Industrial

CenterPoint Acquires 75,208 SF Last-Mile Industrial Facility Near Port of Oakland

by Amy Works June 4, 2019

OAKLAND, CALIF. — CenterPoint Properties has purchased an industrial property, located at 4601 Malat St. in Oakland, for an undisclosed price. Situated on 3.9 acres, two tenants currently lease the 75,208-square-foot, cross-dock property. The building features secured excess loading with an ability to pave the northern yard, creating drive-around access and cross-dock activation. Mark Maguire and Justin Smutko of Colliers International represented CenterPoint in the transaction. The name of the seller was not released.

June 4, 2019

Development Illinois Industrial Midwest

Seefried to Develop 72,000 SF Spec Warehouse in Des Plaines, Illinois

by Kristin Harlow June 4, 2019

DES PLAINES, ILL. — Seefried Industrial Properties, along with a European capital partner, has purchased a 3.9-acre site in Des Plaines with plans to develop a 72,000-square-foot warehouse on a speculative basis. The project will feature a clear height of 30 feet, 15 dock doors, two drive-in doors and parking for 86 cars. Located on Wolf Road, the property will have convenient access to I-90. Construction is set to begin in October with completion slated for the second quarter of 2020.

June 4, 2019

Development Industrial North Carolina Southeast

Beacon Partners to Construct 230,614 SF Spec Industrial Building Near Charlotte

by Alex Tostado June 3, 2019

PINEVILLE, N.C. — Beacon Partners will break ground this summer on a speculative 230,614-square-foot industrial building southwest of Charlotte. The project will be situated at 12115 Downs Road in Pineville, about 12 miles southwest of downtown Charlotte. The building will accommodate one or two tenants and include 32-foot clear heights and access to Interstates 77 and 485. The design team includes InterCon Building Corp. as the general contractor, Merriman Schmitt Architects as the architect and Orsborn Engineering Group as the civil engineer. Fifth Third Bank provided construction financing.

June 3, 2019

115-Bacon-Street-North-Waltham-Massachusetts

Acquisitions Industrial Massachusetts Northeast Self-Storage

U.S. Storage Acquires 445-Unit Self-Storage Facility Near Boston

by Taylor Williams June 3, 2019

NORTH WALTHAM, MASS. — U.S. Storage Centers has acquired a 445-unit self-storage facility, located at 115 Bacon St. in the Boston suburb of North Waltham, from Planet Self Storage. The 34,116-square-foot property was originally built as a manufacturing plant in 1900 and converted to self-storage use in 1983. With this acquisition, U.S. Storage Centers now owns and operates four self-storage facilities in the Boston area.

June 3, 2019

Acquisitions Industrial New Jersey Northeast

STRO Buys 35,000 SF Industrial Facility Leased to FedEx in Northern New Jersey

by Taylor Williams June 3, 2019

RIDGEWOOD, N.J. — The STRO Companies, a locally based investment firm, has purchased a 35,000-square-foot, stand-alone industrial facility fully leased to FedEx in Ridgewood, located in Union County. The building is positioned near I-78 and I-95, as well as the Garden State Parkway and State Route 28. John Zieran, Zach Bermudez and Lubna Syed of Signature Bank provided acquisition financing for the deal. The seller and sales price were not disclosed.

