COPPELL, TEXAS — CBRE has negotiated a 20,000-square-foot industrial lease renewal in Coppell, located just north of Dallas-Fort Worth (DFW) International Airport. Brian Gilchrist and Steve Koldyke of CBRE represented the tenant, telecommunications firm GW Communications, in the lease negotiations.
CHICAGO — Podolsky Circle CORFAC International has brokered the sale of an 8,258-square-foot industrial building in Chicago for $1.4 million. Located at 215 N. Laflin St., the vacant, single-story property is situated in the West Loop. Adam Tarantur and Austin Vanderstappen of Podolsky Circle represented the seller, a family trust. An undisclosed buyer plans to use the property for an adaptive reuse project that is in line with other Fulton Market projects.
GILBERT, ARIZ. — Graycor Construction Co., on behalf of SunCap Property Group, has started construction of a flex industrial building at the Gilbert Spectrum industrial project in Gilbert. The building is the is the first development in the southern portion of the 63-acre project, which is situated at the southwest corner of Elliot and McQueen roads. Known as Building One, the 135,745-square-foot facility will feature 32-foot clear heights, 40 dock-high and four grade-level loading doors, and ESFR sprinklers. Completion is slated for late July. SDHQ Off Road, an off-road vehicle supplier, will occupy 28,000 square feet in the building, with the additional space being developed on a speculative basis and divisible down to 15,000 square feet. Gilbert Spectrum is already home to a 58,289-square-foot, built-to-suit “Satellite Engineering Building” for Northrop Grumman Innovation Systems (formerly Orbital/ATK). Built by Graycor in 2017, the one-story, Class A office building mixes open collaborative areas and task-specific work zones. Building One is one of five new buildings — totaling more than 435,000 square feet — that SunCorp will develop at Gilbert Spectrum as the market demands. At build-out, Gilbert Spectrum will include more than 800,000 square feet in eight to 10 buildings that range in …
NEW YORK CITY — Global asset manager Investcorp has acquired a portfolio of eight distribution centers located throughout the United States for $170 million. The names of the properties were not disclosed, but the portfolio totals approximately 1.4 million square feet. All eight distribution centers are located in high-growth markets, including Chicago, Phoenix, Jacksonville, St. Louis, Charlotte Cincinnati, Cleveland and San Antonio. The seller was not disclosed. In addition, the portfolio was fully leased at the time of sale to tenants such as courier FedEx Ground, supply chain operator XPO Logistics, packaged food distributor Conagra Foods and telecommunications provider Spectrum. Company officials noted that the average lease term within the portfolio is 15 years. “With the rapid growth of e-commerce driving increased demand for industrial assets nationwide, this portfolio underscores our ability to identify and then execute on long-term trends in real estate,” says Herb Myers, Investcorp’s managing director in real estate investment. Myers also cited the properties’ location near major highways and railways as a key factor in acquiring the portfolio. Following this transaction, Investcorp now owns 191 industrial buildings totaling 16 million square feet. In the last 18 months, Investcorp has acquired approximately $2 billion of U.S. real estate through …
NORTH LAS VEGAS, NEV. — Harsch Investment Properties has completed the development of two industrial buildings at Speedway Commerce Center III, located at 6255-6335 N. Hollywood Blvd. in North Las Vegas. Building A features 390,904 square feet and is currently 92 percent leased to several tenants, including Matheson Trucking, Progressive Alloy, Everypet and Artesian Spa. The property has one remaining unit that can accommodate a 30,000-square-foot tenant. Building B features 333,704 square feet and is currently 34 percent leased to several tenants, including Valuepart, 2020 Exhibits and Scholastic Books. The property can accommodate a variety of tenant requirements ranging from 25,000 square feet to 85,000 square feet. Jason Simon, Rob Lujan and Xavier Wasiak of JLL are overseeing the leasing at the property.
MORENO VALLEY, CALIF. — Rockefeller Group has acquired an 8.8-acre industrial land site in Moreno Valley for the development of Centerpointe Commerce Center, an industrial distribution facility. The company plans to begin construction of a 203,000-square-foot project this fall, with completion expected in summer 2020. Located on Cactus Avenue, the cross-docked building will feature 32-foot clear ceiling heights, 8,000 square feet of speculative office improvements, 109 auto parking stalls and 27 trailer parking stalls. Rockefeller Group acquired the property fully entitled and zoned from Newcastle Partners for $5.9 million.
CHARLOTTE, N.C. — Foundry Commercial has begun construction of Phase II at WestPark 85, a speculative industrial facility in Charlotte spanning 565,000 square feet. The project will feature 36-foot clear heights, cross-dock configuration, more than 560 auto parking spaces, more than 200 trailer parking positions and LED lighting. Foundry serves as the developer/owner, leasing agent, project manager and property manager for the entire 1.1 million-square foot WestPark 85 project in partnership with Principal Real Estate Investors. The second phase is expandable up to 100,000 square feet and is currently the largest speculative industrial facility underway in the Carolinas, according to Foundry, which expects to deliver the facility later this year.
ROSWELL, GA. — Newmark Knight Frank (NKF) has brokered the $19.8 million sale of Roswell Distribution Center, a two-building, 259,641-square-foot industrial park in Roswell. Longpoint Realty Partners acquired the asset from an undisclosed institutional investor. Matt Tritschler and Peter Everett of NKF represented the seller in the transaction. Built in 2006 on Hembree Park Drive, the distribution center was 55 percent leased at the time of sale to tenants such as Room & Board Inc., Central EMS and Ferguson Enterprises. Located along Hembree Park Drive, the office building includes 26 dock doors, two drive-in doors and clear ceiling heights up to 24 feet.
POOLER, GA. — Plastic Express has announced plans to expand its operations at the Port Logistics Center near the Port of Savannah with two new manufacturing facilities. The $172 million investment is expected to create 166 new jobs. Located in Pooler, the 172-acre Port Logistics Center is owned and developed by Capital Development Partners Inc. Plastic Express is based in California and operates trucking terminals, warehouses, docks and packaging plants across the country. Griff Lynch, executive director of the Georgia Ports Authority, said in a statement that the project will help establish the Port of Savannah as a leader in the exportation of plastic resins to the oil and gas industry. Genesee & Wyoming will provide rail service for the facility via its Georgia Central Railway. Plastic Express expects to occupy its new facilities in October.
SAN ANTONIO — Harrington Industrial Plastics, one of the nation’s largest distributors of plastic products, has signed a 6,000-square-foot industrial lease at 4030 Naco-Perin Blvd. in northeast San Antonio. Roger Hill and Kyle Mueller of JLL represented the landlord, Aguja Holdings LLC, in the lease negotiations. The representative of the tenant was not disclosed.