Industrial

Colliers to Acquire 75 Percent Stake in Harrison Street for $450M

by Taylor Williams May 14, 2018

TORONTO AND CHICAGO — In an effort to expand its global investment management platform, Colliers International Group Inc. (NASDAQ: CIGI) has agreed to acquire 75 percent of Harrison Street Real Estate Capital LLC for $450 million. Under the terms of the transaction, which is expected to close during the third quarter, the senior management team of Harrison Street will hold the remaining 25 percent of equity. An additional $100 million will be payable to Harrison Street in 2022 based on the achievement certain performance targets. Chicago-based Harrison Street currently manages about $14.6 billion worth of assets, primarily in the seniors housing, student housing, medical office and self-storage sectors. The company’s senior management team will continue to handle its day-to-day operations. No changes to the company name have been announced at this time. According to CEO Christopher Merrill, Harrison Street was seeking an outside investment partner to assist with its global positioning strategy. Harrison Street was drawn to the depth of Colliers’ relationships on a global scale, as well as the brokerage firm’s decentralized management style and track record in investment sales. For its part, Toronto-based Colliers was in the market for a new platform that would enable global investment growth. …

May 14, 2018

Acquisitions California Industrial Western

Rexford Industrial Buys Two Properties for $127.1M Near Los Angeles

by Amy Works May 11, 2018

COMMERCE, ANAHEIM AND ONTARIO, CALIF. — Rexford Industrial Realty has acquired two industrial properties in Southern California for a total investment of $127.1 million. The company also sold two industrial assets in the Inland Empire for $9.1 million. In an off-market transaction, Rexford Industrial purchased 5300 Sheila St. in Commerce for $121 million, or $174 per square foot. Situated on 35.8 acres, the 695,120-square-foot property features 36-foot clear heights, 118 cross-dock loading positions and nearly 4 acres of excess land accommodating storage of up to 435 trailer/containers. At the time of sale, the property was fully occupied by a credit tenant on a long-term, triple-net lease. Rexford also acquired 1190 E. Stanford Court in Anaheim for $6.1 million, or $176 per square foot. Situated on 1.4 acres, the 34,494-square-foot property features 24-foot clear heights, dock-high loading and a large fenced yard. The property was 100 percent leased to a single tenant at the time of acquisition. Additionally, the company sold 1910 and 1920 S. Archibald Ave. in Ontario for $9 million, or $116 per square foot. Originally purchased as a part of a three-building portfolio, the sale represents a planned disposition as these two 69 percent-occupied flex buildings are not …

May 11, 2018

Development Industrial Michigan Midwest

CORE BKG Purchases 30-Acre Site, Plans Industrial Development in Southeast Michigan

by Kristin Harlow May 11, 2018

LYON TOWNSHIP, MICH. — Investment group CORE BKG has purchased a 30-acre site located at 54500 and 54650 Grand River Ave. in southeast Michigan’s Lyon Township. CORE BKG plans to develop Lyon Commerce Center, which will consist of three industrial buildings totaling 450,300 square feet. The buildings will be suited for distribution, high-tech and light manufacturing uses. Construction is scheduled to begin in June. CORE BKG includes principals form both CORE Partners and Burton-Katzman.

May 11, 2018

Illinois Industrial Leasing Activity Midwest

Toshiba Signs 58,760 SF Industrial Lease in Elk Grove Village, Illinois

by Kristin Harlow May 11, 2018

ELK GROVE VILLAGE, ILL. — Toshiba Machine Co. has signed a 58,760-square-foot industrial lease in Elk Grove Village. The building, located at 695 Touhy Ave., will serve as a supplemental facility, complementing Toshiba’s existing U.S. headquarters facility located at 755 Greenleaf Ave., also in Elk Grove Village. The new location will house research and development and distribution operations for Toshiba’s Plastic Injection and Machine Tools divisions. Chris Lydon of Avison Young represented the tenant in the lease transaction. Al Caruana and Britt Casey of Cushman & Wakefield represented the undisclosed landlord.

