BRANCHBURG, N.J. — JLL has negotiated the sale of a 50,400-square-foot industrial building located in the Northern New Jersey city of Branchburg. The property sits on 3.5 acres and has been leased to the same tenant since it was constructed in 1988. Marc Duval, Jordan Avanzato, Mike Oliver, Jose Cruz and Mike Kavanagh of JLL represented the seller, a partnership between Elberon Development Group and The Avidan Group. NorthBridge Partners purchased the asset for an undisclosed price.
HOUSTON — Locally based investment firm Levey Group has sold Northwest Place Industrial Park II, a 65,000-square-foot industrial building in northwest Houston. The sale included 6.5 acres of undeveloped land on the site. The buyer, Alco Designs, a California-based manufacturer of retail merchandise displays, will occupy the vacant portion of the facility. The other tenant, Tytan International, a nationwide supplier of industrial and agricultural products, currently occupies 28,500 square feet.
LOGAN TOWNSHIP, N.J. — Cushman & Wakefield has arranged a $42.6 million construction loan for the second phase of Logan North Industrial Park, a 3.2 million-square-foot development in the Southern New Jersey community of Logan Township. The funds will finance construction of Buildings A and F, which will measure 164,112 and 326,937 square feet, respectively. John Alascio, Chuck Kohaut and T.J. Sullivan of Cushman & Wakefield placed the debt through Wells Fargo on behalf of the borrower, a partnership between Advance Realty Investors and Greek Development. The first phase of the 415-acre project spanned 1.6 million square feet
BOWLING GREEN, OHIO — Binkelman Corp. has leased a 59,960-square-foot industrial facility in Bowling Green. The property sits on nearly 20 acres at 828 Van Camp Road. Ron Jurgenson of Reichle Klein Group represented both the tenant and the owner, P&J Thayer Family LP. Brinkelman, which is an industrial equipment supplier currently based in Toledo, will utilize the building for its new headquarters.
By Harlan Reichle, Reichle Klein Group As the Toledo, Ohio, area’s retail market proved to be stable and solid in the second half of 2020 and the industrial market continued a remarkable stretch of high performance since the Great Recession, 2020 was a tough year for the office market. However, all three property types have yet to register any negative COVID impact in our latest survey results. Retail Toledo’s retail market proved to be quite stable and solid during the second half of 2020. Given the fraught last year along with the headlines and travails of retail stores, gyms and restaurants, the general public might find this result surprising, but it was clear to our retail leasing brokers since mid-summer 2020 that transaction activity was snapping back fairly quickly after the initial shock of the spring 2020 lockdowns. Our year-end 2020 market survey found overall market vacancy down from both the end of 2019 and mid-year 2020. The decline in anchor vacancy more than offset a small increase among inline spaces as the market absorbed 39,183 square feet of space in the last six months of the year. It is a nearly exact repeat of the market’s performance in the …
DISTRICT HEIGHTS, MD. — Big Cypress Capital and PSG have sold a newly built, climate-controlled self-storage facility in District Heights for $18.2 million. Extra Space Storage, a self-storage REIT based in Salt Lake City, Utah, purchased the 900-unit, three-story facility and plans to operate it. The self-storage facility is located at 7618 Marlboro Pike, approximately 13 miles from Washington, D.C., and 14 miles from Alexandria, Va. The development site is located on 3.2 acres and includes a demised outparcel pad currently under contract to a third-party developer. Big Cypress Capital and PSG acquired the site in June 2018 and delivered the 110,000-square-foot storage facility earlier this month.
MESA, PHOENIX AND SEDONA, ARIZ., AND OCEANSIDE, CALIF. — Newport Beach, Calif.-based MIG Real Estate has purchased four properties to expand its portfolio in Arizona and California. The properties are: Gateway Technology Commerce Center, a 138,692-square-foot industrial property at 7535 E. Ray Road in Mesa. The property is fully leased to six tenants. Steve Lindley, Eric Wichterman and Will Strong of Cushman & Wakefield represented the undisclosed seller, while Ken McQueen and Chris McClurg of Lee & Associates provided leasing advice for MIG. First Commons, a two-building, 99,528-square-foot, multi-tenant industrial warehouse at 4624-4635 W. McDowell Road in Phoenix. Built in 2001, the property is 84 percent leased to 12 tenants. Tracy Cartledge and Robert Buckley of Cushman & Wakefield represented the seller, while John Pompay of Cushman & Wakefield provided leasing advice for MIG. Sedona Real Inn & Suites, an 89-key hotel located at 95 Arroyo Pinon Drive in Sedona. Built in two phases in 1996 and 2006, the property was acquired in an off-market transaction. Stone Arbor Apartment Village, an 88-unit, value-add multifamily community located at 612 Los Arbolitos Blvd. in Oceanside. Built in 1977, the property features one-, two- and three-bedroom floorplans and some townhomes. Stew Weston and …
VISTA, CALIF. — Lee & Associates has arranged a long-term lease for M2 Ingredients to occupy a single-tenant industrial building located at 1395 Park Center Drive in Vista. The lease is valued at $20.5 million. The 150,000-square-foot building features 20,000 square feet of office space, four dock-high doors, eight grade-level doors and 135,000 square feet of warehouse space with 4,000 amps 277/480-volt power. M2 Ingredients was founded in 2010 and is a producer of certified mushroom powders with a full spectrum of bioactive compounds to support health, sport performance, recovery and cognition. The new facility will serve as the company’s corporate headquarters and main warehouse for the manufacturing and distribution of its products. Marko Dragovic, Isaac Little and Tim Moore of Lee & Associates – North San Diego County represented the tenant, while Aric Starck and Brant Aberg of Cushman & Wakefield represented the landlord, Alpha Industrial Properties, in the transaction.
WHITESTOWN, IND. — Green Rabbit has leased 187,941 square feet of cold storage space in Whitestown near Indianapolis. The newly constructed facility is located along I-65. Tony Hupp of Colliers International represented Green Rabbit, which is a Massachusetts-based supplier of cold storage transportation. Becknell Industrial owns the property.
PLAINFIELD, IND. AND MOUNT PLEASANT, WIS. — Two new tenants have signed leases at industrial properties owned by HSA Commercial Real Estate in Indiana and Wisconsin. In the first transaction, Sedgwick leased 68,486 square feet at Gateway V, a facility within the 55-acre Gateway Business Park in Plainfield. The 262,758-square-foot property, which HSA developed in 2019, is now fully leased. Sedgwick is a provider of technology-enabled risk, benefits and integrated business solutions. In the second transaction, Ryder Last Mile Inc. moved into 75,290 square feet at 1570 International Drive in Mount Pleasant. The 116,600-square-foot building is one of three developed by HSA within the 184-acre Park 94. Ryder is a provider of last-mile logistics solutions for retail brands. Ned Frank, Pat Hake and Steve Sewart of Colliers International represented ownership in the Ryder lease, while Scott Furmanski and Karl Wiedenman of CBRE represented the tenant. Terry Busch and Jared Scaringe of CBRE represented ownership in the Sedgwick lease, while J.D. Graves of CBRE represented the tenant.
