SEATTLE — Terreno Realty Corp. has completed the $15.9 million redevelopment of an industrial property located on Sixth Avenue South in Seattle. The redeveloped property consists of a newly renovated, 51,000-square-foot distribution facility on approximately 1.7 acres two miles from downtown Seattle. The asset is adjacent to Seattle’s Port and SoDo districts. Additionally, Terreno has executed a lease for 100 percent of the property with a leading manufacturer of electric vehicles.
GREENVILLE, TEXAS — Marcus & Millichap has arranged the sale of a 41,684-square-foot industrial building in Greenville, located northeast of Dallas. The property was built on 5.2 acres in 1980, expanded in 2007 and is leased to Martin Saddlery, a provider of equestrian accessories. Adam Abushagur of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer and additional terms of sale were not disclosed.
SCOTTSDALE, ARIZ. — Los Angeles-based Route 66 Properties has purchased a creative office property and airplane hangar at 7350 E. Evans Road within the Scottsdale Airpark. ICIC Commercial Investments sold the assets for $8.5 million. Situated on 2.6 acres, the property was 72 percent leased at the time of sale. The acquisition included four office buildings, totaling 33,438 square feet, and a 6,082-square-foot airplane hangar. The office complex recently underwent a $2 million renovation to include hard-lit ceilings, generous clear heights, abundant glass, an open courtyard, exposed duct work, concrete floors and an open office environment. The hangar features 20-foot clear door height, storage bays equipped with sodium vapor lighting, block windows and folding metal aircraft doors. Additionally, 10 percent of the hangar facility is improved as office space. Geoff Turbow, Matt Pourcho, Anthony DeLorenzo, Gary Stache, Bryan Johnson and Doug Mack of CBRE Investment Properties – SoCal/Phoenix/Vegas, along with Brad Anderson, Michael Strittmatter and Lauren Anderson of CBRE Phoenix, represented the seller in the deal.
TEXARKANA, TEXAS — Marcus & Millichap has brokered the sale of a two-property, 571-unit self-storage portfolio operated by Pennsylvania-based REIT CubeSmart in Texarkana, a city located near the Texas-Arkansas border. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a Florida-based limited liability company, in the transaction. A California-based buyer purchased the portfolio, which consists of 85,656 net rentable square feet, for an undisclosed price.
DALLAS — WorldPac Inc., a wholesale distributor of automotive parts, has signed an 11,092-square-foot industrial lease renewal at 2939-2391 Irving Blvd. in Dallas. Canon Shoults, Maddy Canty and Harrison Putt of Holt Lunsford Commercial represented the landlord, Entrada Partners, in the lease negotiations. Robin Dodson of Cushman & Wakefield represented the tenant.
PHILADELPHIA — Mountain Development Corp., a New Jersey-based developer, has acquired an 86,315-square-foot industrial building in Philadelphia. Located at 3445-3535 S. Front St., the property features clear heights ranging from 18 to 44 feet, 14 loading docks and a 10 percent office finish. The property offers convenient access to the CSX Rail Yard, the Philadelphia Nay Yard and Interstate 95. At the time of sale, plumbing supplies distributor Ferguson Enterprises was the sole tenant of the entire facility. Michael Oliver and Jose Cruz led a JLL team that represented the seller, The Hampshire Cos., in the deal. The sales price was undisclosed.
HAMMONTON, N.J. — TriWire Engineering Solutions Inc. has signed a 5,000-square-foot industrial lease in Hammonton, New Jersey, approximately 40 miles southwest of Philadelphia. The space is located within a 105,000-square-foot industrial facility at 1001 South Grand Ave. The property offers convenient access to the Atlantic City Expressway and State Route 30. Ken Richardson and Nick Liggio Vantage Real Estate Services represented TriWire in the lease negotiations. Ben Grubner represented the landlord, 1001 Grant LLC, on an internal basis.
DENHAM SPRINGS, LA. — Brookwood Properties LLC will open a 1,100-unit self-storage facility the first week of June in Denham Springs. The four-story building will span 130,000 square feet and offer climate-controlled units. The Baton Rouge, La.-based developer broke ground on the project in May 2019. Baton Rouge-based Rosehill Construction LLC is the general contractor. Buffalo, N.Y.-based Life Storage will manage the property upon completion. The facility is located at 100 Rushing Road, 15 miles east of downtown Baton Rouge. This will be Brookwood’s 50th facility in its portfolio.
ELK GROVE, CALIF. — Seattle-based Amazon will open a 111,500-square-foot distribution center at 9501 Union Parkway in Elk Grove, approximately 15 miles southeast of Sacramento. Currently under construction, the $21.3 million project is slated to open later this year. Irvine, Calif.-based Panattoni is developing the facility with Sacramento-based Alston Construction serving as general contractor. Sacramento-based Fite Development Co. sold the 17-acre industrial site to Panattoni in December and construction for the 111,500-square-foot distribution center commenced in January.
The Miami-Dade industrial market saw a prolific year in 2019, followed by a healthy, yet slower first quarter in 2020. PortMiami’s record-shattering fiscal year 2019, with cargo operations posting 1.1 million twenty-foot equivalent units (TEUs) and cruise passengers totaling a world’s best 6.8 million passenger total, correlated with the robust warehouse and distribution demand the market experienced throughout 2019. There was a 9 percent uptick in South Florida industrial investment sales, and developers delivered 5.6 million square feet of product to Miami-Dade County. Industrial completions in 2019 exceeded the all-time high set in 2018, and the local inventory expanded by nearly 3 percent. In first-quarter 2020, as the coronavirus pandemic began to unfold and cause widespread global challenges, the flow of cargo continued to meet essential needs from medical supplies to food, while all cruise lines voluntarily ceased sailings. In addition, after a strong start to the year, COVID-19 caused construction to pause and dimmed demand from space users that service hard-hit industries such as tourism and brick-and-mortar retail. The unprecedented boost in e-commerce, grocery, and medical supply distribution currently drives the industrial sector. Leasing remains solid despite roadblocks Overall industrial vacancy in Miami-Dade is at 4.33 percent, up from …