Industrial

Colliers Negotiates 140,800 SF Industrial Sublease in Pennsauken, New Jersey

by Taylor Williams December 3, 2020

PENNSAUKEN, N.J. — Colliers International has negotiated a 140,800-square-foot industrial sublease at 500 Griffith Morgan Lane in Pennsauken, located outside Philadelphia in Southern New Jersey. Food subscription service Misfits Market, which recently relocated to a new build-to-suit facility in Delanco, New Jersey, is subleasing the space to California-based Maxon Auto Corp. The space features a clear height of 24 feet, 29 loading doors and three drive-in doors. Ian Richman and Marc Isdaner of Colliers represented Misfits Market in the transaction.

December 3, 2020

Industrial Leasing Activity NAI New Jersey Northeast

NAI James Hanson Arranges 110,000 SF Industrial Lease in North Bergen, New Jersey

by Taylor Williams December 3, 2020

NORTH BERGEN, N.J. — NAI James Hanson has secured a 110,000-square-foot industrial lease at 7300 West Side Ave. in North Bergen, located across the Hudson River from Upper Manhattan. The property currently spans 130,000 square feet, but the landlord plans to remove 20,000 square feet of mezzanine-level office space in order to create more 24-foot clear heights throughout the building. Scott Perkins, Tom Vetter, Jeff DeMagistris and Chris Todd of NAI James Hanson represented the landlord, Link Logistics Real Estate, in the lease negotiations. Wenying “Linda” Tan of Oxford Property Group USA represented the tenant, shipping company High May Inc.

December 3, 2020

Acquisitions California Industrial Western

CBRE Negotiates $15.3M Sale of Industrial Campus in San Diego’s Sorrento Valley

by Amy Works December 3, 2020

SAN DIEGO — CBRE has facilitated the sale of Environmental Plaza, an industrial campus located at 4171-4206 Sorrento Valley Blvd. in San Diego’s Sorrento Valley submarket. Hill Properties, a local real estate firm, acquired the asset from a private family for $15.3 million. Totaling 91,669 square feet, Environmental Plaza features seven buildings that offer suites ranging from 1,000 square feet to 4,200 square feet. At the time of sale, the property was 87 percent leased to 37 tenants. Matt Pourcho, Anthony DeLorenzo, Gary Stache, Bryan Johnson and Bill Dolan of CBRE represented the seller, while the buyer was self-represented in the transaction.

December 3, 2020

Development Georgia Industrial Southeast

Hyundai Transys to Develop $240M Advanced Manufacturing Facility in West Point, Georgia

by Alex Tostado December 2, 2020

WEST POINT, GA. — Hyundai Transys will develop a $240 million advanced manufacturing facility in West Point. The building will span 620,000 square feet and is expected to bring 678 full-time jobs to the area. Hyundai Transys specializes in transmissions and the new facility will produce eight-speed transmissions for Kia. The exact location of the new plant was not disclosed, though Georgia Gov. Brian Kemp’s office says it is near the company’s existing plant within the Kia campus. A timeline for construction was not disclosed.

December 2, 2020

Arizona Development Industrial Western

Westcore Acquires 45 Acres in Western Phoenix for Build-to-Suit Distribution Center

by Amy Works December 2, 2020

GOODYEAR, ARIZ. — Westcore has purchased approximately 45 acres of land at Thomas and Citrus roads near Interstate 10 and Loop 303 in Goodyear. First Industrial sold the land parcel for $11.2 million. Westcore plans to break ground immediately to construct a 721,156-square-foot, build-to-suit distribution facility for a national third-party logistics company. The completed cross-dock building will feature 36-foot clear heights, an ESFR sprinkler system and secure site trailer storage capacity. Completion is slated for June 2021. The project team includes Merit Partners, Butler Design Group, Hunter Engineering and Stevens-Leinweber Construction. Completion is slated for June 2021.

