NEW YORK CITY — StorQuest Self Storage has opened a 1,092-unit facility in the Brownsville neighborhood of Brooklyn. Located at 507 Osborn St., the facility offers month-to-month rentals for climate-controlled units and business storage. StorQuest is a subsidiary of The William Warren Group Inc., an owner and operator of self-storage assets.
HOUSTON —A joint venture between Dallas-based Trammell Crow Co. and New York-based Clarion Partners has begun construction on Rankin 45 Distribution Center, a 352,000-square-foot industrial project in Houston. Designed by Powers Brown Architecture, the Class A property will be located at the northeast corner of Rankin Road and Interstate 45 on the city’s north side. Building features will include 32-foot clear heights, 259 parking spaces and 23 trailer parking spaces. Other project partners include A&F General Contractors and CBRE as the leasing agency. Completion of Rankin 45 Distribution Center is scheduled for August.
ARLINGTON, TEXAS — Lee & Associates has negotiated a 44,800-square-foot industrial lease at 400 International Parkway in Arlington. According to LoopNet Inc., the property features 22-foot clear heights, 88-foot truck court depths and 2,351 square feet of office space. Corbin Blount and Adam Graham of Lee & Associates represented the tenant, Go Green Industries, a provider of recycling services, in the lease negotiations. Mark Graybill and Colton Rhodes, also with Lee & Associates, represented the landlord, Lightning Propco II.
PHOENIX — ViaWest Group has broken ground on Superior Logistics Center, which will occupy a 9.2-acre land site at the northwest corner of Superior Avenue and 44th Street just south of Sky Harbor Airport in Phoenix. Superior Logistics Center will consist of two mid-bay industrial buildings: 71,500 square feet and 79,200 square feet, with divisibility down to 15,000 square feet. The development team includes Alliance Bank of Arizona, Deutsche Architecture Group, Kimley-Horn and Nitti Builders. John Werstler and Cooper Fratt of CBRE’s Phoenix office are handling the leasing of the project.
SAN DIEGO — Stos Partners, in a joint venture with Boston-based Long Wharf Capital, has purchased an industrial property located in San Diego’s Miramar submarket. A private seller sold the asset for $11 million. Located at 9431 Dowdy Drive, the property features 55,000 square feet of industrial space. The property was 100 occupied the time of sale. Current tenants include a print and sign company and Maketory, a manufacturing co-working facility that offers membership-based, multi-discipline manufacturing workspace. Marc Lipschitz of Compass represented Stos Partners in the deal.
BROOMFIELD, COLO. — Ready Capital has closed a $14 million refinancing for an industrial property located in Broomfield. The undisclosed sponsor will use loan proceeds for capital expenditures and tenant costs needed to lease up the 140,000-square-foot, Class A asset. The non-recourse, interest-only loan features a floating rate, 36-month term, two extension options and flexible pre-payment. Additionally, the financing includes a facility to provide future funding for capital expenditures and tenant leasing costs.
The Charlotte industrial market continues to see strong construction activity, as developers look to tap into demand for modern space. Approximately 12.7 million square feet has been delivered in the last two years, most notably in the Cabarrus County, Stateline and Airport/West submarkets. Overall construction in the pipeline jumped by 32 percent from third-quarter 2019 to fourth-quarter 2019, reaching 7.2 million square feet. As the first quarter of 2020 takes shape, this development expansion should continue, with an expected 7 million square feet of additional deliveries by year-end. Overall leasing activity in Cabarrus County was strong in 2019, with vacancy declining from 15 percent to 11 percent, which is notable given the 4 million square feet of construction seen in that submarket in the past two years. The Cabarrus County vacancy rate is set to decline significantly when two large deals, totaling more than 800,000 square feet, are factored into the statistics. Once Pactiv (441,000 square feet) and Reynolds (360,000 square feet) are incorporated into the research, the rate will decline to 5.7 percent, as we expected going into year-end. This activity will quickly tighten up the submarket and will open the door for new development. The recent high vacancy …
PIEDMONT, S.C. — A partnership between Atlanta-based TPA Group, Greenville-based Appian Investments and Irvine, Calif.-based Passco Cos. has broken ground on Grove Reserve, a 158,886-square-foot, speculative industrial building in Piedmont. The building will feature 30-foot clear heights, 60-foot speed bays, a 135-foot truck court, 34 dock doors, more than 150 parking spaces, ESFR sprinklers and LED lighting. The asset is situated within Augusta Grove Business Park, a 1,100-acre industrial park located nine miles south of downtown Greenville. The developers expect to deliver Grove Reserve this fall. Wakefield Beasley & Associates is the architect, BlueWATER Civil Design is the civil engineer and Harper Corp. is the general contractor. Grice Hunt, Clay Williams and Ford Borders of NAI Earle Furman are handling the leasing efforts.
IRVING — Newmark Knight Frank (NKF) has negotiated a 67,200-square-foot industrial lease extension at Freeport/Royal Trade Center, located at 8600 N. Royal Lane in Irving. According to commercialcafé.com, the property was built on 5.8 acres in 1997 and includes office space. John Wolf of NKF represented the tenant, Siemens Real Estate Inc., in the lease negotiations. Lee & Associates represented the landlord, Goldstar Investments.
ENNIS, TEXAS — Marcus & Millichap has arranged the sale of a 62,500-square-foot industrial asset occupied by Party Supplies Group in Ennis, a southern suburb of Dallas. The property was built on 2.1 acres in 1962. Adam Abushagur and Cliff Zimmerman of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.