Gantry has secured a $16 million permanent loan to refinance the Kirkland Business Center located at 11860 NE 112th St in Kirkland, Washington.

Originally delivered in 1962 and 1969, the 104,000-square-foot, multi-tenant buildings are 100% leased to a range of small bay tenants. Gantry’s Principals Mike Wood and Mike Taylor, and Senior Associate Tim Brown, with the firm’s Seattle production office, represented the borrower, a private real estate investor. The seven-year, fixed-rate loan was provided by one of Gantry’s correspondent insurance company lenders and features cash-out proceeds with full-term interest-only payments. Gantry will service the loan on behalf of the lender.

“Well-located Puget Sound multi-tenant industrial continues to be a preferred allocation target for our network of insurance company lenders,” said Wood. “Their stable, fixed-rate permanent programs are attractive for legacy hold investors seeking to capitalize on long-term appreciation, historic performance, and strong operating metrics.”

A tightening industrial vacancy rate and a diminishing development pipeline have pushed Dallas-Fort Worth to the upper echelon of U.S. warehouse and logistics markets. 

Marcus & Millichap ranked DFW No. 3 on its new 2026 National Industrial Index as private investors have fueled metrowide transaction growth. Trading increased by around 40% year-over-year through the first quarter in DFW, thanks to a nearly 50% increase in transactions in the $1M to $10M range.

The national brokerage firm attributed that increase to DFW’s rising long-term investment demand due to the region’s robust employment growth, growing leasing momentum and diminishing supply. 

Courtesy of CapRock Partners

CapRock Partners broke ground on the 250K SF McKinney Air Business Park near the McKinney National Airport earlier this year.

“DFW is seen across the nation as a hub [for employment], with a diversified economy, massive population growth, good infrastructure,” Marcus & Millichap Senior Managing Director of Investments Adam Abushagur said of the factors that play into investors’ confidence in the metro. “We’ve been less affected by this cycle compared to a lot of other markets across the U.S, such as an LA, a New York and so on.”

Charlotte and Orlando, Florida, topped the industrial index, and the rest of the top 10 was filled out by Sun Belt and Midwest cities with a strong supply-demand balance, while Los Angeles and New York City were at Nos. 20 and 21, respectively. The declining development pipeline has tempered vacancy risks in DFW and many Sun Belt and Midwest markets, according to Marcus & Millichap’s 2026 Industrial Investment Midyear Outlook.

Marcus & Millichap projected DFW will add around 40,000 net new jobs in 2026. That employment growth, coupled with the region’s expanding population, is fueling just about all project types in the region, Abushagur said. 

For the industrial sector, employment and population growth mean more warehouse space is needed as more products need to be manufactured and delivered. Plus, more small businesses are occupying shallow-bay spaces, which is also contributing to the region’s tightening vacancy rate. 

DFW completions are projected to hit their lowest level since 2013, pushing the sector’s vacancy rate down to 8.9% in the first quarter. That’s the region’s lowest rate in three years.

Industrial demand has been strong in DFW for several years, but investors’ appetites have shifted away from the smaller infill assets that had been most popular, according to Trey McGhin, a principal at the land brokerage and investment firm Dosch Marshall Real Estate.

“Over the last 12 months, institutional equity has really returned for the industrial development market, and that, coupled with the tightening vacancy rates and supply being at a lower point, groups are now … really trying to pursue bigger product again,” McGhin said.

That has led to investors making deals in the higher-growth areas of the metro have more available land for development. Areas like Denton, South Dallas, Rockwall, Royce City, Terrell, Forney and Waxahachie are seeing renewed demand because of the desire to build 500K SF to 1M SF facilities, McGhin said.

McKinney has emerged as the hottest industrial market in DFW over the last year. Despite having one of the smallest industrial footprints in the region, it boasts some of DFW’s highest rents, thanks to tremendous growth around the expanding McKinney National Airport.

While McGhin expects demand to remain strong in the submarket, many of the best deals have already been done. 

