Property Type

Contegra Underway on 220,000 SF Facility for AZZ Precoat Metals in Washington, Missouri

by Kristin Harlow September 21, 2023

WASHINGTON, MO. — Contegra Construction Co. is underway on a 220,000-square-foot production facility for AZZ Precoat Metals in Washington, about 50 miles west of St. Louis. AZZ Precoat Metals is an independent metal coil coater. Completion of the facility is slated for spring 2024. Production equipment will be installed in the second half of 2024, with production anticipated to commence in 2025. The project will be part of the 115-acre Oldenburg Industrial Park. Joining Contegra on the project are Vision Electric for electrical, Jarrell Mechanical Contractors for HVAC, O.J. Laughlin Plumbing Co. Inc. for plumbing and Musselman & Hall Contractors for concrete. Texas-based AZZ Inc. acquired Precoat Metals for $1.3 billion from Sequa Corp. in May 2022.

September 21, 2023

Acquisitions Multifamily Washington Western

IPA Negotiates $32.4M Sale of Trellis Apartment Community in Federal Way, Washington

by Amy Works September 21, 2023

FEDERAL WAY, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale Trellis, a multifamily property in Federal Way, just north of Tacoma. An investment fund sponsored by Prime Residential acquired the asset from CEP Multifamily for $32.4 million, or $291,892 per unit. Built in 1985 on 8.6 acres, Trellis features 33 one- and two-story duplexes and fourplexes. The community offers 111 two- and three-bedroom apartments with large windows, wood-burning fireplaces, washers/dryers and private decks or patios. Ryan Harmon, Giovanni Napoli, Philip Assouad and Nicholas Ruggiero of IPA represented the seller and procured the buyer in the deal. Brian Eisendrath, Cameron Chalfant and Jake Vitta of IPA Capital Markets arranged $21.1 million of interest-only acquisition financing for the buyer.

September 21, 2023

Illinois Leasing Activity Midwest Office

Ferrero Opens 45,000 SF Innovation Center at Marshall Field Building in Chicago

by Kristin Harlow September 21, 2023

CHICAGO — Ferrero North America has opened its new Innovation Center and North America R&D Labs in Chicago. The 45,000-square-foot project, located in the historic Marshall Field & Co. building, brings together Ferrero’s R&D teams from throughout the U.S. and houses teams working on Keebler, Famous Amos, Mother’s, Fannie May and other brands. There are more than 150 employees. The investment further expands Ferrero’s footprint in Illinois. The company manufactures Butterfinger and Baby Ruth products at its plant in Franklin Park, and Keebler products on 110th Street in Chicago. The Ferrero manufacturing campus in Bloomington produces Crunch, 100 Grand and other products, and will soon include a new chocolate processing facility and a new Kinder Bueno production facility. Brookfield Properties operates the Marshall Field building, which is designated as a Chicago Landmark, a National Historic Landmark and has been listed on the National Register of Historic Places since 1978. In 2021, Brookfield completed a major restoration and overhaul to convert the former department store into a modern office building. The property rises seven stories and totals 636,000 square feet.

September 21, 2023

Acquisitions Arizona Industrial Western

DAUM Brokers $5.5M Sale of 23,443 SF Industrial Building in Gilbert, Arizona

by Amy Works September 21, 2023

GILBERT, ARIZ. — DAUM Commercial Real Estate Services has brokered the sale of an industrial building located at 1416 W. San Pedro St. in Gilbert. Sunstone Rover LLC sold the asset to a family-owned corporation for $5.5 million. With the sale, the building will become the headquarters of Swain Electric, a Gilbert-based electrical contractor. Dan Casey of the DAUM Commercial Phoenix represented the seller, while Blake Hardison of Ike Commercial Real Estate represented the buyer in the deal.

September 21, 2023

Arizona Civic Development Western

Willmeng Completes Sundance Park Phase II Civic Project in Buckeye, Arizona

by Amy Works September 21, 2023

BUCKEYE, ARIZ. — Willmeng Construction and the City of Buckeye have completed Phase II of Sundance Park, located at 22865 Lower Buckeye Road in Buckeye. Sundance Park now encompasses 68 areas in total with the additional of the 38 acres of Phase II and features the city’s first public fishing lake. Willmeng served as general contractor on the project, which was designed by Phoenix-based J2 Engineering and Environment Design. The 38-acre expansion of Sundance Park includes a three-acre fishing lake, which will be stocked with catfish, bluegill, bass and rainbow trout. Other features include a grand pavilion, splash pad, lighted basketball courts, four multi-use sports fields, playgrounds, ramadas, restrooms and ample parking.

