PENNSAUKEN, N.J. — Colliers has brokered the sale of a 60,000-square-foot industrial property in the Southern New Jersey city of Pennsauken. The facility was fully leased at the time of sale. SNS Real Estate Investment Group LLC acquired the property from an undisclosed seller. Ian Richman of Colliers brokered the deal. New Jersey-based Freedom Bank provided acquisition financing.
By Shawn Jaenson, Senior Vice President, Industrial Specialist, Kidder Mathews The Northern Nevada industrial market is composed of 98.7 million square feet of industrial real estate spread across six submarkets. Northern Nevada’s centralized location allows for a one-day truck service to more than 60 million customers. Couple that with the fact that Nevada has no corporate tax, personal tax, inventory tax, franchise tax, or special intangible tax and the city is one of the most desirable industrial locations in the Western U.S. What was once thought of as unattainable in Northern Nevada has become the norm as nearly every record or statistic has been shattered and the market continues to show no signs of slowing. The overall market vacancy rate plummeted in 2021 to 1.7 percent, with a direct vacancy rate of 1.6 percent — a more than 200 percent decrease from the start of the year when overall vacancy rates were 5.3 percent and direct vacancy rates were 4.9 percent. Due to the unprecedented demand, new product in Northern Nevada has never been more crucial as new construction struggles to keep pace with market demand. In 2021, Northern Nevada had a positive net absorption of just over 7 million square feet, which …
SANTA BARBARA, CALIF. — The national average for in-place industrial rents across the top 30 U.S. markets reached $6.45 per square foot in February, a 4.4 percent year-over-year increase according to research from CommercialEdge, a product of Yardi Systems. The Santa Barbara-based firm found that the average effective rental rates signed over the same interval was $7.35 per square foot, 90 cents higher than the national average for in-place leases, a nearly 14 percent swing. Southern California markets led the nation in rent expansion, largely due to intense activity in the Ports of Los Angeles and Long Beach. Orange County recorded the most significant 12-month change with a 7 percent hike, reaching $11.65 per square foot. Los Angeles (6.7 percent) and the Inland Empire (6.5 percent) rounded out the top three markets nationally. On the other end of the spectrum, markets that have higher availability of developable land recorded weaker rent growth in the last 12 months. Newly delivered stock in these markets is helping developers meet demand, while also elevating vacancy levels. Across the top 30 U.S. markets, rent growth was slowest in Charlotte (1.1 percent), Houston (1.7 percent) and Indianapolis (2.3. percent). The spread between the average lease …
MIAMI — Berkadia has secured $20 million in construction financing for HRP Medley, an upcoming warehouse project in Miami’s Medley submarket totaling 174,348 square feet. Charles Foschini and Christopher Apone of Berkadia secured the financing on behalf of the owners, Chicago-based Hilco Redevelopment Partners and New York-based Edge Principal Advisors. CIBC provided the three-year, interest-only non-recourse loan with two 12-month extension options and a 65 percent loan-to-cost ratio. HRP Medley will be a front-load, Class A warehouse with features including 32-foot clear heights, bay sizes of 54 feet by 43 feet, 42 exterior doors, four drive-in doors, emergency egress lighting, supervisor fire alarm, ESFR fire sprinkler system, warehouse air ventilation and 157 parking spaces. Construction is slated to begin this summer. Located at 11002 NW South River Drive on 8.5 acres, HRP Medley will offer access to Palmetto Expressway, Florida Turnpike and Interstate 75. The property will also be 17.3 miles from downtown Miami.
KANSAS CITY, MO. — Hunt Midwest has closed on the acquisition of more than 1,300 acres located adjacent to the Kansas City International Airport. The land is contiguous with roughly 2,000 acres already owned by Hunt Midwest, which plans to build the largest logistics park in the state of Missouri. Dubbed KCI 29 Logistics Park, the project will support up to 18 million square feet of Class A logistics and manufacturing space, along with more than 20 acres of commercial mixed-use space. Hunt Midwest says the site has the potential to attract more than 8,000 employees with an overall capital investment of nearly $1.3 billion over the next decade. The project will be situated near KCI Air Cargo operations, which includes hubs for UPS, FedEx and USPS.
