Industrial

Invesco, Perot Development Begin Work on Phase I of 2.4 MSF Industrial Project in Irving

by Taylor Williams February 26, 2020

IRVING, TEXAS — Invesco Real Estate and Perot Development Co. have begun construction on Phase I of DFW Park 161, an industrial project near DFW International Airport in Irving that will eventually offer 2.4 million square feet of space across 196 acres. Phase I will feature three logistics buildings totaling more than 1 million square feet that will be developed on a speculative basis. Phase II will involve a build-to-suit facility for an e-commerce user that will span more than 1.4 million square feet. The Phase I buildings are expected to be available for occupancy by early 2021. Halff Associates is the project architect and civil engineer, and Peinado Construction is the general contractor. First United Bank provided construction financing for the project, and Cushman & Wakefield is handling leasing.

February 26, 2020

Acquisitions Industrial Midwest Missouri

Stan Johnson Co. Brokers $12.5M Sale of Industrial Facility in St. Louis

by Kristin Harlow February 26, 2020

ST. LOUIS — Stan Johnson Co. has brokered the sale of a 56,021-square-foot industrial facility in St. Louis for $12.5 million. Located at 420 E. Carrie Ave., the property is fully occupied by Central States Thermo King Inc. (CSTK). Constructed in 2015, the facility serves as CSTK’s regional headquarters. At the time of sale, there were more than 10 years remaining on the original lease. Zach Harris and Brad Pepin of Stan Johnson represented the seller, Green Street St. Louis. A subsidiary of Global Net Lease Inc. purchased the asset. CSTK is a solutions provider for transportation companies, fleets, owner operators and other vehicle or heavy equipment users.

February 26, 2020

Arizona Development Industrial Western

Tratt Properties Begins Development of 1.3 MSF Elwood Logistics Center in Arizona

by Amy Works February 26, 2020

GOODYEAR, ARIZ. — Phoenix-based Tratt Properties has broken ground on Elwood Logistics Center, a speculative industrial development located near the junction of Interstate 10 and the Loop 303 in a designated Opportunity Zone in Goodyear. At full build-out, Elwood Logistics Center will total 1.3 million square feet, including a 40-foot clear height, cross-dock building with a 190-foot gated and secured concrete truck court and 235 dock-high loading positions. The 83-acre site also provides parking for more than 1,400 cars and 327 trailers. Construction is currently underway, with completion slated for December. The Renaissance Co. is serving as general contractor, and Deutsch Architecture Group is providing architectural services. JLL is handling leasing for the property.

February 26, 2020

Acquisitions Industrial Texas

TA Realty Acquires 350,000 SF East Belt Business Park in Southeast Houston

by Taylor Williams February 25, 2020

HOUSTON — Boston-based TA Realty has acquired East Belt Business Park, a 350,000-square-foot industrial development situated on 23.7 acres in southeast Houston. The property consists of two rear-load and two cross-dock buildings that include 20- to 24-foot clear heights, 114 dock-high doors, 120- to 180-foot truck court depths and 510 parking spaces. Trent Agnew, Rusty Tamlyn, Charlie Strauss and Tom Weber of JLL represented the seller, a fund advised by Morgan Stanley Real Estate Investing, in the transaction.

February 25, 2020

Acquisitions Colorado Industrial Mixed-Use Multifamily Self-Storage Western

Denver Realty Group Acquires 25-Property Portfolio in Colorado Springs for $22M

by Amy Works February 25, 2020

COLORADO SPRINGS, COLO. — Denver Realty Group, through its DRGinvest platform, has purchased a 25-property portfolio in Colorado Springs for $22 million. The portfolio totals 186 units and includes multifamily, single-family homes and a storage facility. The off-market deal was acquired using a unique, deal-specific loan arranged by NorthMarq’s Denver office and placed with ArrowMark Commercial Real Estate Partners and Arbor Realty SR as lenders. DRG was represented by Zach Hansen of Denver Realty Group and Stuart Sloat of Olive Realty Estate Group as transaction brokers.

