Industrial

Amazon to Open 111,500 SF Distribution Center in Metro Sacramento

by Amy Works May 18, 2020

ELK GROVE, CALIF. — Seattle-based Amazon will open a 111,500-square-foot distribution center at 9501 Union Parkway in Elk Grove, approximately 15 miles southeast of Sacramento. Currently under construction, the $21.3 million project is slated to open later this year. Irvine, Calif.-based Panattoni is developing the facility with Sacramento-based Alston Construction serving as general contractor. Sacramento-based Fite Development Co. sold the 17-acre industrial site to Panattoni in December and construction for the 111,500-square-foot distribution center commenced in January.

May 18, 2020

Florida Industrial Market Reports Southeast Southeast Market Reports

Miami-Dade County’s Industrial Market Sees Healthy Activity Amid COVID-19 Headwinds

by John Nelson May 18, 2020

The Miami-Dade industrial market saw a prolific year in 2019, followed by a healthy, yet slower first quarter in 2020. PortMiami’s record-shattering fiscal year 2019, with cargo operations posting 1.1 million twenty-foot equivalent units (TEUs) and cruise passengers totaling a world’s best 6.8 million passenger total, correlated with the robust warehouse and distribution demand the market experienced throughout 2019. There was a 9 percent uptick in South Florida industrial investment sales, and developers delivered 5.6 million square feet of product to Miami-Dade County. Industrial completions in 2019 exceeded the all-time high set in 2018, and the local inventory expanded by nearly 3 percent. In first-quarter 2020, as the coronavirus pandemic began to unfold and cause widespread global challenges, the flow of cargo continued to meet essential needs from medical supplies to food, while all cruise lines voluntarily ceased sailings. In addition, after a strong start to the year, COVID-19 caused construction to pause and dimmed demand from space users that service hard-hit industries such as tourism and brick-and-mortar retail. The unprecedented boost in e-commerce, grocery, and medical supply distribution currently drives the industrial sector. Leasing remains solid despite roadblocks Overall industrial vacancy in Miami-Dade is at 4.33 percent, up from …

May 18, 2020

Industrial Leasing Activity North Carolina Southeast

Dogwood Industrial Properties Inks Two Leases Totaling 90,180 SF in Charlotte

by Alex Tostado May 15, 2020

CHARLOTTE, N.C. — Dogwood Industrial Properties has signed two industrial leases totaling 90,180 square feet at 5130 Hovis Road in Charlotte. An undisclosed Fortune 500 company signed a 66,430-square-foot lease and Plazit Polygal signed a 23,750-square-foot lease. Dogwood Industrial Properties acquired the 166,980-square-foot property in November when it was 34 percent leased. With the recent signings, the building is now fully occupied. The asset sits on seven acres two miles from Interstate 85 and four miles from I-77. The property features a fenced truck court, 20-foot clear ceiling height, new ESFR sprinklers and an existing CSX rail spur with rail doors. Plazit Polygal North America specializes in manufacturing thermoplastic sheets. Matt Treble, Eric Ridlehoover and Patrick McGrath of Cushman & Wakefield represented the landlord in the transaction.

May 15, 2020

Acquisitions Industrial Texas

CBRE Brokers Sale of 18,540 SF Industrial Building in El Paso

by Taylor Williams May 15, 2020

EL PASO, TEXAS — CBRE has brokered the sale of an 18,540-square-foot industrial building located at 1525 Magoffin Ave. in El Paso. According to LoopNet Inc., the single-tenant property was built in 1950. Chad McCleskey with CBRE’s El Paso represented the seller, Lanestone LLC, in the transaction. Ricardo Fernandez, also with CBRE, represented the buyer, Marivani LLC, which is expanding into a larger space for its commercial equipment sales business.

May 15, 2020

Industrial Midwest Missouri

NorthPoint Development Launches Brokerage Firm in Kansas City

by Kristin Harlow May 15, 2020

KANSAS CITY, MO. — Local real estate development firm NorthPoint Development has launched Beyond Brokerage, a commercial real estate advisory firm. The brokerage will service the office, retail, industrial, land and multifamily sectors with experience in leasing, sales, site selection, consulting and investment transactions. NorthPoint began as a developer specializing in industrial and multifamily. Since its inception in 2012, the firm has grown to a family of seven companies spanning several industries.

