Member News  

NAIOP Member News offers members the opportunity to promote important announcements from their company. These include personnel transactions (hirings, promotions), company news (awards, relocations, stock reports, mergers and acquisitions) and deals (purchases, sales, major financing, awarding of property management contracts, groundbreaking and topping off, leases and land sales).

Submit your news using the online form. NAIOP will review submissions for length, clarity and appropriateness. Press releases sent directly to NAIOP may not be included.

05/10/2022 Company News

RanchHarbor and Manhattan West Acquire 91,000-Square-Foot Industrial Infill Property in San Dimas, Calif.

RanchHarbor

RanchHarbor and Manhattan West announce their joint venture (JV) partnership in the acquisition of a five-acre multi-tenant industrial warehouse property in San Dimas, Calif. The value-add asset includes four individual buildings encompassing 91,000 total rentable square feet across 44 individual suites. The JV purchased the property 98% occupied, substantially below replacement cost and at an attractive basis through an off-market transaction from a private seller. Terms of the deal are not disclosed. “The San Dimas investment represents a unique opportunity to purchase a multi-tenant industrial asset in a desirable and highly supply-constrained San Gabriel Valley submarket well below replacement cost,” said John Meek, managing principal at RanchHarbor. “With little to no new construction of small-bay industrial product in the submarket, this specific type of multi-tenant product is cost-prohibitive to build in many parts of the Los Angeles Basin due to the lack of available developable land, rapidly increasing land values and high construction costs.” The asset is in Greater Los Angeles in the East San Gabriel Valley industrial submarket, along the south side of the 210 freeway. The property’s four concrete tilt-up structures feature 14’ to 18’ clear height and 44 ground-level doors. Unit sizes range from 1,232 to 6,250 square feet. “San Dimas and the San Gabriel Valley are experiencing decreasing supply of small-bay industrial product due to up-zoning of industrial land and older industrial buildings being redeveloped for larger distribution assets,” said Adam Norvell, managing director of real estate at Manhattan West. “The area’s lack of new construction and long‐term redevelopment trends combined with strong demand for small‐bay space provides a favorable occupancy outlook for the San Dimas investment.” The transaction was facilitated by Lee & Associates with the JV represented by Jack Haley and the seller represented by Todd Launchbaugh and Justin Leewood.

Contact: Nicole Deermount, 949-274-3855

05/02/2022 Company News

C.W. DRIVER COMPANIES COMPLETES INNOVATION AND INSTRUCTION BUILDING AT CALIFORNIA STATE UNIVERSITY, DOMINGUEZ HILLS

C.W. Driver

C.W. Driver Companies, a leading builder serving California since 1919, today announced the completion of the $66.5 million Innovation and Instruction Building at California State University, Dominguez Hills (CSUDH). The new four-story structure features a 250-seat auditorium for teaching and symposia, one 120-seat active learning classroom, two 60-seat case study-rooms, meeting rooms, computer labs, event spaces, faculty and administration offices, a commercial kitchen, and a café. The new home of the College of Business Administration and Public Policy, the building opened for classes in spring 2022. At 107,600-square-feet, the Innovation & Instruction Building is part of the school’s larger initiative to transform the campus with major capital projects that include the Science and Innovation Building, completed by C.W. Driver Cos. in 2019. “We have enjoyed our partnership with CSUDH, lending our years of experience constructing projects for California universities to complete another cutting-edge facility designed to support the evolving needs of higher education,” said Tom Jones, project executive at C.W. Driver Companies. “With several active learning classrooms and external collaboration areas, interaction and continuous learning are encouraged among students and educators.”

Contact: Kennedy Dalton, 714-209-8133

05/02/2022 Company News

Caprock Partners Completes and Sells First Phase of 1.5-MSF Logistics Complex in North Las Vegas; Starts Phase 2 Construction

