Industrial

The Flynn Co. Brokers $12.2M Sale of Five-Building Industrial Portfolio in Pennsylvania

by Alex Patton February 18, 2020

HOLMES AND BROOMALL, PA. — The Flynn Co. has brokered the $12.2 million sale of a five-building industrial portfolio in Pennsylvania. Velocity Venture Partners, a Philadelphia-based industrial developer, acquired the properties, which are all located in Delaware County, directly southwest of Philadelphia. Four of the buildings are situated within the Ridley Business Center at 500 Pine St. in Holmes. The other building is located at 620 Parkway in Broomhall. All of the buildings were fully leased at the time of sale. Colin Flynn and Ben Conway of The Flynn Co. represented Velocity Venture Partners in the transaction. Holmes Partners LP was the seller of the Ridley Business Center buildings and 620 Parkway Partners LLC was the seller of the building at 620 Parkway.

February 18, 2020

Speedway-Commerce-Center-IV-North-Las-Vegas-NV

Development Industrial Nevada Western

Harsch Investment Completes 168,000 SF Speedway Commerce Center IV in North Las Vegas

by Amy Works February 18, 2020

NORTH LAS VEGAS — Portland, Ore.-based Harsch Investment Properties has completed the development of Speedway Commerce Center IV, a 168,000-square-foot industrial building located at 6101 N. Hollywood Blvd. in North Las Vegas. The facility is the latest addition to the existing 2.6 million-square-foot Speedway Commerce Center. This development brings Harsch’s holdings in North Las Vegas to 4 million square feet. Speedway Commerce Center IV features office build-outs in each unit, 32-foot minimum warehouse clear heights, 1.4/1,000-square-foot parking ratio, 50-foot concrete aprons and LED warehouse and office lighting. The property also offers ample dock-high and grade-level loading, ESFR sprinklers with K17 rating, 60-foot speed bays and energy-efficient evaporative coolers. Jason Simon, Rob Lujan and Xavier Wasiak of JLL negotiated three leases, totaling 76,926 square feet, for the property, bringing it to 46 percent occupancy. Q Corp. will occupy 37,918 square feet, Proslat will utilize 15,738 square feet and Vogue Tyres will take 23,270 square feet at the facility.

February 18, 2020

Acquisitions Florida Industrial Southeast

Elion Partners Acquires Industrial Building in South Florida for $22M

by Alex Tostado February 17, 2020

DEERFIELD BEACH, FLA. — Elion Partners has acquired a 158,000-square-foot last-mile distribution warehouse in Deerfield Beach for $22 million. Local vitamin maker Rexall Sundown sold the South Florida facility. The property is situated at 1111 SW 30th Road, 16 miles north of downtown Fort Lauderdale, two miles from Interstate 95 and two miles from the Florida Turnpike. The facility offers 600 parking spaces and expansion options, including up to 50,000 square feet and additional parking.

February 17, 2020

Industrial Leasing Activity Lee & Associates Texas

Lee & Associates Negotiates 50,000 SF Industrial Lease Near Galveston

by Taylor Williams February 17, 2020

TEXAS CITY, TEXAS — Lee & Associates has negotiated a 50,000-square-foot industrial lease at 10000 Emmett F. Lowry Expressway in Texas City, located southeast of Houston near Galveston. Frank Blackwood and John Gazzola of Lee & Associates represented the tenant, Odyssey 2020 Academy Inc., in the lease negotiations. The name and representative of the landlord were not disclosed.

February 17, 2020

Acquisitions Industrial Office Texas

Henry S. Miller Arranges Sale of 14,023 SF Office, Warehouse Near Fort Worth

by Taylor Williams February 17, 2020

NORTHLAKE, TEXAS — Henry S. Miller Brokerage has arranged the sale of a 14,023-square-foot office and warehouse property located at 4325 Dale Earnhardt Way in Northlake, a suburb of Fort Worth. The property was built on four acres in 2016. Chad Montgomery and Dan Spika of Henry S. Miller represented the buyer, investor Bruce Long, in the transaction. Chuck Horton of The Michael Group Real Estate represented the seller, 13415 Cleveland Gibbs LLC.