February 25, 2020

Industrial Leasing Activity Texas

Jackson-Shaw Signs Two Industrial Leases Totaling 124,537 SF at Parc NorthEast in Richardson

by Taylor Williams February 25, 2020

RICHARDSON, TEXAS — Locally based developer Jackson-Shaw has signed two new tenants at Parc NorthEast, a 434,640-square-foot industrial development in the northeastern Dallas suburb of Richardson. Mygrant Glass, a family-owned auto glass wholesaler, has leased 93,079 square feet at Building 4, and garage door provider Section Stack has leased 31,458 square feet at Building 2. Josh Barnes of Holt Lunsford Commercial represented Jackson-Shaw in the lease negotiations.

February 25, 2020

Acquisitions Industrial Northeast Pennsylvania

ROCK Commercial Brokers Sale of 215,344 SF Industrial Property in York, Pennsylvania

by Alex Patton February 25, 2020

YORK, PA. — ROCK Commercial Real Estate has brokered the sale of a 215,344-square-foot industrial property in York, located approximately 100 miles west of Philadelphia. Situated at 441 East Market St., the property was originally built in 1900. The buyer was Mark Lane LLC, a company that acquires aged buildings for the purpose of redeveloping them for storage space, artist studios and industrial uses. Ted Turnbull, Jason Turnbull, Damian Reed and Heather Kreiger of ROCK Commercial represented the seller, IWM International LLC, in the transaction. The team also represented Mark Lane LLC.

February 25, 2020

Industrial Leasing Activity Massachusetts Northeast

Omni Logistics Signs 115,822 SF Industrial Lease in Billerica, Massachusetts

by Alex Patton February 25, 2020

BILLERICA, MASS. — Third party logistics (3PL) company Omni Logistics has signed a 115,822-square-foot industrial lease in Billerica, located approximately 20 miles northwest of Boston. The space is situated within Billerica Commerce Center, a 612,685-square-foot facility located at 90 Salem Road. The property was built in 1982, renovated in 2007 and features 38-foot clear heights, 17 loading docks and convenient access to Interstate 495. David Corkery, Steve Clancy and Rachel Marks of CBRE represented Omni Logistics in the lease negotiations. The team also represented the landlord, New York City-based Clarion Partners.

February 25, 2020

Industrial Loans Office Oregon Western

Ready Capital Closes $7.7M Refinancing for Industrial, Office Portfolio in Portland, Oregon

by Amy Works February 25, 2020

PORTLAND, ORE. — Ready Capital has closed $7.7 million in financing for the recapitalization, renovation and lease-up of an industrial and office portfolio located in the Lloyd District submarket of Portland. The sponsor will use loan proceeds to recapitalize funds and repurpose the older industrial buildings into a combination of Class B creative office, commercial kitchen and industrial office space. Ready Capital closed the non-recourse, floating-rate loan that features a 36-month term, two extension options, flexible pre-payment and a facility to provide future funding for capital expenditures, tenant leasing costs and interest and carry shortfalls.

February 25, 2020

Development Illinois Industrial Midwest

Trammell Crow Breaks Ground on 1.6 MSF Industrial Development for Ferrara in DeKalb, Illinois

by Kristin Harlow February 25, 2020

DEKALB, ILL. — Trammell Crow Co. has begun development of a 1.2 million-square-foot distribution center and a 466,000-square foot packaging facility at ChicagoWest Business Center in DeKalb, about 70 miles west of Chicago. Ferrara Candy Co. will occupy the two buildings. The new development is expected to be fully operational in the second quarter of 2021. Ferrara expects to bring approximately 500 jobs to the city. The project team includes Krusinski Construction Co., Harris Architects Inc. and Jacob & Hefner Associates Inc. Joe Grimes of Trammell Crow will oversee the design and construction. Matt Mulvihill and Kevin Segerson of CBRE represented Ferrara in the negotiations.

February 25, 2020

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