December 2, 2020

Acquisitions Industrial Midwest Ohio

Plymouth Industrial REIT Completes Acquisition of Ohio Industrial Portfolio for $94M

by Kristin Harlow December 2, 2020

AKRON AND CANTON, OHIO — Plymouth Industrial REIT Inc. has closed on a previously announced acquisition of a portfolio of industrial buildings located in Akron and Canton for approximately $94 million. The 10 buildings total 2.1 million square feet. They are 98 percent leased to 15 tenants in a variety of industries, including transportation and logistics, healthcare, manufacturing and food and beverage. The acquisition brings Plymouth’s holdings in the Cleveland metro area to 3.6 million square feet and increases the size of its Ohio portfolio to 7.5 million square feet. The company will manage the portfolio from its Columbus regional office. With the completion of this transaction, Plymouth has acquired 5.5 million square feet of industrial properties year to date for total consideration of roughly $244 million. Plymouth now owns 23.3 million square feet of industrial product throughout the country.

December 2, 2020

Acquisitions Industrial Texas

Dalfen Acquires 396,750 SF Peachtree Distribution Center in Mesquite, Texas

by Taylor Williams December 2, 2020

MESQUITE, TEXAS — Dalfen Industrial has acquired Peachtree Distribution Center, a 396,750-square-foot industrial property located in the eastern Dallas suburb of Mesquite. The cross-dock property was built in 2001 and was fully leased to manufacturers Dal-Tile Corp. and Parker-Hannafin Corp., as well as packaging firm Bronco Orora, at the time of sale. Building features include 68 docks, ample car and trailer parking space and proximity to Interstates 30, 80 and 635. The seller was New York-based Clarion Partners. With this acquisition, Dalfen now owns and operates over 4.4 million square feet of last-mile industrial space in Texas and over 24 million square feet nationwide.

December 2, 2020

Acquisitions Industrial Office Texas

JLL Negotiates Sale of 149,893 SF Westchase Commons Flex Property in Houston

by Taylor Williams December 2, 2020

HOUSTON — JLL has negotiated the sale of Westchase Commons, a three-building, 149,893-square-foot flex property in Houston. The 14-acre Westchase Commons was built in 2001 and was 77 percent leased at the time of sale. Kevin McConn and Trent Agnew of JLL represented the undisclosed seller and procured Houston-based Mission Cos. as the buyer. John Ream and Michael Johnson of JLL arranged acquisition financing through Woodforest National Bank.

December 2, 2020

Development Industrial New Jersey Northeast

Home Depot to Open 330,000 SF Distribution Center in Perth Amboy, New Jersey

by Taylor Williams December 2, 2020

PERTH AMBOY, N.J. — The Home Depot (NYSE: HD) will open a 330,000-square-foot distribution center in the Northern New Jersey city of Perth Amboy. The Atlanta-based retailer will use the center to offer same-day and next-day flatbed delivery of bulk and oversized orders to customers and stores in the Tri-State area. In addition, Home Depot will open a fulfillment center in Perth Amboy in 2021. Combined, the openings of these two facilities should bring about 400 new jobs to the market. Prospective sites for the new centers, as well as specific timelines for coming on line, were not disclosed.

December 2, 2020

Development Industrial Leasing Activity Northeast Pennsylvania

TJX Signs 282,800 SF Build-to-Suit Industrial Lease in Northeast Philadelphia

by Taylor Williams December 2, 2020

PHILADELPHIA — TJX, the parent company of T.J. Maxx, Marshalls and HomeGoods, has signed a 282,800-square-foot build-to-suit industrial lease at 9801 Blue Grass Road in northeast Philadelphia. The site originally housed a commercial bakery that was built in the 1950s. DH Property Holdings owns the site, and Bridge Development is developing the new facility, which will feature 53-foot clear heights and ample trailer parking. Demolition of the existing facility is expected to begin in the first quarter of 2021, and construction is expected to last 12 to 18 months. Richard Gorodesky of Colliers represented TJX in the deal.

December 2, 2020

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