Industrial

NAI Partners' Investment Fund has officially closed on its first Fund III acquisition, Point West Business Park, a 146,000-square-foot flex industrial park located south of the Westchase District in Houston.

Keeping the form simple allowed for tilt-wall construction of the tall warehouse space and two-story office space, which proved to be more cost effective for McMillan James Equipment's headquarters.

The Brooklyn and Queens industrial properties total 101,000 square feet.

Wharton Industrial and Walton Street plan to invest upwards of $10 million to completely transform the site, which it will rebrand as "SoPhi (pronounced, Sōfee) Logistics Center."

"A lot of tenants are used to having plentiful surface parking, which isn't the case in urban multistory."

The impact of open offices on employee collaboration and communication is still being debated.

Last year, Amazon, ULTA Beauty and The Gap completed or announced large e-commerce fulfillment center projects in Fresno representing a $410 million total investment projected to add 3,657 new jobs.

The industrial assemblage received multiple competitive bids.