BREA, CALIF. — Lee & Associates Orange has brokered the sale of a freestanding industrial property located at 760 Challenger St. in Brea, an eastern suburb of Los Angeles. The asset traded for $12.5 million, approximately 20 percent over asking price. The 27,734-square-foot building features two dock-high doors and 24-foot minimum warehouse clearance. Mark Hintergardt of Lee & Associates represented the undisclosed seller in the transaction. The name of the buyer was also not released.
WHEELING, ILL. — Lee & Associates has arranged the sale of a 119,115-square-foot industrial building in the Chicago suburb of Wheeling for $4.5 million. The property sits on 6.5 acres at 742 Glenn Ave. Tom Boyle of Lee & Associates represented the buyer, JV Global Services. David Haigh of NAI Hiffman and Tak O’Haru of White Cube LLC represented the seller, Tomoegawa, which maintains its U.S. headquarters in Wheeling and manufactures toner products.
HOUSTON — Lee & Associates has negotiated the $27.2 million sale of a 214,300-square-foot warehouse in northeast Houston. Built in 2020, the cross-dock facility features 32-foot clear heights, 44 dock-high doors and an ESFR sprinkler system. The sale included 16.2 acres of land for future development. Michael Androwich, Mason Alsbrooks and Mike Spears of Lee & Associates represented the buyer, an undisclosed international manufacturer, in the transaction. Will Clay of JLL represented the seller, Houston-based Clay Development.
Lee & Associates’ newly released Q1 2022 North America Market Report scrutinizes first-quarter 2022 industrial, office, retail and multifamily outlooks throughout the United States. This class-by-class review of commercial real estate trends for the first quarter of the year focuses on how real estate is adjusting to long-term post-COVID attitudes. Lee & Associates has made the full market report available here (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city), but the overviews offered below provide sweeping looks at the overall health and obstacles for four major commercial real estate sectors. Industrial: Rents Pushed on Strong Demand Strong demand for industrial space throughout North America continued in the first quarter as vacancies fell to record lows and rent growth hit double digits. First quarter net absorption in the United States totaled 92.8 million square feet, which was up 25 percent year over year but down 35 percent from the 143-million-square feet average of the last three quarters of 2021. Annualized rents rose 10.1 percent in the U.S. and the average vacancy rate fell to 4.1 percent. Part of this trend was due to a pause in new construction starts early in the pandemic. However, …
CARROLLTON, TEXAS — Lee & Associates has negotiated an 85,000-square-foot industrial lease at 1700 Columbian Club Drive in the northern Dallas metro of Carrollton. According to LoopNet Inc., the property was built in 1996 and renovated in 2001. Ken Wesson of Lee & Associates represented the undisclosed landlord in the lease negotiations. Wilson Brown of CBRE represented the tenant, Lily of the Desert, a provider of organic gels and juices.
IRVING, TEXAS — Lee & Associates has arranged the sale of a 31,217-square-foot industrial building located at 3402 Century Circle in Irving. Alex Wilson and Nathan Denton of Lee & Associates represented the buyer, locally based investment and development firm CanTex Capital, in the transaction. Blue Fish Sushi DFW, which operates six Japanese restaurants across the metroplex, sold the property for an undisclosed price.
LOS ANGELES — Lee & Associates LA North/Ventura has arranged the purchases of three multi-tenant industrial properties located in the North Hollywood neighborhood of Los Angeles in two separate deals for the combined total of $21.4 million. Together the properties total 66,019 square feet. In the first transaction, Vineland Group Holdings sold a two-building asset at 6850 Vineland Ave. to LaTerra Development II LLC. Scott Caswell and Eric Balin of Lee & Associates LA North/Ventura represented the buyer. In the second deal, 625 South Pacific Avenue LLC acquired an industrial building at 13401-13431 Saticoy St. from Pine Investment Partners. Caswell and Balin represented the buyer, while Greg Barsamian of CBRE represented the seller in the deal.
CARROLLTON, TEXAS — Lee & Associates has negotiated a 125,000-square-foot, full-building industrial lease at 2020 McDaniel Drive in the northern Dallas suburb of Carrollton. According to commercialcafé.com, the property was built on seven acres in 1981. Nathan Denton of Lee & Associates represented the tenant, BuzzBallz, a locally based provider of premixed alcoholic beverages, in the lease negotiations. Jeff Thornton of Duke Realty represented the landlord, Texas Dugan LP.
SOMERS, WIS. — Lee & Associates has negotiated the sale of 132 acres of land located at 1735 120th Ave. in Somers, about 30 miles south of Milwaukee. The sales price was undisclosed. The buyer, Becknell Industrial, plans to build Somers Logistics Center. The development will consist of a 795,471-square-foot speculative industrial building with a clear height of 40 feet, 148 loading docks and 184 trailer parking spaces. Completion is slated for the fourth quarter. Tom Boyle of Lee & Associates represented Becknell in its purchase from a private owner. Lee & Associates will also market the project for lease.
FORT WORTH, TEXAS — New Jersey-based packaging firm Imperial Bag & Paper Co. has signed a 106,122-square-foot industrial lease at 5200 South Freeway in Fort Worth. According to LoopNet Inc., the 212,175-square-foot property was built on 10.3 acres in 2021 and features 32-foot clear heights, 30 dock doors and an ESFR sprinkler system. Reid Bassinger, Trey Fricke and Becky Thompson of Lee & Associates represented the undisclosed landlord in the lease negotiations. Brad Balke of Colliers represented the tenant.
