BROCKTON, MASS. — CBRE has brokered the sale of two industrial properties located at 1150 and 1120 W. Chestnut St. in Brockton, about 25 miles south of Boston, for $7.7 million and $1.4 million, respectively. The first property is a 100-square-foot warehouse that was 89 percent leased to two tenants at the time of sale. The second property is a 1.7-acre lot that was fully leased for truck and vehicle parking at the time of sale. Scott Dragos, Doug Jacoby and Chris Skeffington led a CBRE team that represented the seller, a partnership between CIP 1120 Realty LLC and MA Industrial Brockton LLC. The team also procured the buyer, Northbridge Partners.
CHARLOTTE, N.C. — JLL has brokered the $63.8 million sale of Premier Distribution Center, a 1.4 million-square-foot distribution center located at 1900 Continental Blvd. in Charlotte’s Southwest industrial submarket. Chris Norvell, Patrick Nally, Pete Pittroff and David Andrews of JLL represented the seller, a partnership between New York Life Insurance Co. and LRC Properties, in the transaction. A partnership between Somerset Properties and Waterfall Asset Management acquired the 95-acre property. Originally constructed as the North American headquarters for Continental Tire, Premier Distribution Center was rebranded and transformed into a modern distribution complex that features 24-foot clear heights, ESFR sprinkler systems, motion-sensor LED lighting, 110 loading positions, abundant parking and onsite trailer storage. The sale includes a 25.9-acre development parcel adjacent to the existing loading area that can accommodate a 333,000-square-foot cross-dock facility.
DETROIT — General Motors is investing $2.2 billion at its Detroit-Hamtramck assembly plant to produce a variety of all-electric trucks and SUVs. Production of GM’s first all-electric truck is scheduled to begin in late 2021. Detroit-Hamtramck will be GM’s first assembly plant fully dedicated to electric vehicles. When the plant is fully operational, the investment will create more than 2,200 manufacturing jobs. GM also plans to invest an additional $800 million in supplier tooling and other projects related to the launch of the new electric trucks. The plant’s paint and body shops and general assembly area will receive comprehensive upgrades, including new machines, conveyors, controls and tooling. Approximately 900 people are employed at the Detroit-Hamtramck plant, which currently builds the Cadillac CT6 and the Chevrolet Impala. The plant will be idled for several months beginning at the end of February once renovations begin.
ELK GROVE VILLAGE, ILL. — Duke Realty has completed the development of a 154,000-square-foot warehouse at 901 Chase Ave. in Elk Grove Village. The speculative building features a clear height of 32 feet, 32 exterior docks, two drive-in doors and office space. The eight-acre site includes parking for 25 trailers and 114 cars. Brian Colson and Brian Pomorski of Avison young are marketing the project for lease.
LOS ANGELES — Newmark Knight Frank (NKF) has brokered the sale of an industrial property located within Northridge Business Centre at 19851-19853 Nordhoff St. in the Northridge submarket of Los Angeles. GUR Nordhoff sold the asset to Century Park Partners for $10.5 million. Built in 2007 by Overton Moore Properties, the 22,237-square-foot asset features 18-foot clear heights, five grade-level doors and a secure, fenced yard. The U.S. General Services Administration occupies the entire building on a long-term lease. Sean Fulp, Ryan Plummer and Mark Schuessler of NKF’s Private Capital group, along with Kevin Shannon and Ken White of NKF’s Capital Markets, represented the seller, while the buyer was self-represented in the deal.
LAS VEGAS — A solar company has purchased two industrial properties located in Las Vegas for $5.6 million. The undisclosed company acquired a 17,720-square-foot asset at 3570 W. Post Road for $3.5 million, or $198 per square foot; and a 10,484-square-foot building at 3583 Birtcher Drive for $2.1 million, or $200 per square foot. Situated on a combined a 1.9 acres, the 3570 W. Post Road property features three grade-level doors, one dock door and a large fenced yard, while the building at 3583 Birtcher Drive offers two grade-level doors, solar panels and a fenced yard. Cathy Jones, Paul Miachika, Art Farmanali, Michael Hsu and Schane Cabatu of the Investment Services Group of Sun Commercial represented the undisclosed seller in the transaction.
NORTHBOROUGH, MASS. — CBRE has brokered the $9.5M sale of 5 Beeman Road, a 55,515-square-foot industrial building in Northborough, located approximately 35 miles west of Boston. Completed in 2003 and expanded in 2011, the warehouse features 56-foot clear heights, and proximity to State Route 20, Interstate 495 and State Route 9. Scott Dragos, Doug Jacoby and Chris Skeffington led a CBRE team that represented the seller, Ferris Development Group, in the transaction. The team also procured the buyer, Northbridge Partners.
NEW YORK CITY — JLL has secured an $87 million construction loan for the ground-up development of Terminal Logistics Center, a 300,000-square-foot industrial project in Queens. CIT Group Inc. provided the loan to the borrower, a partnership of Triangle Equities Development Co., Township Capital Inc. and L&B Realty Advisors LLP, which will develop the Class A warehouse and storage facility adjacent to John F. Kennedy International Airport. Total cost for the project is approximately $129 million. Geoff Goldstein and Rob Hinckley led a JLL team that secured the loan.
EL CAJON, CALIF. — Boston-based Cabot Properties has purchased an industrial building, located at 2025 Gillespie Way in the San Diego suburb of El Cajon. A private local investor sold the property for $15.9 million. Built in 1999, the 150,159-square-foot warehouse and distribution facility features 27-foor clear heights, abundant car and trailer parking, three grade-level doors and 15 dock-high doors, which can be expanded to 26 doors. At the time of sale, the property was on a ground lease with the County of San Diego and 73 percent leased to two tenants. The asset is part of the 65-acre, master-planned Gillespie Field Business Park, also known as Cuyamaca West. The park consists of 27 buildings totaling more than 735,000 square feet. Louay Alsadek, Hunter Rowe, Darla Longo, Barbara Perrier and Rebecca Perlmutter of CBRE represented the seller in the deal. Sean Williams and Erik Parker, also of CBRE, handle leasing for the property.
Demand for Orange County industrial space remained healthy in 2019 as vacancy rates ended another year in record-low territory at 2.9 percent, fueled by a strong second-half net absorption. The movement in the second half of 2019 was largely a result of the Fed’s decision to keep interest rates low, which provided assurance for buyers that had been on the fence. The attractive interest rates have led to steady price increases, however, adaptation has been slow. The average time on the market has increased by roughly 30 to 60 days from 2018. Many buyers also struggled with post-close deferred maintenance. With the typical industrial building in Orange County being construction in 1985, buyers are often challenged with renovation costs adding to their bottom lines. Meanwhile, landlords in 2019 became more conservative in rent demands as average gains in asking full-service rents fell to 4.2 percent countywide, compared to 4.9 percent in 2018. Leasing activity remained steady with an average asking rate across Orange County of about $1 per square foot, triple net. A handful of notable new construction projects advanced in 2019. In the fourth quarter, 10 buildings totaling nearly 1.2 million square feet were completed in North Orange County, …