Industrial

CT Realty to Develop 5.7 MSF Logistics Park in Columbus, Ohio

by Kristin Harlow January 10, 2020

COLUMBUS, OHIO — CT Realty has purchased 382 acres in Columbus for the development of a 5.7 million-square-foot logistics park. The eight-building project will be situated in immediate proximity to a Norfolk Southern intermodal yard as well as the Rickenbacker International Airport. The first phase of development comprises two buildings totaling 1.4 million square feet. The two buildings are slated for completion in early 2021. CT acquired the 382-acre property in a joint venture with Walton Street Capital. Brian Marsh and Dan Wendorf of JLL brokered the land sale and will market the project for lease. Bank of America is providing construction financing. Premier Design + Build Group will serve as general contractor for the infrastructure and Phase I of the development.

January 10, 2020

Development Industrial Midwest Missouri

Kadean Begins Construction of $13M Distribution Facility in Kansas City

by Kristin Harlow January 10, 2020

KANSAS CITY, MO. — Kadean Construction has broken ground on a new $13 million warehouse and distribution facility at KCI Intermodal Business Centre in Kansas City. Known as Logistics Centre VI, the 349,440-square-foot building will feature a clear height of 32 feet, up to 67 dock positions and parking for 91 trailers and 390 cars. Completion is scheduled for June 2020. M+H Architects and Stock & Associates make up the project team. Trammell Crow Co. is the developer. Kadean previously built Logistics Centre II, III and IV and is in the process of completing Logistics Centre V.

January 10, 2020

Illinois Industrial Leasing Activity Midwest

Vienna Beef to Relocate Headquarters to 42,000 SF Distribution Center in Chicago’s Kinzie Corridor

by Kristin Harlow January 10, 2020

CHICAGO — Hot dog maker Vienna Beef has leased a 42,000-square-foot distribution center located at 2501 W. Fulton in Chicago’s Kinzie Corridor for its new headquarters. The company will relocate from 2501 N. Damen Ave. this quarter. All office and warehouse employees will make the move to the new building while manufacturing will remain at the company’s Southside facility. The new headquarters features a clear height of 16 feet, two loading docks, one drive-in door, parking for 50 cars and 8,000 square feet of office space. Dayton Street Partners acquired the property in September 2018 and recently completed several upgrades, including warehouse updates, a newly paved parking lot and LED lighting. Scott Duerkop and Dominic Carbonari of JLL represented Dayton Street in the lease with Vienna Beef. Chris Gary of NAI Hiffman represented the tenant. Vienna Beef was founded in Chicago in 1893.

January 10, 2020

Acquisitions Industrial Texas

Marcus & Millichap Negotiates Sale of Empire Commerce Industrial Facility in Dallas

by John Nelson January 9, 2020

DALLAS — Marcus & Millichap has arranged the sale of Empire Commerce Center, a 44,537-square-foot industrial facility located at 1150 Empire Central Place in Dallas. The property was built in 1982 on a 3.2-acre site about three miles south of Dallas Love Field Airport. Adam Abushagur and Ron Hebert of Marcus & Millichap represented the seller, a private investor, in the transaction. The unnamed buyer is based in Mexico and is a repeat buyer in the market.

January 9, 2020

Illinois Indiana Industrial Loans Midwest Ohio

JLL Arranges $130M in Post-Acquisition Financing for Midwest Logistics Portfolio

by Kristin Harlow January 9, 2020

CHICAGO, COLUMBUS, INDIANAPOLIS AND CINCINNATI — JLL Capital Markets has arranged $130 million in post-acquisition financing for a 22-building logistics portfolio totaling 3.8 million square feet. Built between 1966 and 2016, the properties are located in the Chicago, Columbus, Indianapolis, Louisville and Cincinnati markets. The portfolio is approximately 90 percent leased to 52 tenants. Kristian Lichtenfels, Eric Tupler, Matt Schoenfeldt and Ken Martin of JLL arranged the loan on behalf of the borrower, a U.S. subsidiary of a publicly traded Canadian real estate company. A national balance sheet lender provided the 10-year loan, which features a fixed rate of 3.1 percent. Loan proceeds will be used to place debt on the portfolio as it was purchased in an all-cash transaction.

January 9, 2020

Industrial Leasing Activity Midwest Wisconsin

Trifinity Signs 250,000 SF Industrial Lease in Kenosha, Wisconsin

by Kristin Harlow January 9, 2020

KENOSHA, WIS. — Trifinity Specialized Distribution, a logistics firm that serves major big-box stores and drug retailers, has signed a 250,000-square-foot industrial lease in Kenosha. Trifinity will occupy space at Zilber Industrial III, located at 5312 104th Ave. The recently constructed facility features 24 dock doors, three drive-in doors and convenient access to I-94. Trifinity will move into the facility by the end of this month. Founded a quarter century ago in Waukegan, Illinois, Trifinity currently employs approximately 50 workers, all of whom will relocate to the new facility. Thomas Boyle of Lee & Associates represented Trifinity in the lease transaction. Sergio Chapa and Michael Prost of Newmark Knight Frank, along with Michael Kleber of Zilber Property Group, represented the owner, Zilber Property Group.

