INDUSTRY NEWS
BOOST IN USA’S MANUFACTURING STIMULATES CONSTRUCTION “BOOM”
CommercialEdge reports that manufacturing construction has skyrocketed to over 400M square feet in the first four months of 2024 alone. This “boom” is primarily fueled by manufacturing centers for semiconductors and clean energy solutions. Read More
JCB BEGINS WORK ON $500M MANUFACTURING PLANT
JCB breaks ground on a new $500 million manufacturing facility in San Antonio, TX. It is the largest investment in the company’s history. Read More
ATLANTA’S INDUSTRIAL REAL ESTATE CONSTRUCTION PIPELINE REACHES NATIONAL AVERAGE, FINALLY
Atlanta’s industrial asset construction pipeline is four times greater than in 2023, reaching a little over 12.3M square feet in the first quarter of 2024 alone. Read More
AMAZON LEASES 225 KSF PROPERTY IN SEATTLE AREA
Amazon leased out Industrial Realty Group’s 33815 Weyerhauser Way S in Federal Way, WA. It will add over 225K square feet of space to the e-commerce giant’s footprint in the area. Read More
TRANSACTIONS
ARLINGTON, WA – EQT EXETER BUYS PORTFOLIO OF INDUSTRIAL ASSETS IN WASHINGTON
EQT Exeter purchased four industrial real estate assets in Washington for $70.6 million. CBRE and the Broderick Group brokered the deal on behalf of the seller. Read More
TEMPE, AZ – FOUNDERS PROPERTIES ACQUIRES PHOENIX INDUSTRIAL PROPERTY FOR $30M
Founders Properties acquired 21st Street Center, a 162 KSF property in Tempe, AZ, from Clarion Partners for $30 million. Lincoln National Life Insurance Co. provided a $15M acquisition loan for this asset. Read More
STOCKTON, CA – KENNEDY WILSON & INTERCONTINENTAL PURCHASE CENTRAL VALLEY INDUSTRIAL ASSET FOR $72M
Intercontinental Real Estate Corp and Kennedy Wilson acquired Stockton Commerce Center a warehouse and distribution center in California for $71.8 million. Read More
WASHINGTON DC – DSC PARTNERS BUYS SUBURBAN DC INDUSTRIAL PORTFOLIO FOR $86M
DSC Partners, in a JV with Harbert Management Corp, acquired Forbes Center in the suburban DS area for $86.4 million. The acquisition involves 17 buildings with industrial, flex, and office assets. Read More
SAVANNAH, GA – DWS ACQUIRES INDUSTRIAL FACILITY IN GA FOR $51M
Scannell Properties sold the fully occupied industrial facility in Savannah, GA to DWS for $50.8 million. JLL brokered the deal on behalf of the sellers. Read More
TWIN CITIES, MN – PROLOGIS SOLD INDUSTRIAL RE PORTFOLIO FOR $285M+
EQT Exeter acquired an industrial real estate portfolio in Minnesota for over $285 million. The portfolio has 24 properties with over 5 million square feet of space altogether. Read More
QUOTE OF THE WEEK
“Our baseline is the economy remains resilient but growth is softening on the margin. The labor market is cooling on the margin. So, the next move is a (federal rates) cut. But I think the primary risk to our baseline is the Fed just doesn’t cut…and the labor market doesn’t look all that weak to me right now.”
– Michael Gapen, Chief U.S. Economist @ Bank of America