May 11, 2018

Acquisitions Connecticut Industrial Northeast

Arch Street Capital Brokers Sale of $156.7M Industrial Portfolio

by David Cohen May 10, 2018

GREENWICH, CONN. — Arch Street Capital Advisors has brokered the sale of an 11-property industrial portfolio located across seven states for $156.7 million. The buyer was an institutional client of Greenwich-based Arch Street Capital. The portfolio totals 2.8 million square feet and is made up of primarily single-tenant, long-term, net-leased, industrial properties.

May 10, 2018

Industrial Leasing Activity New Jersey Northeast

Accordia, EverWest Lease 369,000 SF of Industrial Space to One Stop Logistics in New Jersey

by David Cohen May 10, 2018

SOUTH BRUNSWICK, N.J. — Accordia Realty Ventures and EverWest Real Estate Investors have leased 369,000 square feet of industrial space to One Stop Logistics LLC. The 10-year lease is for a property located at 83 Stults Road in the Dayton neighborhood of South Brunswick, approximately midway between New York City and Philadelphia. JLL represented Accordia and EverWest in the transaction. Blau & Berg Co. represented the tenant. Set on 34 acres, the distribution and warehouse facility was constructed in 1974 and includes 20,382 square feet of office space. The building offers 24 interior loading doors, with cross-dock loading. Accordia and EverWest acquired the property and an additional 20 acres of adjacent land from Hermann’s Services in February 2017.

May 10, 2018

Acquisitions Industrial Texas

ABC Supply Sells 46,651 SF Industrial Building in Fort Worth

by Taylor Williams May 10, 2018

FORT WORTH, TEXAS — American Builders & Contractors Supply Co. Inc. (ABC Supply) has sold a 46,651-square-foot industrial building located at 8144 West Freeway in the White Settlement area on Fort Worth’s west side. The single-tenant building was constructed in 1982. Jeff Givens and Todd Hawpe of Transwestern represented the buyer, NA Realty Investments, in the transaction. Mark Collins and Shannon Johnston of Cushman & Wakefield represented ABC Supply.

May 10, 2018

Acquisitions Arizona Industrial Self-Storage Western

NAI Horizon Negotiates $10.8M Sale of Self-Storage Facility in Metro Phoenix

by Amy Works May 10, 2018

BUCKEYE, ARIZ. — NAI Horizon has arranged the sale of a self-storage facility, located at 24901 W. Yuma Road in Buckeye, a western suburb of Phoenix. A California-based buyer acquired the property from Storage American DBA Store-All America RV and Self-Storage for $10.8 million, or $100.39 per square foot. Situated on 9.1 acres, the 107,130-square-foot facility features 638 drive-up self-storage units and 240 outdoor RV parking spaces. Additionally, the sale included a U-Haul moving truck business. Denise Nunez of NAI Horizon represented the buyer and seller in the transaction.

May 10, 2018

Illinois Industrial Leasing Activity Midwest

Apex Signs 107,600 SF Industrial Lease in Aurora, Illinois

by Kristin Harlow May 10, 2018

AURORA, ILL. — Apex Warehouse Systems LLC has signed a 107,600-square-foot industrial lease at 631 W. Park Ave. in Aurora. The warehouse will serve as additional storage space for the materials handling and storage equipment company. The 342,268-square-foot building features outdoor storage space, 10 exterior docks, 10 drive-in doors and seven cranes. The property includes easy access to I-88. Richard Daly of Darwin Realty represented the tenant in the lease transaction. Joe Karmin and Justin Lerner of Transwestern represented the owner, Transbulk Real Estate LP.

May 10, 2018

Illinois Industrial Leasing Activity Midwest

TEI Logistics Inks 78,700 SF Warehouse Lease in Mount Prospect, Illinois

by Kristin Harlow May 10, 2018

MOUNT PROSPECT, ILL. — TEI Logistics LLC has signed a 78,700-square-foot warehouse lease in Mount Prospect, about 22 miles northwest of Chicago. The 237,350-square-foot property, located at 1400 Algonquin Road, features 12 exterior docks, one drive-in door and 8,000 square feet of office space. The El Paso, Texas-based company will relocate from its 61,780-square-foot location in Wood Dale in June. Tom Rodeno and Matthew Stauber of Colliers International represented the landlord, Clarion Partners. Christopher Nelson of Lee & Associates represented TEI.

May 10, 2018

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