PASADENA, TEXAS — Dunavant Distribution Group LLC, a logistics and supply chain operator, has signed a 137,280-square-foot industrial lease at Bay Area Business Park in the eastern Houston suburb of Pasadena. John Nicholson of Colliers International represented Dunavant, which now occupies just under 1 million square feet in Bay Area Business Park, in the lease negotiations. Justin Robinson and Jeff Pate of Stream Realty Partners represented the landlord, PEPF Red Bluff.
FENTON, MO. — U.S. Capital Development has broken ground on Building 7 within Fenton Logistics Park. The 190,350-square-foot building is designed for office, warehouse and manufacturing uses. It is slated for completion in the third quarter of this year. The spec building will feature a clear height of 28 feet, 46 trailer dock doors and more than 330 auto parking spaces. Impact Strategies is the general contractor. Since 2017, U.S. Capital Development has developed five buildings within the park, which is situated on the site of a former Chrysler assembly plant. Current tenants include BASF, BJC Medical Group, 1st Phorm, Nexius and Alkem Laboratories. Jon Hinds and Katie Haywood of CBRE market the park for lease.
MOUNTAIN VIEW, CALIF. — Google (Nasdaq: GOOGL) plans to invest $10 billion in office and data centers in 11 states this year that will create thousands of jobs. The 11 states will be Colorado, Georgia, Massachusetts, Nebraska, New York, Oklahoma, Ohio, Pennsylvania, Texas, Washington and California, according to Sundar Pichai, CEO of Google and its parent company, Alphabet Inc. In 2019, Mountain View-based Google announced it would invest $13 billion in major office and data center expansions in 14 states. Combined with other investments, Alphabet was the largest investor in the United States last year, according to the Progressive Policy Institute’s Investment Heroes 2019: Boosting U.S. Growth report. Data Centers Google plans to open or expand 13 data centers nationwide. Data center expansions in the South include locations in Georgia, Texas, Virginia, Alabama, South Carolina and Tennessee. In the Midwest, the company will open a new data center in Ohio and expand an existing center in Iowa. Nebraska and Oklahoma will see expanded data centers. Lastly, Google will expand data centers in Oregon and Nevada. Office Space Google plans to open new offices or expand its existing space in 19 communities. Google office expansions are slated for Minnesota, Wisconsin, Illinois …
Southeast Michigan has enjoyed a decade of prosperity surrounding the revitalization of downtown Detroit led by billionaire businessman and Quicken Loans Founder Dan Gilbert. Detroit has 580 million square feet of industrial space and is projected to see another 5 million square feet by 2021, much of that distribution-focused. In the past decade, Southeast Michigan has become a hub for driverless car technology. Toyota has announced plans to create an autonomous vehicle research facility in Ann Arbor and Ford Motor Co. has purchased the former Detroit train station to create an autonomous vehicle research center. In addition, the state of Michigan partnered with the University of Michigan to convert an old World War II air base into a 500-acre autonomous vehicle testing ground. The American Center for Mobility at Willow Run located in Ypsilanti Township operates as a global center for testing, research, education and product development, and serves companies such as Microsoft, AT&T, Ford, Toyota and Hyundai. The GM strike has recently been resolved, a relief to smaller automotive suppliers. High costs of construction, due to the international trade war as well as labor shortages, have resulted in limited inventory, therefore increasing the value of existing facilities. Construction, leasing …
IRVING, TEXAS — Invesco Real Estate and Perot Development Co. have begun construction on Phase I of DFW Park 161, an industrial project near DFW International Airport in Irving that will eventually offer 2.4 million square feet of space across 196 acres. Phase I will feature three logistics buildings totaling more than 1 million square feet that will be developed on a speculative basis. Phase II will involve a build-to-suit facility for an e-commerce user that will span more than 1.4 million square feet. The Phase I buildings are expected to be available for occupancy by early 2021. Halff Associates is the project architect and civil engineer, and Peinado Construction is the general contractor. First United Bank provided construction financing for the project, and Cushman & Wakefield is handling leasing.
ST. LOUIS — Stan Johnson Co. has brokered the sale of a 56,021-square-foot industrial facility in St. Louis for $12.5 million. Located at 420 E. Carrie Ave., the property is fully occupied by Central States Thermo King Inc. (CSTK). Constructed in 2015, the facility serves as CSTK’s regional headquarters. At the time of sale, there were more than 10 years remaining on the original lease. Zach Harris and Brad Pepin of Stan Johnson represented the seller, Green Street St. Louis. A subsidiary of Global Net Lease Inc. purchased the asset. CSTK is a solutions provider for transportation companies, fleets, owner operators and other vehicle or heavy equipment users.
GOODYEAR, ARIZ. — Phoenix-based Tratt Properties has broken ground on Elwood Logistics Center, a speculative industrial development located near the junction of Interstate 10 and the Loop 303 in a designated Opportunity Zone in Goodyear. At full build-out, Elwood Logistics Center will total 1.3 million square feet, including a 40-foot clear height, cross-dock building with a 190-foot gated and secured concrete truck court and 235 dock-high loading positions. The 83-acre site also provides parking for more than 1,400 cars and 327 trailers. Construction is currently underway, with completion slated for December. The Renaissance Co. is serving as general contractor, and Deutsch Architecture Group is providing architectural services. JLL is handling leasing for the property.
HOUSTON — Boston-based TA Realty has acquired East Belt Business Park, a 350,000-square-foot industrial development situated on 23.7 acres in southeast Houston. The property consists of two rear-load and two cross-dock buildings that include 20- to 24-foot clear heights, 114 dock-high doors, 120- to 180-foot truck court depths and 510 parking spaces. Trent Agnew, Rusty Tamlyn, Charlie Strauss and Tom Weber of JLL represented the seller, a fund advised by Morgan Stanley Real Estate Investing, in the transaction.
COLORADO SPRINGS, COLO. — Denver Realty Group, through its DRGinvest platform, has purchased a 25-property portfolio in Colorado Springs for $22 million. The portfolio totals 186 units and includes multifamily, single-family homes and a storage facility. The off-market deal was acquired using a unique, deal-specific loan arranged by NorthMarq’s Denver office and placed with ArrowMark Commercial Real Estate Partners and Arbor Realty SR as lenders. DRG was represented by Zach Hansen of Denver Realty Group and Stuart Sloat of Olive Realty Estate Group as transaction brokers.
RICHARDSON, TEXAS — Locally based developer Jackson-Shaw has signed two new tenants at Parc NorthEast, a 434,640-square-foot industrial development in the northeastern Dallas suburb of Richardson. Mygrant Glass, a family-owned auto glass wholesaler, has leased 93,079 square feet at Building 4, and garage door provider Section Stack has leased 31,458 square feet at Building 2. Josh Barnes of Holt Lunsford Commercial represented Jackson-Shaw in the lease negotiations.