FRANKLIN, MASS. — TMC Holdings & Development LLC will develop a 50,000-square-foot industrial property in Franklin, about 30 miles southwest of Boston. Formerly the site of a glass recycling facility, the property is located in the Marijuana Overlay District with frontage on I-495. TMC Holdings plans to demolish the facility and build a 50,000-square-foot warehouse with 22 to 24-foot clear heights. Construction is slated to begin in fall 2019. John Eysenbach of R.W. Holmes represented TMC Holdings in the transaction, as well as the seller, Strategic Materials Inc.
DENVER — CBRE has arranged the sale of a LEED Gold-certified industrial flex building located at 6144 N. Panasonic Way in northeast Denver’s Airport corridor. Omaha-based NewStreet Properties acquired the property from Denver-based Westfield Co. for $22 million. Westfield Co. originally constructed the 112,966-square-foot facility as a build-to-suit for Panasonic Enterprise Solutions (PESCO), a technology and solar subsidiary of Panasonic, in 2016. The smart property features warehouse, assembly, research and design space, as well as a two-story office space with Class A finishes. Situated on six acres, the property is adjacent to the 61st and Peña Light Rail Station. Tyler Carner, Jeremy Ballenger and Jim Bolt of CBRE represented the seller in the deal.
GILBERT, ARIZ. — Wentworth Property Co. has completed the sale of a build-to-suit office/flex building located at 2228 W. Guadalupe Road in Gilbert. A private trust acquired the property for $9.9 million. Built this year by Wentworth Property Co., the property features 34,132 square feet of office and flex space. New York-based Moog Inc., a designer and manufacturer of high performance motion control products, solutions and services, occupies the building, which features a custom build-out for the company with specific amenities to support Moog’s work in the aircraft, industrial, medical and space and defense markets. Brian Ackerman and Steve Sayre of JLL represented the seller, while Ian Hackett of Hackett Real Estate Solutions represented the buyer in the deal. Deutsch Architecture Group served as architect for the build-out.
Miami-Dade continues to be propelled by persistent economic growth, bustling port activity, positive investor sentiment and strong leasing, creating a perfect recipe for industrial demand. Following its most successful year ever in 2018, PortMiami broke records yet again in first-quarter 2019, recording its highest ever monthly cargo activity amount in January with a total of 104,183 twenty-foot equivalents (TEUs) of containerized cargo, a 17 percent increase over January 2018. Meanwhile, a $437.5 million expansion project, the largest ever, is planned for Port Everglades in nearby Broward County. The positive fundamentals reverberate throughout the overall South Florida market. Despite the differing industrial inventories of each South Florida market with Miami-Dade County at 186.2 million square feet, Broward County at 96.9 million square feet and Palm Beach County at 39 million square feet, demand for space across the region has fueled unprecedented development activity. Logistics, e-commerce Net industrial absorption in Miami-Dade was impressive during the first quarter, posting positive 1.2 million square feet, a notable 45 percent increase from the net absorption recorded for first-quarter 2018. Several (mostly) preleased, speculative developments contributed to the spike in net absorption. Demand trends against development indicate healthy industrial markets in Broward and Palm Beach as …
CHANTILLY, VA. — Minkoff Development has acquired a five-building flex/industrial portfolio within Avion Business Park in Chantilly. The portfolio includes office buildings at 14500 Avion Parkway and 14520 Avion Parkway; and flex/industrial buildings at 14700 Avion Parkway, 3635 Concorde Parkway and 3650 Concorde Parkway. Minkoff will add a shared conference facility and tenant lounge at 14500 Avion Parkway overlooking a pond. These new amenities, along with an existing fitness facility, are open to all tenants within the portfolio. Minkoff will also be introducing modern spec suites to the office buildings. Avion Business Park is located adjacent to Dulles International Airport and 25 miles west of downtown Washington, D.C. Andy Klaff, Jeff Tarae and Dominic Orcino of Newmark Knight Frank (NKF) will handle the leasing of the office buildings. Larry FitzGerald and Cole Spalding, also with NKF, are overseeing the leasing of the flex buildings. The seller and sales price were not disclosed.
HOUSTON — Lee & Associates has brokered the sale of a 143,332-square-foot industrial property located at 9411 Alcorn St. in Houston. Mike Spears, Derek Riggleman and Robert LaCoure of Lee & Associates represented the seller in the transaction. Abbas Rajabi of Mohegan Capital LLC represented the buyer, Mohegan Alcorn LP.
HUMBLE, TEXAS — Locally based brokerage firm Cypressbrook Co. has negotiated a 55,826-square-foot industrial lease at 8575 Volta Drive in Humble, a northern suburb of Houston. According to LoopNet Inc., the property was built in 2016 and totals 168,400 square feet. John Hornbuckle of Cypressbrook represented the landlord, Nuveen Real Estate, in the transaction. Jim Stark of CBRE represented the tenant, Neutron Holdings Inc., the company behind Lime electric scooters.
PITTSBURGH — Amazon will construct a 1 million-square-foot distribution center in Pittsburgh, a move that will create 800 new full-time jobs. The property will be Amazon’s 15th operations facility in Pennsylvania. The Pittsburgh Post-Gazette reports that Amazon will invest $30 million in the facility and that once the jobs are in place, Amazon will receive $1.6 million in job creation tax credits from the state Department of Community and Economic Development. Hillwood, a Fort Worth-based industrial firm, will lead the development of the project, a construction timeline for which has not yet been established.
TOLEDO, OHIO — Dakkota Integrated Systems has signed a 66,603-square-foot industrial lease in Toledo. The supplier of Jeep parts is expanding and doubling its size at the facility, which spans 1.1 million square feet and is situated on 46 acres at 315 Matzinger Road. The lease term is for five years and five months. Ron Jurgenson of Reichle Klein Group and Rob Hughes of Newmark Knight Frank negotiated the lease. I.B.C. Inc. is the landlord.
CHANDLER, ARIZ. — CBRE Global Investors has purchased a data center, located at 2500 W. Frye Road in Chandler, an eastern suburb of Phoenix, for $72.7 million. The seller was Lincoln Rackhouse, the data center division of Lincoln Property Co., in partnership with Principal Real Estate Investors. Kristina Metzger and James McCarthy of CBRE Data Center Capital Markets represented the seller in the deal. Lincoln Rackhouse and Principal Real Estate Investors originally purchased the data center in 2018 as part of a three-property portfolio. A global data center services provider fully occupies the 191,000-square-foot facility.