February 17, 2020

Development Industrial New York Northeast

Barone Completes 89,024 SF Spec Industrial Project in Queens

by Alex Patton February 17, 2020

NEW YORK CITY — Barone Management has completed development of The Woodworks, an 89,024-square-foot industrial property in the Long Island City neighborhood of Queens. The Woodworks is comprised of 44,950 square feet of office space and 44,391 square feet of warehouse space with 21-foot ceilings. The location offers convenient access to Long Island Expressway and Interstate 278. The property was constructed on a speculative basis and can be leased by one or multiple tenants. Cushman & Wakefield is leading the leasing effort.

February 17, 2020

Acquisitions California Industrial Western

Chavez & Associates Brokers $4.7M Sale of Flex Building in Rancho Cucamonga, California

by Amy Works February 17, 2020

RANCHO CUCAMONGA, CALIF. — Chavez & Associates has arranged the sale of Cartilla Avenue, an industrial/flex building located at 7945 Cartilla Ave. in Rancho Cucamonga. Amir Jacoby acquired the property from West Covina, Calif.-based TDS Kids for a total consideration of $4.7 million, or $197.92 per square foot. Built in 1973 and upgraded in 2016, the property features 24,000 square feet of medical, retail, service, office and R&D space. Zoned industrial park, the building is designed to allow for single or multi-tenant use. The property features 18-foot ceilings, four drive-in doors and abundant parking. At the time of sale, two tenants fully occupied the property. Jumping Jacks occupies 20,000 square feet, and Lexxiom Inc. occupies 4,000 square feet. Eric Chavez of Chavez & Associates REBF represented the seller, while Spectrum Commercial Real Estate represented the buyer in the deal.

February 17, 2020

Industrial Market Reports Southeast Southeast Market Reports Tennessee

Nashville Industrial Market is a Haven for Adaptive Reuse Opportunities

by Alex Tostado February 17, 2020

Nashville ranked as the No. 3 Market to Watch in 2020 according to Urban Land Institute and PricewaterhouseCooper’s report, Emerging Trends in Real Estate. The report credits Nashville’s population growth, investor demand, development opportunity and job growth. According to the Tennessee Department of Economic and Community Development, 100 economic development projects — including industrial-space-users ICEE, Togo North America and A&C Business Enterprises — announced relocations or expansions in Middle Tennessee, representing $3.2 billion in investment and 14,000 jobs. Nashville’s industrial market is firing on all cylinders. Demand for space has been met with elevated rent growth throughout the market, keeping Nashville’s industrial rates among the highest in the Southeast. The 755,314 square feet of absorption that occurred during the fourth quarter marks the 23rd consecutive quarter with an increase in occupancy, raising the 2019 net absorption to over 5.5 million square feet, resulting in a market vacancy of 3.8 percent. Investor volume in Middle Tennessee exceeded $962 million in transactions at the close of 2019. This is the region’s highest industrial sale volume in the last five years, with the second half of 2019 accounting for 75 percent of the deals. Big-box users including Amazon, CEVA Logistics and Geodis have …

February 17, 2020

Colorado Industrial Market Reports Western Western Market Reports

Colorado Springs Industrial Market on Pace for Another Level Year

by Taylor Williams February 15, 2020

The Colorado Springs industrial market has trended positively over the past 10 years. Though it is a very gradual trend, we are now at a point where we anticipate the market to slow or level off. The market will not see a lot of change throughout 2020, though we expect the market to stay positive due to the lack of new construction, high costs, possible hesitancy related to elections and lack of available quality industrial product. The overall vacancy rate for the Colorado Springs industrial market started the year below 7 percent. That rate has dipped lower each quarter, nearing 5 percent at the end of 2019. We foresee room for the rate to continue dropping through 2020, but believe we may see a slight rise in the vacancy rate due to some new construction and existing occupants becoming more efficient with their spaces. This industrial market has not seen the amount of new construction needed over the past two years to keep pace with the high demand the market has experienced. This will impact growth and trends throughout 2020. There was roughly 72,000 square feet of new industrial product under construction during 2019. When it comes to new construction …

February 15, 2020

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 1,070-Unit Right Move Storage Facility in Fort Worth

by Taylor Williams February 14, 2020

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Right Move Storage, a 1,070-unit, climate-controlled self-storage facility in Fort Worth. The site previously housed a two-story retail property occupied by Macy’s within Ridgmar Mall and was converted in 2019 into a self-storage facility spanning 126,985 square feet. Dave Knobler, Charles LeClaire, Danny Cunningham and Brandon Karr of Marcus & Millichap represented the undisclosed seller in the transaction. The team also procured the buyer, Colorado-based Spartan Investment Group.

February 14, 2020

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