“You’re starting to get to the point where a lot of those McKinney opportunities are more picked over,” McGhin said. “They still exist, but there’s definitely going to be more push to be on sort of the east side of the airport.”

Developers have also moved north of McKinney to the emerging city of Melissa for industrial opportunities, according to McGhin. 

The Fort Worth logistics corridor, northeast Dallas and the South Stemmons submarket are also expected to continue attracting investor attention this year, Marcus & Millichap reported. 

Abushagur attributed the increased investor confidence in DFW to the region’s status as a steady market on the national scene. McGhin said the return of institutional equity has also boosted investor confidence in getting deals capitalized. 

“When times are tough, it’s a lot easier to find $15M from a capital group than it is to go find $40M from a capital group,” McGhin said. “With the leasing being stronger, vacancy being tighter … and there just being more liquidity in the industrial capital markets, all of that is leading to more and larger deal activity.”

The Healey-Driscoll Administration and the Massachusetts Life Sciences Center (MLSC) have launched BioBoost, a program intended to provide funding to expand biomanufacturing and medtech advanced manufacturing operations across Massachusetts. Some $60 million in funding requests came into the program, which has a $3.5-million budget.

Largest of the five grants awarded was $1.4 million to Woburn-based Terrestrial. The funding will support the buildout of what is reportedly the world’s first commercial-scale therapeutic microarray patch manufacturing headquarters. Other grants went to Massachusetts Biomedical Initiatives, RoslinCT, Holobiome and Theromics Inc.

“Expanding manufacturing capacity is essential to sustaining growth in Massachusetts’ life sciences ecosystem,” said Undersecretary of Business Strategies Zenobia Moochhala. “These investments will help companies move faster, create high-quality jobs, and build a more resilient production pipeline across the Commonwealth.”  

Since 2008, the MLSC has deployed more than $1.1 billion in Massachusetts through grants, loans, capital infrastructure investments, tax incentives and workforce development programs

Tratt Properties paid $140 million for a 1.6 million square foot industrial distributuion facility located at 4500 Academy Road in Cookeville, Tennessee. Fully leased to Academy Sports + Outdoors, Tratt Properties acquired the Class A, build-to-suit site from Middleton Partners. Ken Hedrick, Andrew Ragsdale, Phillip Butts, Jonathan Ameen, Will Smith and Spencer Smith at Colliers represented both the buyer and seller during the transaction.

  
Constructed in 2015, the property features approximately 1.6 square feet of warehouse space and approximately 18,901 square feet of office space. The facility is the newest of the tenant’s three U.S. distribution centers, supporting fulfillment for 84 stores across 14 states and the company’s e-commerce operations.

Tratt Properties, headquartered in Phoenix, Arizona, is engaged in the acquisition and development of institutional-grade logistics and E-commerce properties in key markets throughout the United States.

NAI Hiffman and Hiffman National, the firm’s property management and advisory services division, announced that Chicago-based fashion retailer AKIRA has executed a long-term lease extension for 202,105 square feet of warehouse space at 150 E. Crossroads Parkway, Unit A, in Bolingbrook, Illinois.

The extension allows AKIRA to maintain and expand its distribution operations in the Interstate 55 Corridor, one of the Chicago area’s premier industrial submarkets. The NAI Hiffman brokerage team of Dan Leahy and Dan O’Neill represented AKIRA in the transaction.

“This transaction reflects the value of a strategic, data-driven real estate approach,” said Leahy, executive vice president at NAI Hiffman. “By thoroughly evaluating both on-market and off-market opportunities, we were able to help AKIRA make a well-informed decision that supports its continued growth, automation implementation and operational efficiency in the Midwest.”

The extended lease allows AKIRA to maintain its established distribution footprint while supporting future expansion. The property is owned by Prologis.

Basis Industrial and One Investment Management have paid $89.5 million for a 621,759-square-foot industrial portfolio within the Atlanta metro area. Commercial Search reports Middour Investments was the seller, and Bank of Montreal provided acquisition financing.