June 3, 2019

Acquisitions Industrial Top Stories

Blackstone Agrees to Acquire GLP’s Entire U.S. Logistics Portfolio for $18.7B

by Taylor Williams June 3, 2019

NEW YORK CITY — Blackstone Real Estate, a division of private equity behemoth Blackstone Group (NYSE: BX), has agreed to acquire the entire U.S. logistics portfolio of Singapore-based investment manager GLP for approximately $18.7 billion. The portfolio of distribution and fulfillment centers spans roughly 179 million square feet of urban infill space across 36 major markets, nearly doubling New York City-based Blackstone’s volume of U.S. industrial real estate holdings. The sale is expected to close sometime after Labor Day. Blackstone cited a growing demand for e-commerce and the need by retailers to reconfigure their supply chains as the primary driving forced behind the deal. “Logistics is our highest conviction global investment theme today,” says Ken Caplan, global co-head of Blackstone Real Estate. “We look forward to building on our existing portfolio to meet the growing e-commerce demand.” According to the Financial Times, GLP will use proceeds from the sale to return value to shareholders and to reinvest in other U.S. real estate assets. GLP, which has more than $64 billion in real estate and private equity assets under management, first entered the U.S. market in 2015 and quickly became one of the country’s largest owners of industrial real estate. Blackstone has been …

June 3, 2019

Industrial Market Reports North Carolina Southeast Southeast Market Reports

Charlotte’s Industrial Fundamentals Stay Strong in Face of New Supply Added

by Alex Tostado June 3, 2019

Charlotte’s industrial market continues to see strong momentum in early 2019, and with healthy rates of absorption and rental growth despite record levels of new development, it remains the preferred asset class in the Queen City among institutional investors. Industrial absorption totaled 5.2 million square feet in 2018, according to JLL research, making it the fourth consecutive year that the market has absorbed at least 4 million square feet. The demand for new space is driven in part by the growth of the Carolinas: North and South Carolina both ranked in the top 10 nationally for population growth over the past year, according to the U.S. Census Bureau, and Charlotte is well-situated geographically for distribution facilities that can cover both states. E-commerce, of course, has been another major driver of demand and development. During the fourth quarter, Amazon received construction permits for its fourth and largest distribution center in the Charlotte region, a 2.4-million-square-foot facility that will be located on 100 acres north of Charlotte Douglas International Airport. A separate 1.2 million-square-foot distribution facility for Amazon in nearby Kannapolis is expected to open this year. Industrial development continues to migrate to Charlotte’s surrounding counties, where land is more readily available …

June 3, 2019

Florida Industrial Loans Southeast

FM Capital Originates $21M Loan to Refinance Cold-Storage Warehouse in Miami

by Alex Tostado May 31, 2019

MIAMI — FM Capital has provided a $21 million refinancing loan for a cold-storage warehouse in Miami. The 235,758-square-foot warehouse was originally built in 1968 and is located near I-95 with access to the Florida Turnpike. The property was 82 percent leased at the time of the refinancing to South East Frozen Foods and Super Value. The undisclosed borrower will also invest $1.1 million in capital improvements with the option of selling the asset or refinancing within the loan term.

May 31, 2019

Industrial Leasing Activity Texas

NAI Partners Arranges 19,260 SF Industrial Lease in Houston

by Taylor Williams May 31, 2019

HOUSTON — NAI Partners has arranged a 19,260-square-foot industrial lease for Alpha Insulation & Waterproofing, a provider of select construction services, at 14820 Tomball Parkway in Houston. According to LoopNet Inc., the newly constructed property spans 54,738 square feet of divisible space. Darren O’Conor and Jake Wilkinson of NAI Partners represented the tenant in the lease negotiations. The name and representative of the landlord were not disclosed.

May 31, 2019

Development Illinois Industrial Midwest

PREMIER Breaks Ground on Spec Warehouse Project in Bedford Park, Illinois

by Kristin Harlow May 31, 2019

BEDFORD PARK, ILL. — PREMIER Design + Build Group has broken ground on a speculative warehouse project in Bedford Park on behalf of Bridge Development Partners. Bedford Park is located about 16 miles southwest of Chicago. The project will be completed in two phases. The first phase involves demolition of a large single-story building located on West 65th Street. During the second phase, PREMIER will oversee construction of a new 218,560-square-foot building. The new property will include 33 exterior truck docks, two drive-in doors and a clear height of 32 feet. The 12-acre site will accommodate parking for 180 cars and 44 trailers. Cornerstone Architects Ltd., Swift Structural Design and Spaceco make up the project team. A timeline for completion was not disclosed.

May 31, 2019

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