.3 percent. As those numbers suggest, demand for industrial space in El Paso, which is largely driven by manufacturing activity in the sister city of Ciudad Juarez, Mexico, is quite strong. Demand for space comes from a diverse set of industries, namely automotive, consumer goods and electronics. El Paso has also seen new industrial demand …
ONTARIO, CALIF. — Uline, a distributor of shipping, industrial and packaging materials, has signed a lease to occupy 1.2 million square feet of industrial space at Ontario Ranch Logistics Center in Ontario. Newport Beach, Calif.-based REDA and Clarion Partners, co-landlords and co-developers, are building the 124-acre multi-phase industrial property. The family-owned business will consolidate several of its locations throughout the Inland Empire into the new facility. Speculative construction of Building 2, which will house Uline, was initiated in January. Vertical construction is slated to begin in July with completion set for September 2021. Dave Desper and Joey Sugar of CBRE represented Uline in the lease transaction. Construction of the first phase of Ontario Ranch Logistics Center started in January 2019 and featured a 1.2 million-square-foot facility, which sanitary products manufacturer Kimberly-Clark now occupies. The next phase of speculative development at the campus is a 115,000-square-foot building, which is slated for delivery in early 2021. Upon completion, the entire logistics campus will encompass 2.6 million square feet of industrial space in six buildings. Ontario Ranch Logistics Center features state-of-the-art buildings that include ESFR sprinkler systems, 32-foot to 40-foot minimum clear heights, LED warehouse lighting and concrete truck courts greater than 180 …
MCCOOK, ILL. — American Tire Distributors Inc. has renewed its 233,669-square-foot industrial lease at 9450 Sergo Drive in McCook, about 15 miles southwest of Chicago. Chris Mason of Newmark Knight Frank represented the tenant in the lease transaction. ML Realty Partners is the property landlord. American Tire Distributors provides tires, wheels and supplies for the automotive industry.
PLAINFIELD, N.J. — Saadia Group LLC, a New York-based investor, has acquired a 135,668-square-foot industrial facility in Plainfield, a southwestern suburb of New York City. Located at 1700-1722 S. 2nd St., the property features convenient access to the Garden State Parkway as well as State Routes 287 and 78. The building was constructed in 1945. Jonathan Glick of Sheldon Gross Realty represented Saadia Group in the transaction. Second Street Associates sold the asset for an undisclosed price.
CHARLOTTE, N.C. — Beacon Partners has signed Quantum Machinery Group to a 37,972-square-foot lease for the company to move its distribution headquarters to Metrolina Park in Charlotte’s Henderson Circle submarket. Quantum Machinery is a metalworking equipment supplier that was formerly based in California. The company is expected to move into the new space this summer. Metrolina Park, which is now fully leased, is a 2.5 million-square-foot distribution park situated at the intersection of N.C. Highway 115, Old Statesville Road and Gibbon Road, seven miles north of downtown Charlotte. Brad Cherry of JLL represented Quantum Machinery Group in the lease transaction.
HOUSTON — Colliers International has brokered the sale of a 6.2-acre industrial property that houses 41,076 square feet of warehouse space in Houston. Tom Condon Jr. of Colliers represented the buyer, Tomball Economic Development Corp., in the transaction. Natalie Hurley of Register Real Estate Advisors represented the seller, South Live Oak Associates LP.
NEW YORK AND BOSTON — Swedish construction company Skanska has begun a $40 million rehabilitation project for railway company Amtrak. The project will include structural modifications and industrial equipment upgrades for three maintenance facilities located in Boston, New York and Washington D.C. Skanska originally built the facilities 20 years ago and was contracted again to upgrade them to accommodate the upcoming Acela 21 high-speed rail service trains. Construction is slated for completion in the first quarter of 2021, and the new trains will be placed into service late next year.
BETHLEHEM, PA. — Medical supplies distributor TwinMed has signed a 189,721-square-foot industrial lease in Bethlehem, an eastern suburb of Allentown. TwinMed will occupy a space at 1198 Feather Way in Steel City Trade Center, a partially completed Class A logistics facility. Construction of TwinMed’s facility moved forward amid halts related to the COVID-19 outbreak. Another speculative distribution center is planned for completion later this year, which will bring the total footprint of the development to 294,240 square feet. Mark Chubb, Michael Zerbe, Summer Coulter and Christopher Volkert of Colliers International represented TwinMed in the lease negotiations. Vincent Ranalli of CBRE represented the owner and developer, a joint venture between Dallas-based Trammell Crow and New York-based Clarion Partners.
PHOENIX — El Segundo, Calif.-based Landmark Dividend, an owner and developer of real property interests and digital infrastructures, has purchased a data center campus in Phoenix. According to local media outlets, PayPal sold the asset for $122 million. Acquisition of the 184,000-square-foot, 16-megawatt (MW) enterprise data center campus adds to Landmark’s expansion into offering a move-in-ready data center platform. The purchase is the company’s 16th data center asset acquisition in the last 18 months. The campus consists of three data center buildings, along with an office area designed to Tier IV standards. At the time of acquisition, tech-base financial services company PayPal occupied more than 50 percent of the campus on a long-term basis. Constructed between 2010 and 2014, the campus has roof capacity loads of up to 1.4 million pounds. The facility is fortified with a storage warehouse designed for Tier IV compliance, and offers full redundancy across its entire infrastructure, providing access to more than 10 carrier networks on-site. Landmark has retained JLL Phoenix’s Data Center Solutions team as leasing manager for the campus.