HOUSTON — Lee & Associates has negotiated a 72,319-square-foot industrial lease at 1903 Tellepsen Drive in Houston. Reed Vestal and Taylor Schmidt of Lee & Associates represented the tenant, PSC Industries Inc., in the lease negotiations. Dayne Wunderlich, Steve Hazel and Ryley Caton of Insite Realty represented the landlord, Billingsley Co.
HILLSBOROUGH, N.J. — A joint venture between The Hampshire Companies and Harrison Street Real Estate Capital has broken ground on a 903-unit self-storage facility in Hillsborough, located approximately 20 miles north of Trenton. The 120,524-square-foot property is located at 141 US Highway 206. Extra Space Storage will manage the facility upon completion of construction, which is slated for early 2020.
MIDDLETOWN, PA. — CBRE has negotiated a 133,464-square-foot industrial lease for e-commerce distributor Boxzooka Fulfillment & Global Ecommerce in Middletown, located approximately 25 miles north of Baltimore. The warehouse is part of a 1.5 million-square-foot logistics center at 300 Capital Lane. William Waxman, Kevin Dudley and Nicholas Klacik of CBRE represented Boxzooka in the lease negotiations. Colony Industrial is the landlord of the logistics center.
HACKENSACK, N.J. — Marcus & Millichap has arranged the $4.6 million sale of a 37,465-square-foot industrial property in Hackensack, a northwestern suburb of New York City. Zaentz Hardware occupies the property, which is divided into storefront, warehouse and office space. Elsa Papanicolaou of Marcus & Millichap represented the seller, a limited liability company. Steve Lim of Marcus & Millichap represented the buyer, a private investor.
COMMERCE, GA. — Rooker has acquired 600 acres in the northeast Georgia city of Commerce to construct Bana 85 Commerce Center, a planned 6 million-square-foot business and logistics park. Road and utility construction are slated to begin in 2020, as will grading for an initial site to accommodate 1.5 million square feet. Bana 85 Commerce Center will have sites available in a range of sizes for build-to-suit or user sales in the warehousing, distribution and manufacturing sectors. The site is located 20 miles east of Georgia Ports Authority’s 104-acre inland port in Gainesville, which is slated for completion in 2021. Atlanta-based Rooker acquired the undeveloped land by assembling multiple properties within the area. The land acquisition included several industrial-zoned parcels and three commercial-zoned parcels. Brent Story of Avalon Real Estate Partners represented the sellers in the land acquisition.
FORT WORTH, TEXAS — Stork H&E, a manufacturer of turbine blades and machinery for the aerospace and petrochemical processing industries, has signed a 67,281-square-foot industrial lease at Carter Distribution Center in Fort Worth. Matt Carthey and Thomas Grafton with Holt Lunsford Commercial represented the owner, Boston-based Cabot Properties Inc., in the lease negotiations. Todd Hawpe with Transwestern represented the tenant.
ANKENY, IOWA — The Opus Group has completed the lease-up of Corporate Woods II, a 200,000-square-foot speculative industrial building in Ankeny. Tenants include Carroll Tire Co., Alfa Laval, Berlin Packaging and Harrell’s Car Wash Systems. The building serves as the second phase of Corporate Woods Industrial Park. Opus is set to begin work on the third and final phase of the industrial park this fall. The final building will span 200,000 square feet and is slated for completion in 2020. JLL represented all four tenants in the lease transactions and will market Phase III for lease.
Demand for industrial space is roaring throughout the submarkets surrounding the Port of New York and New Jersey, propelled by the port’s handling of a record amount of cargo thus far in 2019. As a result of the healthy demand, as well as more product coming in and out of the port, landlords are enjoying positive rent growth accentuated by a limited supply of quality industrial space. The port experienced record growth in cargo volume handled during the first six months of 2019, according to internal data from the organization. The number of 20-foot equivalent units (TEUs) handled by the port has already exceeded 3 million for the year and surpassed 611,000 in June alone. This figure represents an all-time record for the port during the first half of the year, enabling it to surpass the Port of Long Beach for the first time in 20 years. Increasing amounts of inventory coming in and out of the port translates to greater demand for industrial space to store, process and ship product. But the port submarket has but a meager supply of real estate to meet the demand. Due to a limited space available for lease, the industrial submarket experienced negative …
GARLAND, TEXAS — At Home Procurement Inc. has signed a 555,321-square-foot industrial lease renewal at 4040 Forest Lane in Garland, a northeastern suburb of Dallas. Matt Spellman and Matthew Hickey of TIG Real Estate Services represented the landlord, Fort Worth-based investment firm Fort Capital, in the lease negotiations. Nathan Lawrence of CBRE represented the tenant.
RIVERSIDE, CALIF. — Cardinal Health has signed a long-term lease to occupy the an entire 1 million-square-foot, state-of-the-art warehouse and distribution facility in Riverside. The property is one of two facilities at Dedeaux Sycamore Canyon Distribution Park. Dedeaux Properties, the landlord, acquired the newly completed asset in August. Dublin, Ohio-based Cardinal Health plans to utilize the property at Sycamore Canyon Business Park as a key West Coast medical products distribution center. Cardinal Health provides medical products and pharmaceuticals to hospitals, health systems, pharmacies, ambulatory surgery centers, clinical laboratories and physician’s offices worldwide. Dedeaux Properties is currently nearing completion on an adjacent 361,346-square-foot warehouse building, which is slated for occupancy during fourth quarter of this year. Ian DeVries and Chris DeVries of Colliers International represented the landlord, while Dan de la Paz of CBRE’s Ontario, Calif., office represented the tenant in the lease transaction.