TOLEDO, OHIO — Reichle Klein Group has brokered the sale of a 25,270-square-foot office and warehouse building in Toledo for $1.5 million. The property is located at 2940 Centennial Road. Ron Jurgenson of Reichle Klein represented the buyer, Toledo-based Tolson Investment LLC. Megan Malczeski of Signature Associates represented the seller, Toledo-based WaterStone Ltd.
AUSTIN, TEXAS — Dallas-based design-build firm Arco/Murray has completed Oak Hill Self Storage, a 124,000-square-foot facility in Austin. The four-story property features 728 units and includes a 1,500-square-foot office space. Arco/Murray handled the architectural, engineering, permitting and construction of the project on behalf of the Houston-based developer, The Jenkins Organization.
BREA, CALIF. — Rexford Industrial Realty has acquired an industrial property, located at 404-407 Berry Way in Brea, for $27.6 million, or $53.72 per land square foot. Situated on 11.8 acres, the 120,250-square-foot asset was fully leased at the time of sale. The low-coverage site comprises three industrial buildings with excess paved land. The name of the seller was not released. Rexford funded the acquisition using cash on hand and the re-investment of proceeds from a previously announced disposition through a tax-deferred 1031 exchange.
LAS VEGAS — EastGroup Properties has acquired a Southwest Commerce Center, a newly constructed industrial asset in Las Vegas, for $25.5 million. Brass Cap Development and LM Construction Co. collaborated on the project. The property consists of three concrete tilt-up buildings offering a total of 195,947 square feet of industrial space. Situated on 11 acres at the northwest corner of Russell Road and Decatur Boulevard, the asset’s three buildings range from 23,000 square feet to 101,000 square feet. Two of the buildings were pre-leased during construction. Rentex, an audio visual and computer rentals company, will occupy the 71,000-square-foot Building B. Ghost, a sports supplement company, will occupy the 23,546-square-foot Building C for its West Coast manufacturing and distribution facility. Dan Doherty, Chris Lane and Jerry Doty of Colliers International | Las Vegas represented the buyer in the deal. This is EastGroup Properties’ third industrial asset in Las Vegas.
ITASCA, ILL. — Premier Design + Build Group has broken ground on a 48-acre industrial project in Itasca on behalf of developer Bridge Development Partners LLC. The project will feature three new industrial buildings totaling 741,621 square feet. In addition to the industrial buildings, Bridge Point Itasca will include more than seven acres of land newly zoned for retail use. In July, Premier supervised the demolition of two decommissioned radio broadcast towers. Each of the industrial buildings will be constructed with a clear height of 32 feet and will be intended for distribution and logistics use. The project team includes Cornerstone Architects Ltd., civil engineer Spaceco Inc. and structural engineer Swift Structural Design LLC. Lee & Associates will market the property for lease. Webster Bank and Associated Bank provided project funding.
YORK, PA. — ROCK Commercial Real Estate has negotiated a 19,000-square-foot industrial lease for Continental Paper Grading in York, located approximately 55 miles north of Baltimore. The space is located at 3635-3725 Board Road, a 152,700-square-foot industrial complex with 12 drive-in doors and 26 docks. The landlord is Fielder Enterprises. Ted Turnbull and Jason Turnbull of ROCK brokered the transaction.
LINDEN, N.J. — Cushman & Wakefield has brokered the sale of two industrial warehouses totaling approximately 200,000 square feet in Linden, an eastern suburb of New York City. Located at 2401 E. Linden Ave. and 1501-1525 W. Blancke St., the properties are situated three miles apart and comprise 84,220 and 115,913 square feet, respectively. The location offers close access to the Port of New York and New Jersey. Both warehouses were fully leased to five tenants at the time of sale. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Ryan Larkin of Cushman & Wakefield represented the seller, Penwood Real Estate Investment Management, in the transaction. Link Industrial Properties was the buyer.
CHANDLER, ARIZ. — La Jolla, Calif.-based Bird Dog Industrial has purchased Gila Springs Industrial Park, an industrial complex located near Chandler Boulevard and Kyrene Road in Chandler. GBI Erie, an Arizona corporation led by the Imdieke Family, sold the asset for $10.1 million, or $98.79 per square foot. Constructed between 1988 and 1997, the property’s five buildings offer a total of 101,934 square feet of industrial space. UCT, a subsidiary of Ultra Clean, occupies the complex. The properties are located at 5773, 5763 and 5753 W. Erie St., 481 N. Dean Ave. and 57240 W. Oakland St. All buildings except 5773 W. Erie St. are fully air conditioned. The properties also offer grade and truck-well loading and between 10 percent to 25 percent of space is dedicated to office build-outs, with one facility offering clean-room space. Chris McClurg of Lee & Associates represented the buyer, while Paul Sieczkowski and Justin Sieczkowski of Colliers International in Arizona represented the seller in the deal.
HOUSTON — The Houston industrial market has added approximately 13 million square feet of new industrial product year-to-date, including a supply increase of 4.1 million square feet in the third quarter alone, according to a new report from Colliers International. In addition, there are 150 buildings totaling 18.5 million square feet of space under construction that are expected to be delivered between now and the midpoint of 2020. Only 25 percent of the space under construction is preleased, though that figure is expected to rise in the coming months. Colliers also projects that the market will absorb about 2.2 million square feet of industrial space during the fourth quarter of 2019.
PLANT CITY, FLA. — A joint venture between Red Rock Developments, Wharton Industrial, Aspyre Properties and an institutional joint venture partner has broken ground on County Line Distribution Center, a 510,272-square-foot industrial facility in Plant City. The building will feature 36-foot clear heights, cross-dock loading, 200-foot truck courts and 60-foot speed bays. The property is situated on 36 acres, 30 miles east of downtown Tampa and two miles from Amazon’s announced Prime Air hub at Lakeland Linder International Airport. The joint venture expects to deliver the facility by the third quarter of 2020. Jan Boltres and Michelle Senner of Colliers International will handle leasing efforts.