September 21, 2023

Development Florida Mixed-Use Multifamily Retail Southeast Top Stories

Gateway Jax Acquires 22 Acres in Downtown Jacksonville for $2 Billion Mixed-Use Project

by Jeff Shaw September 21, 2023

JACKSONVILLE, FLA. — Gateway Jax has acquired 22 acres within Jacksonville’s downtown area to develop a $2 billion mixed-use project aimed at revitalizing the city’s urban core. The first phase of the project is called the Pearl Street District. Plans for Pearl Street District include three buildings in the North Core area of Jacksonville’s downtown, which will offer more than 1,000 multifamily units and 120,000 square feet of grocery-anchored retail space. The cost of Phase I is expected to be approximately $500 million. The Jacksonville Downtown Development Review Board has approved the conceptual plan for Pearl Street District, and Gateway Jax plans to break ground midway through 2024. The developer expects that construction on the full project will continue over the next decade. At full build-out, the project will span 20 city blocks and offer public spaces, courtyards and sidewalk cafes, according to the developer. In addition to multifamily and retail space, Gateway Jax plans to include office, hotel and green corridors complementing the city’s 30-mile Emerald Trail in future phases of the project’s development. “We plan to create thriving, walkable neighborhoods that create a sense of place, attracting residents and workers who’ll be able to find everything they need …

September 21, 2023

Features Heartland Feature Archive Industrial

Onshoring Will Remain Influential Driver of Industrial Demand

by Jeff Shaw September 21, 2023

By MaCauley Studdard In the last two-plus years, rent growth and net absorption have both reached new heights, fueled by record levels of demand as a result of surging e-commerce sales. While e-commerce sales growth and the ongoing operational trend of maintaining higher inventory volumes has provided a tailwind to industrial fundamentals, there is also a third critically important component of demand growth that could continue to have an outsized influence on the industrial market in the months and years ahead: onshoring supply chain operations. Understanding the broader dynamics behind the onshoring trend is important to accurately measure its influence on the industrial market. Slowing trade growth The rapid pace of growth in global trade has been one of the most significant economic trends of the last half century: the defining characteristic of modern economies. The percentage of the world’s economy attributed to international trade nearly doubled between 1973 and 2008, growing from approximately 30 percent to 59 percent. While international trade remains the single most influential factor in the global economy, that figure has remained somewhat static in the last 15 years. Several factors have contributed to slowing global trade growth, including: • Growing demand for skilled labor • …

September 21, 2023

Industrial Kansas Market Reports Midwest Midwest Market Reports Missouri

Kansas City Industrial Market: Yesterday, Today and Tomorrow

by Kristin Harlow September 21, 2023

By Scott Bluhm, Newmark Zimmer Since 2016, the Kansas City industrial market has been on a hot streak. We observed more opportunities and increased user activity. There have been consistent years of record positive space absorption and the delivery of Class A buildings, whether speculative or build-to-suit. The peak of that hot streak was in 2022. The year concluded with records in positive absorption, vacancy and rental growth. By the end of 2022, Kansas City became the 15th-largest industrial market in terms of square footage, surpassing Seattle. Significant statistics for 2022: •Over 16 million square feet of positive absorption •A vacancy low of 3.6 percent •A 10.6 percent increase in rental rates The year 2023 has been unique due to economic conditions and uncertainty. New speculative construction starts are down approximately 70 percent, with around 2.5 million square feet breaking ground in 2023. Most of the speculative buildings delivering in 2023 were projects that began construction in 2022. Annual net absorption has decreased to 2.5 million square feet in the first and second quarters. For reference, the fourth quarter of 2022 saw a record-setting net absorption of approximately 7.3 million square feet, and the third quarter of 2022 had 3.2 …

September 21, 2023

Loans Multifamily Texas Walker & Dunlop

Nova Capital Arranges $55.8M in Acquisition Financing for Multifamily Property in Weatherford, Texas

by Taylor Williams September 20, 2023

WEATHERFORD, TEXAS — Los Angeles-based Nova Capital has arranged $55.8 million in acquisition financing for The Mark at Weatherford, a 355-unit multifamily property located on the western outskirts of Fort Worth. The financing consists of a $37.8 million Fannie Mae senior loan provided by Walker & Dunlop and $18 million in preferred equity from Los Angeles-based Tryperion Holdings. The complex was constructed on an 11.5-acre site in 2021 and was 94 percent occupied at the time of sale. The Mark at Weatherford offers a mix of one-, two-and three-bedroom floor plans and amenities including a pool, outdoor grilling and dining stations, business center, dog park and a fitness center. Steven Yazdani of Nova Capital arranged the debt on behalf of the borrower, Darwin German Real Estate.

September 20, 2023

Acquisitions Multifamily Texas

JLL Brokers Sale of 300-Unit Wildwood Apartments in Richmond, Texas

by Taylor Williams September 20, 2023

RICHMOND, TEXAS — JLL has brokered the sale of The Wildwood Apartments, a 300-unit multifamily community located within the Veranda master-planned development in the northern Houston suburb of Richmond. Built in 2022, The Wildwood features one- and two-bedroom units with stainless steel appliances, stone countertops and private yards/patios. Amenities include a conservatory, dog parks, package lockers, a clubhouse with library and kitchen, pool and a fitness center. Dustin Selzer of JLL represented the seller, Allen Harrison Co., in the transaction. John Brownlee of JLL arranged acquisition financing through New York Life on behalf of the buyer, Price Realty Corp.

September 20, 2023

Newer Posts

Older Posts