IAMC News Briefs—Week of August 28, 2023
By John Salustri
SUPPLY CHAIN DIVE—Walmart has shaken hands with Wing, a branch of Google’s parent Alphabet, to (literally) give wing to Texas deliveries. Two Dallas-Fort Worth stores will offer the service for customers within a six-mile radius, starting with a Walmart Supercenter in Frisco. The powerhouse retailer has already passed the 10,000 mark on drone deliveries since it launched the service in 2020. It currently offers winged-delivery (and the capability to satisfy orders within 30 minutes) in 36 stores in seven states.
COMMERCIAL PROPERTY EXECUTIVE—September of next year is the planned date for ribbon-cutting on a Sarasota, FL distribution center, the 1-million-square-foot-plus brain child of Sansone Group and Broadstone Net Lease. United Natural Foods will be the pre-leased occupant of the asset, located within the 300-acre master-planned SRQ Logistics Center, some 50 miles south of Tampa. Full-building water filtration, natural daylight and dimmable lighting are all sustainable features of the facility.
REBUSINESS ONLINE—Simmons Airpark, a 182,184-square foot class A asset in North Las Vegas, is shaping up as Panattoni Development commences construction there. With a completion date of April of next year, the $18-million facility will boast 36-foot clear heights, a full concrete truck court and drive aisles and the potential for evaporative cooling or full HVAC.
COMMERCIAL PROPERTY EXECUTIVE—CapRock Partners has broken ground on Building 1 of its CapRock Central Point III, a four-building spec campus pacing out to 2.7 million square feet in Visalia, CA. Delivery of the 1.3 million-square-foot asset is anticipated for Q3 of next year. It’s all part of Central Point, a larger, 5-million-square-foot master plan. Central Point I and II came online as build-to-suits two years ago. LEED Silver is the goal throughout the assets in the master plan, and JLL is masterminding the leasing effort.
COMMERCIAL OBSERVER—As if we needed further proof of the industrial sector’s softening, a Commercial Edge report reveals that the past 18 months of interest-rate hikes has “slowed the pace of new construction, normalized the level of investment sales and tamed leasing activity.” For example, while 586 million square feet of warehouse projects started in 2021, and 615 million feet launched last year, only 178 million have commenced so far in 2023. “The data continues to show the collective deep breath that we anticipated the industrial market taking as it comes off of the record growth of the past few years,” says Peter Kolaczynski, senior manager of Commercial Edge. Nevertheless, in-place rents continue to perform for landlords. July rents averaged $7.39 per foot nationally, a six-cent increase from June and a 7.5% hike year over year.