STRATFORD, CONN. — Lindquist Security has sold a 20,062-square-foot industrial building in Stratford, located in the southern coastal part of the state. Lindquist has owned and occupied the building for the last 25 years. Bruce Wettenstein of Connecticut-based brokerage firm Vidal/Wettenstein represented Lindquist Security Co. in the transaction. Force3 Pro Gear, which manufactures protective equipment for Major League Baseball, has since taken occupancy of the building.
HOUSTON — Goodman Manufacturing Co., a supplier of HVAC systems, has signed a 494,000-square-foot industrial lease to occupy more than half the space at Sam Houston Distribution Center, an 833,720-square-foot speculative development on the city’s northwest side. Seth Koschak of Stream Realty Partners represented the tenant in the lease negotiations. Brian Gammill, Darryl Noon, Jude Filippone and Carter Thurmond of Transwestern represented the landlord, a partnership between Transwestern Development Co. and J.P. Morgan Global Alternatives.
DENVER — A joint venture between Karis Capital and AEW has completed the disposition of a newly developed, Class A warehouse and distribution building in downtown Denver. A national real estate investment, development and management firm acquired the asset for $114 million. Located at 875 W. 64th St., the property features 147,000 square feet of industrial space and immediate access to interstates 25, 70 and 76 and the US 36 freeway. The property is fully leased to a global Fortune 100 company. Will Strong, Jeff Chiate, Jeffrey Cole, Mike Adey, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the deal. Cushman & Wakefield’s Matt Trone, Steve Hager, Drew McManus, Ryan Searle and Joey Trinkle provided market leasing advisory.
PENNSAUKEN, N.J. — Brooklyn-based restaurant supplies distributor BakeDeco/Kerekes has purchased a 71,280-square-foot warehouse located at 6950 Sherman Lane in Pennsauken, located outside of Philadelphia. Ian Richman and Marc Isdaner of Colliers International represented the buyer in the transaction. The buyer will also occupy the building, which features a clear height of 24 feet and nine loading docks. Marc Policarpo of Westfield Real Estate represented the undisclosed seller.
HENDERSON, NEV. — Nicola Wealth Real Estate has purchased Ampac Industrial Park I and II in Henderson. Terms of the transaction were not released. The asset comprises seven small- to medium-bay modern industrial buildings totaling 175,818 square feet on 17 acres, inclusive of four acres of surplus land currently utilized as yard storage. The portfolio is located 12 miles southeast of Las Vegas, featuring close proximity to interstates 215 and 515. Rebecca Perlmutter Finkel of CBRE led the team that handled the deal.
MILFORD, MICH. — Dominion Real Estate Advisors has brokered the sale of a 14,800-square-foot industrial building located at 4999 McCarthy Drive in Milford, about 40 miles northwest of Detroit. The sales price was undisclosed. Barry Landau of Dominion represented the seller, Houston-based Parita Michigan Ventures LLC. Rob Hughes of RH Commercial Realty represented the buyer, a building contractor that will occupy the property.
BUFFALO, N.Y. — Battery manufacturer Viridi Parente will increase its footprint at the former General Motors plant in Buffalo to 190,000 square feet. The company is working with St. Louis-based Alberici Construction to build 70,000 square feet of additional lab, assembly, office and production space at the 850,000-square-foot facility, which was originally built in 1923. Viridi Parente’s current 120,000-square-foot space comprises 60,000 square feet of battery assembly and manufacturing space, 20,000 square feet of office and lab space and a 40,000-square-foot shipping and receiving warehouse. American Axle & Manufacturing previously occupied the facility before vacating it in 2007.
BENSALEM, PA. — A partnership between Pennsylvania-based developer Endurance Real Estate Group and ASB Real Estate Investments has sold a 430,373-square-foot industrial building in Bensalem, located in Bucks County, for $41.9 million. The property was originally built in 1973 within Expressway 95 Business Park. Brad Ruppel, Mike Hines, Brian Fiumara and Lauren Dawicki of CBRE represented the partnership and procured the buyer, global owner-operator EQT Exeter, in the transaction.
DALLAS — Industry professionals believe the commercial real estate values for industrial, office and suburban multifamily properties across the United States are expected to return to pre-pandemic levels or remain stable, hinting at a potential full recovery for the rest of 2021, according to a CBRE Group Inc. survey released on Aug. 31. CBRE’s survey looked at capitalization rates for stabilized assets and investment sentiment on market conditions. Capitalization rates measure a property’s value by dividing its net operating income by its sale price and a lower cap rate generally shows a higher value. In the survey, investors predicted cap rate movement will vary across different property types for the second half of 2021. For example, cap rates for industrial and multifamily properties are expected to compress in most markets, while the cap rates for office, retail and hotel properties are expected to stay steady. The survey also found that investors were willing to purchase industrial and multifamily properties at a premium or higher price than other property types. Additionally, investors looked mainly for small to moderate pricing discounts for office properties, and moderate to large discounts for retail properties and hotels. More than 75 percent of real estate investors …
RIALTO, CALIF. — The Voit Co. has broken ground on Renaissance Commerce Center, a speculative industrial property located at 1993, 2033 and 2133 W. Casmalia St. in Rialto. Totaling 87,189 square feet, the single-tenant industrial asset will feature a 34,015-square-foot building, a 28,837-square-foot facility and a 24,337-square-foot property. Each building will offer state-of-the-art amenities, including dock-high doors, 26- to 28-foot clear heights, ample parking and designated office space within each building. Completion is slated for first-quarter 2022. Juan Gutierrez and John Viscounty of Voit Real Estate Services will represent The Voit Co. in lease or sale of the property.