ELDERSBURG, MD. — MacKenzie Commercial Real Estate Services LLC has arranged a 28,800-square-foot industrial lease in Eldersburg for Hajoca Corp., a privately owned wholesale distributor of plumbing, heating and industrial supplies. The lease is for warehouse space in Londontown Business Center, which is located at 1332 Londontown Blvd. Hajoca will be relocating from Baltimore City. Dennis Boyle and Daniel Hudak of MacKenzie represented the landlord in the transaction. Londontown Business Center is a 365,812-square-foot warehouse and office project located in downtown Eldersburg. The property’s common areas have been recently renovated and include flexible floor plans. Hajoca’s new location will include office space and an outside storage area. There is still approximately 21,000 square feet remaining for lease at the project.
MESQUITE, TEXAS — Elements Sleep, a provider of mattresses and bedding, has signed a 177,473-square-foot industrial lease at Building 1 at Urban District 30, an 80-acre development in the eastern Dallas suburb of Mesquite. Matt Dornak and Blake Kendrick with Stream Realty Partners represented the landlord, Urban Logistics Realty, in the lease negotiations. CBRE represented the tenant.
ALEXANDRIA, VA. — JLL has brokered the sale of Oakville Self Storage, a 934-unit self-storage facility in Alexandria, about 8.3 miles north of Washington, D.C. The sales price was not disclosed. An entity doing business as Potomac Yard Mini U Storage LLC in partnership with Elevation Fund 8 LLC has bought the facility. Brian Somoza, Steve Mellon, Bruce Strasburg and Craig Childs of JLL represented the seller, an institutional investor. Built in 1949, Oakville Self Storage is a three-story building that was converted to a self-storage facility in 1989. The property is now operating under the Mini U Storage brand. The property features non-climate-controlled interior units, dock-high drive-up units and elevator access to upper floors. The facility is roughly 79 percent leased with over 675 tenants. Located at 405 Swann Ave., Oakville Self Storage is situated in the center of Oakville Triangle, a master-planned, 1 million-square-foot mixed-use redevelopment comprising Class A multifamily, townhomes, retail and healthcare properties. The self-storage facility will undergo exterior and interior renovations, including a complete exterior upgrade and the addition of a new office space and climate-controlled units. The facility will remain open throughout construction. BWD Architects is the design firm for the renovation project.
NEW YORK CITY — B6 Real Estate Advisors has brokered the $25 million sale of a 66,000-square-foot industrial building that consists of 63,000 square feet of warehouse space and 3,000 square feet of office space and is located in the Ridgewood area of Queens. The sale included 61,000 square feet of air rights. Thomas Donovan and Robert Rappa of B6 Real Estate represented the seller, Jason Richard Realty LLC, in the transaction. Brian Jaffe of Jaffe Realty LLC represented the buyer, an entity doing business as MySales LLC.
WINDSOR, N.J. — Elecnor Hawkeye, an underground utilities construction firm, has signed a 13,640-square-foot industrial lease renewal at 92 Main St. in Windsor, a suburb of Trenton. Marc Shein of NAI DiLeo-Bram represented the tenant in the lease negotiations. The name and representative of the landlord were not disclosed.
COUNTRY CLUB HILLS, ILL. — CRG, the real estate development and investment arm of Chicago-based Clayco, has broken ground on The Cubes at Country Club Hills. The 1 million-square-foot speculative industrial project is located at the intersection of I-57 and I-80 in Country Club Hills, about 25 miles south of Chicago. Completion of the 70-acre project is slated for the second quarter of 2022. The development is CRG’s first industrial project in the Chicago area and the first under the firm’s new fund, U.S. Logistics Fund II. CRG’s integrated partner and architecture firm Lamar Johnson Collaborative designed The Cubes at Country Club Hills, and Clayco is serving as the general contractor. Larry Goldwasser, Colin Green and Ryan Klink of Cushman & Wakefield will market the project for lease. The property will feature a clear height of 40 feet, 239 trailer parking stalls, 128 exterior docks and 212 car parking spaces. The Cubes is CRG’s national industrial brand. There are roughly 18 million square feet of Cubes projects across the country, more than 10 million square feet of which has already been delivered.
