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IAMC News Briefs—Week of July 31, 2023

By John Salustri

VanTrust Purchases 60 Acres for Spec Construction

VANTRUST NEWSROOM—VanTrust Real Estate has purchased 60.4 acres in Terrell, TX for two planned speculative industrial assets. Combined, the buildings, when complete, will pace out to 702,000 square feet. “Large, big-box distribution centers put Terrell on the map as a logistics heavyweight, and manufacturing and distribution hubs are still thriving,” said Josh Meredith, director of development at VanTrust. “Terrell’s location enables goods to be moved throughout the Texas market quickly and efficiently.”


Amazon Opens Its First Detroit Robotics Fulfillment Center

SUPPLY CHAIN DIVE—Amazon has cut the ribbon on an 823,000-square-foot robotics fulfillment center in Detroit, its first operations facility in Motor City. Some 1200 employees will work side-by-side with the robots to move small items, such as books and electronics, through 10 fulfillment and sorting centers and 13 delivery stations serving the state. The e-tailer has 231 such fulfillment centers planned for the US market.


Chinese EV Parts Maker Signs in $95M KC Deal

COMMERCIAL PROPERTY EXECUTIVE—Cnano Technology, a China-based maker of EV components, has signed for 333,365 square feet at New Century Commerce Center in Kansas City. The firm is investing $94.7 million in the facility, on VanTrust Real Estate’s master planned, 850-acre center, a public/private partnership with the Johnson County government and the Johnson County Airport Commission. CBRE is marketing the two-asset property, built on spec and promising to deliver more than 7 million feet of industrial space.


Q1 Sees Drop in Mega Leases

IAMC CORNERSTONE—CBRE reports a 36% drop in large industrial leases in the first quarter of this year as well as an 18% drop in overall lease signings. The year-over-year decline in transactions greater than 1 million square feet is attributable, the firm says, to “economic uncertainty and waning occupier urgency to hold additional inventory.” Year over year, the number of leases signed over the 1 million mark dropped from 36 to 22. For the record, the average lease size for the quarter was 789,471, square feet, compared to Q1 ’22’s 926,683 feet.


$167M Moves 6-Asset Boston Portfolio  

CONNECT CRE—Investment firm Marcus Partners has sold Boston Metro Logistics, a six-asset warehouse/distribution portfolio in the Greater Boston area. Marcus assembled the pack over a three-year time frame from 2019 through 2021. CBRE spoke for Marcus and secured the unnamed buyer in the deal.

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