NEWS

NEWS

IN THE NEWS

Phase II of Core5 Industrial Project Set to Break Ground Q3 of this Year

CBRE Set to Market and Lease Phase II Buildings Following Successful Leasing of Initial Phase I Building Cincinnati – September 2, 2021 – Core5 Industrial Partners announced today that Phase II of the Core5 Industrial Partners speculative multi-building industrial project is scheduled to break ground in the third quarter of this year in Elsmere, Kentucky. Phase II will feature two buildings totaling 869,308-square-feet. Building 2 offers 585,064-square-feet of cross-dock capability for larger tenants while Building 3 will offer 284,244-square-feet of single-loaded space, creating leasing opportunities for smaller end-users. Phase II follows the successful leasing of the Phase I -- 839,931-square-foot C5 Airport East Logistics Center Building 1 to Diversey, Inc. at 7900 Foundation Drive. This building is scheduled to be completed in Q1 2022. Doug Armbruster, Core5’s Senior Vice President of the Midwest Region, is leading the development. “We are excited to start Phase II of this project. We are proud to be developing in the city of Elsmere and Kenton County. Combining exceptional infrastructure with strong community partnerships is key to our success, and this location in Elsmere provides almost immediate access to the CVG cargo hubs as well as a strong labor market in a close-in infill location." CBRE’s Doug Whitten represented Core5 Industrial Partners during the Phase I leasing and will be responsible for the marketing and leasing of all future buildings at the site. “This project represents an amazing opportunity for companies to operate in innovative and ultramodern speculative industrial facilities with a fantastic level of access to the greater Cincinnati and Northern Kentucky markets,” said Whitten. “Speculative facilities with this type of access to quality labor are hard to find and we are seeing ever-increasing demand for high-quality facilities in this area. We expect the future phases of the project to draw interest from a variety of manufacturers, e-commerce and logistics companies that are looking to fortify their supply chain capabilities in the Midwest.” The site is strategically located 2.5 miles from Interstates 75 and 71 and provides convenient access to CVG International Airport. About CBRE Group, Inc. CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
Read More

950K-square-foot warehouse set for new industrial park

By: Tom Bailey, Daily Memphian An Atlanta firm that develops industrial real estate will “immediately” start building a 957,400-square-foot warehouse in its new industrial park at Miss. 302 and I-269 in Marshall County, Mississippi. The cross-dock facility, “Building D,” will be the first of five buildings totaling 3 million square feet that Core5 Industrial Partners will erect on the 221 acres it acquired at the highway junction southeast of Memphis, according to a press release from the company. The new industrial park is named I-269 Logistics Center. The first building is scheduled to be completed early next year, and can be expanded to 1.74 million square feet. The facility will feature 40-foot-tall, clear ceilings, which is the space a tenant can use to store products on racks. The facility will accommodate parking for 391 trailers and 597 automobiles. Lisa Ward, senior vice president and managing director for Core5, said in a release, “Located at Highway 302 and I-269, the property provides outstanding highway visibility and access coupled with easy proximity to the Memphis rail line which is the third most-connected rail center in the world. “Memphis is one of only three cities to have five Class I railroads — Norfolk Southern, BNSF, CN, Union Pacific, and CSX. This will be an ideal facility for e-commerce fulfillment,” Ward said.
Read More
1 2 3 32