May 15, 2020

California Industrial Loans Net Lease Western

PGIM Real Estate Secures $66M Acquisition Financing for Inland Empire Industrial Asset

by Amy Works May 15, 2020

RIVERSIDE, CALIF. — PGIM Real Estate has secured $66 million in acquisition financing for an industrial facility located at 6275 Lance Drive in Riverside. The fixed-rate loan features and eight-year term and was arranged on behalf of the undisclosed borrower, for which TA Realty provides investment advisory services. Situated on 47 acres in California’s Inland Empire, the 1 million-square-foot Class A property is fully leased to an investment-grade tenant in the healthcare industry as of January 2020 through a 10.5-year, triple-net lease. The facility features a 36-foot clear height, truck courts ranging from 140 feet to 185 feet in depth, 147 cross-dock high doors, 11,400 square feet of office space and 355 surface parking spaces. Brett Ulrich of PGIM Real Estate led the transaction for PGIM, while Val Achtemeier of CBRE’s Debt & Structured Finance Group brokered the financing for the borrower.

May 15, 2020

Industrial Leasing Activity North Carolina Southeast

CBRE|Raleigh Negotiates 93,685 SF Industrial Lease Near Durham for Furniture Company

by Alex Tostado May 14, 2020

BUTNER, N.C. — CBRE|Raleigh has negotiated the 93,685-square-foot industrial lease for Nugget, a manufacturer specializing in creating furniture that can be transformed into entertainment for children. The property, Falls Lake II, is situated at 200 Business Park Drive, 14 miles north of downtown Durham and less than one mile from Interstate 85. Austin Nagy of CBRE|Raleigh represented the tenant in the transaction. Foundry Commercial represented the landlord, NWI Butner LP.

May 14, 2020

Industrial Leasing Activity Texas

Amazon to Open 2.3 MSF Fulfillment Center in West Dallas, Plans to Hire 1,500 Employees

by Taylor Williams May 14, 2020

DALLAS — Over the next eight weeks, Amazon plans to hire approximately 1,500 people in preparation for opening its 2.3 million-square-foot fulfillment center at 1301 Chalk Hill Road, located approximately seven miles west of downtown Dallas. The facility is expected to be fully operational by May 31. Last fall, The Dallas Morning News reported that Amazon had signed a 20-year lease at the 101-acre facility, which had recently been acquired by Toronto-based Granite REIT. The property features 41-foot clear heights, 2,500 auto parking spaces and 300 trailer parking spaces. As the largest e-commerce firm in the world, Amazon is investing more than $800 million in the establishment of safety measures like temperature checks, enhanced cleanings, sanitation stations and onsite testing for COVID-19.

May 14, 2020

Industrial Loans Texas

JLL Arranges Construction Financing for 2.4 MSF Industrial Project in Irving

by Taylor Williams May 14, 2020

IRVING, TEXAS — JLL has arranged an undisclosed amount of construction financing for DFW Park 161, an industrial project near DFW International Airport in Irving that will eventually total more than 2.4 million square feet. The development team, a partnership between Invesco Real Estate and Perot Development Co., broke ground in late February on Phase I of the 196-acre project, which will feature about 1 million square feet of speculative space. DFW Park 161 will ultimately consist of four Class A buildings with cross-dock configurations, 32- to 40-foot clear heights and a total of 383 trailer parking spaces. Stephen Bailey, Dustin Volz and John Rose of JLL arranged the five-year construction loan on behalf of the development team.

May 14, 2020

Acquisitions California Industrial Western

Dermody Properties Acquires 172,445 SF Goodrick Logistics Center in Richmond, California

by Amy Works May 14, 2020

RICHMOND, CALIF. — Dermody Properties has purchased Goodrick Logistics Center, a two-building, 172,445-square-foot e-commerce and distribution facility located at 2589 and 2593 Goodrick Ave. in Richmond. Terms of the transaction, including the name of seller and acquisition price, were not released. The property at 2589 Goodrick Ave. is currently available for lease and can accommodate one to three tenants ranging in size from 15,000 square feet to 57,872 square feet. An international mattress distributor occupies the entire facility at 2593 Goodrick Ave. Built in 2018, 2589 Goodrick Avenue features 24-foot clear height, 10 drive-in doors, 75-foot by 65-foot column spacing, LED warehousing lighting and an ESFR fire protection system. Mark Detmer, Bo Mills and Ryan Sitov of JLL represented Dermody Properties in the sale. Jason Ovadia, Patrick Metzger, Eddie Shuai and Mike Murray, also of JLL, will handle leasing for the property.

May 14, 2020

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