The portfolio comprises 25 buildings across five industrial campuses completed between 1982 and 1995. Three of them are located in Stone Mountain, Ga., while the other two are situated in Tucker, Ga.

The collection houses 119 tenants with a weighted-average lease term of nearly 2.2 years. Basis plans renovations throughout the portfolio.

Basis’ Anthony Scavo represented the buyer, while Middour Founder & Principal Owen Middour represented the seller.

This is the joint venture’s second acquisition. The first one was the $144.6 million purchase of five shallow-bay properties in the Atlanta and Orlando, Fla., metros, a transaction that closed in April.

The City of Cleveland announced The Midline, a 350-plus acre redevelopment project that will convert long-vacant industrial land on the city’s near east side into a connected employment district, with
new trails, parks and transit access.

The development project, driven by The Site Readiness for Good Jobs Fund (SRF), brings together fragmented, underutilized parcels along the Norfolk Southern rail corridor to form a unified district. A complete master planning project is underway for the site, led by the design teams of Merritt Chase and Utile.

The Midline is being developed as a district-wide strategy rather than a single-user project, with the goal of attracting larger-scale employers across manufacturing, research and development, office and supporting service sectors. Plans call for at least 1.5 million square feet of new industrial and commercial space, supporting more than 2,500 direct jobs within reach of public transit. At full build-out, the project is projected to generate up to $100 million in annual tax revenue for the city.

Metal fabrication and manufacturing company, Unified Legacy, is expanding its existing footprint in Macon. The company will invest $125 million in a new manufacturing facility in Macon, creating 500 new jobs over the next several years in Bibb County. Unified Legacy’s new manufacturing facility will be located at Barnes Ferry Road in Macon, with construction expected to begin in 2026. Parrish Construction is the general contractor.

Unified Legacy manufactures complex products and components for the defense, aerospace, data center, and industrial markets. Through advanced machining, welding, and fabrication capabilities, the company delivers custom solutions including ground support equipment, welded assemblies, generator enclosures, fuel storage tanks, and precision-machined components. Unified Defense, their existing manufacturing facility, has been operating in Byron, Georgia, since 2022.

JLL Capital Markets said Thursday it had completed Project Bronco, a multi-submarket industrial portfolio totaling 365,774 square feet in Los Angeles’ San Gabriel Valley and Orange County submarkets. Terms of the sale were not disclosed.

Senior managing director Patrick Nally, senior directors Ryan Spradling and Evan Moran, director Makenna Peter and associate Shae Vomund represented the confidential seller.

Totaling five assets, the portfolio was marketed by JLL and was ultimately split between two buyers. EQT Real Estate and Berkeley Partners each acquired separate assets from the portfolio through distinct closings.

On May 28, Connect Los Angeles brings together 600+ high-level owners, investors, developers, brokers, and lenders shaping the region’s market for a full day of insights and networking. Be in the room with decision-makers driving deals across LA, SoCal and the nation—register now: www.connectLA26.com

INDUS Realty Trust is developing INDUS Commerce Center @ 840, a 2.15 million-square-foot master-planned logistics park in the Nashville market. INDUS recently completed the acquisition of the 189-acre development site, which is located immediately off I-840 in Lebanon. 

ICC@840 is currently designed with four buildings and can accommodate tenants ranging from 250,000 to 1 million square feet. INDUS intends to build out the park on a speculative basis, while also pursuing build-to-suit opportunities. All of ICC@840 is fully pad-ready, with mass grading effectively complete.

INDUS is commencing vertical construction on the first building in the park, a 507,000-square-foot speculative cross-dock.

Will Goodman and Jack Armstrong with CBRE are the listing brokers for the development.

INDUS says it focuses on acquiring and developing mid-sized properties, typically ranging from 100,000 to 600,000 square feet, designed for single or multi-tenant use.