IAMC News Briefs—Week of August 21, 2023
By John Salustri
COMMERCIAL PROPERTY EXECUTIVE—DHL Supply Chain has its sights on a new distribution facility in Violet Township, OH, a stone’s throw from its US headquarters near Columbus. This latest in its growth plan will open in Q2 of next year, delivering 755,000 square feet and some 200 jobs. Sustainable features of the project include LED lighting and smart controls, clerestory windows for natural light and EV charging capabilities for both cars and commercial vehicles. Once completed, the asset will bring DHL’s total footprint in Ohio to 15 million square feet and 161 million feet nationally.
SUPPLY CHAIN DIVE—The Kraft Heinz Co. has a new CEO in former North American operations chief Carlos Abrams-Rivera. He replaces Miguel Patricio, who moves into the position of non-executive chair of the board. Patricio noted Abrams-Rivera’s knack for innovation as a driver of future growth. Before joining the firm in 2020, Abrams-Rivera headed Campbell Soup’s snacks division.
COMMERCIAL PROPERTY EXECUTIVE—Two class A industrial assets formerly in the hands of Invesco Real Estate are now part of the Hillwood Investment Properties portfolio. The firm took over 12200 Presidents Court and 2300 Pickettville Road in Jacksonville FL, coming in at a total of 1.4 million square feet. Both assets are fully leased to investment-grade tenants Unilever and Keurig Dr. Pepper. The price of the sale, engineered by CBRE, remains undisclosed.
IAMC CORNERSTONE—The pandemic-driven upside for the industrial market is clearly coming to an end as we watch performance numbers slip. But the folks of Colliers are less inclined to call the current slippage a weakness as much as a return to normal. Indeed, we saw record levels of demand in 2021 and ’22 (237.1 million and 239.0 million square feet respectively). In contrast, this year’s absorption rate so far can’t compete with those bellringer years. Nevertheless, “it was 37% higher than in 2019 (92.4 million square feet) and 18% higher than in 2020 (107.8 million square feet).” Removing such tailwinds as feverish demand and efforts to optimize supply chains, “demand is moderating back to normal levels, creating a sense of relative weakness.”
COMMERCIAL PROPERTY EXECUTIVE—If you want space at speculative Tidewater Logistics Center in Windsor, VA, you’ll need to go through Cushman & Wakefield | Thalhimer. The Meridian Group has tapped the firm to handle leasing for the five-building, 1.2-million-square foot complex, which is currently going through the rezoning stage prior to the start of construction. The park is 30 miles from the Port of Virginia.