IAMC News Briefs—Week of June 19, 2023
By John Salustri
SUPPLY CHAIN DIVE—Thirteen months of negotiations have led at last to a tentative deal between the Pacific Maritime Association and the International Longshore and Warehouse Union. The six-year contract, awaiting ratification, will cover 29 West Coast ports. Neither group released further details of the contract, which comes after recent labor-related disruptions at certain ports.
COMMERCIAL OBSERVER—It all began with months of speculation as to which locale would win the prize of a new Amazon HQ. Last week, the e-giant opened the two-building Metropolitan Park, its second headquarters--dubbed HQ2--in Arlington, VA. It is said to be among the most environmentally friendly projects in the area, built as it was from low-carbon concrete and mass timber. The facility also boasts a variety of green spaces, two acres of green roofs and an urban farm. It will also be powered fully by a Virginia solar farm. Compared to the industry baseline, Met Park will have a 20% smaller carbon footprint.
TRANSPORT DIVE—Penske Automotive Group has acquired Canadian truck dealership Transolutions Truck Centres for an undisclosed price. Three dealerships and two service centers, serving Freightliner and Western Star models among others, will deliver 146,611 square feet of additional facilities to the Penske portfolio. It also provides a gateway for Penske’s Premier Truck Group to enter Manitoba. Penske Automotive is eyeing some $180 million in annualized revenue from the acquisition.
CONNECTCRE—There’s a new tenant at Carolina Logistics Park in Pineville, NC. W.W. Grainger has signed for 525,000 square feet of bulk warehouse space, set to go online upon completion next year. The Beacon Partners-owned facility is 15 miles outside of Charlotte, and will also include Amazon and Carolina Foods among its tenant roster. Beacon on its own behalf and JLL performed leasing duties.
IAMC CORNERSTONE—"As US industrial markets adapt to shifting supply chains, some markets will see demand shift.” So predicts Colliers in its new report, “Impact of Nearshoring on Industrial Real Estate.” Less warehouse demand from pan-Pacific shipping will reduce the need for warehousing in West Coast ports while Southwest border markets stand to increase to catch the swelling production rates of on- and nearshoring manufacturers. Phoenix is typical of one market ready for the change, with a current warehouse inventory of nearly 379 million square feet and an additional 12.4% of that in new facilities. By comparison, L.A./Long Beach, with an inventory of 1.7 billion square feet, has only an additional 2.8% under construction.