It’s no secret that with the abundance of developable land, affordable housing, and close proximity to the ports and major freeways, the Inland Empire has a tremendous advantage in relation to other Western markets. The Inland Empire industrial market has experienced a transactional volume of 120 deals for 100,000 square feet or more, as of this past November. There are also more than 30 buildings under construction, which total more than 15 million square feet. Developers have been quick to respond to demand, with about 15.5 million square feet of construction completed in the Inland Empire to date, thanks to Fortune 500 retailers and third-party logistics (3PL) firms nabbing large space within the market due to an improving economy. With another 15 million square feet currently under construction, the Inland Empire’s industrial base will foreseeably increase by 10 percent by the end of 2016. Assuming the current state of economic growth continues, the Inland Empire industrial market is expected to finish 2014 strong, with positive market activity poised to continue well into 2015 and 2016. The industrial demand in the Inland Empire is closely associated to international trade and continues to attract large distributors, warehouses, e-commerce companies and logistics firms …
STAFFORD, TEXAS — Construction has begun on a 100,000-square-foot facilityfor Ellen Lighting and Hardware in Stafford. The development will feature retail, office and distribution space for the company. DMAC Construction & Development is the general contractor and Three Square Design is providing architectural services. The facility will include a showroom showcasing the supplier’s light fixtures and hardware. The space will also include an office and distribution center. The Ellen Lighting and Hardware facility will consist of tilt wall construction with a glass curtain wall, with a two-story portal entry.
BALTIMORE — Tribune Media Co. has sold its printing facility at 300 E. Cromwell St. in Baltimore for $46.5 million. The 60-acre property holds the printing facility for The Baltimore Sun, a Tribune-owned newspaper that currently has a long-term lease on the property. The net proceeds after transaction costs and taxes are slated to be roughly $30 million. The buyer was undisclosed.
Over the last four years, North Florida’s industrial market appears to have stabilized. While rental rates remain flat offering a variety of expansion opportunities for users and tenants, rental increases and new construction opportunities may be right around the corner. Consider the facts: the Jacksonville industrial vacancy rate now hovers around 8.5 percent, the lowest in the last five years and down from a high of 11.4 percent in 2010. Rental rates, now in the $3.98 per square foot range for the last two quarters, have stabilized from a high of $4.38 per square foot reported in the first quarter of 2010, according to CoStar. Because of a finite supply, with an increase in demand for Class B and Class C space, a rent increase may be in the forecast. Add with the lack of choices for large blocks of Class A space, expect more build-to-suit activity, or speculative construction. In 2014, two speculative industrial projects were announced in Jacksonville. In order to meet a contractual construction deadline within the city of Jacksonville’s master developer agreement, Hillwood Investment Properties launched a 510,000-square-foot cross-dock project at Alliance Florida. Hillwood was chosen as the master developer of Alliance Florida, formerly Cecil Commerce …
MOUNT OLIVE TOWNSHIP, N.J. — River Drive Construction has completed the build-out of a 19,400-square-foot space for DSRV Inc. at 330 Waterloo Valley Road in Mount Olive Township. The project involved the conversion of 10,000 square feet of warehouse space into a light manufacturing facility for a diagnostics reagent process. The conversion involved the restructuring and installing various aspects of the space, including walls, extensive plumbing, HVAC and electric. Additionally, 8,000 square feet of space received a basic refresh. DSRV Inc. will now move its Georgia office and manufacturing activities to Mount Olive Township, which will optimize its operations with the new proximity to its parent company, Diagnostica Stago. River Drive Construction served as project manager of the conversion, which took eight months to complete.
NEW YORK CITY — Kalmon Dolgin Affiliates has brokered the sale of a warehouse and parking lot at 39 Ferris St. in the Red Hook section of Brooklyn. Kobe Bussan USA purchased the 6,000-square-foot warehouse and 14,000-square-foot parking lot from 39 Ferris Street LLC for $5 million. The buyer, a Japanese supermarket and restaurant, plans to open a new location at the site. Jeffrey Unger of Kalmon Dolgin represented the seller, while Yoko Evans of Furumoto Realty represented the buyer in the transaction.
RENO, NEV. – Light in the Box (LITB) has leased 26,000 square feet of distribution space at the Capital Commerce Center in Reno. The space is located at 4970 Joule Street. LITB is a global online retail company. The unnamed landlord was represented by Steve Kucera, Michael Nevis, J. Michael Hoeck and Dave Simonsen of the NAI Alliance Industrial Properties Group.
OAK BROOK, ILL. — CenterPoint Properties has sold a 20,300-square-foot industrial truck/bus dispatch facility in South Holland, which is located approximately 23 miles south of Chicago. Greenix LLC purchased the property at 16951 State St. for an undisclosed sales price. The building is situated on nine acres and features a 2,300-square-foot office space, 17 drive-in doors and parking for 212 cars and 215 trailers. Kip Hennelly of Patrick Commercial Real Estate represented Greenix in the sale.
TRENTON, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of R & A Storage, a 230-unit industrial self-storage building in Trenton. Land Holding LLC sold the building, located at 5620 Hoover St., to Ariganello Management LLC. Paul Feldman of Friedman represented the seller in the transaction.
DALLAS — CBRE Capital Markets has arranged the sale of Oakmont Industrial Group’s 1.3-square-foot, Class A industrial portfolio in Dallas. The portfolio includes three cross-dock warehouses located just north and south of DFW International Airport. The buildings include flexible designs, 32-foot clear heights, fire protection systems, high-density dock doors and ample trailer storage. Jack Fraker, Frank Fallon, Josh McArtor, Jonathan Bryan, Heather McClain Venegoni and Ryan Thornton of CBRE arranged the transaction on behalf of Oakmont Industrial Group.