ROCKAWAY, N.J. — Cushman & Wakefield has arranged the sale of a 170,000-square-foot industrial asset in Rockaway, a city located about 30 miles west of New York City. The six-building complex at 114 Beach St. is 99 percent leased to 17 tenants, including light manufacturing, service and distribution companies. Andrew Schwartz, Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Andrew MacDonald, Jordan Sobel and Stephen Sander of Cushman & Wakefield represented the seller, The Silverman Group, in the transaction. The team also procured the buyer, New York-based investor Davco Group.
PENNSAUKEN, N.J. — Colliers International has brokered the $3.6 million sale of 6910-6930 Central Highway, a 58,000-square-foot industrial warehouse in Pennsauken, an eastern suburb of Philadelphia. The building features three loading doors and a 24-foot ceiling height. Ian Richman and Marc Isdaner of Colliers represented the seller, 6910-30 Central Highway LLC, in the transaction. Hair care and tool manufacturer Heat Makes Sense Inc. was the buyer.
ROCHESTER, N.Y. — Broadstone Net Lease (BNL) has acquired 23 industrial properties in 14 states and British Columbia, Canada for $735.7 million. The portfolio was fully leased at the time of sale and comprises a mix of warehouse, distribution, cold-storage, manufacturing and flex properties. The 23 buildings total 6.9 million square feet and are leased to 19 tenants. When the sale closes, Rochester-based BNL’s portfolio will consist of 41 percent industrial properties, 27 percent retail and 18 percent healthcare. The company will own 668 net-leased commercial properties totaling approximately 27.2 million rentable square feet of operational space. The seller and a list of the properties were not disclosed. “This portfolio benefits from attractive real estate and tenant fundamentals and represents a diverse and accretive addition to our net lease real estate portfolio,” says Chris Czarnecki, BNL’s chief executive officer. The new portfolio has a weighted average remaining lease term of 11.5 years and weighted average annual rent increases of about 2.2 percent. The acquisition was funded through a combination of proceeds from BNL’s ongoing private offering of shares of common stock; $150 million from BNL’s $450 million, seven-year, unsecured term loan that matures in February 2026; $300 million from a new …
DALLAS — The Dallas industrial market is on fire, as a number of industry professionals repeatedly pointed out during the InterFace DFW Industrial conference. Held on Sept. 4 at the Westin Galleria Hotel in Dallas, the event drew more than 200 people in its inaugural year. Demand for industrial real estate from tenants, investors and lenders is strong enough to insulate the Dallas market from capitulation, even if the U.S. economy enters a recession, which some economists think may still be a ways off. During the event’s lenders and investors panel, speakers credited strong job and population growth in Dallas for this market insulation. Annually, the metroplex has added roughly 100,000 people and 75,000 jobs for the past several years. The market boasts a vacancy rate of 6 percent even with more than 30 million square feet of space under construction, according to CoStar Group. And tenant demand in Dallas continues to surge as well, fueling 12-month rent growth of 5.6 percent. Nikki Gibson, senior counsel at Bell Nunnally, moderated the panel. Market Evolution Central to the panel’s discussion as to why the Dallas-Fort Worth (DFW) industrial market is likely to weather severe economic storms was the notion that the …
DALLAS — Stream Realty Partners has negotiated the sale of a 48,993-square-foot industrial building located at 410-440 Hillburn Drive in Dallas. According to LoopNet Inc., the property was built in 1984 and is zoned for manufacturing. Ryan Boozer and Drew Feagin of Stream Realty Partners represented the undisclosed seller in the transaction. CBRE represented the buyer, Jona Real Estate LLC.
GRAPEVINE, TEXAS — General contractor Talley Riggins Construction Group is underway on a 32,000-square-foot, build-to-suit office and warehouse project in Grapevine, a suburb of Fort Worth. The space will serve as the new headquarters for HVAC supplier McMillan James Equipment Co. The building features office space for over 100 employees, a covered roof terrace, covered parking and an approximately 10,000 square-foot warehouse. Dallas-based Merriman Anderson Architects served as the architect and interior designer on the project.
HUNTSVILLE, ALA. — DaikyoNishikawa US (DNUS) has broken ground on its $110 million automotive plant in Huntsville. The plant will be on the same site as the 3.1 million-square-foot Mazda Toyota Manufacturing USA (MTMUS) plant, which is expected to be operational in 2021. DNUS’ plant is expected to come on line around the same time. DNUS will produce plastic automotive parts at the plant and expects the plant to house 380 employees at full production. The MTMUS plant will have the capacity to produce 300,000 vehicles annually.
NEW YORK CITY — Terreno Realty Corp., a San Francisco-based investor, has acquired an industrial property located in Brooklyn for approximately $80.5 million. The property, 134-154 Morgan Avenue, consists of two distribution buildings containing approximately 192,000 square feet and 41 loading positions. The buildings are 100 percent leased to eight tenants. The seller was undisclosed.
MOONACHIE, N.J. — Team Resources, a New Jersey-based firm, has negotiated a 23,000-square-foot industrial lease for New York-based wholesale merchandiser Icon Trade Services in Moonachie, a western suburb of New York City. The single-story warehouse features two loading docks, a drive-in door and an 18-foot ceiling height. David Knapel of Team Resources represented Icon in the lease negotiations, as well as the landlord, which was undisclosed.
SAN DIEGO — Southern California-based Rexford Industrial Realty has acquired an industrial building located 5725 Eastgate Drive in San Diego’s Miramar neighborhood. Valley Investment Services sold the asset for $8.2 million. Bill Dolan of CBRE represented the seller in the deal. The 27,267-square-foot property features 22-foot clear heights, eight grade-level loading doors, excess land and a secured yard. At the time of closing, the property was vacant. However, Rexford secured a long-term tenant prior to closing.