RONKONKOMA, N.Y. — Newmark Knight Frank has brokered the sale of 16 Colt Court, a 12,000-square-foot industrial facility in Ronkonkoma. The sales price was undisclosed. Daniel Gazzola, Chuck Tabone and Keith Kito of NKF represented the seller, Colt Properties LLC, in the transaction. The buyer was 16 Colt Realty LLC. The property was formerly occupied by Link Control Systems Inc., a manufacturer of control devices for a range of complex and large mechanical devices for drawbridges.
GREENVILLE, TEXAS — JLL has negotiated a 130,816-square-foot industrial lease at 1001 Ed Rutherford Drive in Greenville, a city located about 50 miles northeast of Dallas. Chris Stout and Craig Phelps of JLL represented the tenant, Pennsylvania-based Chelsea Building Products, and the undisclosed landlord in the lease negotiations. The property, which previously housed a plastic injection molding company, will be Chelsea’s second production facility in the U.S.
The industrial sector continues to experience seemingly limitless success, and New Jersey is one of the nation’s leading markets. Amid record-setting asking rents, vacancy rates and leasing velocity, it would be tempting for property owners, tenants and investors to become complacent while reaping the rewards of a sophisticated global supply chain, impressive gross domestic product and strong investment returns. But challenges remain, and real estate professionals should consider them when making decisions. To continue to thrive in the industrial space, it behooves major players to explore solutions to some of the key matters facing the region. Limited Space for Development As a general rule, companies are insisting that warehouses be built within a one- or two-day drive of the customer, and from Central New Jersey, companies can reach 130 million consumers within a day’s drive. Therefore, it is no surprise that 75 percent of the industrial leases signed during the past two years for greater than 200,000 square feet occurred in Middlesex County, primarily along the New Jersey Turnpike. However, it’s becoming increasingly difficult to find sites for construction. On top of that, when sites are identified, they often come with greater capital needs driven by redevelopment and brownfield issues. …
BURLINGTON, N.J. — Liberty Property Trust has broken ground on a 441,380-square-foot industrial facility in Burlington. Located at 160-180 Dulty’s Lane, the project will feature 36-foot clear heights, 54-foot by 55-foot column spacing, 88 dock doors, space for 105 trailers and 330 parking spaces. The facility, which Dishner Architects is designing, is slated for completion in the first quarter of 2019. The general contractor is Blue Rock Construction.
NEWARK, N.J. — HFF has negotiated the $8.2 million sale of a 4.5-acre land parcel in Newark. The property is located at 120 Frontage Road and is adjacent to Newark Liberty International Airport. HFF represented the undisclosed seller in the transaction. The buyer plans to construct an 80,000-square-foot industrial building on the site. The site is also located near Port Newark-Elizabeth, one of the largest containerized deep-water shipping terminals on the East Coast.
HORN LAKE, MISS. — Atlanta-based Core5 Industrial Partners has completed its first two inventory buildings at DeSoto 55 Logistics Center, a business park in Horn Lake, a Mississippi town within the greater Memphis market. Situated along the Interstate 55 corridor, the 175-acre business park will feature more than 2.5 million square feet of Class A space once fully developed. The first phase included Building A1, a 581,475-square-foot cross-dock facility that is expandable to more than 1 million square feet, and Building B, a 300,000-square-foot, rear-loading building. Core5 has preleased 200,000 square feet of space within Building B to DSV Solutions, a global provider of supply chain solutions to customers across multiple industries. DSV will utilize the entire 200,000 square feet of an existing client’s distribution facility serving the Eastern United States. Dan Wilkinson, Allen Wilkinson and Brad Kornegay of Colliers International represented Core5 in the lease transaction, as well as the entire development.
ONTARIO, CALIF. — Ivanhoé Cambridge and California-based CapRock Partners have broken ground on Phase I of Colony Commerce Center in Ontario. Located at the northeast corner of Carpenter and Remington avenues within the Inland Empire, Colony Commerce Center Phase I will feature 1.3 million square feet of industrial space. The first phase will be divided into two Class A industrial buildings of 589,000 and 700,000 square feet, both with 36-foot clear heights. Additionally, the phase will feature 185-foot-wide truck courts, cross-dock loading, 100 percent concrete drive areas and excess trailer parking stalls. The logistics complex is located in close proximity to corporate neighbors, such as Walmart, FedEx and Amazon, and is within a few miles of retail amenities. CapRock Partners will also develop Phase II of the logistics complex for the Ivanhoé Cambridge. The second phase is adjacent to the first phase on the southwest corner for Archibald and Merrill avenues and will include a 1 million-square-foot, LEED-certified building with 40-foot clear height that anchors eight additional small-box buildings ranging from 35,000 square feet to 45,000 square feet. The second phase will total approximately 1.7 million square feet. Construction on Phase II is slated to begin by year end.
CHANDLER, ARIZ. — Los Angeles-based Cohen Asset Management has completed the sale of Iridium @ Price Road Corridor, an industrial property in Chandler. Braintree, Mass.-based Bay Capital acquired the property for $16 million. Will Strong of Cushman & Wakefield Capital Markets led the company’s team that represented the seller in the deal. Constructed in 1986 and renovated in 2017, the 69,820-square-foot property is fully air conditioned, provides heavy power and has features a large fenced and secured yard. The asset also includes approximately three acres of vacant land for future expansion. Iridium Communications, a mobile voice and data satellite communications network, is the sole tenant of the property.
IRVING, TEXAS — Canadian paper manufacturer Domtar has renewed its 69,577-square-foot industrial lease at 9001-9015 Sterling St. in Irving. According to LoopNet Inc., the Class B property was built in 1985 and totals 200,666 square feet. Canon Shoults of Holt Lunsford Commercial represented the landlord, Brookfield, in the lease negotiations.
PLYMOUTH, MINN. — Marcus & Millichap has brokered the sale of a 124,181-square-foot industrial property net leased to Allied Building Products in Plymouth for $8.2 million. The property, located at 9800 13th Ave., includes an on-site fueling station and nearly 10 acres of outdoor storage space that is paved and fenced. Allied Building Products is a distributor of roofing, siding, waterproofing, interior products, windows, skylights, doors and tools for the residential, commercial and industrial building industries. Sean O’Brien and John Godwin of Marcus & Millichap marketed the property on behalf of the seller, a private investor. O’Brien secured the buyer, a real estate investment trust.