EAST BRUNSWICK, N.J. — A joint venture between global asset manager Oxford Properties Group and Denver-based EverWest Real Estate Investors has purchased a 78,000-square-foot warehouse in East Brunswick, about 40 miles south of Manhattan. The sales price was $18 million. The property was vacant at the time of sale, and the new ownership plans to redevelop the eight-acre site to house a modern logistics facility. The seller was not disclosed.
NEWARK, DEL. — LaMotte Co., a Maryland-based provider of water-quality testing supplies, will open a 79,000-square-foot office and manufacturing facility at Pencader Corporate Center in Newark, Del. The company will immediately hire 50 people to staff the new facility and plans to employ more than 100 workers at the site within three years. In addition, LaMotte will invest $3.3 million in the interior build-out of its new space.
By John Stater, Research Manager, Colliers Southern Nevada gained 15,400 industrial jobs between August 2020 and August 2021, according to the Nevada Department of Employment, Training and Rehabilitation. The logistics and wholesale sectors added jobs on a year-over-year basis, while the natural resources and construction sectors lost jobs. Unemployment in the Las Vegas-Paradise MSA was 8.3 percent in August 2021. Over the past 12 months, total employment in Southern Nevada increased by 55,600 jobs, a 6.1 percent increase. Southern Nevada lost 241,900 jobs between February and April 2020 and had regained 71 percent of those lost jobs by August 2021. Southern Nevada is in its third major wave of post-Great Recession industrial development, with 6.6 million square feet of product now under construction. The fourth quarter of 2021 could see 2.3 million square feet of product added to inventory. Projects scheduled for completion in the fourth quarter of 2021 are currently 58 percent pre-leased. Projects completed this quarter were 98.8 percent pre-leased when completed. Net absorption this quarter was a record 4.45 million square feet. This brought net absorption up to 9.79 million square feet year-to-date, higher than the previous record for annual net absorption recorded in 2017. Warehouse/distribution net absorption …
HENDERSON, NEV. — M&J Enterprises Construction has purchased an industrial property located at 7501 Eastgate Road in Henderson. Eastgate LLC sold the asset for $3.7 million. Greg Pancirov and Paul Hoyt of RealComm Advisors represented the buyer and seller in the transaction.
COPPELL, TEXAS —Dynamic Glass Products, a Wisconsin-based provider of glass products for the real estate and advertising industries, has signed a 116,980-square-foot industrial lease at 611 S. Royal Lane in Coppell, located near Dallas-Fort Worth International Airport. According to LoopNet Inc., the property was built in 2001 and totals 383,925 square feet. Matt Hyman and Bryan Parker represented the landlord, Indianapolis-based Duke Realty, in the lease negotiations on an internal basis. David Eseke and Clay Balch of Cushman & Wakefield represented Dynamic Glass.
MCALLEN, TEXAS — NAI Rio Grande Valley has brokered the sale of a 61,000-square-foot cold storage facility in McAllen, located near the Texas-Mexico border. The property features 17 climate-sensitive loading docks and 26,000 square feet of cold storage space, as well as dry storage and office space. Wonderful Citrus Packaging LLC sold the property to Green Light Go, a California-based provider of logistics services to the agriculture sector. The sales price was not disclosed. The property had been vacant for several years at the time of sale.
EDISON, N.J. — A joint venture between global asset manager Oxford Properties Group and Denver-based EverWest Real Estate Investors has purchased a 113,079-square-foot warehouse in Edison, about 35 miles south of Manhattan. The sales price was $21 million. Building features include clear heights of 20 to 24 feet, 11 dock-high doors and 100-foot truck court depths. The joint venture acquired the property via a sale-leaseback with the seller/tenant, food products supplier ISC Gums.
By Garrett McClelland, Vice President, JLL With a global pandemic still in flux, strong demand for Orange County industrial remained constant throughout 2021. As we start the New Year, signs of a slowdown are nowhere in sight. Orange County’s overall vacancy was at 2 percent last quarter, which ranks among the lowest nationally. Demand continues to outpace supply — with limited inventory bringing the vacancy rate down and driving rents to historic highs. With very few viable options, tenants are forced to settle for anything that will satisfy their needs, or renew. Given this, developers have gotten creative to find solutions and build new industrial product in primary submarkets. The primary target for industrial developers in Orange County has been Class B and C office buildings located on industrial-zoned parcels. For example, Duke Realty recently bought a primarily vacant 100,000-plus-square-foot office building in Brea. The building is situated on 5.8 acres and is planned for a new modern warehouse industrial facility. According to JLL Research, out of the 12 conversion projects announced last year, nine were office to industrial. This shouldn’t come as a surprise as we’ve seen rapid rent growth in the industrial sector over the past 24 months. This has made office-to-industrial …
PHOENIX — ViiaWest Group and Stevens-Leinweber Construction, as general contractor, have broken ground for the development of Airport 48 Industrial, a Class A industrial building situated on one of the last infill parcels in Central Phoenix. Located on nearly 10 acres at 3232 S. 48th St., Airport 48 will offer 146,526 square feet of industrial space. Delivery is slated for fourth-quarter 2022. McCall & Associates is serving as project architect and Kimley-Horn is civil engineer. Isy Sonabend and Drew Eisen of NAI Horizon are handling leasing for the property.
WILKESBORO, N.C. — JLL Capital Markets has arranged the $7.4 million sale of an 80,000-square-foot, single-tenant industrial facility in Wilkesboro that is triple net leased to InterFlex Group, a provider of flexible and sustainable packaging solutions. Pete Pittroff, Patrick Nally, Dave Andrews, Zach Lloyd, Michael Scarnato and Josh McArdle of JLL represented the seller, Effingham, Ill.-based Agracel Inc., in the transaction. McLean, Va.-based Gladstone Commercial Corp. acquired the property, which was a build-to-suit in 2014 for InterFlex. With 12.7 years of remaining on the lease term, the tenant uses the facility for its manufacturing and distribution of packaging products. Situated on 9.2 acres at 251 Industrial Drive, the facility is adjacent to US-421, which connects to North Carolina’s Triad region. The location is also proximate to Interstates 77 and 40, providing connectivity to Charlotte and Raleigh, as well as Interstate 85. The property is also located less than two miles from InterFlex’s North American headquarters.