SOUTH HACKENSACK, N.J. — NAI James E. Hanson has facilitated the lease of an industrial space in South Hackensack. Publishers Circulation Fulfillment Inc. has leased 22,203 square feet of space at 60 Saddle River Ave. The industrial space features two loading docks, one drive-in and 1,500 square feet of office space. Jeff DeMagistris and Tom Vetter of NAI Hanson represented the landlord, Safer Development and Management Inc., in the transaction.
ST. CHARLES, ILL. — Darwin Realty & Development Corp. has arranged the sale of a 36,371-square-foot industrial facility in St. Charles. A Midwest-based food manufacturing and distribution company purchased the property, which is located on more than two acres at 2531 Dukane Drive. The property, which was built in 1980 and expanded in 2001, features an 18-foot, 6-inch clear ceiling height and three interior docks with one grade-level door. Geoff Kasselman of Newmark Grubb Knight Frank represented the seller, an East Coast-based printing services company.
BELCAMP, MD. — DTZ has arranged a 100,000-square-foot lease renewal of warehouse space at Riverside Distribution Center in Belcamp, roughly 26 miles northeast of Baltimore along I-95. Exeter Property Group owns the 599,000-square-foot Riverside Distribution Center. The tenant, Aaron’s, a furniture and home appliances retailer, will use the warehouse for distribution and fulfillment purposes for the Mid-Atlantic region. Michael Walsh, Kirk Diamond and Erin Smith of DTZ represented Aaron’s in the lease transaction.
CHICAGO — The U.S. industrial vacancy rate dropped to its lowest level in nearly 14 years during the last months of 2014, according to Cushman & Wakefield. The overall industrial vacancy rate ended 2014 at 6.8 percent — the lowest level since the first quarter of 2001. Vacancies dropped 70 basis points year-over-year and 400 basis points from the recent peak of 10.8 percent in early 2010, according to the commercial real estate services firm. Today, four markets boast vacancy rates below 4 percent: the San Francisco Peninsula (3 percent); Greater Los Angeles (3.4 percent); Lakeland, Fla (3.7 percent); and Orange County, Calif. (3.7 percent). To view the rest of the top 10 with lowest fourth-quarter vacancy rates, view the chart above. “The industrial real estate market expansion has been driven, in part, by the ongoing evolution of demand-driven and information-enabled supply chains,” says John Morris, leader of Cushman & Wakefield’s Industrial Services for the Americas. “Responding to dynamic changes to how people shop, where they work, and how and where they live, new models and new requirements continue to emerge. An improving economy, the expansion of e-commerce and the growth of domestic manufacturing further fueled the rapid advancement we …
BUFFALO GROVE, ILL. — Entre Commercial Realty has arranged the lease of a 30,000-square-foot industrial building in Buffalo Grove, approximately 33 miles northwest of Chicago. Illinois Masonry Corp. will occupy space located at 1051 Commerce Court. The masonry company is relocating from its current Lake Zurich location to the Northern Builders Buffalo Grove property. The freestanding building features 3,765 square feet of office, a 26.5-foot clear ceiling height, three exterior docks, one drive-in door, and a fenced and secured truck parking lot. In addition to providing a more optimal location for its employees, the site is closer to the interstates. David Bercu and Brendan Green of Colliers International represented the building owner, Northern Builders. Brian Bocci of the firm represented Illinois Masonry Corp.
CARROLLTON, TEXAS — ML Realty Partners LLC has arranged three leases totaling 96,010 square feet at Crosby Trade Center. The two-building Carrollton development was developed in partnership with Frontier Equity. The leases bring the 295,774-square-foot, multi-tenant development to 32 percent leased. J. Scott More and Jim Brice of Holt Lunsford Commercial represented ML Realty Partners in all transactions. Business Solutions Transport leased the first 31,385 square feet of industrial space in the 110,920-square-foot north end building at 1215 W. Crosby Road. Tyson Erwin of NAI Hiffman represented BST in the transaction. Renewal by Anderson will join BST at 1215 W. Crosby Road with a new lease for 32,179 square feet. Searcy Ferguson of CBRE represented Renewal by Anderson in the transaction. Gunder Associates signed a lease for 32,446 square feet in the 184,854-square-foot south end building. Curt Linn of Avison Young represented Gunder Associates in the transaction.
GRAND PRAIRIE, TEXAS – A north Texas-based partnership has sold a 102,732-square-foot, net-leased property in the Upper Great Southwest Industrial District to Conti Warehouses LLC of Fort Worth. The property at 1470 Ave. T in Grand Prairie was developed in 1994 as a build-to-suit for Genesee Stamping & Fabricating Inc. Michael Spain and Jim Ferris of Dallas-based Bradford Commercial Real Estate represented the seller and original owner, NTA Holdings Ltd. Ryan Wood of Conti Warehouses represented the buyer.
BEDFORD PARK, ILL. — Darwin Realty & Development Corp. has arranged the sale of a 437,910-square-foot industrial facility in Bedford Park, a suburb of Chicago. The property is located at 7035 W. 65th St. The buyer, Professional Freezing Services, is relocating and expanding from its current location on 44th St. in Chicago. The firm plans to demolish the existing facility in Bedford Park and build a new, state-of-the-art, 150,000-square-foot freezer/cooler facility on the site, which is in close proximity to I-55 at Harlem and 1st avenues. Adam Haefner and George Cibula of Darwin represented both the buyer and the private seller.
LOS ANGELES – Rexford Industrial has acquired a 101,000-square-foot industrial property in the Los Angeles submarket of Santa Fe Springs for $12.2 million. The single-tenant building is located at 12907 Imperial Highway. It is fully leased through 2019 via an absolute net-lease arrangement. This is the third asset of a three-property portfolio Rexford has recently acquired. The initial two assets closed this past December.
SAN DIEGO – Oceanside Commerce Center, a 70,000-square-foot industrial center in the San Diego submarket of Oceanside, has sold to SR Commercial for $7.5 million. The center is located at 4747, 4749 and 4751 Oceanside Blvd., and 1818 and 1820 Peacock Blvd. The property was 85 percent occupied at the time of purchase. It was built in 1987. SR Commercial plans to immediately enhance the interiors and exterior. The property was acquired as part of a 1031 exchange. It will be held as a long-term cash-flow asset for SR Commercial. The company was represented by Michael Hartel and Joe Winkelmann of Voit Real Estate Services’ Irvine office. The seller, Bob Voit, was represented by Randy LaChance of Voit Real Estate Services’ San Diego office.
