Industrial

Venture One Acquires 100,562 SF Industrial Building in Mundelein, Illinois

by Kristin Harlow July 1, 2020

MUNDELEIN, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial V LP, has acquired a 100,562-square-foot industrial building in Mundelein, about 40 miles north of Chicago. The purchase price was undisclosed. The single-tenant building was fully leased at the time of sale. Built in 1973, the property sits on four acres at 111 Washington Blvd. It features a clear height of 18 feet, 10 docks and one drive-in door. Marc Samuels of Cushman & Wakefield represented the undisclosed seller in the transaction. VK Industrial V LP is a partnership between Venture One and Kovitz Investment Group.

July 1, 2020

California Industrial Market Reports Western Western Market Reports

Greater LA’s Industrial Real Estate Enters a New World

by Jeff Shaw July 1, 2020

By Kurt Strasmann, Executive Managing Director, CBRE Industrial properties have been in high demand in recent years both nationally and, particularly, in Southern California and the Greater Los Angeles area. Our region is a strategic hub for goods coming from all over the world, especially Asia, and boasts the necessary infrastructure to store and deliver product regionally and throughout the nation. Greater LA is also a major consumer hub. About 50 percent of product coming through the LA and Long Beach ports remains in the region. Our first-quarter numbers emphasize LA’s strong industrial fundamentals prior to COVID-19 taking effect. These numbers have put the market in a strong position to weather the recession, which we expect to be short. The 1.7 percent overall vacancy rate in the first quarter represented the limited supply and high demand for industrial space within the region. The diverse tenant base has created further market resiliency with occupiers in logistics, food and beverage, entertainment, manufacturing and a broad array of other industries. Going forward during these extraordinary times, we do anticipate an increase in vacancies and decreasing tenant leasing activity through at least the fourth quarter. Until we return to a more normalized state, we need …

July 1, 2020

Development Georgia Industrial Southeast

SK Innovation to Invest $940M in Battery Plant Campus in North Georgia

by Alex Tostado June 30, 2020

COMMERCE, GA. — SK innovation, a developer and manufacturer of lithium-ion batteries for hybrid electric vehicles, will invest an additional $940 million and create another 600 jobs at its business park in Commerce. The most recent investment plans will include a 430,000-square-foot plant at the property. A timeline for construction was not disclosed. The South Korean-based company originally announced in November 2018 that it would build two plants worth $1.67 billion and create 2,000 jobs in Commerce. SK innovation broke ground on the first plant in March 2019, and will begin construction on the second plant this July. Customers for SK innovation’s battery business include Volkswagen, Mercedes-Benz, Hyundai-Kia Motors and Ford Motor Co.

June 30, 2020

Acquisitions Georgia Industrial Southeast

Black Creek Group Acquires 797,580 SF Industrial Building in Metro Atlanta

by Alex Tostado June 30, 2020

ELLENWOOD, GA. — Black Creek Group has acquired Clayton Commerce Center, a 797,580-square-foot industrial building in Ellenwood. The property is situated 11 miles east of Hartsfield-Jackson Atlanta International Airport and 13 miles southeast of downtown Atlanta. The asset was fully leased at the time of sale to an undisclosed delivery operator. Chris Riley of CBRE represented the seller, American Realty Advisors, in the transaction. The Denver-based buyer acquired the building for an undisclosed price.

June 30, 2020

Acquisitions Industrial New Jersey Northeast

CBRE Brokers Sale of 180,000 SF Industrial Facility in Lyndhurst, New Jersey

by Alex Patton June 30, 2020

LYNDHURST, N.J. — CBRE has brokered the sale of a 180,000-square-foot industrial facility in Lyndhurst, a northwestern suburb of New York City. Located at 1201 Valley Brook Ave., the facility features 11 loading docks, parking for 162 cars and a clear height of 26 feet. The property is located less than 30 miles from Newark Liberty International, La Guardia and John F. Kennedy International Airports and 14 miles from the Port Newark Container Terminal. The building formerly served as a distribution center for apparel retailer Barney’s but was vacant at the time of sale. Thomas Monahan, Brian Fiumara and Steven D’Amato of CBRE represented the seller, a private investor, in the transaction. The team also procured the buyer, Sitex Group.

