FLEMINGTON, N.J. — Flemington Pickleball Club LLC has signed an 11,200-square-foot retail lease at 19 Royal Road in Central New Jersey. According to LoopNet Inc., the property was built on 2.3 acres in 2003 and features 21-foot clear heights. Marc Shein of NAI DiLeo-Bram represented the tenant in the lease negotiations. Pickleball is a cross between tennis, ping-pong and badminton.
By Brian Leonard and Mark Volkman Tides are changing throughout the U.S. as companies work to confront COVID-19 and its implications on the national supply chain. Changing consumer preferences are forcing businesses to reevaluate their current supply chain and diversify their sources of supply. Since COVID-19, retailers across the country have experienced a 54 percent increase in online sales. This shows the value shoppers place on convenience and accessibility — the only missing factor from online shopping is the immediacy of a physical store. As a result, 51 percent of global retailers now offer same-day shipping to available areas, and 65 percent plan to offer same-day delivery services within a year. These factors, combined with the expectations of a “next normal,” will require fulfillment centers to be positioned close to customers to ensure timely deliveries. And finding a well-equipped, centrally located space can be a challenge. Luckily for investors, the Cincinnati market is emerging as a destination for warehouse and fulfillment centers. Cincinnati is nationally recognized for its accessibility to major markets, talented workforce and plentiful intermodal properties. Because of these reasons, major retailers like Wayfair and Hayneedle are dominating the market, making larger footprints harder to come by. Here …
SUMMERVILLE, S.C. — The Silverman Group will develop a 520,000-square-foot speculative industrial building within Foreign Trade Zone industrial park in Summerville. The cross-dock building will feature 36-foot clear heights, 76 dock doors, an ESFR sprinkler system, 120 trailer parking spaces and 485 parking spaces for vehicles. The building will be located near Interstate 26 and 27 miles northwest of the Port of Charleston. Silverman Group expects to begin site work in September and deliver the property in spring 2021. Bob Barrineau and Brendan Redeyoff of CBRE are handling leasing efforts on behalf of the developer.
MILPITAS, CALIF. — Vertical Ventures has acquired Sycamore Technology Park, a three-building office/R&D campus in Milpitas, from a local Bay Area-based investor for $45.5 million. NorthMarq’s San Francisco office arranged financing for the acquisition. Situated within Oak Creek Business Park, the portfolio includes 475, 501 and 525 Sycamore Drive. Constructed in 1983, the three buildings offer a total of 213,519 square feet, which is currently 84 percent leased to two different tenants. Nathan Prouty of NorthMarq secured $39.9 million in senior bridge financing for the acquisition, as well as to fund capital improvements and future leasing costs for the project. Eric Fox, Steve Hermann, Seth Siegel, Adam Lasoff and Ryan Venezia of Cushman & Wakefield represented the seller. Leasing of the project will be handled by Cushman & Wakefield’s San Jose, Calif., team of Gregory Davies, Eric Hallgrimson, Steven Horton and Kelly Yoder.
SAN DIEGO — Atlas Monroe, a vegan food manufacturer, has purchased an industrial warehouse property located 10 miles south of downtown San Diego. Deborah Torres of Atlas Monroe acquired the asset from Jerrold B Siegel for an undisclosed price. Currently based in the San Francisco Bay area, Atlas Monroe is expanding its footprint to include San Diego with the purchase of the two-story, 10,000-square-foot, freestanding warehouse building near San Diego’s Chula Vista community. The company offers plant-based options for vegetarians and vegans, including applewood-fired ribs, extra crispy fried chick’n, deep fried and stuffed turkey rolls, signature sauces, cakes and more. The new San Diego location will serve as a food manufacturing facility, as well as offer occasional pick-up opportunities for locals. Mark Lewkowitz, Chris Holder and Will Holder of Colliers International represented the buyer and seller in the deal.
HOFFMAN ESTATES, ILL. — Heitman Architects Design, serving as architect/designer, and McShane Construction Co., serving as general contractor, have completed the development of a North American headquarters facility for Swiss-based Bystronic Inc. The tenant is a high-tech manufacturer of high-quality machines and systems for processing sheet metal and other flat materials for laser cutting, bending and automation. Bystronic is relocating from nearby Elgin to the 163,350-square-foot property, which includes 30,400 square feet of office space, 67,750 square feet of production space, 35,000 square feet of warehouse space and a 30,200-square-foot showroom. Designed and organized around the visitor experience, the facility features a catwalk that bisects the showroom and the manufacturing floor, stacking hospitality rooms that overlook the showroom and a large central conference room perched off the catwalk. Construction of the property began in fall 2018.
CYPRESS, TEXAS — Marcus & Millichap has negotiated the sale of 290 Storage, a 287-unit self-storage facility located on five acres in the northwestern Houston suburb of Cypress. The facility comprises 169 climate-controlled and 118 non-climate-controlled units across 53,015 net rentable square feet. Brian Kelly, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller in the transaction. Additional terms of sale were not disclosed.
MUNCY, PA. — NAI Mertz has brokered the sale of two industrial buildings totaling 425,800 square feet that front Interstate 80 in the central Pennsylvania city of Muncy. The Class A distribution centers total 235,000 and 190,800 square feet and are leased to e-commerce users. Howard Fertman, Chris Matus, Steve Cole and Dave Weaver of NAI Mertz represented the seller, S. Balolia Holdings LLC, in the transaction. EuroOptic LLC, an e-commerce provider of firearms, purchased the larger of the two buildings, and Patton Warehousing purchased the smaller one.
RANDOLPH, N.J. — Third-party logistics firm Armstrong Relocation Co. has signed a 124,000-square-foot industrial lease renewal and expansion in Randolph, about 40 miles west of New York City. The company renewed its 84,000-square-foot lease at 9 Aspen Drive and also committed to an additional 40,000 square feet at the adjacent building. The company’s new space at 5 Aspen Drive features 46-foot clear heights, 12 loading docks and ample trailer parking space. Brian Wilson of Resource Realty represented Armstrong and the landlord, North Jersey Development, in the lease negotiations.
FREEHOLD, N.J. — Sheldon Gross Realty has negotiated a 71,922-square-foot industrial lease at 225 Willow Brook Road in Freehold, about 30 miles east of Trenton. The property was built in 1961 and totals 180,000 square feet, according to LoopNet Inc. Glenn Jaffe of Sheldon Gross represented the tenant, EUS Imports, a locally based luggage and travel accessory dealer, in the lease negotiations. Douglas Sitar and Robert JanTausch of Sitar Realty Co. represented the undisclosed landlord.