JASPER, GA. — Coca-Cola Bottling Co. United Inc. has opened a new $19 million sales center and warehouse in Jasper, about 60 miles north of Atlanta. Situated on three acres off Hugh Mullins Court, the 26,000-square-foot facility includes a sales and distribution center, warehouse, fleet shop and office space. Jasper Coca-Cola will operate the facility, which will serve as a hub to distribute Coca-Cola products throughout Cherokee, Fannin, Gilmer, Pickens, Towns and Union counties. Established in 1932, Jasper Coca-Cola joined the Coca-Cola United family of bottlers in 2017. The company employs 58 associates, serves more than 1,000 customers and sells and distributes nearly 2 million cases of Coca-Cola products annually.
WELLFORD, S.C. — Boston-based STAG Industrial Inc. has signed an unnamed wholesale apparel and promotional product distributor to a 30-month lease in Wellford, a city in Spartanburg County. The tenant will occupy 102,060 square feet within a facility located at 452 Casual Drive. The lease brings the property, which was substantially completed in June 2024, to 69 percent occupancy. The lease commences on April 1 and includes 3.5 percent annual rent escalations.
DENTON, TEXAS — Dallas-based brokerage firm STRIVE has arranged the sale of a 22,300-square-foot industrial building in the North Texas city of Denton. According to LoopNet Inc., the single-story building at 9062 Teasley Lane was constructed on a 1.1-acre site in 1998. Hudson Springer and Jason Vitorino of STRIVE represented the seller in the transaction. Both parties were Texas-based entities that requested anonymity, as did the buyer’s representative.
SEEKONK, MASS. — Locally based brokerage firm The Stubblebine Co. has arranged the sale of a 2.6-acre industrial outdoor storage (IOS) site in Seekonk, located near the Massachusetts-Rhode Island border. The site at 75 Mead St. houses a 17,500-square-foot building. Anawan Realty Inc. sold the property to Philadelphia-based Alterra IOS for an undisclosed price. Matty Drouillard and James Stubblebine of The Stubblebine Co. represented both parties in the transaction.
CARSON, CALIF. — KGJ Properties has completed the disposition of an industrial building located at 130 W. Victoria St. in Carson. Wookjin IS USA Inc. acquired the asset for $15.3 million. Brian Held and Robert Spratlin of CBRE represented the seller, while Brent Koo and Lex Yoo of CBRE represented the buyer in the deal. The 58,400-square-foot property offers multiple large ground-level loading doors and excess land for staging.
— By Nick Krakower and James deRegt of SRS Real Estate Partners — The fourth quarter of 2024 revealed significant trends across key indicators in Orange County’s industrial market. For starters, the county’s industrial market vacancy rate was 3.9 percent at that time. This figure represents a continued trend of gradually increasing vacancies, which has consistently occurred over the past eight quarters. The uptick in vacancies can be attributed to increased availability in larger distribution centers and evolving tenant requirements. North County had the largest increase at 4.5 percent. While a 3.9 percent vacancy shows OC’s industrial market remains relatively tight, there is a countywide availability of more than 16 million square feet. Net absorption for the quarter came in at -900,000 square feet. Sectors that rely heavily on logistics and distribution were most impacted, as the move to less expensive space in the Inland Empire continues. Despite the negative figure, leasing activity remains high with quarterly averages of more than 2 million square feet. Net absorption is expected to stabilize with the development pipeline slowing down. Development activity remained strong with 2 million square feet of new industrial space in the pipeline. This new inventory focuses on state-of-the-art facilities designed to …
— Phillip Hernandez, Research Director, Colliers — The Phoenix industrial market showed resilience throughout 2024. Arizona ranked fifth in net migration as of October, with 62,533 new residents — 52.8 percent of whom relocated from California. This influx of residents has positively impacted the labor market, growing Phoenix’s workforce by 42,900 employees by November, a 1.7 percent increase from the previous year. Investor interest in Phoenix’s industrial sector also remains strong. Fourth-quarter sales volume reached $1.9 billion, a 74 percent increase compared to the previous quarter and a 91.8 percent year-over-year increase. This brought last year’s total sales volume to $4.3 billion, with average prices per square foot rising by 2 percent (to $204.20) compared to fourth-quarter 2023. Vacancy Trends and Absorption Despite strong investor activity, the Phoenix market is experiencing rising vacancy rates. New deliveries in the fourth quarter added 7.8 million square feet to the market, bringing total deliveries for 2024 to 34.8 million square feet. However, the vacancy rate increased to 10.6 percent, marking a year-over-year 390 basis points rise. This increase is largely attributed to the completion of vacant product. Net absorption reached 3.8 million square feet in the fourth quarter, contributing to a year-to-date total of …
PETALUMA, CALIF. — Graham Street Realty (GSR), an affiliate of Hamilton Zanze, has completed the disposition of The Redwoods, a flex industrial asset in Petaluma. Terms of the transaction were not released. Built in 1988, The Redwoods features nine units totaling 57,174 square feet. At the time of sale, the property was 94 percent occupied. Surrounded by mature Redwood trees, the asset features 204 parking spaces, five grade-level roll-up doors and clear heights ranging from 17.5 feet to 25 feet. Paramount Property Co., an Oakland, Calif.-based GSR affiliate, managed The Redwoods during GSR’s ownership.
TUCSON, ARIZ. — Wane Investments LLC has purchased an industrial building located at 990 S. Cherry Ave. in Tucson from Gould Family Properties VIII for $2.1 million. Paul Hooker of Cushman & Wakefield | PICOR represented the seller, while Christopher McClurg and Michael Giuliano of Lee & Associates represented the buyer in the transaction.
FORT WORTH, TEXAS — Siemens has completed a $190 million manufacturing plant in Fort Worth. The 500,000-square-foot facility is located at 7200 Harris Legacy Drive on the city’s south side and will support the data center industry via production of electrical equipment such as low-voltage switchboards. Siemens has already hired about 480 people to staff the facility and expects to employ as many as 800 individuals at the site by 2026. According to Fort Worth Report, the project was executed as part of the German conglomerate’s pledge to invest $10 billion in the U.S. manufacturing sector.