Industrial

TA Realty Sells National Industrial Portfolio in Two Transactions Totaling $1B

by John Nelson September 3, 2019

BOSTON — TA Realty, a real estate investor based in Boston, has sold off a national industrial portfolio in two separate deals for a little over $1 billion. The portfolio spans 8.3 million square feet of multi-tenant distribution space in 96 separate properties. Situated across 14 markets, the portfolio was 91 percent leased to more than 325 tenants as of July 1. In one transaction, AEW Capital Management acquired 28 facilities in the state of Texas from TA Realty. In the other transaction, funds managed by Blackstone Group (NYSE: BX) acquired 68 properties that are situated in 10 separate markets across the United States. Blackstone has a strong appetite for logistics space, having recently agreed to purchase GLP’s 179 million-square-foot industrial portfolio for nearly $19 billion. “Logistics remains our highest conviction investment theme,” says Nadeem Meghji, senior managing director and head of real estate Americas at Blackstone. “The portfolio we are acquiring from TA Realty is another example of last-mile logistics assets that will help meet the growing e-commerce demand.” The TA Realty team members involved in the transactions included Greg Bonomo, Ridgley Provencal and Luke Marchand. CBRE National Partners represented TA Realty in transaction negotiations. Specific properties and markets …

September 3, 2019

California Industrial Market Reports Western Western Market Reports

Tech Continues to Bolster Bay Area’s Surrounding Industrial Basin

by Taylor Williams September 1, 2019

Class A product is going off the market fast in Northern California’s industrial basin. Older product is sitting on the market longer, while mid-sized spaces are still the East Bay’s bread and butter. Net absorption has been pegged on a negative trend due to new construction and the volume of deals slowing down. Certain products are giving concessions to compete with newer product, while some landlords are trying to push the market limits to see how heavy tenant’s pockets really are. Several significant leases were signed in the East Bay during the second quarter of 2019. The largest deal of the quarter belonged to Service West, a furniture installer that signed a renewal and expansion totaling 252,021 square feet in San Leandro at 2350 Williams Street. Javelin Logistics, a logistics and distribution provider, also inked a new lease for 134,279 square feet at 7091 Central Ave. in Newark. Confluent Medical had the largest research and development deal of the second quarter, totaling 65,385 square feet. The material science tech company renewed at 47513 Westinghouse Drive in Fremont. The most significant investment sale of the second quarter occurred at 44100 and 44200 Osgood Road in Fremont. This is where Western Digital …

September 1, 2019

Development Florida Industrial Southeast

Codina Partners, USAA Break Ground on 147,768 SF Industrial Building in Metro Miami

by Alex Tostado August 30, 2019

HIALEAH, FLA. — Codina Partners and USAA Real Estate have broken ground on Building F, a 147,768-square-foot industrial building within Beacon Industrial Park in Hialeah. Codina and USAA are the owners and developers of Beacon Logistics Park, which will comprise more than 1.3 million square feet of industrial space when complete. The campus is located at NW 145th Place and NW 107th Avenue, 23 miles northwest of downtown Miami. Upon completion, Building F will be available to tenants seeking 17,280 square feet and more. RLC Architects designed the industrial park, and Rycon Construction Inc. is the general contractor for Building F.

August 30, 2019

Industrial Leasing Activity Texas

American Tile & Stone Signs 58,296 SF Industrial Lease Extension in Metro Dallas

by Taylor Williams August 30, 2019

CARROLLTON, TEXAS — American Tile & Stone has signed a 58,296-square-foot industrial lease extension at Luna Distribution Center, a 1.3 million-square-foot development in Carrollton, a northern suburb of Dallas. George Billingsley of Billingsley Co. represented the landlord on an internal basis. Ryan Boozer with Stream Realty Partners represented the tenant.

August 30, 2019

Arizona Development Industrial Western

Foundation Capital Partners, Baker Development Break Ground on 325,000 SF Industrial Project in Arizona

by Amy Works August 30, 2019

GOODYEAR, ARIZ. — New York-based Foundation Capital Partners and Chicago-based Baker Development Corp. have broken ground on VB/143, a two-building, Class A industrial project in Goodyear. Situated within a foreign trade zone magnet site, the project is slated for completion by fourth-quarter 2019. VB/143 will feature a 213,000-square-foot, cross-docked building and a 112,000-square-foot, rear-loading building. The project will offer divisibility down to 30,000 square feet and includes modern amenities, such as 36-foot clear heights, secured concrete truck courts, insulated dock doors, energy-efficient clerestory windows, robust power, trailer drops, public transportation and outdoor employee amenity spaces. The property will be located at the southeast and southwest corners of 143rd Avenue and Van Buren Street. The project team includes Layton Construction Co. as general contractor and Butler Design Group as architect. The project is situated within Goodyear Gateway South, a Class A, master-planned industrial park, less than one mile from a full interchange at Interstate 10 and Bullard Avenue, just north of Phoenix Goodyear Airport. The joint-venture developers have named Anthony Lydon, Marc Hertzberg and Riley Gilbert of JLL as the project’s exclusive leasing agents.

