Industrial

Pitney Bowes Opens 450,000 SF Fulfillment Center in Greenwood, Indiana

by Kristin Harlow October 3, 2018

GREENWOOD, IND. — Pitney Bowes (NYSE: PBI) has opened a new 450,000-square-foot fulfillment, delivery and returns super center in Greenwood. Pitney Bowes is a global technology company that provides commerce solutions. The facility has automated parcel sortation equipment and fulfillment solutions powered by robotics to fulfill e-commerce orders, enable deliveries and process returns for both consumers and e-commerce retailers. Building features include 80 dock doors and parking for 144 trailers. Pitney Bowes plans to grow its presence to more than 300 full-time employees in the coming year.

October 3, 2018

Development Illinois Industrial Midwest

Meridian Breaks Ground on 174,536 SF Industrial Facility in Chicago

by Kristin Harlow October 3, 2018

CHICAGO — Meridian Design Build has broken ground on a 174,536-square-foot speculative industrial facility on behalf of Venture One Real Estate and USAA Real Estate Co. in the Southwest Pilsen neighborhood of Chicago. Known as Rockwell Logistics Center, the property will feature a clear height of 32 feet, 32 trailer parking stalls and two drive-in doors. Forum Studio is the project architect, while Jacob & Hefner Associates is the civil engineer. Terry Grapenthin and Tim McCahill of Lee & Associates will market the property for lease.

October 3, 2018

Industrial Leasing Activity Midwest Wisconsin

Ariens Renews 130,000 SF Industrial Lease in Brillion, Wisconsin

by Kristin Harlow October 3, 2018

BRILLION, WIS. — AriensCo has renewed its 130,000-square-foot industrial lease at 200 Park Ave. in Brillion, about 25 miles south of Green Bay. The company manufactures equipment such as snow blowers, lawn tractors and lawn mowers. Jim Larkin of Colliers International brokered the lease transaction. The landlord was not disclosed.

October 3, 2018

Development Industrial Texas

Schneider Electric Signs 112,721 SF Industrial Lease in El Paso

by Taylor Williams October 3, 2018

EL PASO, TEXAS — Schneider Electric USA, an Illinois-based manufacturer of electrical distribution products and a subsidiary of French multinational firm Schneider Electric SE, has signed an industrial lease in El Paso. The company will occupy 112,721 square feet at 1701 Northwestern Drive, located on the city’s north side. Anthony Mash of CBRE represented the landlord, Boston-based STAG Industrial, in the lease negotiations. Adin Brown of Sonny Brown Associates represented the tenant.

October 3, 2018

Acquisitions Arizona Industrial Western

Koll Co., Seera International Bank Sell 1 MSF Buckeye Logistics Center in Phoenix for $98.3M

by Amy Works October 3, 2018

PHOENIX — The Koll Co. and Seera International Bank have completed the sale of Buckeye Logistics Center, a distribution center located at 6835 W. Buckeye Road in Phoenix. An undisclosed buyer acquired the property for $98.3 million. Amazon occupies the 1 million-square-foot warehouse/distribution facility. Originally built as a 604,678-square-foot facility in 2007, Amazon has expanded the property to accommodate its growing clothing and soft goods inventory. The Koll Co. acquired the property in 2016 for $74.7 million and worked with Amazon to convert the property to meet its needs, including the acquisition of an adjacent parcel for additional truck trailer storage. The Koll Co., along with Mark Detmer and Bo Mills of JLL, also renegotiated the tenant’s lease, extending Amazon’s term to more than 10 years.

October 3, 2018

Acquisitions Industrial Oregon Western

CBRE Negotiates $22.2M Sale of Airport Way Industrial Park in Portland

by Amy Works October 2, 2018

PORTLAND, ORE. — CBRE has brokered the sale of Airport Way Corporate Park, an industrial park located at 12021 NE Airport Way, 12067 and 12055 NE Glenn Widing in Portland. An undisclosed buyer acquired the property from Airport Way LLC for $22.2 million. Constructed between 1992 and 2008, the 140,693-square-foot property comprises three buildings featuring full sprinkler systems, dock-high and grade-level loading, abundant parking, above-standard parking and high visibility from Airport Way. At the time of sale, the park was 95 percent leased to 15 tenants. Cara Nolan of CBRE’s Portland office and Barbara Emmons of CBRE National Partners represented the seller in the deal.

October 2, 2018

Acquisitions Industrial Texas

Cohen Asset Management Acquires Two Industrial Assets Totaling 1.3 MSF in Dallas

by Taylor Williams October 2, 2018

DALLAS — Southern California-based Cohen Asset Management Inc. has acquired two industrial assets totaling approximately 1.3 million square feet within Pinnacle Industrial Park in Dallas. The first property, a 1 million-square-foot bulk distribution building, features 178 exterior docks, six drive-in doors and 32-foot ceiling heights. The second property, a 327,600-square-foot warehouse, includes 62 exterior docks, three drive-in doors and 30-foot ceiling heights. Both assets were built in 2001. Steve Rowland of Transwestern represented Cohen in the acquisition from an undisclosed seller.

October 2, 2018

Acquisitions Industrial Lee & Associates Texas

Lee & Associates Arranges Sale of 211,086 SF Manufacturing Facility in Houston

by Taylor Williams October 2, 2018

HOUSTON — Lee & Associates has arranged the sale of a 211,086-square-foot manufacturing facility located at 12218 Robin Blvd. in Houston. According to LoopNet Inc., the property was built in 1964 and features 10-foot clear heights as well as 10 drive-in, grade-level doors. Justin Tunnell of Lee & Associates represented the seller, Admiral Glass Co., in the transaction. Joseph Berwick and Richard Quarles of JLL represented the buyer, IFP-II LLC.

October 2, 2018

Industrial Market Reports Nevada Western Western Market Reports

Opportunity, Demand Define Las Vegas Industrial Market

by Taylor Williams October 2, 2018

The Las Vegas industrial sector set records in 2017, with more new construction and higher net absorption than any other time in the market’s history. New construction was dominated by pre-leased space primarily driven by transportation and logistics companies, namely ecommerce and retail-related businesses. As a result, the overall vacancy rate decreased to the second lowest level in market history. As a percentage of overall market size, Las Vegas led the country in both new construction and net absorption. The significant momentum of 2017 did carry over to the first quarter of 2018, albeit at a relatively slower rate. New construction totaled 1.3 million square feet and net absorption lagged deliveries at a positive 1 million square feet, marking the 22nd consecutive quarter of positive net absorption. The overall direct vacancy rate in the first quarter of 2018 was 4 percent, an increase of 50 basis points over the previous quarter. This provided much-needed inventory for tenants looking to enter or expand into the Las Vegas market. While the North Las Vegas submarket dominated 2017, accounting for nearly 70 percent of total net absorption, it is the Southwest submarket that is surging in 2018 with 53 percent of net absorption …

October 2, 2018

Acquisitions Industrial Self-Storage Texas

Colliers Brokers Sale of 186-Unit Self-Storage Facility in Arlington

by Taylor Williams October 1, 2018

ARLINGTON, TEXAS — Colliers International has brokered the sale of Arlington Stor-More, a 186-unit self-storage facility located at 2932 W. Division St. in Arlington. The property features 41,178 net rentable square feet and includes an additional 2.5 acres of land for future expansion. Richard Minker and Chad Snyder of Colliers International represented the undisclosed seller in the transaction. The buyer was also not disclosed.

October 1, 2018

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