ELK GROVE VILLAGE, ILL. — Bridge Industrial has acquired two parcels along Northwest Point Boulevard in suburban Chicago’s Elk Grove Village with plans to build Bridge Point Elk Grove I and II. Bridge acquired the vacant parcels, located just one block from each other, from two different sellers: ADP and a private individual. Bridge Point Elk Grove I and II will span 147,066 square feet and 60,834 square feet, respectively. Building I will feature a clear height of 36 feet, 14 exterior docks, two drive-in doors, parking for 164 cars and a 130-foot truck court. Building II will feature a clear height of 32 feet, six exterior docks, one drive-in door and parking for 46 cars. Completion is slated for June 2023. Tom Rodeno, Matthew Stauber and Patrick Turner of Colliers will market the buildings for lease.
SPRINGFIELD, OHIO — Eby-Brown and Rittal Inc. have signed leases and will be the first two tenants at Upper Valley Business Park in Springfield, about 45 miles west of Columbus. Industrial Commercial Properties owns the property, which was formerly Upper Valley Mall. The mall has been repositioned as a business park for office and light industrial users. Naperville, Ill.-based Eby-Brown is a wholesale distributor to the convenience store industry. The company has leased 35,000 square feet. Chicago-based Rittal North America will occupy 130,000 square feet starting later this spring. Rittal, a global manufacturer and system solutions provider of industrial and IT enclosures and accessories, currently occupies a manufacturing plant in Urbana, Ohio. Matt Osowski of NAI Ohio Equities represented Rittal.
YORK, PA. — National developer CRG has sold The Cubes at Emig Road, a 311,920-square-foot speculative industrial facility in York. The newly built, cross-dock warehouse sits on 29 acres and features a clear height of 36 feet, high-efficiency LED lighting, 29 dock doors, 149 car parking spaces and 27 trailer stalls. Approximately 125,000 square feet of the building is leased to DCL Logistics, a third-party logistics company based in Fremont, Calif. JLL is marketing the remainder of the space for lease. CRG’s parent company, Clayco, served as design-builder on the project, and its subsidiary, Lamar Johnson Collaborative, was the architect. The buyer was not disclosed.
EastGroup Properties Buys 50 Acres for Development of 655,400 SF Industrial Project in Mesa, Arizona
MESA, ARIZ. — EastGroup Properties has assembled and closed on 50 acres in the Phoenix Mesa Gateway Airport submarket for the development of Gateway Interchange, a Class A industrial development. Totaling 655,400 square feet and seven buildings, Gateway Interchange will feature spaces ranging from 13,440 square feet to 180,000 square feet with 28- to 32-foot clear heights, seven-inch floor thickness, abundant power, full concrete truck courts, dock-high and ground-level loading, LED warehouse lighting and ESFR sprinkler system. The buildings will include glass roll-up doors leading out of breakrooms to covered patio areas, six outdoor amenity nodes that are interconnected by trails and feature patio tables and chairs for outdoor dining, as well as turf areas for cornhole and other outdoor games. The project will be developed in two phases, with Phase I consisting of four buildings totaling 359,700 square feet and Phase II is slated for three buildings totaling 295,700 square feet. Willmeng Construction is serving as general contractor and Butler Design Group is serving as architect. Construction of Phase I is slated to begin third quarter of 2022 with delivery by the second quarter of 2023. The project will be developed, owned and managed by EastGroup. Steve Larsen, Pat …
FORT WORTH, TEXAS — New Jersey-based packaging firm Imperial Bag & Paper Co. has signed a 106,122-square-foot industrial lease at 5200 South Freeway in Fort Worth. According to LoopNet Inc., the 212,175-square-foot property was built on 10.3 acres in 2021 and features 32-foot clear heights, 30 dock doors and an ESFR sprinkler system. Reid Bassinger, Trey Fricke and Becky Thompson of Lee & Associates represented the undisclosed landlord in the lease negotiations. Brad Balke of Colliers represented the tenant.