IAMC News Briefs—Week of October 10, 2022
By John Salustri
GLOBEST.COM—It’s being called this year’s largest warehouse lease in Central Ohio. HanesBrands has inked a prelease deal for 1.2 million square feet in Ohio’s Pickwick County. The warehouse, at Rickenbacker Exchange, broke ground in June and will deliver later this year. It’s all part of a plan by the manufacturer to enhance its distribution network and more closely align operations with its customer base. Meanwhile, owner/developer VanTrust Real Estate has plans for two more warehouses on the campus, pacing out to nearly two million square feet in total.
https://www.globest.com/2022/10/06/hanesbrands-inks-lease-for-1-2m-sf-warehouse-in-ohio/
SUPPLY CHAIN DIVE—Walmart has acquired e-grocery automation concern Alert Innovation for an undisclosed price. The firm, which customizes technology to store and move inventory items robotically—without lifts or conveyors--is part of the mega retailer’s ongoing plan to create what it calls “next generation” fulfillment centers. Not only is the concept said to save floor space, but it is also expected to ease scaling of the technology.
https://www.supplychaindive.com/news/walmart-acquires-grocery-automation-fulfillment-Alert-Innovation/633519/?utm_source=Sailthru&utm_medium=email&utm_campaign=Issue:%202022-10-06%20Supply%20Chain%20Dive%20%5Bissue:45072%5D&utm_term=Supply%20Chain%20Dive
COMMERCIAL PROPERTY EXECUTIVE—Medline is relocating within the Salt Lake City area, with a move from a local, outdated distribution center to 710,000 square feet in a facility set to deliver by year’s end. The new home boasts 113 dock doors, 40-foot clear heights and 251 trailer parking spots. Cushman & Wakefield spoke for both Medline and the owner, Property Reserve.
https://www.commercialsearch.com/news/medline-to-relocate-to-710-ksf-industrial-space-in-salt-lake-city/
COMMERCIAL OBSERVER—Great Central Transport has signed for 344,000 square feet with two landlords near the ports of Los Angeles and Long Beach. The larger of the two deals—both of which are in Compton--was for 200,000 feet, recently refurbished by owner Prologis. The logistics provider also signed for 143,937 square feet in space formerly held by DHL.
https://commercialobserver.com/2022/10/la-logistics-lease-prologis-jpmorgan-great-central-transport/?utm_campaign=daily-roundup&utm_content=2022-07-10-29294300&utm_source=Sailthru&utm_medium=email&utm_term=CO%20Daily%20Newsletter
CUSHMAN & WAKEFIELD--“Rent growth has accelerated at a rate never seen before.” So says Cushman & Wakefield in its most recent industrial report. Indeed. The service provider tracked year-over-year asking rent growth of 16.4% in Q2. At $7.47 a foot, it was the second quarter to pass the $7.00-per-foot mark. But look beyond the sticker. In the face of a possible economic dip, the firm suggests that asking rents can actually stay inflated for a while though actual rents decline.
https://www.cushmanwakefield.com/en/united-states/insights/us-articles/whats-behind-the-sticker-shock-in-industrial?utm_source=sfmc_gmc&utm_medium=email&utm_campaign=GLBL_Newsletter-Weekly-Digest_Email_10_11_2022&utm_term=https%3a%2f%2fwww.cushmanwakefield.com%2fen%2funited-states%2finsights%2fus-articles%2fwhats-behind-the-sticker-shock-in-industrial&utm_id=285418&sfmc_id=20558719&utm_campaign=