HOUSTON — Self-storage investment brokerage firm Bellomy & Co. has negotiated the sale of Houston Mini Storage, a 240-unit facility located at 12841 S. Main St. on the city’s southwest side. The property features 31,490 net rentable square feet and was 84 percent occupied at the time of sale. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the locally based buyer in the transaction. Taucha Hogue of Newmark Knight Frank represented the seller.
LANCASTER, OHIO — Monmouth Real Estate Investment Corp. has acquired a 153,000-square-foot industrial building in Lancaster within metro Columbus for $17.9 million. The property is net leased for 10 years to Magna Seating of America Inc., a division of Magna International. The building sits on 24.5 acres at 747 Mill Park Drive. The seller was not disclosed.
FORT WORTH, TEXAS — Vending Concepts LLC, which sells commercial vending machines and private label coffee, has purchased a 29,500-square-foot industrial property in east Fort Worth for its new headquarters and distribution center. The two-building property was developed on two acres in 1960. Christopher Fleeger and David Jimenez of Morrow Hill represented the seller, Graco Supply Co., in the transaction. Bradford Commercial Real Estate Services represented the buyer.
The growth of large distribution facilities for e-commerce users and third-party logistics providers (3PLs) symbolizes the evolution of Houston’s industrial market. Consequently, developers are leaping into action to secure well-located infill sites that are squarely in the pathways of natural population growth, the rise of new industries and infrastructural upgrades. According to data from office and industrial brokerage firm Lee & Associates, there was roughly 18 million square feet of distribution space under construction throughout the Houston area at the end of 2019. This figure represents a 20 percent increase above the previous high of 15 million square feet in 2015, the approximate time at which the price of oil — the longtime foundation of Houston’s economy — began to tumble. The sheer size and number of these projects has catapulted Houston into the No. 3 spot nationally for industrial product under construction behind Dallas-Fort Worth (DFW) and California’s Inland Empire, according to the latest data from CoStar Group. CoStar notes that there is roughly 27 million square feet of industrial space across all sub-types of industrial product under construction throughout Houston. The market also took the bronze medal for new deliveries in 2019. Older, smaller industrial properties that were …
LEXINGTON, S.C. — Magnus Development Partners LLC has delivered Midway IV, a speculative 200,000-square-foot industrial building within Lexington County Industrial Park (LCIP). There is currently one tenant in the building, occupying 50,000 square feet. LCIP spans 350 acres nine miles south of downtown Columbia. Magnus broke ground on Midway IV in March 2019. The asset features 32-foot clear heights, 16 dock doors, two 12-by-14-foot drive-in doors, a 210-foot shared truck court, LED motion-detected lighting and an ESFR sprinkler system. Magnus broke ground on Midway V, also within LCIP, in November.
SCHERTZ, TEXAS — Titan Development Real Estate Fund 1 has sold Building 1 at Titan Industrial Park in the Central Texas city of Schertz. The property was built on a speculative basis, fronts Interstate 35 and has been marketed to users seeking spaces between 20,000 and 100,000 square feet. The buyer was not disclosed.
HOUSTON — Locally based brokerage firm Finial Group has arranged a 42,979-square-foot industrial lease renewal at 15882 Diplomatic Plaza Drive in Houston for Elbi of America LP, a manufacturer of water storage, heating and treatment systems. Doc Perrier and Jack Parsons of Finial Group represented the tenant in the lease negotiations. Dayne Wunderlich of InSite Realty Partners LP represented the undisclosed landlord.
AUBURN HILLS, MICH. — Fiat Chrysler Automobiles (FCA) is in the process of converting some of its North American plants to produce face masks that will be donated to first responders and healthcare workers. The first machinery has been delivered and installed. Donation of the face masks will come in the following weeks. FCA operates 36 production plants in North America, according to its website. FCA is also working in partnership with nonprofit organizations that are providing food to children until schools return to session. Starting immediately, FCA will help provide more than 1 million meals to school-age children in the communities around its principal manufacturing plants in Illinois, Indiana, Michigan and Ohio. The program will then be extended nationwide and to Canada and Mexico. FCA plants across the U.S. and Canada, as well as headquarters operations in Auburn Hills and construction projects, will remain closed until April 14, dependent upon various states’ stay-in-place orders and the readiness of each facility to return to normal production. Mopar Parts distribution centers, which have been deemed essential to keeping first responders and commercial vehicles on the road, will continue to operate with paid volunteers.
In 2019, the Greenville-Spartanburg industrial market added an unprecedented 33 buildings encompassing 10 million square feet of inventory, bringing the total market size to approximately 211 million square feet. Despite record-breaking new deliveries, absorption has kept pace at 9.6 million square feet the same year. This market is preparing for future growth with delivery of available buildings and land sites, as well as investment in infrastructure and the overall workforce. With the increased supply of Class A speculative space, the market has seen numerous company expansions and relocations away from its Class B product type. New, modern space provides the efficiencies and amenities companies desire (i.e. above 32-foot clear heights). In order to service customers’ consumption preferences, companies are making capital investments into automated processes that allow them to stay competitive in a rapidly changing supply chain. One of the earliest signs of momentum in 2020 was the announcement of South Greenville Enterprise Park and its first user investment, Vermeer. South Greenville Enterprise Park is the first industrial park to deliver to the Greenville market in 10 years. Primary investment has been focused on the S.C. Highway 101 and S.C. Highway 290 corridors due to demand drivers such as BMW …
JACKSONVILLE, FLA. — JLL has arranged the sale of Grainger Distribution Center, a 297,000-square-foot industrial building in Jacksonville. W.W. Grainger, a distributor of maintenance, repair and operating supplies, fully occupies the facility, which is situated on 75 acres at 6590 Pritchard Road in Jacksonville’s West industrial submarket. The seller and developer, TriGate Capital LLC, delivered the property in December. The center features 32-foot clear heights, 65 dock-high doors, two drive-in doors, ESFR fire suppression and LED high-bay lighting. Britton Burdette, Pete Pittroff, Matt Wirth, Dennis Mitchell, Patrick Nally, Bret Felberg and Luke Pope of JLL represented the seller in the transaction. Further details of the deal were not disclosed.
