MANSFIELD, N.J. — Developer 2020 Acquisitions is underway on construction of a 610,000-square-foot distribution center in the Central New Jersey city of Mansfield. The site spans 47 acres and is located at 5206 Route 130. The facility will feature 123 loading docks, four drive-in ramps, a clear height of 40 feet, an ESFR sprinkler system and parking for 95 trailers and 173 cars. Delivery is slated for this summer. JLL has been tapped to lease the project.
SALT LAKE CITY — Los Angeles-based Dunleer has acquired a multi-tenant industrial building, located at 2950 W. 500 S in Salt Lake City, for an undisclosed price. The transaction marks Dunleer’s first industrial investment in Utah. Situated on 4.8 acres, the 83,893-square-foot facility features 16 units, 20 ground-level doors, 20 restrooms and more than 110 parking spaces. At the time of sale, the property was 95 percent occupied. Dunleer plans to renovate the individual units as leases expire. Eli Priest of Newmark represented the buyer and undisclosed seller in the transaction.
INDIANAPOLIS — Trends International Inc. has renewed its 180,000-square-foot industrial lease at 5110 W. 74th St. within Park 100 Business Park in Indianapolis. The tenant, which produces licensed posters, calendars, stickers and stationery products, renewed its lease for seven years. Sean McHale of Avison Young represented the tenant, while Grant Lindley of Cushman & Wakefield represented the landlord, LINK Industrial. The location serves as Trends International’s corporate headquarters.
MOUNT PROSPECT, ILL. — Seefried Properties has broken ground on an 80,053-square-foot speculative industrial building in the Chicago suburb of Mount Prospect. The Class A project, located 2.5 miles from the O’Hare airport’s North Cargo Gate, will be designed to accommodate freight-forwarding and air cargo warehousing. World Courier Inc. has leased 34,011 square feet at the development. Mike Feeney and Jay Cook of Cresa represented the tenant, while Mike Sedjo, Jack Brennan, John Hamilton and Ben Dickey of CBRE represented Seefried. CBRE will handle lease-up of the remainder of the building. The project team includes general contractor Principle Constructors, civil engineer Kimley-Horn and architect Harris Architects. The building will feature a clear height of 32 feet, 16 exterior dock doors, ample car parking and 17 trailer stalls. A timeline for completion was not provided.
BUCKEYE, ARIZ. — Creation, a real estate development and alternative investment firm headquartered in Phoenix, has sold 10 West Commerce Park in the Phoenix suburb of Buckeye for $130 million. The seller says it’s the highest gross sales price for an industrial property in Buckeye’s history. The buyer was Los Angeles-based investment firm Cohen Asset Management. Funko, a toy company best known for its pop culture figurines, bobbleheads and other collectibles, fully occupies the 10 West property, signing the lease in advance of completion in 2021. The 860,602-square-foot asset serves as the company’s U.S. distribution center. Will Strong of Cushman & Wakefield’s Phoenix office brokered the sale transaction. “We are firm believers that the Buckeye industrial submarket will continue to mature and attract industry-leading organizations as it establishes its place among sought-after West Coast industrial development hubs,” says Brandon Delf, principal and co-chief investment officer with Cohen Asset Management. Simultaneously with the sale announcement, Creation unveiled plans for a new industrial development in Buckeye. Named Ten85, the proposal calls for 4.2 million square feet of speculative space on a 270-acre parcel. The planned Ten85 logistics park will include four buildings ranging in size from 650,000 to 1.2 million square feet …
COPPELL, TEXAS — Lee & Associates has brokered the sale-leaseback of a 165,000-square-foot industrial building located at 585 S. Royal Lane in northern central metroplex city of Coppell. Alex Wilson and Nathan Denton of Lee & Associates represented the buyer, Nuveen Real Estate, in the off-market transaction. The seller and tenant was Dexas International, a local manufacturer of kitchen tools and specialty gadgets.
LEWISBERRY, PA. — New Jersey-based investment firm Larken Associates has acquired Fairview Industrial Park, a 137,404-square-foot complex in Lewisberry, a southern suburb of Harrisburg. The three-building complex was close to fully leased at the time of sale to tenants such as LeafGuard, Best Dressed Associates, Precision Pulley, Eastern Surfaces and Paul Davis Restoration. Buildings range in size from 16,800 to 61,714 square feet and feature clear heights of 18 feet. Gerry Blinebury and Brendan McGeary of Cushman & Wakefield represented the undisclosed seller in the transaction. Larken Associates was represented by its in-house brokerage division, Raider Realty.
ROMULUS, MICH. — Sealy & Co. has acquired AeroPlex One & Two, a 600,000-square-foot industrial property in Romulus. The purchase price was undisclosed. The two buildings feature clear heights of 30 feet, cross-dock configuration and ample truck and automobile parking. The property is located adjacent to the Detroit Metropolitan Wayne County Airport. Dan Labes of Newmark represented the seller and developer, Nemer Property Group.
MAHWAH, N.J. — NAI James E. Hanson has brokered the sale of a 54,000-square-foot industrial building in Mahwah, located on the New York-New Jersey border. The building sits on six acres and features a clear height of 16 feet. Russ Verducci and Eric Demmers of NAI Hanson represented the seller, Hendon Realty Associates LLC, in the transaction. The name and representative of the buyer were not disclosed.
NILES, ILL. — Marcus & Millichap has brokered the sale-leaseback of a 56,261-square-foot industrial building in the Chicago suburb of Niles for $5.2 million. The property, located at 7760 N. Merrimac Ave., sold for above asking price. Constructed in 1975, the facility features a clear height of 18 feet, eight internal docks and one drive-in door. The tenant and seller, Quality Elevator Products Inc., had owned the building since 2004. Peter Doughty and Dylan Hyde of Marcus & Millichap represented Quality Elevator Products. The duo also procured the buyer, a real estate investment firm focused on industrial assets.
