COLUMBUS, OHIO — Spartan Logistics has signed a 257,962-square-foot industrial lease at 3100 Creekside in Columbus. The three-year lease brings the 340,000-square-foot property to 76 percent occupancy. Plymouth Industrial REIT Inc. owns the property. Spartan Logistics is a full-service, third-party logistics company providing transportation solutions throughout the United States and Canada. Spartan, which plans to use the facility for warehousing and distribution of personal care supplies, will take occupancy of the space in September. The company has several locations in Arkansas, Ohio and South Carolina.
SADDLE BROOK, N.J. — Leco Plastics Inc., a New Jersey-based manufacturer, has signed a 31,550-square-foot industrial lease in Saddle Brook, a western suburb of New York City. The building features 5,000 square feet of office space and 20-foot ceiling heights. Steven Leitner and Scott Perkins of NAI James Hanson represented the owner, Wilbur ’96 LLC, in the transaction.
ELMWOOD PARK, N.J. — NAI James Hanson has negotiated a 27,600-square-foot industrial lease for Best Value Kosher Foods in Elmwood Park, a western suburb of New York City. The space is located within 475 Mola Boulevard, a 45,000-square-foot building that features 7,000 square feet of office space, six loading docks and a fitness center. Jeff DeMagistris, Tom Vetter, and Tom Ryan of NAI James Hanson represented Best Value Kosher Foods in the lease negotiations. The NAI team also represented the owner, The Stro Companies.
OKLAHOMA CITY — CBRE has negotiated a 42,750-square-foot industrial lease renewal at 357 N. Harvard Ave. in Oklahoma City for HDG Products, an entity doing business as Hunton Distribution Group. David Portman of CBRE represented the landlord, Crow-Oklahoma #10, in the lease negotiations. The representative of the tenant was not disclosed.
MONTVILLE, N.J. — A joint venture between New Jersey-based developer Diversified Properties LLC and New York-based 1026 Real Estate Investors LLC will develop an 807-unit self-storage facility in Montville, a western suburb of New York City. The project will span three stories and 98,000 square feet of net rentable space. CubeSmart Self Storage will manage the property, construction of which is slated to begin September 2019.
HOUSTON — NAI Partners has arranged the sale of a 12,000-square-foot, freestanding industrial building located at 7311 Galveston Road in Houston. Nick Terry of NAI Partners represented the seller in the transaction. Hunter Brown and Nelson Ellis of Brown & Co. Realty represented the undisclosed buyer.
EAGAN, MINN. — The Opus Group has broken ground on Dodd Road Business Center, a 152,000-square-foot industrial development in Eagan. Construction of the building is slated for the first quarter of 2020. The speculative project will sit on 10 acres and include 180 parking stalls, a clear height of 32 feet, 35 dock doors, two drive-in doors and an outdoor patio. Opus is the developer, design-builder, architect and engineer of record. Eric Rossbach and Bill Ritter of Colliers International will market the property for lease.
AURORA, COLO. — NorthPoint Development has closed on 185 acres of land that will be part of the site for Stafford Logistics Center, a 350-acre, 4.4 million-square-foot industrial and mixed-use development in Aurora. The property is located at the confluence of Interstate 70, Expressway 470, East Colfax Avenue and Picadilly Road. NorthPoint has already started construction on a 598,500-square-foot warehouse that is slated for delivery in the second quarter of 2020. Building 1 at Stafford Logistics Center will feature 136 trailer spaces, approximately 134 dock-high doors, four drive-in doors/ramps, 36-foot clear heights and ESFR sprinklers. Aaron Valdez, Tyler Smith and Alec Rhodes of Cushman & Wakefield Denver’s industrial team represented the undisclosed seller in the deal. Additionally, the Cushman & Wakefield team has been retained to handle the leasing efforts of Stafford Logistics Center.
Demand for industrial space in Philadelphia and suburban Pennsylvania counties has been strong over the last five years. The last meaningful wave of speculative construction occurred in 2002. Couple that with the fact that much of the area’s industrial inventory was built prior to 1980, and we have a market that is ready to absorb a rising volume of speculative product. Organic growth and new-to-market requirements have absorbed most of the quality supply, leaving inventory that is at 40 to 50 years old and functionally obsolete for many requirements of today’s e-commerce users. Activity has been slower in the year’s first six months as companies have been more cautious about planning for future growth. Another factor has been the lack of quality-space options, with less than 1 percent of the inventory considered institutional, Class A space. This dearth of quality space is reflected in the single-digit vacancies. Developers, tenants and brokers will be watching closely as over 5 million square feet of speculative industrial space is projected to deliver in the next 12 to 24 months. Strong Urban Demand There is pent-up demand from local warehouse and manufacturing companies as well as increasing demand from third-party logistics (3PLs) users, food …
KING OF PRUSSIA, PA. — CBRE has arranged the sale of a 292,110-square-foot industrial portfolio in King of Prussia, a northwestern suburb of Philadelphia. The properties are located at 201 and 221 King Manor Drive, as well as 740, 780 and 820 Third Ave. The portfolio was 95 percent leased at the time of sale. Brad Ruppel, Michael Hines, Brian Fiumara and Lauren Dawicki of CBRE represented the sellers, Pennsylvania-based Endurance Real Estate Group and Texas-based Thackeray Partners, in the transaction. The sales price and buyer were undisclosed.