NORTH BRUNSWICK, N.J. — JLL has brokered the sale of a 50,993-square-foot industrial building in North Brunswick, located approximately 30 miles southwest of New York City. Situated at 1200 Airport Road, the building was completed in 1987 and features 19-foot clear heights, seven exterior docks, three drive-in doors and parking for 86 cars. The building was fully leased to three tenants at the time of sale. Gary Politi and Joel Lubin of JLL represented the undisclosed seller in the transaction. The sales price was also undisclosed. The buyer was VK Industrial V LP, a partnership between Venture One Real Estate and Kovitz Investment Group.
MESQUITE, TEXAS — Conor Commercial Real Estate has acquired 12.4 acres in the eastern Dallas suburb of Mesquite for the development of Skyline Commerce Park, a 197,600-square-foot speculative industrial project. The site offers immediate proximity to Interstate 30 and U.S. Highway 80. Skyline Commerce Park will consist of a 135,200-square-foot building with 32-foot clear heights and a 62,400-square-foot building with 28-foot clear heights, as well as 258 parking spaces and 12 trailer parking stalls. Cadence McShane is the general contractor for the project, construction of which is slated to begin this year and wrap up in the fourth quarter of 2020. Conor Commercial Real Estate and Cadence McShane are both divisions of The McShane Companies, a national development and investment firm headquartered in suburban Chicago.
PLANO, TEXAS — JLL has brokered the sale of Jupiter Business Park, a 141,200-square-foot light industrial park in the northern Dallas suburb of Plano. Built on 8.1 acres, the property was 88 percent leased at the time of sale. Stephen Bailey of JLL represented the seller, Berkeley Partners, in the transaction. Campbell Roche, Steve Heldenfels and Jarrod McCabe of JLL placed acquisition financing for the buyer, locally based investment firm MoxieBridge, through Grant Street Funding. The loan carried a five-year term and a fixed interest rate.
HOUSTON — Finial Group has negotiated a 15,000-square-foot industrial lease at 12989 Market Street Road in Houston. Jason Gibbons and Doc Perrier of Finial Group represented the landlord in the lease negotiations. According to LoopNet Inc., the property was built in 1982. The representative of the tenant, truck repair shop AM PM Diesel Services Inc., was not disclosed.
GREER, S.C. — Cooling solution provider AIRSYS Cooling Technologies Inc. has signed a 10-year lease to occupy 60,000 square feet within the 475-acre Smith Farms Industrial Park in Greer, approximately 13 miles northeast of Greenville. Bobby Lyons of Lyons Industrial Properties represented the tenant in the transaction. The development is located at the intersection of S.C. Highway 101 and 296 (Reidville Road), three miles from where BMW North America is located and nine miles from Inland Port Greer. AIRSYS Cooling Technologies recently announced plans to establish operations in Greer, investing more than $5 million and creating at least 116 new jobs.
LOMBARD, ILL. — Brown Commercial Group has arranged the sale of a 10,000-square-foot industrial warehouse in Lombard for an undisclosed price. The Davey Tree Expert Co. purchased the property, which is located on a 4.7-acre site at 1200 N. Lombard Road. Mike Anotnelli of Brown represented the buyer, a residential and commercial tree and landscaping company. The sale enabled the buyer to acquire a local tree care company that occupied the building and to take over its business.
FORT WORTH, TEXAS — M2G Ventures has begun construction on North Quarter 35, a 640,000-square-foot industrial development within the AllianceTexas master-planned community in Fort Worth. The Class A project will deliver an undisclosed number of buildings with cross-dock, rear-load and front-load configurations. Stream Realty Partners will handle leasing of the new buildings, completion of which is slated for the fourth quarter of 2020. GSR Andrade is the project architect, and FCL Builders is the general contractor.
FORT WORTH, TEXAS — Black Creek Group, a Denver-based investment and development firm, has broken ground on a 569,000-square-foot industrial project within Carter Logistics Center in Fort Worth. The project will deliver three buildings with 32-foot clear heights, 180-foot truck court depths and proximity to Interstates 35 and 20. The buildings will range in size from 88,000 to 250,000 square feet and will be divisible down to 30,000 square feet to accommodate multiple tenants. Construction is scheduled to be complete in the third quarter of 2020. CBRE is handling leasing of the project.
SOUTH HACKENSACK, N.J. — Goodwill Industries has signed a 125,500-square-foot industrial lease in South Hackensack, located in northern New Jersey. The nonprofit organization will occupy the entirety of a newly constructed warehouse at 400 Huyler St. that features 40-foot ceiling heights and 12,000 square feet of office space. Chuck Fern, Thomas D. Tucci, Jason Barton, Stephen Shoemaker, Thomas E. Tucci and Elizabeth Rouse of Cushman & Wakefield represented Goodwill in its site selection and lease negotiations. The team also represented the landlord, Forsgate Industrial Partners.
In the words of Marilyn Monroe, “Sometimes good things fall apart so better things can fall together.” The retail market forges ahead in its quest to essentially reinvent itself in response to the ever-increasing growth in online sales. This revitalization is characterized by decreasing the footprint of their brick and mortar stores and expanding the size of their e-commerce fulfillment centers. Fortunately, the biggest beneficiary of this growing trend is the industrial market. There’s been a lot of talk about retailers suffering from the boom in internet sales. Quite frankly, do you really believe a retailer cares if they sell their product in a storefront or through the internet and their e-commerce delivery system? I contend they do not care as long as it is their product being sold. The retailers that do not embrace internet sales, in conjunction with their in-store sales, will be going the way of companies like Toys “R” Us — losing sales and eventually closing down because they are not able to compete in today’s online world. The competition between e-commerce delivery systems has heated up even further due to “just in time” or last-mile delivery. Customer expectation on some items is shifting from two-day …