LOS ANGELES – A 20,087-square-foot industrial building in Placentia has sold to the Dayton Family Trust for $2.6 million. The space is located at 580 S. Melrose Street in the Los Angeles submarket. The trust will use the property for a food-flavoring business. It was represented by Scott Read of Newmark Grubb Knight Frank. The seller, Nan-Hsing Cheng, was represented by Morgan Hill, Mike Vernick and Mike Hefner of Voit Real Estate Services’ Anaheim office.
The Southeast’s increasing relevance in the global marketplace is due in large part to the success of its ports. Internationally recognized companies like BMW, Boeing and Walmart have expanded in the Southeast to operate closer to the ports handling their imports and exports. According to JLL’s Port, Airport & Global Infrastructure research division, volume of twenty-foot equivalent units (TEUs) in 2013 at 13 seaports across the country was 3.3 percent higher than in 2007. TEU volume at West Coast seaports dipped by 6.8 percent in that period, while East Coast ports exceeded their 2007 volumes by 19.1 percent. The large spike of activity for East Coast ports in the past seven years has resulted in a windfall of industrial tenants expanding in and around the ports. Three of the largest Southeastern ports in terms of capacity are the Port of Charleston, PortMiami and the Port of Savannah. Each have been a boon to the industrial market in their respective state, and with the expansion and harbor deepening projects underway at each port, each should only escalate their importance in the coming years. In the Driver’s Seat The South Carolina Ports Authority (SCPA) is currently in a growth mode with container …
LOS ANGELES – Townsgate Business Center, a 73,888-square-foot business park in the Los Angeles submarket of Thousand Oaks, has sold to Townsgate Business Park LLC for $13 million. The four-building complex is located at 2637-2649 Townsgate Road. It is fully leased and offers a mix of warehouse, flex and office applications. The seller, DMC Investment Group, was represented by Dan Spell, Timothy P. Foutz and Mickey Belt of NAI Capital. Delphi Business Properties also assisted with this transaction.
LAS VEGAS — Global Industrial Distribution (GID) has leased a 464,203-square-foot speculative industrial building in the Prologis Las Vegas Corporate Center. The building is located at 3700 Bay Lake Trail in North Las Vegas. This is the largest industrial spec building to be leased in Las Vegas in the past eight years, according to Cushman & Wakefield | Commerce, which represented GID in this transaction. GID distributes electronics, office supplies and other equipment. The Prologis Corporate Center is expected to be delivered in the second quarter of this year. GID is scheduled to occupy the building this July. The distributor was represented by C&W’s Danielle Steffen, Art Farmanali and Amy Ogden.
TEMPE, ARIZ. – AZ Partsmaster has purchased a 73,536-square-foot industrial building in Tempe for $4.9 million. The building is located at 7125 West Sherman Street, just three miles from the homebuilding and property maintenance supply provider’s former location. The seller was Sun State Builders. The transaction was executed by Payson MacWilliam and Don MacWilliam of Colliers International.
SAN DIEGO – Charter Industrial Supply has acquired a 23,608-square-foot industrial building in the San Diego submarket of Kearny Mesa. The price was not disclosed. The building is located at 7832 Ostrow Street. The new space will allow Charter Industrial to expand within San Diego. The company will store and distribute more than 30,000 products, including fasteners, chemicals and aerosols, at the new facility. The seller was the Vander Linde Family Trust. Charter Industrial was represented by Nick Price of Voit Real Estate Services’ San Diego office.
ST. LOUIS, MO. — Gramercy Property Trust has purchased Alpha Packaging’s 211,000-square-foot manufacturing facility in St. Louis for $11 million. The property, located at 1555 Page Industrial Drive, is under a long-term triple-net lease to Alpha Plastics Co. until 2029. The facility serves as the headquarters for Alpha Packaging’s eight plants located throughout the country. Alpha Packaging handles production of plastic bottles and containers for the food, beverage and pharmaceutical industries. The plant has been the home of Alpha Packaging since 1999. In 2002, the company spent more than $4 million to renovate the facility. Hilliker Corp. and affiliate company Westwood Net Lease Advisors, represented the seller, Big Sky Properties, and coordinated the sale with New York-based Gramercy Property Trust.
CUDAHY, WIS. — The Dickman Co. has arranged the lease of a 10,300-square-foot industrial/office space located at 5801 S. Pennsylvania Ave. in Cudahy. Samuel D. Dickman, Samuel M. Dickman Jr. and Anthony Huenerbein of The Dickman Co. represented the landlord, Hansen Storage Company LLC. Tony Haning of Jones Lang LaSalle represented the tenant, KONE Inc.
The Kansas City industrial market continues to be an incredibly strong performer. At the end of the third quarter of 2014, the industrial vacancy rate stood at a tight 6.1 percent. Absorption totaled more than 2.5 million square feet during the first nine months of the year, while new deliveries were slightly over 2.6 million square feet in the same period. Let’s examine some contributing factors that are encouraging new deliveries while still driving vacancy rates down and absorption up. Spec Is King The biggest story in the Kansas City industrial real estate market during the first three quarters of 2014 was the delivery of over 2.5 million square feet of Class A distribution facilities on a speculative basis. It can be argued that, in the past, many prospective tenants considered locating a distribution center in Kansas City, but they ultimately selected a different market based on a lack of available inventory and the inability of some companies to wait on the extended timetable for a build-to-suit project. Developers that took notice of this trend and reacted by delivering space to the local market are currently being rewarded for their actions. Much of the speculative development in 2014 centered around …
FREELAND, MICH. — The Boulder Group has arranged the $2.6 million sale of a single-tenant FedEx property located at 8273 Garfield Road in Freeland. The 27,000-square-foot FedEx was built in 1991. FedEx is located along Garfield Road, the main thoroughfare between the MBS Airport Terminal and US-10. The property includes 4,000 square feet of office space and 23,000 square feet of warehouse/distribution space with 16-foot clear height ceilings. FedEx has 11 years remaining on their lease, which expires June 30, 2026. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based private real estate investor. A Florida-based private investor purchased the property.