By Jeff Bender, Cushman & Wakefield Cincinnati and Northern Kentucky have the same logistical advantages they’ve always had, with their location within a day’s drive of two-thirds of the U.S. population, allowing reach and penetration to major metro areas. With those advantages, the region has enjoyed a robust industrial market, similar to most key markets in the country. Lessons learned from the pandemic, the pending opening of a nearly 1 million-square-foot e-commerce national air hub and growth of the Cincinnati/Northern Kentucky Airport (CVG) will truly differentiate the market from an occupier’s perspective. What’s more, that increased demand and Cincinnati’s topographical constraints, creating new supply limitations, will continue to make it a darling of institutional investors. Quick delivery model Amazon’s presence and $1.5 billion investment near the airport and Cincinnati’s central location place it in a prime spot for fulfillment, a big demand driver over the next decade. For example, let’s say you need to buy or repair a laptop, smart phone, tablet or any other electronic device. The order for a new computer could be fulfilled the next day most anywhere in the world even if the order is placed late in the evening. With a repair, you box it …
DENVER —IG Logistics LLC has acquired the Lipan Street Industrial Park in Denver from EP Investments LLC for $21 million. The 34-acre industrial site includes outside storage, trailer parking, a fueling station and a truck maintenance facility. Freeman Expositions, an event services provider, and System Transport, a West Coast-based flatbed trucking company, recently signed long-term leases to occupy the property. Existing tenant Mesilla Valley Transportation, a New Mexico-based transportation fleet, extended its lease for 3.5 acres. All Fleet Services, a Denver-based transport company, also leased the 22,000-square-foot shop and diesel station on the property. Each transaction was completed prior to the sale but were all contingent upon IG Logistics acquiring the property. Cushman & Wakefield negotiated the leases, excluding the Mesilla deal, and was retained to handle leasing following the acquisition. Lipan Industrial Street Park is located at 6045 Lipan Street, providing access to I-25 and I-76, Colorado’s main freeways. The property currently has a 14,000-square-foot freestanding office building available for lease and an additional 11-acre parcel to be used for trailer parking or as a potential industrial build-to-suit. IG Logistics is the industrial platform for Imperium Capital.
THORNTON, COLO. — The Opus Group has broken ground on two speculative industrial buildings in Thornton, 10 miles north of Denver. The buildings, totaling 282,108 square feet, are the second phase of North Washington Commerce Center. The multi-tenant park offers a variety of sizes, clear heights and loading options. The 163,686-square-foot building will offer 35 dock positions, 270 parking stalls, 15 trailer parking spots and four drive-in doors. The 118,422-square-foot building will offer 28 dock positions, 196 parking stalls and four drive-in doors. Opus is the design-builder, architect and project developer. Both buildings are slated for completion in January 2022.
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Walker & Dunlop: Excess Capital Makes for Competitive Lending Environment
The third quarter of 2020 was the beginning of a significant rebound for capital markets in commercial real estate. After banks and other lenders slowed their activity during the pandemic, lenders and equity investors regained their momentum — particularly in multifamily and industrial — a trend that has continued through the third quarter of 2021. It’s a good time to be a borrower, explains Mark Strauss, managing director of capital markets, and Rob Quarton, senior director of capital markets, with Walker & Dunlop’s Irvine, California, office. Vigorous Lending Markets Currently, Quarton explains, “Banks are really competitive. Debt funds are also aggressive — their funding mechanisms, like collateralized loan obligations (CLOs), have come back strong. Further, insurance companies are under allocated to real estate, which increases their annual volume targets and desire to win more business. Consumers have been purchasing more life insurance policies and insurance in general post pandemic, which provides dry powder for insurance companies to invest. In general, lending markets are very robust today, with ample options for lenders up and down the capital stack.” “Lenders have yearly production quotas, and I don’t think any of them hit their quotas last year,” adds Strauss. “This caused an overhang of …