SPRINGFIELD, N.J. — Tulfra Real Estate, in partnership with The Hampshire Cos., has completed the disposition of an industrial property located at 21 Fadem Road in Springfield. Shelbourne Global Solutions acquired the property for $12 million. Situated on 5.4 acres, the 122,000-square-foot property was fully leased at the time of closing. Norman Feinstein of The Hampshire Cos. provided in-house representation for the sellers in the deal.
BARTLETT, ILL. — Meridian Design Build has completed construction of a 67,080-square-foot industrial facility for Traffic Control & Protection in Bartlett, about 35 miles west of Chicago. The 9.5-acre site is located within Abbott Land & Investment’s Blue Heron Business Park. The new facility includes 10,000 square feet of office/employee facilities space, a 13,000-square-foot sign shop/silk screen area, a barricade shop and seven vehicle maintenance bays. Additional features include a 24,000-square-foot covered exterior dock platform and a 7.5-acre outside storage yard. Dan Flanagan of Flanagan Realty represented Traffic Control & Protection in the selection and acquisition of the site, and coordinated overall planning/approval efforts for the project. Harris Architects served as project architect and Mackie Consultants provided civil engineering services for the project.
When it comes to the Philadelphia real estate market, the retail industry is the hot topic for many commercial real estate agents. Per a Center City district report released in early December of 2016, the city has experienced a $1 billion surge in retail spending. Subsequently, prime retail rents in Philadelphia have risen by almost 90 percent in the past five years — second to only Miami when compared to cities across the nation. Sales of retail centers in center city peaked in late 2016 at over 18 percent higher than their former top-most numbers, seen in 2008. Popular Philadelphia areas such as Walnut and Chestnut streets have been subject to high-end retail rush. The retail spending increase is thought to be a direct result of the Philadelphia metropolitan area’s new job positions. Going into the fourth quarter, the city increased its jobs by 2.2 percent compared to the previous year’s numbers. Philadelphia’s local rate of employment stood at over half a percent higher than the national employment rate in late 2016. Many of the new positions — created in well- paying, upper-echelon employment sectors — have facilitated a rise in the median household income, and subsequently the disposable income, …
HOUSTON — Boyd Commercial/CORFAC International has arranged the sale of an industrial building located at 6550 Bingle Road in Houston. Tube America Inc. sold the 26,274-square-foot property for an undisclosed price. David Boyd and Wes Williams of Boyd Commercial represented the seller, while Greg Barra, also of Boyd Commercial, represented the buyer in the deal.
TOTOWA, N.J. — Tulfra Real Estate has received a $9.5 million loan for the refinancing of an industrial building located at 930 N. Riverview Drive in Totowa. Jon Mikula and Michael Klein of HFF arranged the five-year, fixed-rate loan through Lakeland Bank for the borrower. The property features 91,297 square feet of light industrial space.
MEDWAY, MASS. — R.W. Holmes Realty has brokered the sale of an industrial and warehouse building located at 7 Industrial Park Road in Medway. Industrial Park Realty acquired the building from Riverside Properties for $4.6 million. MicroGroup, a medical device component manufacturer, occupies the entire 77,253-square-foot building. John Eysenbach of R.W. Holmes represented the buyer and seller in the deal.
OKLAHOMA CITY — CBRE has arranged four industrial leases in Oklahoma City totaling 97,392 square feet. In the first lease, Mick’s Vault Works leased 6,000 square feet of industrial space at 13915 N. Harvey Ave. from HUDICO. In the second lease, Terra Pilot MWD Tools renewed a lease for 5,030 square feet of industrial space at 5 N. Cooley Drive from TIC – 485 Fall Creek LLC & Desert Mountain Investments. In the third deal, CentiMark Corp. leased 5,936 square feet of space at 14800 Bristol Park from Pinnacle Investments. Jason Hammock, Caitlin Mazaheri and John Lenochan of CBRE represented the landlords in all three deals. In the final transaction, Biagi Warehouse leased 80,426 square feet of industrial space at 6001 SW 36th St. from GIJV OKC 1. David Portman of CBRE represented the landlord in the deal.
MAHWAH, N.J. — NAI James E. Hanson has brokered the sale of an industrial building located at 211 Island Road in Mahwah. 211 Island Road Associates LP sold the 108,237-square-foot building to Mahwah 2016 LLC for an undisclosed price. The buyer will relocate and expand its current Rockland County, N.J.-based business to 32,547 square feet of space at the property. Kenneth Lundberg and Patrick Lennon of NAI James E. Hanson represented the seller in the deal.
LEOMINSTER, MASS. — The Stubblebine Co./CORFAC International has arranged the sale of a 227,422-square-foot industrial building located at 175 Pioneer Drive in Leominister. Star Realty sold the property to F&M Plastics for $5.1 million. David Stubblebine and James Stubblebine of The Stubblebine Co./CORFAC represented the seller, while Andrew Sacher of AIS Development represented the buyer in the transaction.
GIBSONTON, FLA. — Duke Realty Corp. has begun construction on the first warehouse within Tampa Regional Industrial Park (TRIP), a 1.1 million-square-foot development located at the northeast corner of Big Ben Road and U.S. Highway 41 in Gibsonton, a suburb of Tampa. TRIP has direct access to Interstate 75 and is situated 12 miles south of Interstate 4. The first building will span 337,447 square feet and will be the largest spec industrial building in Hillsborough County in eight years, according to Duke Realty. The cross-dock property will feature 64 dock doors, four 12- by 14-foot doors, 101 trailer storage positions, a 175-foot truck court, T5HO fluorescent lighting, an ESFR sprinkler system and 264 automobile parking spaces. The Indianapolis-based developer and owner has selected Newmark Grubb Knight Frank to market the building, which is slated for delivery in July.