CapRock Partners

CapRock Partners announces the sale of CapRock Tropical Logistics Phase I, a recently completed core industrial logistics facility consisting of two Class A warehouse buildings totaling 1.1 million square feet on an 83-acre site in North Las Vegas. The two buildings, which were developed by Caprock, were 100% leased to three investment-grade credit tenants, including a Fortune 100 ecommerce company. CapRock Tropical Logistics is a two-phase development that will be comprised of five buildings totaling 1.5 million square feet at completion. CapRock is currently under construction on Phase II, a three-building industrial warehouse development totaling 443,000 sq. ft. Phase II building pads are poured, and preparation is underway to erect the tilt-up concrete panels in May 2022. Project completion is anticipated in Q4 2022. “CapRock Tropical Logistics is a well-designed, highly accessible and visible, state-of-the-art distribution and logistics facility that CapRock began developing in 2020 following an extensive land assemblage acquisition process involving 34 parcels and 24 sellers,” said Taylor Arnett, first vice president of acquisitions at CapRock Partners. “The assemblage aggregated one of the largest and most sought-after industrial land sites remaining in the North Las Vegas submarket.” CapRock Tropical Logistics Phase I is strategically situated at the I-15/I-215 interchange, providing 2,200 linear feet of freeway frontage and immediate freeway access. Building 5802 is an 857,000-sq.-ft., single-tenant structure featuring 40-ft. clear height. Building 5902 is a 271,000-sq.-ft., two-tenant structure featuring 32-ft. clear height. Phase I’s sale was facilitated by Cushman & Wakefield’s West Coast Industrial Capital Markets Team and JLL’s Las Vegas Industrial Team. The high-profile offering garnered multiple bids from institutional investors resulting in record-breaking pricing. CapRock Tropical Logistics Phase II will feature 32-ft. clear height and large truck courts. JLL is actively leasing Phase II.

Contact: Nicole Deermount, 949-274-3855

04/06/2022 Company News

CapRock Partners Breaks Ground on 2 Million-Square-Foot Industrial Masterplan in Inland Empire West

CapRock Partners

CapRock Partners is underway on the construction of Phase I of Palomino Ranch, a large-scale, state-of-the-art master-planned industrial warehouse development in Norco, Calif. totaling approximately 2 million square feet across 24 buildings on approximately 112 acres. The initial phase of the Class A project includes eight stand-alone industrial buildings totaling approximately 700,000 square feet on 44 acres. At project completion, Palomino Ranch will be the largest industrial real estate development in Norco’s history. The project will be LEED certified and will feature design elements such as wrap-around wooden porches and lantern streetlighting that are reflective of Norco’s equestrian background and nickname, “Horsetown U.S.A.” “CapRock Partners creates world-class logistics facilities, and our team has made a commitment that all new ground-up development projects we build in California will meet or exceed LEED certification standards going forward, and we are excited to initiate this commitment with the commencement of Palomino Ranch,” said Patrick Daniels, co-founder and CEO at CapRock Partners. “The landmark development is designed to not only satisfy the needs of a wide range of tenants and industries requiring accessible high-quality warehouse space, but it will also reflect Norco’s rich local history and character through its equestrian-themed aesthetic.” Phase 1 buildings will range from ~55,000 to ~156,000 square feet, with clear heights from 30 to 36 feet. Buildings greater than 20,000 square feet will offer up to 6,000 square feet of mezzanine office space. Other features include secured and unsecured concrete truck courts, 125-foot truck court depth, ESFR sprinklers and up to 4,000 amps of power. Palomino Ranch is west of I-15, accessible via the Second Street exit. The property is approximately two miles north of the 91 Freeway/I-15 interchange and is easily accessible to additional major regional transportation routes, providing quick access to nearly any location in the Los Angeles Basin.

Contact: Nicole Deermount, 949-274-3855

03/23/2022 Company News

C.W. DRIVER COMPANIES BREAKS GROUND ON NEW THREE-STORY STEM EDUCATION BUILDING

C.W. Driver

C.W. Driver Companies, a leading builder serving California since 1919, today broke ground on Mt. San Jacinto Community College District’s STEM Science & Technology facility at the San Jacinto Campus. The $37,000,000 contract is being built in partnership with LPA Architects. The facility is anticipated to reach completion by Fall 2023. The new three-story, 57,374-square-foot STEM building will include science labs, lecture rooms, general classrooms, math and general studies labs and faculty offices. The San Jacinto campus’ growing biology, physical science and math programs are currently not centralized due to space constraints and are located in several buildings across the campuses. In addition to providing centralized buildings, the project will provide the math department with a permanent place for instruction. “C.W. Driver Companies is proud to continue our partnership with Mt. San Jacinto College to provide their students with a best-in-class campus,” said David Amundson, project executive at C.W. Driver Companies. “It was an honor to be able to leverage our decades of experience in higher education to provide students and faculty with a centralized, permanent facility to further their research and learning.” “Our goal at MSJC is to provide our students with the best possible education to prepare them for their future endeavors,” said Todd Franco, Dean of Facilities Planning, District Construciont & Support Services at Mt San Jacinto Community College. “This new centralized hub for our math and science departments will allow our teams to collaborate in a permanent space that will contribute greatly to the STEM education and research at MSJC.”