August 30, 2019

Acquisitions Illinois Industrial Midwest

ML Realty Partners Acquires Two Chicagoland Industrial Buildings Totaling 101,405 SF

by Kristin Harlow August 30, 2019

HANOVER PARK AND WILLOWBROOK, ILL. — ML Realty Partners has acquired two single-tenant industrial buildings in metro Chicago totaling 101,405 square feet. The first is 1565 Hunter Road in Hanover Park within the Central DuPage County submarket. The second is 7100 S. Madison St. in Willowbrook within the I-55 Corridor submarket. Both properties are fully leased. Jeffrey Devine and Steven Disse of Colliers International represented the undisclosed seller. The purchase price was not disclosed.

August 30, 2019

Acquisitions Industrial Michigan Midwest

Moghul Foods Purchases 28,339 SF Industrial Facility in Madison Heights, Michigan

by Kristin Harlow August 30, 2019

MADISON HEIGHTS, MICH. — Moghul Foods LLC has purchased a 28,339-square-foot industrial facility located at 32007-32011 Stephenson Highway in Madison Heights, a northern suburb of Detroit. The South Asian and Middle Eastern food distributor will move its operations from neighboring Troy. Garry Rogers and Jason Capitani of L. Mason Capitani CORFAC International brokered the sale. The seller and sales price were not disclosed.

August 30, 2019

Acquisitions Industrial New Jersey Northeast

Colliers Brokers Sale of Five Industrial Buildings totaling 130,435 SF in Pennsauken, New Jersey

by Alex Patton August 30, 2019

PENNSAUKEN, N.J. — Colliers International has brokered the sale of five industrial buildings totaling 130,435 square feet in Pennsauken, an eastern suburb of Philadelphia. The buildings are located within the Pennsauken Industrial Park on Bethel Ave., including Buildings 841, 845, 851, 959 and 965. Ian Richman and Marc Isdaner of Colliers represented the undisclosed seller in the transaction. The team also represented the buyer, a private investor.

August 30, 2019

Industrial Market Reports Texas Texas Market Reports

Diverse Mix of Industries Propels Dallas Industrial Market to New Heights

by Taylor Williams August 30, 2019

Until about six years ago, the Dallas-Fort Worth (DFW) industrial market was considered a second-tier market, lagging behind the likes of New York-New Jersey, Chicago and Los Angeles in terms of investor interest and demand. Today, the metroplex is not only holding its own with the traditional gateway markets, but in some cases surpassing them, thanks to growth from an exceptionally diverse group of tenants and industries. Natural population growth throughout North Texas has prompted stronger demand for industrial space across a range of user bases: e-commerce, global logistics, consumer products, building materials, pharmaceuticals, food, furniture, aviation. Some notable, six-figure leases that have been executed in the metroplex over the last 12 months and which reflect the diversity of tenant demand — as well as the geographic range of submarkets seeing strong activity — include the following: Smuckers (1.1 million square feet in south Dallas), furniture provider Steelcase (618,000 square feet in Carrollton), marketing firm Taylor Communications (232,000 square feet in south Dallas), ITW Food Equipment (184,000 square feet in Fort Worth), Alliance Glazing (137,000 square feet in Garland), Panoramic Doors (127,500 square feet in Fort Worth) and CEVA Logistics U.S. (100,000 square feet in Coppell). As these deals illustrate, …

August 30, 2019

Industrial Leasing Activity Midwest Ohio

Spartan Logistics Signs 257,962 SF Lease in Columbus

by Kristin Harlow August 29, 2019

COLUMBUS, OHIO — Spartan Logistics has signed a 257,962-square-foot industrial lease at 3100 Creekside in Columbus. The three-year lease brings the 340,000-square-foot property to 76 percent occupancy. Plymouth Industrial REIT Inc. owns the property. Spartan Logistics is a full-service, third-party logistics company providing transportation solutions throughout the United States and Canada. Spartan, which plans to use the facility for warehousing and distribution of personal care supplies, will take occupancy of the space in September. The company has several locations in Arkansas, Ohio and South Carolina.

August 29, 2019

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