June 30, 2020

Acquisitions California Industrial Office Western

KBS Sells Two Buildings at Office/R&D Complex in San Jose for $95.2M

by Amy Works June 30, 2020

SAN JOSE, CALIF. — KBS has completed the disposition of two buildings at District 237, a Class A office/R&D complex located at 100 Headquarters Drive and 200-350 Holger Way in San Jose. EXAN Group, an independent real estate fund and asset management company, acquired the buildings from KBS Real Estate Investment Trust II for $95.2 million. Totaling 142,710 square feet, the properties are located at 100 Headquarters Drive and 200 Holger Way. Built in 1999 and 2001, District 237 features eight one-, two- and three-story buildings ranging from 20,009 square feet to 101,194 square feet. KBS recently repositioned and rebranded the complex, resulting in a combined total of 315,622 square feet in new leases. Joe Moriarty, Scott Prosser, Jack DePuy, Russell Ingrum, Bran Zampa and Mike Walker of CBRE Northern California Capital Markets team brokered the sale. Bruch Fischer, Howard Chu, Chrisdo Fan and Amanda Kennedy of Greenberg Traurig LLP’s Orange County, Calif., office represented KBS as legal counsel in the disposition. EXAN Group has been retained to manage District 237.

June 30, 2020

Development Industrial Midwest Wisconsin

Ashley Capital Begins Development of Third Building at Wisconsin’s Enterprise Business Park

by Kristin Harlow June 30, 2020

STURTEVANT, WIS. — Ashley Capital has begun development of a 397,000-square-foot speculative industrial building at Enterprise Business Park in Sturtevant, located 27 miles south of Milwaukee. It is the third building to be constructed at the park, which will comprise over 1.3 million square feet of Class A industrial space upon completion. The new building is slated for completion in December. It will feature a clear height of 36 feet. John Sharpe and Tom Boyle of Lee & Associates and Terry McMahon and Cody Ziegler of Cushman & Wakefield | Boerke are exclusive marketing agents for the property. Berghammer Construction Corp. is the general contractor. Ashley Capital, a privately owned industrial real estate investment and development firm, has offices in Atlanta, Chicago, Detroit and New York.

June 30, 2020

Acquisitions Industrial Texas

NAI Partners Arranges Sale of 17,400 SF Industrial Building in Houston

by Taylor Williams June 30, 2020

HOUSTON — NAI Partners has arranged the sale of a 17,400-square-foot industrial building located at 1702 Nance St. in Houston. According to LoopNet Inc., the property was built in 1978. Chris Caudill and Jake Wilkinson of NAI Partners represented the seller, 125 West Crosstimbers Ltd., in the transaction. Clark Dalton of Dosch Marshall represented the buyer, Urban Genesis LLC.

June 30, 2020

Data Centers Industrial Market Reports Texas Texas Market Reports

Texas Data Centers & Covid-19: How The Pandemic Has Impacted Absorption

by Taylor Williams June 30, 2020

By Edward Henigin, Chief Technical Officer, Data Foundry The COVID-19 pandemic has been a highly disruptive force in the global market, changing the way businesses, communities and economies operate today — and perhaps into the future. While uncertainty has defined this challenging time, trends have been developing in the wake of the virus’ worldwide impact. One of the most prominent trends has been the shift to remote and digital means of working, communicating and learning. Across nearly every device category, in-home data usage has seen an increase in the first three months of 2020 compared to the same period in 2019. This year, the two-week period between March 1 and March 17 alone exhibited a 34 percent increase in smartphone data usage compared to the previous year’s usage during the same period. As a result of social distancing and quarantine protocols, many businesses have reduced onsite work or even shut down their locations in favor of work-from-home options that incorporate video conferencing platforms or other virtual applications. Today’s increased online dependence creates a focus on digital infrastructure, and data centers are only growing in importance (and in demand) as they become more widely recognized as crucial components of a resilient …

June 30, 2020

Development Industrial Northeast Pennsylvania

Hilco Global Acquires 1,300-Acre Industrial Site in Philadelphia for $225.5M

by Alex Patton June 29, 2020

PHILADELPHIA — Hilco Global, an Illinois-based developer, has acquired a 1,300-acre industrial development site in Philadelphia. The sales price was $225.5 million. Located at 1735 Market St., the site formerly housed the Philadelphia Energy Solutions (PES) oil refinery for more than 150 years. Hilco plans to redevelop the site as an “environmentally responsible” commercial hub, the exact details of which were undisclosed. According to The Philadelphia Inquirer, PES was the East Coast’s largest refinery until a corroded fuel line ignited in June 2019, leading to the bankruptcy and permanent closing of the refinery. At the height of its activity, the refinery formerly employed as many as 1,000 workers. Hilco plans to demolish and rebuild the site over a period of several years, creating 8,000 union construction jobs and 10,000 permanent jobs, The Philadelphia Inquirer reports.

June 29, 2020

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