Industrial

Intercontinental Real Estate, Kennedy Wilson Purchase 877,648 SF Manufacturing Facility in Stockton, California

by Amy Works August 2, 2022

STOCKTON, CALIF. — A joint venture between Intercontinental Real Estate Corp. and Kennedy Wilson has purchased Stockton Industrial Park, a manufacturing and distribution facility in Stockton. A New York-based owner and operator of logistics real estate sold the asset for $84 million. Located at 1604 Tillie Lewis Drive, the three-building park features 877,638 square feet of highly functional and easily divisible space. The facilities feature 24- to 28-foot clear heights, ample dock-high and grade-level loading, and a wide range of unit sizes for warehouse and/or manufacturing purpose. The largest of the buildings, totaling 570,000 square feet, offers direct rail service. At the time of sale, the property was 100 percent leased. Barbara Perrier, Darla Longo and Rebecca Perlmutter of CBRE, along with Blake Rasmussen and Tyler Vallenari of Cushman & Wakefield, marketed the property for sale on behalf of the seller. CBRE represented the seller in the transaction.

August 2, 2022

Arizona Development Industrial Western

Ryan Cos., Westcore Break Ground on 906,000 SF Hatcher Industrial Park in Glendale, Arizona

by Amy Works August 2, 2022

GLENDALE, ARIZ. — Ryan Cos. and Westcore have broken ground on Hatcher Industrial Park, a two-building industrial campus located along Loop 303 corridor in Glendale. The 906,000-square-foot project will provide Class A industrial space for manufacturing, logistics and supply chain users in the West Valley. Completion of the development is slated for June 2023. Ryan Cos. is serving as builder and Ryan A+E Inc. is serving as architect. Anthony Lydon, Marc Hertberg, Riley Gilbert and Kelly Royle of JLL are marketing the project for lease.

August 2, 2022

Acquisitions Industrial New Jersey Northeast

Timberline Real Estate Buys 66,000 SF Light Industrial Building in Paterson, New Jersey

by Taylor Williams August 2, 2022

PATERSON, N.J. — New York-based investment firm Timberline Real Estate Ventures has purchased a 66,000-square-foot light industrial building in the Northern New Jersey community of Paterson. At the time of sale, the property, which includes nearly a full acre of outdoor storage space, was fully leased to building materials provider Kamco Supply. Michael Klein, Alex Staikos and Michael Lachs of JLL arranged an undisclosed amount of nonrecourse, fixed-rate acquisition financing for the deal through Blue Foundry Bank. The seller was not disclosed.

August 2, 2022

Acquisitions Arizona Industrial Western

LBA Logistics Divests of 225,333 SF Westech Business Center Light Industrial Complex in Phoenix

by Amy Works August 1, 2022

PHOENIX — LBA Logistics has sold Westech Business Center I & II, a seven-building light industrial complex in Phoenix, to Schnitzer Properties, formerly Harsch Investment Properties, for an undisclosed price. Westech Business Center I & II features 225,333 square feet of space, which was 99 percent leased to 51 tenants at the time of sale. The asset offers functional divisibility with a variety of smaller bay sizes, freeway visibility, parking, ample loading and fully built-out offices. Will Strong, Jeff Chiate, Mike Adey, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield represented the seller in the deal.

August 1, 2022

Acquisitions Illinois Industrial Midwest

Venture One Acquires 38,050 SF Industrial Building in Addison, Illinois

by Kristin Harlow August 1, 2022

ADDISON, ILL. — Venture One Real Estate has acquired a 38,050-square-foot industrial building in Addison for an undisclosed price. The property, located at 502 Vista Ave., is fully leased to one tenant. Constructed in 1967, the building features a clear height of 14 feet, three dock doors, one drive-in door, parking for 44 cars and 6,904 square feet of office space. Noel Liston of Darwin Realty represented the undisclosed seller. Justin Lerner of Transwestern represented Venture One, which utilized its acquisition fund VK Industrial VI LP, a partnership between Venture One and Kovitz Investment Group.

August 1, 2022

Acquisitions Industrial New Jersey Northeast

Newmark Negotiates $100M Sale of Northern New Jersey Light Industrial Portfolio

by Taylor Williams August 1, 2022

SOMERSET AND WARREN, N.J. — Newmark has negotiated the approximately $100 million sale of a portfolio of light industrial properties totaling 650,000 square feet in Northern New Jersey. An institutional investor acquired 50 & 100 Randolph Road, two assets in Somerset totaling 236,000 square feet that were 91 percent leased at the time of sale. The buyer(s) of the other four properties in Warren were not disclosed. Kevin Welsh, Brian Schulz, Maria Betancourt, Steven Schultz, Dan Reider, Kyle Eaton and Chris Koeck of Newmark represented the seller, a joint venture between Ivy Realty and Waterfall Asset Management, in the deal.

August 1, 2022

Development Industrial New York Northeast

Rockefeller Group Underway on 172,622 SF Spec Distribution Center on Long Island

by Taylor Williams August 1, 2022

BAY SHORE, N.Y. — New York City-based Rockefeller Group is underway on construction of a 172,622-square-foot speculative distribution center in the Long Island community of Bay Shore. The property at 55 Paradise Lane will feature a clear height of 36 feet, 40 dock doors, 270 car parking spaces, 40 trailer parking stalls and 7,317 square feet of mezzanine-level office space. Manhattan-based KSS Architects designed the project, and Aurora Contractors is handling construction. Completion is slated for the first quarter of next year.

August 1, 2022

Development Industrial Self-Storage Texas

Mycon Underway on 781-Unit Self-Storage Facility for U-Haul in Amarillo

by Taylor Williams July 29, 2022

AMARILLO, TEXAS — Dallas-based Mycon General Contractors is underway on construction of a 781-unit self-storage facility for U-Haul in Amarillo that will also offer truck and trailer rental services. The four-acre site at 5316 Canyon Drive already houses several U-Haul facilities, and the new three-story building will add 83,000 square feet of net rentable, climate-controlled space and 11,267 square feet of box storage space to the existing complex. Full completion is slated for December. In addition to the construction of the new building, the existing paving, landscaping and onsite ingress/egress points will also be renovated.

July 29, 2022

Development Industrial New Jersey Northeast

U-Haul to Open 750-Unit Self-Storage Facility in Princeton

by Taylor Williams July 29, 2022

PRINCETON, N.J. — U-Haul will open a 750-unit self-storage facility at an 8.8-acre undeveloped site at the intersection of U.S. Highway 380 and Boorman Lane in Princeton. U-Haul acquired the site in July. The four-story facility, which is scheduled to come on line by July 2024, will feature climate-controlled indoor storage space, outdoor drive-up buildings and a separate warehouse for U-Box portable storage containers. U-Haul will also offer truck and trailer rental services at the property and sell moving and packaging supplies as part of a retail operation.

July 29, 2022

Development Industrial New Jersey Northeast

IDI Logistics to Undertake Two Industrial Redevelopment Projects in Central New Jersey

by Taylor Williams July 29, 2022

PISCATAWAY AND EWING, N.J. — Atlanta-based developer IDI Logistics has acquired sites totaling 32 acres in Central New Jersey for a pair of industrial redevelopment projects. Both the 14-acre site in Piscataway and the 18-acre property in Ewing currently house office buildings. IDI Logistics plans to demolish the existing structures and replace them with Class A warehouse and distribution facilities. Construction timelines for both projects are still being finalized.

July 29, 2022

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