A new and massive industrial building in northwest Davenport has been sold to a real estate investment company based in Minneapolis.
That new building – a 251,100-square-foot single tenant industrial building at 8740 Zenith Ave. – was recently sold to Founders Properties, according to a news release from Newmark Zimmer, the commercial real estate company in Kansas City that helped broker the sale.
“Founders Properties is a privately held real estate investment company based in Minneapolis. The property is 100% occupied and they plan to hold the building long-term for the cash flow,” Chris Robertson, a senior managing director at Newmark Zimmer, told the QCBJ on Thursday, Oct. 27.
The property is leased to Ryder Logistics, Mr. Robertson added. Ryder officials told the QCBJ they could not comment on the lease deal at the property.
The recent building sale was done on behalf of Blue Vista Capital Management, LLC and Russell Development, according to Newmark Zimmer.
It is the first of six buildings in the Russell Industrial Park that will encompass nearly 1.5 million square feet when fully built out. Several work crews were busy working at the park Thursday. The industrial park and the new building are located just off Northwest Boulevard near Blain’s Farm & Fleet store.
The new buildings at the park will range from 80,000 to 301,320 square feet. Each building is designed to support industrial/warehousing operations and includes features such as 28 to 36 feet clear heights, dock doors with levelers, and metal fastened thermoplastic polyolefin roofing, according to information on the Russell website.
The new building recently sold – referred to as Building 2 by Russell – was completed this summer. It was completed just 10 months after the groundbreaking of the new Russell Industrial Park, according to the Davenport-based construction and development company.
“This … turn-key facility was delivered on-time, under budget and within a 10-month construction schedule – which in the current climate of supply chain and labor issues is no easy feat,” the website added.
The next project planned for the 95-acre industrial park will be the construction of Building 3, an 80,000-square-foot facility. Portable On Demand Storage has signed a lease to occupy about half the building, which is scheduled for completion in the third quarter of 2023, according to Russell.
Damien Trebilock, Russell’s vice president of real estate development, told the QCBJ that much work is being done on the Russell Industrial Park. For instance, Building 6, which will be 301,000 square feet, is expected to be done in February. Also, Building 1, which will be about 40,000 square feet, will be ready in May.
“There are three more buildings, ranging from 267,000 square feet to 301,000 square feet that will break ground late next year and be available for lease in middle to late 2024 and early 2025,” he said in an email to the QCBJ.