Class B Industrial assets account for 53.5% of the total U.S. industrial inventory, or 10.7 billion square feet. Their appeal to attract a broad range of businesses has grown in the wake of declining vacancy rates and surging rental costs after 2021.
Panattoni Development Co. plans to demolish the existing structure and build two industrial buildings totaling 153,654 square feet, along with 171 parking spaces. The proposed buildings will each cover 76,827 square feet and feature a 36-foot clear height.
President Trump emphasized that there was “no room left for Mexico or for Canada” to avert the new tariffs, fueling concerns about a potential North American trade war that could ripple across various industries. The tariffs are primarily aimed at pressuring the U.S.’s neighbors to curb fentanyl trafficking into the country.
Industrial space rents across the U.S. have shown an upward trend at the start of the year. However, the sector faces challenges that are posing a threat to the bright spot in commercial real estate.
The 82,261-square-foot coolered facility, situated on a 3.34-acre lot east of Milam Dairy Road, was acquired by Iconic Equities, LLC, a Miami-based real estate investment firm specializing in Industrial Outdoor Storage (IOS) and industrial development.