TIJUANA, MEXICO — ATISA Industrial has announced that Pipedream has signed a lease to occupy space at Pacifico Park in Tijuana. Pipedream will occupy 56,333 square feet within the Violeta Building. Arturo Valdez of NAI Mexico brokered the deal.
CARTERET, N.J. — Seagis Property Group has acquired a 93,000-square-foot warehouse in Carteret. The sales price was undisclosed. The property is located at 1001 Roosevelt Ave., which is approximately 10 miles from Newark Liberty International Airport. With the acquisition, Seagis now owns 28 buildings totaling 4.4 million square feet throughout Northern New Jersey. The seller was undisclosed.
VIRGINIA BEACH, VA. — JLL has arranged the $8 million sale of a 320,000-square-foot industrial property located at 1537 Air Rail Ave. in Virginia Beach. The buyer, Lingerfelt CommonWealth Partners, will reposition the 18-acre site for warehouse use. The asset has historically been used as a manufacturing plant since it was first built in 1979. The property is located within Airport Industrial Park, situated about four miles from Norfolk International Airport. Gregg Christoffersen, Kris Kennedy, Charlie Kenning and Kris Bjorson of JLL represented the undisclosed seller in the transaction.
FORT WORTH, TEXAS — Mallory Alexander, a third-party logistics provider, has leased 155,038 square feet at 35/20 Crossroads Distribution Center in Fort Worth. The rail-served property features 32-foot clear heights, 190-foot truck court depths and access to Interstates 35 and 20. Donnie Rohde and Thomas Grafton of Holt Lunsford Commercial represented the landlord, Sealy Oak Grove, in the lease negotiations.
HOUSTON — Houston-based Finial Group has negotiated an 18,471-square-foot industrial lease renewal at Four Seasons Business Park in Houston. Jack Gaffney of Finial Group represented the landlord in the lease negotiations. The representative of the tenant, Interwell US LLC, which services the upstream side of the oil and gas industry, was not disclosed.
When we last reported on the health of Hawaii’s industrial market in 2018, we offered rationale for a then 2.02 percent Oahu industrial vacancy rate. This rate was fueled by the completion of many large residential high rises in urban Honolulu, the ongoing construction of a $9.2 billion light rail system (voter approved at less than $5 billion), and booming tourism and military sectors, our two biggest economic drivers. Oahu’s small, 41 million-square-foot industrial market was under further compression as industrial product was either being taken — or functionally interrupted — by the state to support light rail construction or lost to high-rise residential construction and the expansion of our main Honolulu harbor. A prohibitive industrial construction cost scale, which generally exceeds $125 per square foot for metal skin shell warehouse, had also slowed spec and build-to-suit construction. Fast forward to late 2019, and our market reflects an Oahu industrial vacancy rate of just 2.13 percent, a monthly industrial base rent average of $1.24 per square foot and monthly operating expenses of $0.41 per square foot. Much of this rate is composed of property taxes, which have increased more than 30 percent year over year in some areas, and 50 …
SANTA BARBARA, CALIF. — Rental rates are on the decline for the U.S. self-storage market as owners look to increase absorption of their new supply, according to a December self-storage report from research firm Yardi Matrix. Overall asking rents for 10-by-10-foot, non-climate-controlled units declined by 4.1 percent year-over-year in November, while rents for climate-controlled units of similar sizes dropped by 2.2 percent. The report cites that there may be some seasonality behind the rental rate decline, but new self-storage completions are the main culprit for the downward pressure. Units under construction and in the planning stages currently account for 9.7 percent of the existing national inventory, a 10-basis-point increase over November, reflecting construction starts in high-demand markets. Development activity is most pronounced in Portland and Nashville, where projects in the pipeline account for 29.7 percent and 23.7 percent of inventory, respectively. In New York City, planned and under-construction projects represent 16.1 percent of existing inventory. That said, the market’s inventory per person of around 3 net square feet is still only half the national average of 6 net square feet per person, according to Yardi Matrix. Only three of the major markets tracked (Las Vegas, San Diego and Inland Empire) …
HICKSVILLE, N.Y. — Cushman & Wakefield has arranged a $28 million construction loan for the development of a 195,610-square-foot distribution facility in Hicksville. Located at 344 Duffy Ave., the ground-up construction project sits on an approximately nine-acre lot. John Alascio, Sridhar Vankayala and Noble Carpenter III of Cushman & Wakefield secured the financing for the borrower, Lincoln Equities Group. The lender was Heitman Capital Group. Terms of the financing were not disclosed.
NEW BRAUNFELS, TEXAS — Marcus & Millichap has brokered the sale of AStoreroom Mini-Storage, a 582-unit facility in New Braunfels, about 35 miles northeast of San Antonio. The facility was expanded in 2017 to include an additional 219 units. Jon Danklefs and Michael Mele of Marcus & Millichap represented the seller and procured the buyer in the deal. Both parties were limited liability companies that requested anonymity.
CITY OF INDUSTRY AND GARDENA, CALIF. — Rexford Industrial has completed two transactions in Southern California markets. In the first deal, the company acquired an industrial property located at 14421-14441 Bonelli St. in City of Industry for $19.5 million, or $131 per square foot. Situated on 6.2 acres, the 148,740-square-foot property features 16 dock positions, 22-foot to 24-foot clearances, heavy power and a fenced yard. At the time of sale, the building was fully leased. In the second transaction, Rexford completed the sale of a three-building asset located at 311, 319 and 329 E. 157th St. in Gardena. Owner-occupants acquired the properties for a total of $10.4 million, or approximately $207 per square foot. The buildings contain 48,000 square feet on 3.2 acres of land. Rexford used proceeds from the disposition in a tax-deferred 1031 exchange to fund a portion of the Bonelli Street acquisition.