January 9, 2020

Acquisitions California Industrial Top Stories Western

Molson Coors to Halt Production at Metro Los Angeles Brewery, Sell Property for $150M

by Alex Tostado January 9, 2020

IRWINDALE, CALIF. — Molson Coors Beverage Co. (NYSE: TAP; TSX: TPX) will cease production at its Irwindale brewery by September. The Denver- and Montreal-based beer company has simultaneously entered into a purchase option agreement with Pabst Brewing Co. for the 40-year-old facility. Pabst has 120 days to exercise its purchase option, according to a filing with the Securities and Exchange Commission. The sales price was undisclosed, but multiple media outlets report the property will trade for $150 million. The brewery, which features iconic beer tanks highly visible from Interstate 210, opened in 1980 and houses 470 employees. The property is located at 15801 W. First St., 23 miles east of downtown Los Angeles. Until September, products produced in Irwindale will be transitioned to other breweries, primarily in Golden, Colo.; and Fort Worth, Texas. The company did not address the status of the 470 employees who currently work at the brewery. “This move will allow us to optimize our brewery footprint while streamlining our operations for greater efficiency across the network,” says Brian Erhardt, chief integrated supply chain officer for Molson Coors. “While it was a very difficult decision, we have extra capacity in our system, and Irwindale’s production can be …

January 9, 2020

Features Heartland Feature Archive Industrial Self-Storage

Strong User Demand, High Returns Keep Self-Storage Buyers Hungry

by Kristin Harlow January 9, 2020

The self-storage industry started its upswing during the Great Recession as more and more Americans turned to storage units as a result of being forced to downsize or foreclose on their home, recalls Alec Pacella, president with NAI Pleasant Valley in Medina, Ohio. “That’s when the industry sparked, but it’s never stopped,” he says. There are three main reasons that the self-storage sector has continued to perform well as a commercial real estate property type, according to Pacella. First, an increase in consumer spending has left Americans with more goods to store. Second, there’s been an influx in larger institutional investors and regional aggregators looking to acquire self-storage properties. Lastly, the advent of technology has enabled operators to run properties remotely and offer services such as automatic payment systems and 24-hour access. While the industry has long been dominated by the local mom-and-pop type operators, there are examples of regional players expanding their portfolios today. One such company that Pacella cites is Valley Storage, which has entered the Ohio market from its headquarters in Maryland. The company now has five locations in Northeast Ohio in addition to facilities in Pennsylvania, Virginia and North Carolina. Oversupply concerns The supply of new …

January 9, 2020

Acquisitions Industrial Northeast Pennsylvania

ROCK Commercial Brokers Sale of 14,138 SF Industrial Property in York, Pennsylvania

by Alex Patton January 7, 2020

YORK, PA. — ROCK Commercial Real Estate has brokered the sale of a 14,138-square-foot industrial property in York, a southern suburb of Harrisburg. Located at 258 West Philadelphia St. at the site of a former steel fabrication facility, the single-tenant building was completed in 1953 and features a 12-foot ceiling height and close access to State Route 30. Ted Turnbull, Jason Turnbull and Kevin Hodge of ROCK Commercial represented the seller, Scott Real Estate Enterprises LLC. The team also procured the buyer, Trombo Enterprises LLC. The sales price was undisclosed.

January 7, 2020

Acquisitions Industrial Southeast Tennessee

Phoenix Investors Purchases 1.4 MSF Former Sears Distribution Center in Memphis

by Alex Tostado January 7, 2020

MEMPHIS, TENN. — Milwaukee-based Phoenix Investors LLC has acquired an approximately 1.4 million square-foot industrial facility located at 3456 Meyers Road in Memphis. The property is currently vacant and will be marketed to new users for lease as a distribution facility. Atlantic Capital Bank provided acquisition financing to Phoenix Investors. JLL’s Jack Wohrman and Russ Westlake represented the seller, Sears Holdings Corp., in the transaction. Originally built in 1973 with an addition in 1981, the facility is a former distribution center for Sears. The property has clear ceiling heights ranging from 24 feet to 31 feet, 145 dock doors, 24-by-36-foot column spacing and trailer parking. The building is currently divisible for multi-tenant occupancy. Phoenix plans to make structural and cosmetic upgrades to the facility in the coming months. Located near Interstates 40 and 240, the property is less than 20 miles from both Amazon and Nike’s new distribution centers.

January 7, 2020

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