PRESS RELEASES

Distribution portfolio in top logistics markets sold for $166.7M

JLL closed the sale of the 3-building portfolio near Atlanta and Memphis
ATLANTA, Feb. 8, 2021 – JLL announced today that it has closed the $166.7 million sale of a core industrial portfolio comprising three net-leased, Class A, newly constructed bulk distribution assets totaling nearly 2.2 million square feet in two top logistics markets, Atlanta, Georgia, and Memphis, Tennessee. JLL Capital Markets worked on behalf of the seller, Core5 Industrial Partners. Preylock Holdings purchased the assets. Additionally, JLL Agency Leasing assisted Core5 Industrial Partners lease the Atlanta component of the portfolio to a credit-worthy e-commerce retailer. The portfolio consists of the 1-million-square foot Crossroads Business Center at 5705 Campbellton Fairburn Rd. in Union City, Georgia, and two buildings that are part of the DeSoto 55 Logistics Center, the 328,355-square-foot DeSoto A2 and the 860,915-square-foot Desoto D at 1453 and 1615 Commerce Pkwy. in Horn Lake, Mississippi. These infill locations are near highly trafficked trucking and logistics routes near Hartsfield-Jackson Atlanta International Airport, the busiest airport in the world, and Memphis International Airport, which houses the FedEx Express World Hub. Additionally, both properties are proximate to unparalleled regional access and intermodal facilities. Completed in 2020 to core, Class A state-of-the-art construction specifications, the buildings have ESFR sprinklers, ample auto parking and trailer storage, clear heights ranging from 36 to 40 feet and abundance of dock-high doors with view windows. JLL Research found that net lease assets captured nearly a fifth of all commercial real estate investment activity during the second and third quarters of 2020, doubling the average over the last cycle. Throughout the pandemic, some investors turned to the relative certainty of long-term, net-lease properties with a strong credit tenant, like this portfolio. Additionally, persistent demand for e-commerce and logistics assets in the wake of COVID-19 drove the strong performance of the net-lease industrial sector last year. The JLL Capital Markets team representing the seller was led by Dennis Mitchell, Matt Wirth, Britton Burdette, Jim Freeman and Mitchell Townsend. “The transaction was creative and designed to accomplish several goals for Core5, including strong pricing at time of the initial pre-election funding and a 2021 final funding and tax event,” Mitchell says. “Buyers' willingness to be aggressive in both price and transaction structure demonstrates the continued demand for core industrial product. This complicated transaction progressed from term sheet to closed in under 45 days, which is a credit to the quality of Core5 Industrial Partners, Preylock and all involved.” The JLL Atlanta Agency Leasing team of Reed Davis and Bob Currie represented Crossroads Business Center, and Jack Wohrman with JLL’s Memphis office was the lead market expert for the DeSoto assets. “Memphis Industrial market fundamentals continue to get better and better,” Wohrman added. “Vacancy rates are at historic lows, absorption continues to outpace deliveries, rents are increasing and cap rates continue to compress. We achieved strong pricing for the Memphis market and entire Mid-South on behalf of Core5 with this transaction. The collective efforts between our Capital Markets and Industrial Brokerage teams worked incredibly well on this complicated project.” JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries. For more news, videos and research resources on JLL, please visit our newsroom.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About Core5 Industrial Partners

Core5 Industrial Partners is an industrial real estate property company with expertise in development of Class-A properties featuring the latest innovations throughout the United States. Headquartered in Atlanta, Georgia, Core5 has development activity in Atlanta, Chicago, Cincinnati/Northern Kentucky, Columbus, Dallas, Houston, Indianapolis, Los Angeles/Inland Empire, Louisville, Memphis, Nashville, Pennsylvania and South New Jersey with expansion plans to additional key logistic hubs in the U.S. Founded in 2015, the company has developed or begun construction on 26 million square feet since inception. Immediate access to capital, coupled with the ability to financially support deals on their balance sheet without utilizing third party resources on most transactions, Core5 executes quickly without layers of bureaucratic, time-consuming processes. The company is privately held by 170-year-old Japanese-based Kajima Corp – one of the world’s largest A credit-rated construction companies with whom C5 leadership has sustained a 30+ year working relationship. Named for its five core principles, the company values are centered around a highly flexible entrepreneurial spirit promising follow through on commitments with an emphasis on relationships, excellence in quality, attention to detail and quick decision making. For more information on Core5 Industrial Partners, visit c5ip.com.

About Preylock Holdings

Preylock Holdings is a private equity real estate acquisition and management company with $3 billion in assets under management. Founded in Los Angeles in 2016, Preylock serves investors that range from institutional capital and publicly traded corporations to high-net-worth family offices. Preylock’s portfolio includes over 3.5 million square feet of office investments, under both value-add and core-plus strategies, and also includes over 4.2 million square feet of best in class industrial investments.

Read More
1 2 3 4 5 6 22