Industrial

There is no question that all signs are pointing in the right direction for the nation’s second-largest industrial market. Midway through the year, the vacancy rate has stabilized below 7 percent for the first time in over a decade. On top of that, quarterly deliveries totaled 4.5 million square feet, of which 3.9 million square feet was speculative. In the second quarter, 7.9 million square feet was absorbed. So what’s next for Chicago’s industrial occupiers? Luckily there are two seasons in Chicago, winter and construction. With that, state and federal agencies are collaborating on massive transportation infrastructure improvements, and funds continue to flow to improve and expand our region’s road and rail infrastructure. In addition, the Illinois Tollway has been proactively deploying capital for projects. As a result, industrial occupiers are benefitting from an enhanced flow of goods and more efficient distribution, while the industrial development community has responded with new speculative and build-to-suit projects in key areas to take advantage of these transportation improvements. I-57 Corridor Before 2014, there wasn’t a full four-way interchange at I-57 and I-294, which represented one of the few rare nodes in the nation where two interstates crossed paths but did not allow a …

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SWEDESBORO AND LOGAN TOWNSHIP, N.J. — Cushman & Wakefield has negotiated a pair of industrial leases totaling 331,794 square feet in New Jersey. In the first deal, UPS renewed its 251,044-square-foot lease at 200 Birch Creek Road in Swedesboro. In the second transaction, Ryder Logistics signed an 80,750-square-foot lease at 395 Pedricktown Road in Logan Township. Both cities are located about 30 miles south of Philadelphia on the western part of the state. A brokerage team led by John Gartland of Cushman & Wakefield represented the landlords, both of which were undisclosed, in each of the lease negotiations.  

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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.

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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.

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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.

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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.

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Buckeye-Logistics-Center-Phoenix-AZ

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.

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Airport-Way-Corporate-Park-Portland-OR

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.

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Pinnacle-Industrial-Park-Dallas

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.    

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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.

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