CALVERTON, N.Y. — Corniche Capital, a New York-based real estate investment and private equity firm, has purchased a 189,631-square-foot industrial property in the Long Island hamlet of Calverton. The sales price was $15.2 million. The site at 901-931 Burman Blvd. spans 20 acres and can support future expansion, and the building features a clear height of 48 feet, oversized drive-in doors and ample outdoor storage space. JLL represented the seller, KABR Group, in the transaction.
By Mike Stromberg, Opus Kansas City made the list of emerging industrial markets back in 2016, and over the last nine years has more than proven itself to be a viable, profitable and competitive environment for development. Many rightly attribute the market’s continued growth to its central location within the U.S. as well as its transportation infrastructure, which includes the city’s location on the largest navigable inland waterway, at the cross-section of three interstate highways and in the middle of cross-country rail corridors running from Canada to Mexico and from coast to coast. These are unquestionably appealing features for businesses that want and need to quickly distribute products and access customers. Other qualities often lauded include a strong skilled labor pool with an estimated 2.4 million people — nearly 23 percent between the ages of 18 to 34 — living within a 50-mile radius of the city; a cost of living up to 14 percent lower than the national average; a historically low unemployment rate; and increasing wages above the national average. What really puts Kansas City on the map for developers, though, is how the state of Missouri has created a pro-business environment that leverages and advances these strengths. …
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Lee & Associates Report: Final Quarter 2024 Net Absorption Trends in Industrial, Office Likely Temporary; Multifamily, Retail Net Absorption Trajectories Stickier
Lee & Associates’ 2024 Q4 North America Market Report looks back at the tenant demand, absorption rates and vacancy trends for industrial, office, retail and multifamily sectors nationwide to extrapolate what might be on the horizon for 2025 and beyond. While net absorption in industrial and retail is down from the same period in 2023, the reasons — too much supply in the pipeline versus too little — are opposite for each sector. Similar mirroring due to reverse factors can be seen in the net positive absorption last quarter in office and multifamily. Net industrial absorption was down 45 percent in the last quarter of 2024, compared to the same quarter in 2023. However, vacancy rates are likely to decline this year due to a lower volume of construction starts completing in 2025. New in-office policies among prominent companies contributed to the office market’s second consecutive quarter of positive absorption, but overall, office vacancy numbers are expected to continue rising until 2026. Low vacancy and factors challenging development meant very few options for retail tenants seeking new, high-quality space. Retail tenants in the food and beverage arena have been taking advantage of increased national spending on food outside the home …
FORT WORTH, TEXAS — Sunon Furniture has signed a 34,175-square-foot industrial lease in North Fort Worth. The Asian furniture manufacturer will use the space within Building 4 at the 61.4-acre Basswood 35 Business Park as a national distribution center. Todd Lambeth and Luke Clardy of Bradford Commercial Real Estate Services represented Sunon Furniture in the site selection and lease negotiations. Todd Hubbard and Joe McLiney of NAI Robert Lynn represented the landlord, Mississippi-based EastGroup Properties.
NEW WINDSOR, N.Y. — Marcus & Millichap has brokered the sale of Lock Around The Clock, a 373-unit self-storage facility in New Windsor, about 50 miles north of New York City. The facility was built on a 3.3-acre site in 2012 and totals 32,725 net rentable square feet across 126 climate-controlled units, 213 non-climate-controlled units, 31 outdoor parking spaces, two apartments and one garage. Luke Dawley, Gabriel Coe, Nathan Coe and Brett Hatcher of Marcus & Millichap represented the seller, Sloop Hill Associates LLC, in the transaction. The buyer and sales price were not disclosed. John Horowitz of Marcus & Millichap assisted in closing the deal as the broker of record.
NEW PROVIDENCE, N.J. — New Jersey-based intermediary Cronheim Mortgage has arranged $5.8 million in financing for an 89,619-square-foot office and industrial building in New Providence, about 30 miles west of Manhattan. The facility, 60,000 square feet of which comprises office space, was constructed during the 1950s and 1960s and was fully leased at the time of the loan closing. Tenants include Atlantic Health Systems, Sensory Spectrum, Wharton Music Center and Creative Wallcoverings & Interiors. An undisclosed insurance company provided the loan to an entity doing business as RC-Central Ave Associates LLC.
COLONIAL HEIGHTS, VA. — Lingerfelt has sold Port 801, a 239,448-square-foot industrial facility located at 801 Port Walthall Drive in Colonial Heights, a suburb of Richmond. The buyer and sales price were not disclosed. JLL represented Lingerfelt, which delivered Port 801 in 2022, in the sale. The property was fully leased at the time of sale to two investment-grade tenants. Last fall, Lingerfelt executed a 106,376-square-foot lease with PECO Pallet at Port 801.
NORTH LAS VEGAS, NEV. — EBS Realty Partners and Hartford, Conn.-based Penwood Real Estate Investment Management, in a joint venture, have purchased a 91-acre industrial development site at 9150 N. Terryl B. Adams St. within Apex Industrial Park in North Las Vegas. EBS and Penwood acquired the site from Ball Metal Beverage Container Corp. for $31 million. The partnership plans to develop Apex Ridge, a two-building, 1.4 million-square-foot logistics campus on the site. Groundbreaking is slated for second- or third-quarter 2025. Gregg Haly and Garrett Toft of CBRE handled the land acquisition.
SPARKS, NEV. — CapRock Partners has acquired 55 Vista Boulevard, a freestanding industrial building in Sparks, for an undisclosed price. The transaction marks CapRock’s third acquisition in Northern Nevada, increasing the firm’s total statewide investment and development pipeline to 5.4 million square feet of industrial space. Built in 1995, 55 Vista Boulevard is a single-tenant warehouse offering 117,000 square feet on 5 acres. The asset features a clear height of 24 feet, 26 dock-high doors, two grade-level doors and a 0.5-acre trailer parking yard. The property is fully leased to a national provider of commissary goods to prisons and jails. Joel Fountain and Nick Knecht of Dickson Commercial Group, as well as Jeff Huberman of Lee & Associates, facilitated the transaction. The name of the seller was not released.
WEST MILWAUKEE, WIS. — An affiliate of Phoenix Investors has purchased a 56-acre industrial campus totaling approximately 750,000 square feet in West Milwaukee. The property, located at 4701 W. Greenfield Ave., was previously owned by industrial giant Regal Rexnord. The campus, which is available for lease, features numerous dock doors, clear heights up to 47 feet, heavy power infrastructure and ample trailer and car parking. The nine buildings were constructed between 1920 and 1973. The site also has surplus land available for new residential and commercial development. Jeff Cartwright of First Financial Bank originated senior financing.