CHICAGO — Millennium Properties R/E has arranged the sale of a 69,000-square-foot infill industrial site in the Old Irving Park neighborhood of Chicago. The parcel of land is in the Knox Industrial Corridor. Dayton Street Partners purchased the site for an undisclosed amount from North Shore Investment Group and plans to redevelop it as a 40,000-square-foot distribution center. Dayton Street Partners’ development plan calls for 30-foot clear heights, four dock doors, two drive-in docks and T8 lighting. Millennium Properties R/E, which represented the undisclosed seller in the transaction, is a boutique brokerage and property management company.
FORKS TOWNSHIP, PA. — Dermody Properties and PCCP have broken ground on LogistiCenter at 33, an industrial facility at 4200 E. Braden Blvd. in Forks Township. The 475,800-square-foot facility will feature 36 feet of clear height, 226 car parking spaces and 85 trailer parking spaces. The speculation building will be ready for occupancy by summer 2016. R.S Mowery & Sons Inc. is serving as general contractor and Randall Paulson is serving as architect for the project. Dermody Partners is the industrial developer and operating partner, while PCCP is the financial partner on the project.
The industrial market in Orlando has undoubtedly experienced robust leasing activity over the first half of 2015, especially among the smaller users ranging from 3,000 to 10,000 square feet. With an average industrial vacancy rate of 9.3 percent throughout Southeast / Southwest Orlando according to second quarter 2015 market reports, quality space for smaller tenants is becoming more and more scarce and available dock-high small space is virtually nonexistent. Industrial is Rebounding Two specific factors can be directly linked to the current industrial shifts in Central Florida: construction spending and theme park growth. The construction industry is booming, in particular within the single-family and multifamily sectors, allowing construction companies of all sizes market share due to high demand for services. Industrial parks are welcoming back smaller construction business owners that may have downsized and operated out of their homes during the downturn but are now looking for larger warehouses and mixed-use spaces for business. Secondly, theme park expansions, spurred by the record year of tourism in Orlando in 2014, have caused many businesses that were on the back lots of the parks to be pushed back out into the marketplace. Higher tourism rates represent a boost in consumer confidence and …
PHOENIX — LKQ Corp. has leased 46,054 square feet of additional space at Canal Crossing Logistics Center. The building is located at 5670 S. 32nd St. The company now occupies the entire 155,114-square-foot building. LKQ Corp. is an international provider of replacement systems, components, equipment and parts to repair and accessorize automobiles, trucks and recreational and performance vehicles. CBRE’s Mike Parker and Evan Koplan and Jacob Bobek of Avison Young represented LKQ. Jeff Conrad and Allen Lowe, principals with Lee & Associates represented the landlord, Bixby Land Co.
ANTIOCH, CALIF. — The Covington Group has purchased a 650,000-square-foot industrial facility in Antioch, located in San Francisco’s East Bay region. The two-building property is currently 85 percent leased. The Antioch submarket is known for its logistics groups, warehouse users and light manufacturing companies. This is due to its lower facility costs, a reliable supply of labor and a lower cost of living as compared to San Francisco and Oakland. Covington was attracted to the asset because it allowed the firm to purchase a near-stabilized asset at a discount to replacement cost.
DALLAS — Lee & Associates has completed a lease transaction for a 33,810-square-foot space located at 3000 W. Commerce St., Suite 110, in Dallas. Lee & Associates represented both the landlord and tenant in the transaction. Adam Graham and Mark Graybill represented the landlord, First Industrial Realty Trust. Reid Bassinger represented the tenant, Summit Direct Mail.
ROCHESTER HILLS, MICH. — Colliers International has arranged the sale of a 30,000-square-foot industrial building in Rochester Hills, a northern suburb of Detroit. JAS Commodities LLC sold the facility to 1655 Hamlin Acquisition LLC for $1.1 million. Deborah’s Stage Door was built in 2007 and is a dance and performing arts studio.The asset is located at 1655 W. Hamlin Road. Peter J. Kepic and Peter E. Kepic of Colliers represented both parties in the transaction.
WAUWATOSA, WIS. — The Dickman Company Inc./CORFAC International has arranged a 36,523-square-foot industrial lease in Wauwatosa, a western Milwaukee suburb. U.S. Aluminum Inc. will occupy the space located at 4600 N. 124th St. OTR Wheel Engineering is the landlord. Anthony Huenerbein of Dickman represented OTR Wheel Engineering in the transaction. Kurt Van Dyke of The Barry Co. represented U.S. Aluminum.
NEW YORK CITY — Kalmon Dolgin Affiliates (KDA) has arranged the $7.3 million sale of a 60,000-square-foot industrial property at 950 Georgia Ave. in the Spring Creek area of Brooklyn. The two-story property consists of a 20,000-square-foot ground floor, 20,000-square-foot basement, and 20,000-square-foot yard. Neil Dolgin and Gary Mayzlin of KDA represented both the buyer, 950 Georgia Holdings LLC, and the seller, LMJI LLC, which built the property in 2007. The buyer will use 950 Georgia Avenue as a warehouse and storage facility. LMJI, LLC used the space for steel fabrication and opted to sell the building as its owner approached retirement. The property includes 28-foot ceilings, multiple drive-in doors, and a drive-down ramp to the basement.
FORT WORTH, TEXAS — BH Properties has completed its first major lease within a former Radio Shack industrial portfolio in Fort Worth that the firm acquired in June. Chain Link Services LP leased 310,000 square feet at 1000 Terminal Road, or about half of the 628,000-square-foot industrial building, which is situated on more than 23 acres. George Curry and Jamie Galati of JLL’s Fort Worth office, along with Chris Stout of JLL’s Dallas office, represented BH Properties in the lease transaction. Jeff Givens in Transwestern’s Fort Worth office represented Chain Link Services, which serves chain restaurants and convenience stores in the procurement of materials and equipment to run food service-oriented businesses. Chain Link Services plans to enter the Terminal Road facility in phases starting in January. Chain Link Services already occupies 128,400 square feet at 4675 Railhead Road and another 60,000 square feet at a separate Fort Worth facility. BH Properties originally acquired the assets out of a bankruptcy liquidation earlier this year.