Industrial

New Tenants, Developments Signal Strength of Kansas City Industrial Market

by Kristin Harlow January 16, 2020

The Kansas City industrial real estate market recorded very healthy maturation in 2019. When surveying the strength of our market, we typically consider how many new tenants or users entered the market with major investments and how many development deals were announced. Diving into the analytics, it is exciting to see some disciplined characteristics of a solid industrial market, including a slight slowdown in the pace of market expansion, a diverse group of business types demanding space, and the swift adjustment to appropriately balance supply and demand. Users entering the market The highlight reel of industrial deals in 2019 was impressive. Notable transactions include a new 420,000-square-foot water bottling plant for Niagara in South Kansas City, a 2 million-square-foot logistics hub expansion for Kubota Tractor Corp., and a 765,000-square-foot food distribution center for Hostess Brands. Additionally, Walmart just announced plans for a 1.8 million-square-foot distribution center to add to its existing three distribution centers in the area. A variety of new auto suppliers have absorbed over 1 million square feet of space to serve the Ford and General Motors automotive plants. I’m often asked what industries are moving to Kansas City and my response is all of them. The type …

January 16, 2020

Development Industrial Kentucky Southeast

Hunt Midwest to Develop 322,000 SF Spec Industrial Facility in Louisville

by Alex Tostado January 15, 2020

LOUISVILLE, KY. — Kansas City, Mo.-based Hunt Midwest will develop Blankenbaker Logistics Center, a speculative industrial building located 13 miles southeast of downtown Louisville within Blankenbaker Station business park. Blankenbaker Logistics Center will occupy a 20-acre site at 13007 Rehl Road and include more than 322,000 square feet of leasable space, 187 surface parking stalls, 44 tractor trailer parking stalls and a 140-foot truck court. Building features will include 32 dock positions in a cross-dock configuration with 36-foot clear heights, four drive-in doors and mechanical dock equipment. Completion of the Blankenbaker Logistics Center is scheduled for December of this year. Located south of Interstate 64 and west of Interstate 265, Blankenbaker Logistics Center will be adjacent to the local FedEx Ground terminal, with access to UPS Worldport and Ford’s Kentucky Truck and Louisville Assembly Plants. The design team includes civil engineer Mindel Scott, architect H2B Architects and general contractor Summit Construction. Kevin Grove of CBRE will represent Hunt Midwest in the lease-up of the facility.

January 15, 2020

Northrop-Grumman-Innovation-Systems-Campus-Chandler-AZ

Arizona Industrial Loans Office Western

NorthMarq Arranges $185M Loan for Northrop Grumman Innovation Systems Campus in Arizona

by Amy Works January 15, 2020

CHANDLER, ARIZ. — The San Diego office of NorthMarq has arranged a $185 million loan for the recently completed Northrop Grumman Innovation Systems’ campus in Chandler. A life insurance company funded the fixed-rate loan, which amortizes over 23 years. Eric Flyckt, Wyatt Campbell and Casey Allred of NorthMarq secured the loan for Northrop Grumman, an aerospace and defense technologies designer and manufacturer. The campus comprises a three-story, Class A office building totaling 352,545 square feet and a 269,852-square-foot manufacturing facility. The property serves as Northrop Grumman Innovation Systems’ Launch Vehicle Division Headquarters. Designed and manufactured at the campus, the launch vehicles transport cargo to the International Space Station, launch satellites and are used for military functions. The campus is located within San Diego-based Douglas Allred Co.’s Park Place, a 200-acre business park situated at the intersection of Loop 101 and 202 freeways.

January 15, 2020

Acquisitions Arizona Industrial Western

Pinnacle Peak Acquires Single-Tenant Industrial Building in Phoenix for $17M

by Amy Works January 15, 2020

PHOENIX — Pinnacle Peak, a Bellingham, Wash.-based investment company, has purchased an industrial manufacturing building located at 2140 W. Pinnacle Peak Road in Phoenix. Thul LLC sold the property for $17 million. The seller is a principal of APSM Systems, a sheet metal fabrication company that has occupied the property since 1994. APSM signed a 10-year leaseback for the property. Situated on 13.5 acres within the Deer Valley submarket, the 168,897-square-foot industrial building features 25,484 square feet of office space. Eric Bell, Mike Ciosek and Dylan Scott of Kidder Mathews represented the buyer in the transaction.

