LOS ANGELES — Rexford Industrial has acquired two Class A industrial buildings in central Los Angeles for a total consideration of $28 million. Located at 1501-1545 Rio Vista, the buildings feature a total of 53,651 square feet. At the time of sale, both buildings were 100 percent leased to stable credit tenants. Jerry Sackler of DAUM Commercial represented the seller, a private family real estate investment trust, and procured the buyer in the deal.
EAST WINDSOR, N.J. — Marcus & Millichap Capital Corp. (MMCC) has placed a $13.5 million construction loan for a 121,500-square-foot industrial project in East Windsor, a suburb of Trenton, that is fully preleased to an undisclosed logistics firm. The loan was structured with a 3.75 percent interest rate and a 70 percent loan-to-cost ratio. The borrower was not disclosed. Construction is slated for a third-quarter completion. Gerald Kray of MMCC arranged the financing through an undisclosed lender.
The industrial market will be forever changed by the COVID-19 pandemic. Before the pandemic, demand for industrial space was closely tied with gross domestic product (GDP), with demand rising and falling alongside the U.S. output of goods. The pandemic has accelerated an already shifting economy to an “on-demand” economy. This shift was created by technology companies fulfilling consumer demand via the immediate provisioning of goods and services, and has now led to industrial warehouse demand being more in line with consumer spending versus GDP. Consumer spending and personal income are at all-time highs, with e-commerce sales growing exponentially throughout 2020 and 2021. Companies have been leasing warehouse space at a meteoric rate, driven by the need to store goods to accommodate the demand and mitigate risk from supply chain complications that have been brought on by the pandemic. Over the past two years, millions of square feet of warehouse space in the Chicagoland area have been leased for e-commerce use to tenants such as Walmart, Wayfair, Hello Fresh, Imperfect Foods and, of course, Amazon. Additionally, as traditional brick-and-mortar retailers transition to greater online sales, they require more warehouse space for goods storage, which has led tenants such as Target, Walmart, …
KENT, WASH. — The Seattle office of Duke Realty has started the development of a speculative industrial property at 7409 S. 202nd St. in Kent. Duke Realty purchased the 12.2-acre site in February 2021. The 261,362-square-foot property will feature 40-foot clear heights, 26 dock doors, 34 trailer stalls and parking for more than 260 cars. The facility will have access to Highway 167, as well as interstates 405 and 5. Completion is slated for early 2023. Matt Wood of KBC Advisors and Jim Kidder and Nick Ramirez of Kidder Mathews will be listing agents for the development.
EDWARDSVILLE, KAN. — Newmark Zimmer has arranged the sale of a 275,000-square-foot industrial property in Edwardsville, a western suburb of Kansas City. The sales price was undisclosed. The cross-dock truck terminal facility, which is fully leased to one tenant, features 335 truck doors and sits on a 126-acre site at 9140 Woodend Road. Originally constructed in 1999, the facility was expanded in 2013 and 2019. Jerry Hopkins, Ken Hedrick, Mark Long, John Hassler and Alex Foshay of Newmark Zimmer brokered the transaction. Buyer and seller information was not provided.
LOGAN TOWNSHIP, N.J. — Freight company LaserShip Logistics has signed a 327,000-square-foot industrial lease at Building F at Logan North, a 3.2 million-square-foot speculative development in Southern New Jersey. John Dingle & Dean Torosian of JLL represented the tenant in the negotiations for the full-building lease. Torosian also worked with Nate Demetsky and Matt Kemery of JLL to represent the landlord, a partnership between Advance Realty Investors and Greek Development.
ELK GROVE VILLAGE, ILL. — A joint venture between Clear Height Properties and Blackbird Investment Group has sold a 56,500-square-foot industrial building located at 1400 Greenleaf Ave. in the Chicago suburb of Elk Grove Village. The sales price was undisclosed. The partnership acquired the property in January 2021 and invested $720,000 in renovations. Originally constructed in 1973, the building features a clear height of 18 feet, three loading docks and 9,500 square feet of office space. Justin Lerner of Transwestern represented both the sellers as well as the buyer, Ideal Property Investments. Avatar Financial Group provided a $1.5 million bridge loan for the acquisition.
BETHLEHEM, PA. — Global logistics operator Realterm has acquired a 45-acre parking and maintenance facility in the Lehigh Valley community of Bethlehem. The site offers proximity to Interstate 78 and U.S. Route 22, as well as rail service from Lehigh Valley Rail Management. John Plower, Ryan Cottone, Chad Hillyer, Zach Maguire and Sean Christman of JLL represented the undisclosed seller in the transaction. The property was fully leased at the time of sale.
LOGAN TOWNSHIP, N.J. — Global freight company SEKO Logistics has signed a 164,000-square-foot industrial lease at Building A at Logan North, a 3.2 million-square-foot speculative development in Southern New Jersey. Kevin Dudley, Nick Klackik and Jeff Kapcheck of CBRE represented the tenant in the lease negotiations. Nate Demetsky, Dean Torosian and Matt Kemery of JLL represented the landlord, a partnership between Advance Realty Investors and Greek Development.
MESA, ARIZ. — Greystar has acquired a 154-acre industrial development near Phoenix Mesa Gateway Airport from Phoenix-based Unbound Development. The acreage sold for $43.7 million. Located in Phoenix, the asset consists of six different parcels and provides Greystar with a Class A industrial development opportunity. Unbound spent the last year and a half acquiring the 154 acres located near the northeast corner of Pecos and Sossaman roads and obtaining approval from Mesa’s planning and zoning board for a development named Unbound Gateway. Unbound purchased 18 acres in September 2021 and remaining 136 acres in January 2022 for a combined total of $27.1 million. Greystar will utilize the development team that Unbound had assembled, with Derek Builders as general contractor, Deutsch Architecture Group as designer and Hunter Engineering as civil engineer. The development will feature approximately 2.2 million square feet in three buildings, including a 1.2 million-square-foot building, a 517,029-square-foot building and a 476,229-square-foot building.
