VILLAGE OF SOMERS, WIS. — First Industrial Realty Trust has signed a long-term tenant for its first building at First Park 94, a 601,439-square-foot industrial facility located in Village of Somers. The cross-docked facility features 36-foot clear heights, 185-foot truck courts, ample trailer parking, extensive dock-high loading, skylighting and an ESFR sprinkler system. The name of the tenant was not disclosed. Additionally, First Industrial is breaking ground for the second building at the park. The second building will total approximately 600,000 square feet with expandability. Upon completion, First Park 94 will accommodate 4.6 million square feet of development, including build-to-suits ranging from 150,000 square feet to 2 million square feet. The site is accessible to Interstate 94 from three four-way interchanges and offers frontage along the Canadian Pacific Railway with potential rail access. Whit Heitman, Sam Badger and Brad Weiner of NAI Hiffman, Roger Siegel of Dickman Co. and Tony Haning of JLL assisted with the lease transaction.
BOERNE, TEXAS — Bellomy & Co. has brokered the sale of Storage Solutions of Boerne in the San Antonio suburb of Boerne. The facility consists of 465 units across 67,500 square feet. The 7.9-acre property was built in 2009 and was 83 percent occupied at the time of closing. Boerne is located 30 miles northwest of San Antonio. Bill Bellomy, Michael Johnson and John Arnold of Bellomy & Co. structured the off-market transaction between the unnamed, local seller and the buyer, Lockaway Storage. Lockaway operates more than 50 self-storage properties in California and Texas.
LEAGUE CITY, TEXAS — Lee & Associates’ Houston office has arranged the sale of a 9,000-square-foot office/industrial building at 2227 Gulf Freeway S. in League City, a suburb of Houston. The buyer was KSSG 646 Investments LLC. Mike Spears and Thomas Leger of Lee & Associates represented the seller, Sanberg Investments, in the transaction.
There’s a reason why warehouse facilities and fulfillment centers ranked No. 1 and 2 for 2016 investment and development prospects. In addition to the annual commercial real estate survey findings by PwC and the Urban Land Institute, the National Council of Real Estate Investment Fiduciaries (NCREIF) is reporting that the Midwest posted the strongest industrial income return among all U.S. regions in second quarter 2016. “E-commerce is affecting more than just the industrial real estate business park. It is the most significant driver of demand in industrial products across the county right now,” says Ryan O’Leary, regional senior vice president at Duke Realty. “Business parks are obviously a big beneficiary of that.” O’Leary, who oversees the Chicago, Minneapolis and St. Louis markets for the Indianapolis-based REIT, estimates that e-commerce drove 35 to 40 percent of the approximately 8 million square feet of industrial absorption in the Windy City during the second quarter. Business parks with very good infrastructure, access to major thoroughfares and easy flow for heavy truck and auto traffic have a huge advantage in securing that tenant demand, which usually requires a quick turnaround on building delivery. Unlike development costs for a garden-variety warehouse space 15 years ago, …
DARIEN, CONN. — O,R&L Commercial has arranged the sale of a 3.7-acre land parcel located at 131 Hollow Tree Ridge Road in Darien. John Hertz and Robert Wood acquired the property for $3.7 million. The seller was Karen Park, as authorized by the Superior Court of the Judicial District of Hartford, Conn. The buyers plan to develop a 100,000-square-foot storage facility on the site. Phil Marshall of O,R&L Commercial represented the seller, while Halstead Properties represented the buyer in the deal.
DALLAS — Sealy & Co. has acquired a 1.5 million-square-foot industrial portfolio located in four submarkets in Dallas. The industrial portfolio is comprised of 18 buildings occupied by a diverse tenant base. The assets were acquired as part of the Sealy Strategic Equity Partners LP portfolio. The seller in the transaction was undisclosed.
CARROLLTON, TEXAS — Lee & Associates has negotiated the sale of a 120,483-square-foot industrial building located at 2425 Camp Ave. in Carrollton. Nathan Denton, Adam Graham and Corbin Blount of Lee & Associates’ Dallas/Fort Worth office represented the seller, Evergreen Properties. Ryan Boozer and Todd Poticny of Stream Realty Partners LP represented the buyer, UT Vehicle.
MCCOOK AND HANOVER PARK, ILL. — Gramercy Property Trust has acquired two single-tenant industrial properties near Chicago for $60.2 million in separate transactions. In the first deal, Gramercy purchased a 147,923-square-foot, temperature-controlled facility in McCook, approximately 15 miles west of Chicago. The building, constructed in 2012, is leased to a global supplier for the food service industry. Gramercy also acquired a 238,423-square-foot distribution center in Hanover Park, approximately 35 miles west of Chicago. An international provider of information technology hardware, software and service solutions occupies the building, and the two tenants have a weighted average remaining lease term of 17.2 years. The sellers in the transactions were undisclosed.
WOONSOCKET, R.I. — Sweeney Real Estate & Appraisal has brokered the sale of the former Woonsocket Glass & Mirror building, located at 500 Pond St. in Woonsocket. T&T Woodworkers acquired the 12,791-square-foot property for an undisclosed price. The property features a drive-in door, loading dock, 18-foot ceiling heights in the warehouse, office space and a showroom area. Thomas Sweeney of Sweeney Real Estate & Appraisal represented the seller, Woonsocket Glass Fabricators, while Larry Steingold of MG Commercial represented the buyers in the deal.
BUCKEYE, ARIZ. — Cardinal IG Cos. has purchased 77 acres of land in Buckeye, where it plans to develop a 250,000-square-foot advanced glass manufacturing facility. The build-to-suit facility will be situated just south of the southeast corner of Apache Road and Southern Avenue. The purchase price was not disclosed. The space is about three miles south of Interstate 10 and three miles east of Highway 85. Buckeye is a suburb just west of Phoenix. Cardinal IG is a wholly owned subsidiary of Cardinal Glass Industries, a glass manufacturer with more than 6,000 employees and 37 manufacturing locations across the U.S. Its new manufacturing facility will produce high-quality, energy-efficient insulating glass for residential window and door companies across the globe. The site is part of 152 acres controlled by Evergreen Devco Inc. and Evergreen-Apache & Southern LLC. JLL’s Anthony Lydon and Marc Hertzberg represented Evergreen in this transaction. The firm is also marketing the remaining 75 acres on the direct southeast corner of Apache and Southern, situated just north of the Cardinal IG site.