Contact: Kennedy Dalton, 714-209-8133

03/09/2022 Deal

Dermody Properties Announces the Acquisition of 2800 Forbs Avenue in Hoffman Estates, Illinois

Dermody Properties

Dermody Properties, a national private equity real estate investment, development and management company focused exclusively on the logistics real estate sector, is pleased to announce the acquisition of 2800 Forbs Avenue in the Northwest Cook County submarket of Chicago. The 135,940-square-foot, Class A warehouse and distribution center is available for lease and located within Prairie Stone Business Park at Interstate-90 and Route 59, just twenty minutes from O'Hare International Airport. Surrounded by forest preserve, Prairie Stone business park provides a unique blend of technology and tranquility. The building sits adjacent to a significant number of retail, restaurant and hotel amenities which have become critical assets for attracting and retaining employees. The property was acquired in February 2022 from Mary Kay Inc. and is being marketed for lease with the help of Cushman & Wakefield. A new Class 6B real estate tax incentive is in place to ensure the building’s real estate taxes remain competitive with adjacent Kane County. The property features a 15,150-square-foot office area, a fully air-conditioned warehouse, 3,000 amps of power, a 30’ clear height, 216 car parking stalls and a unique drive-through perfectly suited for today’s evolving business-to-business and direct-to-consumer logistics models. Hoffman Estates is bisected by Interstate-90 as it connects Rockford, Ill. and other western destinations to O’Hare International Airport, and, by extension, the City of Chicago. The more recent growth of industrial real estate along the corridor is due in large part to the widening of Interstate-90 to five lanes which was finished in 2019, allowing for improved drive times and accelerated demand outside O’Hare. Britt Casey and Al Caruana of Cushman & Wakefield are the leasing brokers for the property.

Contact: Nicole Shearer, 530-448-6485

03/01/2022 Company News

C.W. DRIVER COMPANIES COMPLETES MENIFEE VALLEY MIDDLE SCHOOL RECONSTRUCTION

C.W. Driver

C.W. Driver Companies, a premier builder serving California since 1919, today announced the completion of a reconstruction project for Menifee Valley Middle School. The $38 million, 71,277-square-foot project transitioned the campus to a magnet school focused on visual and performing arts. The renovation incorporates critical aspects of an art-focused middle school, the addition of two new classroom buildings, restorations to the Visual and Performing Arts Center, construction of an open-concept library and repairs to existing locker rooms. Located in Riverside County, roughly 15 miles north of Temecula, the project consisted of the reconstruction of temporary portables into new, permanent classrooms and lab spaces that create a centralized academic courtyard and cohesive community. To support Menifee Valley Middle School’s transition to becoming a visual and performing arts magnet school, a new music and choir space, as well as a renovated stage in the Visual and Performing Arts Center, were added. The campus introduces outdoor learning areas as well as active learning spaces optimized for use in the arts, music and sciences known as Flex Labs. “By leveraging decades of K-12 construction experience, we were proud to deliver a cutting-edge campus that will serve the growing Menifee community both now and well into the future,” said Eric Metzger, project manager at C.W. Driver Companies. “The tactful modernization of Menifee Valley Middle School allows for the space to adapt as educational and enrollment needs evolve over time.”

Contact: Kennedy Dalton, 714-209-8133

02/23/2022 Deal

Dermody Properties Announces Lease of 208,320 Square Feet in Louisville to Fisher & Paykel Healthcare

Dermody Properties

Dermody Properties, a national private equity real estate investment, development and management company focused exclusively on the logistics real estate sector, is pleased to announce the lease of LogistiCenterSM at Louisville Airport Building 3 to Fisher & Paykel Healthcare, a leading designer, manufacturer and marketer of products and systems for use in acute and chronic respiratory care, surgery and the treatment of obstructive sleep apnea. Beginning this summer, the customer will lease the entire building totaling 208,320 square feet. Fisher & Paykel Healthcare plans to use the building for distribution and will be relocating jobs from within the region to this new location. The building is situated on a portion of the 41 acres Dermody Properties recently acquired to build a pair of modern logistics facilities. The parcel sits within the Louisville Renaissance Zone (LRZ), and within two miles of Louisville Muhammad Ali International Airport, the country’s second-busiest air cargo hub. The LRZ is home to many logistics and manufacturing companies including UPS Worldport–the airline’s primary U.S. hub–and Ford Motor Company. The adjacent LogistiCenter℠ at Louisville Airport Building 2 is also available for lease and offers 203,840 square feet of logistics space. Kevin Grove of CBRE represented Fisher & Paykel Healthcare in the lease transaction. Tom Sims, also of CBRE, was the listing broker that represented Dermody Properties. LogistiCenterSM, a nationally trademarked brand owned and developed by Dermody Properties, represents the company’s business philosophy of developing Class A distribution and logistics facilities that meet the supply-chain requirements of the most innovative companies.

Contact: Nicole Shearer, 530-448-6485

Trammell Crow Company Prologis