Industrial

Denholtz Properties Acquires 26,000-Square-Foot Industrial Building in Bridgewater, New Jersey

by Alex Patton January 16, 2020

BRIDGEWATER, N.J. — Denholtz Properties has acquired a 26,000-square-foot industrial building in Bridgewater, located approximately 45 miles west of New York City. Located at 6W Chimney Rock Road, the property is situated within Bridgewater Business Park, a 380,000-square-foot office complex comprising 16 industrial flex buildings. With this acquisition, Denholz now owns 12 buildings totaling 290,163 square feet in the park. Tenants include UPS, baseball training center Zoned Inc. and stone fabricator Bridgewater Marble. Kristine Hurlbut represented Denholtz Properties in the transaction on an internal basis. Marcus & Millichap represented the undisclosed seller.

January 16, 2020

Acquisitions Industrial Kansas Midwest

Block & Co. Arranges Sale of 55,250 SF Warehouse in Kansas City, Kansas

by Kristin Harlow January 16, 2020

KANSAS CITY, KAN. — Block & Co. Inc. Realtors has arranged the sale of a 55,250-square-foot warehouse in Kansas City for an undisclosed price. Spicin Foods fully occupies the facility for its bottling and distribution operations. The property sits on nearly 2.5 acres at 111 Southwest Blvd. and includes a factory retail store. Spicin Foods, formerly known as Original Juan, is a specialty foods manufacturer that creates specialty sauces, salsas, snacks and dips. David Block and Max Kosoglad of Block brokered the sale. A local investment group purchased the building from an undisclosed seller.

January 16, 2020

Acquisitions California Industrial Western

Rexford Industrial Buys 751,528 SF Pomona Distribution Center from Prologis

by Amy Works January 16, 2020

POMONA, CALIF. — Rexford Industrial Realty has purchased Pomona Distribution Center, an infill industrial building located at 1601 W. Mission Blvd. within the Mission-71 Business Park in Pomona. Prologis sold the asset for an undisclosed price. Situated on a 32.2-acre site, the 751,528-square-foot multi-tenant building features a gated truck court, 20-foot clear heights, 84 dock-high loading doors, partial ESFR sprinklers and 4,000-amp power. The rectangular-shaped building offers access on three sides and dock-high loading positions on all four sides. At the time of sale, the property was fully leased to Lumber Liquidators and HD Supply. Jeff Chiate, Jeffrey Cole, Mike Adey and Ed Hernandez of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the deal. Additionally, Phil Lombardo and Ty Newland from Cushman & Wakefield served as market advisors for the transaction.

January 16, 2020

California Development Industrial Loans Mixed-Use Retail Western

Parkview Financial Funds $19.8M Loan for French Valley Commons Project Near Temecula, California

by Amy Works January 16, 2020

WINCHESTER, CALIF. — Parkview Financial has provided a $19.8 million loan to Temecula, Calif.-based W Development Partners for construction of the first phase of French Valley Commons, a 14.1-acre mixed-use project in Winchester. The initial phase will include a nine-building development situated at the northwest corner of Leon and Benton roads in Winchester’s French Valley area. Totaling 87,231 square feet, the first phase will feature 36,524 square feet of retail space spanning six buildings and 50,532 square feet of flex/light industrial space spread across three buildings. Three of the planned retail buildings are pre-leased to O’Reilly Auto Parts, Dollar Tree and Jiffy Lube. With the closing of this loan, construction has commenced on the three pre-leased retail parcels and the largest light industrial building, which will total 22,925 square feet. Completion of the four buildings is slated for early to mid-2021. The construction timeline for the remaining five buildings has not been released. The second phase of French Valley Commons is entitled for 52,000 square feet of retail and industrial space, with construction timing based on interest and lease-up from the first phase.

January 16, 2020

Industrial Market Reports Midwest Midwest Market Reports Missouri

New Tenants, Developments Signal Strength of Kansas City Industrial Market

by Kristin Harlow January 16, 2020

The Kansas City industrial real estate market recorded very healthy maturation in 2019. When surveying the strength of our market, we typically consider how many new tenants or users entered the market with major investments and how many development deals were announced. Diving into the analytics, it is exciting to see some disciplined characteristics of a solid industrial market, including a slight slowdown in the pace of market expansion, a diverse group of business types demanding space, and the swift adjustment to appropriately balance supply and demand. Users entering the market The highlight reel of industrial deals in 2019 was impressive. Notable transactions include a new 420,000-square-foot water bottling plant for Niagara in South Kansas City, a 2 million-square-foot logistics hub expansion for Kubota Tractor Corp., and a 765,000-square-foot food distribution center for Hostess Brands. Additionally, Walmart just announced plans for a 1.8 million-square-foot distribution center to add to its existing three distribution centers in the area. A variety of new auto suppliers have absorbed over 1 million square feet of space to serve the Ford and General Motors automotive plants. I’m often asked what industries are moving to Kansas City and my response is all of them. The type …