January 15, 2020

Acquisitions California Industrial Net Lease Western

CBRE Brokers $16.8M Sale of Newly Built Industrial Property in Southern California

by Amy Works January 15, 2020

BURBANK, CALIF. — CBRE has arranged the sale of a newly built industrial building located at 3700 Vanowen St. in Burbank. Shubin Nadal Realty Investors & Penwood Real Estate Investments sold the asset to Crown Realty Development and its affiliate, CPF Vanowen Associates, for $16.8 million. ARRI Inc., a designer and manufacturer of camera and lighting systems for the film and broadcast industry, occupies the 39,829-square-foot property on a 15-year triple-net lease. The building features creative office space, 24-foot clear heights, HVAC throughout and dock-high loading. Mark Perry, Carlene O’Neil, David Harding and Greg Geraci of CBRE represented the sellers, while the buyers were self-represented in the transaction.

January 15, 2020

Acquisitions Industrial Midwest Missouri Office

ElmTree Sells Majority Interest in $900M Net Lease Portfolio

by Kristin Harlow January 15, 2020

ST. LOUIS — ElmTree Funds has sold a majority position in a portfolio of predominantly industrial and office properties to Guggenheim Investments. The gross asset value of the 18-property portfolio is approximately $900 million. St. Louis-based ElmTree began acquiring and developing the properties in 2016. The build-to-suit, net-leased assets are located in fast-growing metropolitan areas across the United States. ElmTree will manage the assets for Guggenheim and maintain a small equity portion. Notable properties in the portfolio include a 1.5 million-square-foot industrial facility in Dallas net leased to a confectionary manufacturer and a 500,000-square-foot industrial building in St. Louis net leased to a courier delivery services company.

January 15, 2020

Industrial Loans Midwest Wisconsin

Draper and Kramer Arranges $60M Refinancing for Milwaukee Industrial Portfolio

by Kristin Harlow January 15, 2020

MILWAUKEE — Draper and Kramer’s Commercial Finance Group has arranged a $60 million refinancing for an eight-property, 1.6 million-square-foot industrial portfolio located in metro Milwaukee. Dallas-based Westmount Realty Capital LLC owns the portfolio. All of the properties are situated near major regional highways and the General Mitchell International Airport. Westmount acquired the portfolio in 2015 and implemented a capital improvement program, helping push occupancy to nearly 100 percent. Mark Perkowski and Matthew Wurtzebach of Draper and Kramer arranged the nonrecourse loan with a national bank.

January 15, 2020

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Arranges Sale of 305-Unit Self-Storage Facility in Kyle, Texas

by Taylor Williams January 14, 2020

KYLE, TEXAS — Marcus & Millichap has arranged the sale of Kyle Parkway Self Storage & Mini Offices, a 305-unit facility that spans 41,283 net rentable square feet and is located in the Central Texas city of Kyle. The property also includes seven mini-office spaces. The self-storage component consists of 138 climate-controlled units and 167 non-climate-controlled units. Jon Danklefs of Marcus & Millichap handled the transaction on behalf of the undisclosed seller. The buyer was Dallas-based Montfort Capital Partners.

January 14, 2020

Acquisitions Illinois Industrial Midwest

Venture One Acquires 80,704 SF Industrial Building in Roselle, Illinois

by Kristin Harlow January 14, 2020

ROSELLE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial V LP, has acquired an 80,704-square-foot industrial building in Roselle for an undisclosed price. The property sits on 5.1 acres at 31 Presidential Drive, about 30 miles northwest of Chicago. Built in 1992, the facility features a clear height of 18 feet, five docks, three drive-in doors and parking for 232 cars. The single-tenant building was fully leased to an undisclosed tenant at the time of sale. Jeff Janda and Jeff Galante of Lee & Associates represented the undisclosed seller.

January 14, 2020

Acquisitions Industrial New York Northeast

CenterPoint Acquires 925,411 SF Industrial Portfolio in Brooklyn

by Alex Patton January 14, 2020

NEW YORK CITY — CenterPoint Properties has acquired the Flatlands Portfolio, a 925,411-square-foot industrial portfolio comprising three buildings and a one-acre lot in Brooklyn. The three buildings are located at 101-01 Ave. D, 103-00 Foster Ave. and 101-10 Foster Ave., and the one-acre lot is between Avenue D and Foster Avenue on East 105th Street. The buildings feature clear heights ranging from 22 to 32 feet, and the portfolio was 100 percent leased to 13 tenants at the time of sale. Mat Diana, Paul Yuras and Peter Derbar of DY Realty represented the undisclosed seller in the transaction and will represent CenterPoint in leasing the portfolio moving forward.

January 14, 2020

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