Industrial

Shaw Development, Penwood Real Estate Divest Industrial Property in the Inland Empire

by Amy Works January 31, 2019

SAN BERNARDINO, CALIF. — A joint venture between Shaw Development and Penwood Real Estate Investment Management has completed the disposition of a single-tenant industrial asset located at 5080 Hallmark Parkway in the San Bernardino submarket of the Inland Empire. Terms of the transaction were not disclosed. Situated on 7.6 acres, the 197,100-square-foot property is triple-net leased on a long-term basis to Tree Island Steel, a wire products producer. The facility features 25-foot to 30-foot clear heights, 16 dock-high loading doors, two grade-level doors, one door with ramp-to-grade level and low office finish. Andrew Briner and Michael Roberts of HFF, along with Frank Geraci and Juan Gutierrez of Voit Real Estate Services, represented the seller in the deal.

January 31, 2019

Acquisitions Illinois Industrial Midwest

NKF Negotiates Sale of 59,206 SF Manufacturing Facility in Elk Grove Village, Illinois

by Kristin Harlow January 31, 2019

ELK GROVE VILLAGE, ILL. — Newmark Knight Frank (NKF) has negotiated the sale of a 59,206-square-foot manufacturing facility located at 801 Estes Ave. in Elk Grove Village. The sales price was not disclosed. Located on three acres, the property features three interior docks, three drive-in doors, 47 car parking spaces and a clear height of 18 feet. Adam Marshall, Tatsuru Kono and Mark Deady of NKF represented the seller, Tigerflex Corp. Cory Ramey and Shamus Coneely of John Greene Industrial represented the buyer, Diesel Radiator Co.

January 31, 2019

Industrial Market Reports Midwest Midwest Market Reports Missouri

Will a Tight Labor Market Limit St. Louis Industrial Growth?

by Kristin Harlow January 31, 2019

The St. Louis industrial market is in the middle of a significant construction boom. Total square footage under construction is at a record-high 6.3 million square feet, with 2.8 million square feet of activity completed in 2018. The last two years have experienced historically high levels of overall net absorption with 4 million square feet in 2017 and 5.6 million square feet in 2016. These absorption levels are significantly higher than pre-recession market numbers. The expected 3 million square feet of positive absorption in 2018 is 1 million square feet higher than what had ever been recorded prior to 2014. A significant portion of this absorption is due to several large transactions in newly constructed, and often tax-abated, parks. Whether or not this level of construction and sizable deals is sustainable remains to be determined, but many trends within the economy indicate that this can continue. The vacancy rate for the St. Louis industrial market dropped to 6.21 percent in the third quarter of 2018, the lowest rate since 2006. This drop in available space bumped average direct asking rates up to $4.58 per square foot, the highest level since before the recession. Earth City and North …

January 31, 2019

Acquisitions Industrial New Jersey Northeast

NAI Hanson Negotiates Sale of 7,800 SF Industrial Facility in Hackensack

by David Cohen January 30, 2019

HACKENSACK, N.J. — NAI James Hanson has negotiated the sale of a 7,800-square-foot industrial/flex building in Hackensack. The sales price was undisclosed. Located at 238 High St., the property includes 16-foot ceilings and three overhead doors. Anthony Cassano of NAI James Hanson represented the seller, High Street Hackensack LLC, in the transaction. The buyer was Hackensack-based Vanore Electric, which was drawn to the property’s sizable footprint and ample truck parking in a highly accessible area, according to NAI Hanson.

January 30, 2019

Development Industrial Mississippi Southeast

IDI Logistics Begins Construction on New Building Within Stateline Business Park Near Memphis

by Alex Tostado January 30, 2019

SOUTHAVEN, MISS. — IDI Logistics has begun construction on Building G within Stateline Business Park, a 4 million-square-foot industrial park located in Southaven, less than a mile from the Mississippi-Tennessee border and about 13 miles south of Memphis. Building G will be a 352,800-square-foot, single-load facility that will feature 36-foot clear heights, 82 dock doors, two drive-in doors, a 185-foot truck court and 65 trailer parking spaces. The facility is expected to be delivered in June. Atlanta-based IDI Logistics began construction on Stateline Business Park in 2005.

January 30, 2019

Development Industrial Texas

Stream Realty Partners to Break Ground on 66-Acre Industrial Project in Fort Worth

by Taylor Williams January 30, 2019

FORT WORTH, TEXAS — Stream Realty Partners will break ground in February on Northwest Commerce Park, a 66-acre industrial project in north Fort Worth. The development will ultimately span three buildings totaling 1.1 million square feet and offer convenient access to Interstate 35 and State Highway 114, as well as Fort Worth Alliance Airport and nearby hubs for UPS and FedEx. Completion of the project, which was capitalized through a joint venture with an undisclosed global institutional investor, is slated for December.

January 30, 2019

Acquisitions Industrial Texas

Marcus & Millichap Arranges Sale of 42,768 SF Industrial Property in Metro Dallas

by Taylor Williams January 30, 2019

GARLAND, TEXAS — Marcus & Millichap has arranged the sale of a three-building, 42,768-square-foot industrial property in Garland, a northeastern suburb of Dallas. The buildings were constructed in 1968 on 2.8 acres. Adam Abushagur and Sam Martin of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity.

January 30, 2019

Development Illinois Industrial Midwest

LPC Acquires Infill Site in Chicago, Plans 137,000 SF Industrial Building

by Kristin Harlow January 30, 2019

CHICAGO — Logistics Property Co. LLC has acquired 3711 S. Ashland Ave., a 6.4-acre infill site in Chicago. The company plans to build a 137,000-square-foot industrial building on the site, which is located one mile from I-55 and two miles from I-94. Construction is expected to begin this summer with completion slated for the first quarter of 2020. Tim McCahill and Terry Grapenthin of Lee & Associates are marketing the property for lease.

January 30, 2019

Illinois Industrial Leasing Activity Midwest

Schnidt Cartage Renews 68,208 SF Industrial Lease in Hanover Park, Illinois

by Kristin Harlow January 30, 2019

HANOVER PARK, ILL. — Schnidt Cartage, a warehouse and distribution company, has renewed its 68,208-square-foot industrial lease in Hanover Park, a western suburb of Chicago. The property is located at 1625 Hunter Road. Mike Plumb and Andrew Block of Lee & Associates represented the owner, Prologis. Jeff Janda of Lee & Associates represented the tenant.

January 30, 2019

Industrial Leasing Activity Western

Atisa Industrial Signs Dynasty Golf to Occupy 28,690 SF Manufacturing Plant in Tijuana, Mexico

by Amy Works January 30, 2019

TIJUANA, MEXICO — Atisa Industrial has signed a lease with Dynasty Golf to occupy the Coral Building at Pacifico Industrial Park in Tijuana. Dynasty Golf will utilize the 28,690-square-foot property to house golfing equipment manufacturing. This is the company’s first operation in Mexico. Octavio McFarland of NAI represented Atisa Industrial in the transaction.

January 30, 2019

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