FAIRFIELD, OHIO — NorthPoint Development is underway on Fairfield Trade Center in Fairfield, about 25 miles north of Cincinnati. The project comprises two buildings totaling 304,364 square feet and 313,833 square feet, respectively. Completion is slated for the second quarter of 2024. Doug Whitten of CBRE is handling leasing of the development, which is situated in proximity to major transportation arteries.
SOMERS, WIS. — Marcus & Millichap has arranged the $2.3 million sale of a 2,361-square-foot retail property occupied by Chipotle in Somers, a southern suburb of Milwaukee. Constructed this year, the net-leased building is located at 3671 Market Lane and features a 400-square-foot patio as well as a drive-thru. Nicholas Kanich of Marcus & Millichap represented the seller, a development group based in Wisconsin. The asset sold to a Minnesota-based buyer completing a 1031 exchange.
PHILADELPHIA — Hilco Redevelopment Partners (HRP) has broken ground on the first phase of The Bellwether District, a redevelopment project encompassing 1,300 acres in South Philadelphia. The project will transform the former Philadelphia Energy Solutions refinery into a state-of-the-art innovation, e-commerce and logistics campus. Demolition of the obsolete industrial site is now substantially complete. The redevelopment will be a 14 million-square-foot campus divided into two areas: 250 acres dedicated to innovation and 750 acres for industrial and logistics facilities. HRP expects The Bellwether District to augment the life sciences and research infrastructure in nearby University City and to bring supply chain logistics and advanced manufacturing to the site, which is located near Philadelphia International Airport and The Port of Philadelphia. “When our team arrived here in Philadelphia, we did not see a former refinery — we saw what I believe to be the most strategic piece of real estate east of the Mississippi, if not in the entire United States,” says Roberto Perez, CEO of HRP. HRP projects that the development of The Bellwether District will create 19,000 direct permanent jobs and nearly 28,000 direct construction jobs over a 10- to 15-year timeline. The groundbreaking marks the first phase of …
The effects of sweeping macroeconomic forces in recent years are now manifesting themselves in industrial projects in Dallas-Fort Worth (DFW). And while the market still enjoys healthy fundamentals and tenant demand, the product being delivered now comes with a new look, functionality and set of requirements from end users. To some degree, this paradigm shift in how industrial properties are conceived, designed and constructed stems from major economic factors and trends that are beyond the ability of architects, contractors and developers to control. To start with the obvious, interest rates are now five times what they were 18 months ago. When hikes of that magnitude are enacted so expeditiously, real estate professionals of all walks are impacted, even if it’s in an indirect manner. “Demand for industrial space is there; if developers are building, the rents are probably there to cover those costs,” says Mike Williams, vice president of preconstruction at Dallas-based Talley Riggins Construction Group. “But for developers that are trying to form a team to get enough equity to get a loan — those deals aren’t working anymore with these rates. So paying extra close attention to who your clients are and their funding sources has been the …
COMMERCE, CALIF. — A Dedeaux Properties entity has acquired a distribution facility in the Los Angeles suburb of Commerce. 99 Cents Only Stores sold the asset for $190 million in a sale-leaseback transaction. Situated on 24 acres at 4000 Union Pacific Ave. and 4040 Noakes Ave., the asset features 882,000 square feet of distribution space. The property is immediately adjacent to the Hobart Intermodal Railyard and located within a gated and guarded campus. Jack Cline of Lee & Associates, in collaboration with Eastdil Secured, facilitated the sale.
AZUSA, CALIF. — JLL Capital Markets has arranged $84 million in post-close acquisition financing for Azusa Industrial Center in Azusa, approximately 20 miles east of Los Angeles. The borrower was IDS Real Estate Group. Built between 1986 and 1987, the three-building, 432,500-square-foot asset is fully leased to four tenants. Spanning 23.6 acres, the property features a total of 73 dock doors, seven grade-level doors, truck courts ranging from 130 feet to 160 feet and clear heights ranging from 24 feet to 30 feet. Matt Stewart, Ace Sudah and Daniel Skerrett of JLL Capital Markets secured the four-year, floating-rate loan through PGIM Real Estate’s debt fund focused on transitional bridge lending. Jace Bertegs led the PGIM Real Estate team.
STOCKTON, CALIF. — Brixton Capital has purchased Pacific Town Center, a value-add retail property in Stockton. A Sacramento-based private seller sold the asset for an undisclosed price in an off-market transaction. Located at 718-769 W. Hammer Lane, Pacific Town Center features 143,217 square feet of retail space that was 42 percent leased at the time of sale. Existing tenants include Smart & Final, Aaron’s, Panda Express, Subway and other neighborhood-serving retailers and restaurants. Brixton plans to re-tenant a former Toys ‘R’ Us space and the recently vacated T.J.Maxx storefront. Hanley Investment Group represented the seller in the deal.
CITY OF INDUSTRY, CALIF. — Boston-based Longpoint Partners has acquired John Reed Commerce Center, an industrial park located at 1200-1316 John Reed Court in City of Industry, just east of Los Angeles. A global investment advisor sold the asset for an undisclosed price. Situated on 16 acres, the 15-building property features a total of 275,000 square feet of industrial space. The asset was originally built in the late 1970s and has undergone renovations and upgrades. The freestanding buildings range from 12,400 square feet to 24,800 square feet and have a minimum divisibility of 3,800 square feet. All units feature ground-level loading, while select units also offer dock-high loading. Jeffrey Cole, Jeff Chiate, Rick Ellison, Bryce Aberg, Mike Adey, Brad Brandenburg and Matthew Leupold of Cushman & Wakefield’s national industrial advisory group in Southern California represented the seller in the deal. Longpoint Partners retained Chris Tolles, Erik Larson and Robin Dodson of Cushman & Wakefield to handle project leasing.
SANDY AND DRAPER, UTAH — Senior Living Investment Brokerage (SLIB) has arranged the sale of two assisted living and memory care communities in Utah. The properties are located just a few miles from each other in the southern Salt Lake City suburbs of Sandy and Draper. The communities were built in 2001 and consist of a total of 140 units. The properties total 35,334 and 53,255 square feet and are situated on approximately 1.5 and 2.1 acres of land. The seller is a private equity group divesting to focus on its core assets. The buyer is a Utah-based private equity group with a Utah-based operator expanding its existing footprint in the state. The price was not disclosed. The new owners plan to invest in capital expenditures and marketing to rejuvenate the communities and enhance their overall performance. Vince Viverito and Jason Punzel of SLIB handled the transaction.
CYPRESS, TEXAS — A partnership between Trammell Crow Co. and Clarion Partners has completed a 521,600-square-foot industrial project in the northwestern Houston suburb of Cypress. The building is the fourth structure within Weiser Business Park and was delivered as part of the second phase of development. Building 4 features 36-foot clear heights and is more than 50 percent leased to Western Post, a provider of warehouse management services and logistics solutions. Phase I of Weiser Business Park added 557,490 square feet of space across three buildings that is now 61 percent leased. Seeberger Architecture designed the project, with construction handled by A&F General Contractors. Lee & Associates is the leasing agent.
