CHICAGO — NelsonHill has arranged the $2.8 million sale of a 100,000-square-foot building in Chicago’s Jefferson Park neighborhood. The Chicago Transit Authority (CTA) purchased the property located at 5353 W. Armstrong Ave. CTA will use the site to expand its area bus depot. The property features three interior docks, one exterior dock and one drive-in door. The building is situated on nearly four acres, is located in the Elston/Armstrong TIF Corridor, and is in close proximity to the I-90 and I-94 expressways. Mark Nelson and Michael Nelson of NelsonHill represented the seller, a New York-based cab company. Hugh Murphy of JLL represented the CTA.
PLYMOUTH, MINN. — Upland Real Estate Group Inc. has arranged a 48,000-square-foot industrial lease for MVP Logistics LLC at the Medicine Lake Industrial Center (MLIC) located in Plymouth. Duke Realty owns and operates the 221,579-square-foot distribution center, which is located a half mile west of U.S. Highway 169. MVP is expanding from 12,000 square feet at its current facility in Golden Valley located one mile east of MLIC. Joshua Huempfner of Upland Real Estate Group represented MVP in the transaction.
HOUSTON — Parkway Properties Inc. has signed two leases totaling 213,000 square feet in Houston with Nabors Industries and Bristow Group Inc. Nabors Industries signed a 98,000-square-foot expansion lease at One Commerce Green, located in the Greenspoint submarket of Houston, which expires on Sept. 30, 2025. The Nabors expansion will back-fill space Southwestern Energy Co. will vacate during the first quarter of 2015. Bristow Group Inc. signed a 115,000-square-foot lease at CityWestPlace, located in the Westchase submarket of Houston, which expires Jan. 31, 2025.
PHOENIX – J&K Cabinetry has leased 37,522 square feet at the Hohokam 10 Business Center in Phoenix. The 405,000-square-foot complex is located at 4445 E. Ellwood Street. The affordable cabinetmaker will use the space to store merchandise, and to sell to local homebuilders. J&K Cabinetry was represented by Thomas Knaub of Colliers International. The landlord, Arizona Department of Transportation Right of Way Group, represented itself in this transaction.
DOWNEY, CALIF. – A 26,877-square-foot industrial building in Downey has sold to MT Real Estate LLC for $3.7 million. The building is located at 11899 Woodruff Ave. The building will serve as an automotive storage warehouse. MT Real Estate was represented by Voit’s Joe Winklemann. The seller, the Prichard Family Trust, was represented by John M. Bowman of Heger Industrial and Dennis Slattery of Charles Dunn.
FAIRFIELD, N.J. — Cushman & Wakefield has brokered the sale and acquisition financing for an industrial building in Fairfield. Located at 300 Fairfield Road, the 418,000-square-foot property sold for $51.6 million, making it the largest single industrial asset sale in Northern New Jersey this year. Bala Cynwyd, Pa.-based Stoltz Real Estate Partners purchased the property from Fairfield BAB Group LLC. Constructed in 2006, the single-story building features 28-foot ceiling heights, 34 loading doors and 398 parking spaces. The property is fully leased to Middle Atlantic Products (MAP) through November 30, 2026. MAP, a part of Legrand North America, is a provider of mount integrated AV systems for residential, commercial, broadcast and security applications, and utilizes the site as its headquarters, production and distribution center. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Frank Caccavo, Jason Goldman, Marc Petrella and Andrew Siemsen of Cushman & Wakefield represented the seller. John Alascio, Mark Ehlinger and Suraj Ravi of Cushman & Wakefield’s Equity, Debt and Structured Finance Group arranged the acquisition financing, which was provided by Investors Bank.
Buoyed by a healthy economy, the Twin Cities industrial market has experienced strong demand for functional, 24- to 32-foot clear height space, with more companies expanding during the first three quarters of the year, according to Cushman & Wakefield | NorthMarq. The market posted nearly 1.3 million square feet of absorption in the first three quarters of 2014, a solid number. The overall vacancy rate for multi-tenant properties 20,000 square feet and above stood at 10.1 percent at the end of the third quarter, down from a high of 16.4 percent in 2010. The bulk/warehouse segment has posted the most leasing activity with 451,097 square feet of net absorption year-to-date, including 140,514 square feet in the third quarter, and a tight 9.2 percent vacancy rate. Office/warehouse absorption totaled 476,032 square feet year-to-date through the third quarter, and 391,676 square feet in the third quarter alone, lowering the vacancy rate in that segment to 9.6 percent. Office/showroom absorption totaled 359,687 square feet during the first three quarters of 2014, lowering the vacancy rate in that segment to 12.8 percent, the lowest since 2006 when it stood at 11.7 percent. The Northeast submarket posted 222,267 square feet of net absorption in the …
AUSTIN, TEXAS — Trammell Crow Co., in partnership with Clarion Partners, has begun construction on two new buildings in Expo Business Park Phase II, a Class A industrial development in Austin. Phase II consists of two buildings totaling 239,205 square feet of warehouse, flex and manufacturing space. Expo 10 includes 109,203 square feet and Expo II spans 130,002 square feet. Each building will feature 28-foot clear heights, generous column spacing and 24 dock-high doors per building. Expo 10 and 11 will be complete in May 2015. Expo Business Park, located at 6231 E. Stassney Lane, includes 15.5 acres.
WACO, TEXAS — Let’s Gel Inc., an Austin-based company, has acquired a 64,000-square-foot manufacturing facility on Precision Drive in Waco. The company, a developer of gel-filled floor comfort mats, plans to manufacture internally as part of a strategy to move toward vertical integration. A third-party manufacturer previously provided the company’s production services The company is investing $3.5 million in the building, including the purchase price, for improvements along with machinery and equipment. Let’s Gel plans to create 35 jobs over a three-year period.. H. Bland Cromwell brokered the transaction.
KEARNY, N.J. — Cushman & Wakefield has brokered the sale of an industrial property located at 680 Belleville Turnpike in Kearny. The 135,115-square-foot property is 100 percent net leased to Pepsi, which utilizes the site as its Northern New Jersey distribution center. Situated on 11 acres, the property features 18,000 square feet of office space, 16 loading docks, 36-foot clear ceiling heights and a 117-space trailer storage. Russo Development sold the property to TIAA-CREF for an undisclosed price. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Kyle Schmidt of Cushman & Wakefield worked with Omer Mir Ahmed of Russo Development to represent the seller. The Cushman & Wakefield team also procured the buyer, who was represented in-house by Henry Dong.