January 16, 2020

Development Industrial Kentucky Southeast

Hunt Midwest to Develop 322,000 SF Spec Industrial Facility in Louisville

by Alex Tostado January 15, 2020

LOUISVILLE, KY. — Kansas City, Mo.-based Hunt Midwest will develop Blankenbaker Logistics Center, a speculative industrial building located 13 miles southeast of downtown Louisville within Blankenbaker Station business park. Blankenbaker Logistics Center will occupy a 20-acre site at 13007 Rehl Road and include more than 322,000 square feet of leasable space, 187 surface parking stalls, 44 tractor trailer parking stalls and a 140-foot truck court. Building features will include 32 dock positions in a cross-dock configuration with 36-foot clear heights, four drive-in doors and mechanical dock equipment. Completion of the Blankenbaker Logistics Center is scheduled for December of this year. Located south of Interstate 64 and west of Interstate 265, Blankenbaker Logistics Center will be adjacent to the local FedEx Ground terminal, with access to UPS Worldport and Ford’s Kentucky Truck and Louisville Assembly Plants. The design team includes civil engineer Mindel Scott, architect H2B Architects and general contractor Summit Construction. Kevin Grove of CBRE will represent Hunt Midwest in the lease-up of the facility.

January 15, 2020

Northrop-Grumman-Innovation-Systems-Campus-Chandler-AZ

Arizona Industrial Loans Office Western

NorthMarq Arranges $185M Loan for Northrop Grumman Innovation Systems Campus in Arizona

by Amy Works January 15, 2020

CHANDLER, ARIZ. — The San Diego office of NorthMarq has arranged a $185 million loan for the recently completed Northrop Grumman Innovation Systems’ campus in Chandler. A life insurance company funded the fixed-rate loan, which amortizes over 23 years. Eric Flyckt, Wyatt Campbell and Casey Allred of NorthMarq secured the loan for Northrop Grumman, an aerospace and defense technologies designer and manufacturer. The campus comprises a three-story, Class A office building totaling 352,545 square feet and a 269,852-square-foot manufacturing facility. The property serves as Northrop Grumman Innovation Systems’ Launch Vehicle Division Headquarters. Designed and manufactured at the campus, the launch vehicles transport cargo to the International Space Station, launch satellites and are used for military functions. The campus is located within San Diego-based Douglas Allred Co.’s Park Place, a 200-acre business park situated at the intersection of Loop 101 and 202 freeways.

January 15, 2020

Acquisitions Arizona Industrial Western

Pinnacle Peak Acquires Single-Tenant Industrial Building in Phoenix for $17M

by Amy Works January 15, 2020

PHOENIX — Pinnacle Peak, a Bellingham, Wash.-based investment company, has purchased an industrial manufacturing building located at 2140 W. Pinnacle Peak Road in Phoenix. Thul LLC sold the property for $17 million. The seller is a principal of APSM Systems, a sheet metal fabrication company that has occupied the property since 1994. APSM signed a 10-year leaseback for the property. Situated on 13.5 acres within the Deer Valley submarket, the 168,897-square-foot industrial building features 25,484 square feet of office space. Eric Bell, Mike Ciosek and Dylan Scott of Kidder Mathews represented the buyer in the transaction.

January 15, 2020

Acquisitions California Industrial Net Lease Western

CBRE Brokers $16.8M Sale of Newly Built Industrial Property in Southern California

by Amy Works January 15, 2020

BURBANK, CALIF. — CBRE has arranged the sale of a newly built industrial building located at 3700 Vanowen St. in Burbank. Shubin Nadal Realty Investors & Penwood Real Estate Investments sold the asset to Crown Realty Development and its affiliate, CPF Vanowen Associates, for $16.8 million. ARRI Inc., a designer and manufacturer of camera and lighting systems for the film and broadcast industry, occupies the 39,829-square-foot property on a 15-year triple-net lease. The building features creative office space, 24-foot clear heights, HVAC throughout and dock-high loading. Mark Perry, Carlene O’Neil, David Harding and Greg Geraci of CBRE represented the sellers, while the buyers were self-represented in the transaction.

January 15, 2020

Acquisitions Industrial Midwest Missouri Office

ElmTree Sells Majority Interest in $900M Net Lease Portfolio

by Kristin Harlow January 15, 2020

ST. LOUIS — ElmTree Funds has sold a majority position in a portfolio of predominantly industrial and office properties to Guggenheim Investments. The gross asset value of the 18-property portfolio is approximately $900 million. St. Louis-based ElmTree began acquiring and developing the properties in 2016. The build-to-suit, net-leased assets are located in fast-growing metropolitan areas across the United States. ElmTree will manage the assets for Guggenheim and maintain a small equity portion. Notable properties in the portfolio include a 1.5 million-square-foot industrial facility in Dallas net leased to a confectionary manufacturer and a 500,000-square-foot industrial building in St. Louis net leased to a courier delivery services company.

January 15, 2020

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