Industrial

JLL has closed the sale of a 100% leased, three-property cold storage portfolio, sold by Investcorp.

Cedar Crossing Distribution Center is a 100% leased single-tenant 129,527-square-foot distribution facility in the Houston-area community of Baytown that was recently purchased by High Street Logistics Properties.

Multi-cancer early detection company, Grail Inc. has selected Research Triangle Park for its new laboratory location, and will invest $100 million in coming years to support the facility.

The majority of current cold storage stock is outdated and would be difficult to retrofit up to new standards, says Bridge Development's Brian Niven.

CIM Group recently acquired Junction 20/35, an industrial property of approximately 1.128 million square feet consisting of cold and dry storage, and an adjacent 14.42-acre parcel in South Fort Worth.

"Our vision is to bring advanced technology to the warehouse industry so we can reinvent the business, similar to what Airbnb created in one of the world's largest marketplaces for unique, authentic places to stay," Warehouse Exchange CEO Grant Langston said.

The company has acquired the 1,128,000-square-foot property and an adjacent 14.42 acre land parcel.

Companies may shift from a lean-inventory strategy and position more safety stock around the country, a move that calls for additional storage space and not necessarily just in the short term.