NEW YORK CITY — Local developer DH Property Holdings (DHPH) has broken ground on an 85,000-square-foot speculative distribution center in the Red Hook section of Brooklyn. The single-story property, located at 55 Bay St., will feature 36-foot clear heights, 54-by-58-foot column spacing, 18 loading docks and two drive-in doors. Construction is expected to be complete in the second quarter of 2020. Rob Kossar and Leslie Lanne of JLL will handle leasing.
MONTVILLE, N.J. — A partnership between two New Jersey-based firms, Camber Real Estate Partners and Advance Realty Investors, has sold 19 Chapin Road, a 529,000-square-foot industrial property in Montville, located in the northern part of the Garden State. The four-building property is equipped with a total of 88 loading positions, including 76 dock-high doors, 12 drive-in doors and clear heights ranging from 20 to 22 feet. A variety of industrial and shipping tenants occupy 93.7 percent of the property. Jose Cruz, Marc Duval and Jordan Avanzato of JLL represented the seller in the transaction. A partnership between Cohen Asset Management Inc. and Intercontinental Real Estate Corp. purchased the property for an undisclosed price.
MONROE, OHIO — SkyView Advisors has brokered the sale of Monroe Stor & Lock Self Storage in Monroe, about 30 miles north of Cincinnati. The sales price was not disclosed. The 50,050-square-foot self-storage facility consists of 280 non-climate-controlled units and 165 exterior storage spaces. The property is located at 889 Lebanon St. Zack Urow and Ryan Clark of SkyView represented the seller. Merit Hill Capital purchased the asset.
POMPANO BEACH, FLA. — Cushman & Wakefield has negotiated six industrial leases totaling 132,798 square feet at Pompano Center of Commerce II, a warehouse and distribution campus in Broward County. Butters Construction & Development developed the property, the existing buildings of which are now at full occupancy. Tenants represented in the new leasing activity include Milestone Pavers (14,640 square feet), Empire Delivery (26,605 square feet), Larsen’s Manufacturing (17,436 square feet), Farco Plastics (17,381 square feet), Event Effects Group (37,786 square feet) and ATI Electrical Supply (18,950 square feet). Chris Metzger, Richard Etner, Christopher Thomson and Matthew McAllister of Cushman & Wakefield represented the landlord, a joint venture between Butters and an institutional capital partner, in all of the lease negotiations.
BELLVILLE, TEXAS — The LeClaire Group, a division of Marcus & Millichap, has arranged the sale of AAA Self Storage, a 395-unit facility in Bellville, located approximately 30 miles northwest of Houston. The property features 219 climate-controlled units and 176 non-climate-controlled units for a total of 65,950 net rentable square feet. The property, which was 91 percent occupied at the time of sale, originally opened in 2005 and has since been expanded. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, an Austin-based partnership, in the transaction. The sale included 1.6 acres for additional expansion.
MOUNT PLEASANT, WIS. — Hillwood, a Perot company, has acquired a newly constructed industrial building spanning 307,850 square feet in Mount Pleasant, about 30 miles south of Milwaukee. Located at 11905 Meridian Drive, the property features a clear height of 32 feet, rear loading and 140-foot truck courts. The purchase price and seller were not disclosed.
ST. LOUIS — NorthMarq has arranged a $3 million loan for the acquisition of the Fort Dearborn Co. building in St. Louis. The manufacturing facility spans 87,507 square feet and is located on 5.8 acres at 6880 Heege Road. Fort Dearborn Co. is a label manufacturer for food and household products. Jeffrey Chaney of NorthMarq arranged the 10-year loan, which features a 20-year amortization schedule. A life insurance company provided the loan. White Co. was the borrower.
HARRISBURG, PA. — Realterm Logistics, a Maryland-based investment firm, has acquired a 311,000-square-foot distribution facility in Harrisburg. Built on 52 acres in 2004, the property features 37-foot clear heights, 99 dock-high doors, six drive-in doors and immediate access to I-76, I-83 and I-81. Brandon Moghimi and Brad Feller of Stan Johnson Co. represented the undisclosed seller in the transaction. The property was fully leased at the time of sale.
In 2018, the Greater Cincinnati industrial market experienced record-breaking positive net absorption of 7 million square feet, the highest level of absorption in more than a decade. This was followed by only 201,000 square feet of direct net absorption in the first quarter of this year, which at first glance could be concerning. But the good news is that 8 million square feet is currently under construction across our market. Over the past five years, new construction deliveries have been a consistent source of growth and positive absorption in Greater Cincinnati. The industrial market typically does not experience a high absorption rate in the first quarter when compared with the rest of the year. The low absorption figure in the first quarter of 2019 is actually due to lack of available supply rather than a major market change. Leasing impact New-construction, pre-leased buildings were a major source of positive net absorption in 2018. Winter weather and construction schedules limited first-quarter completions to just 520,000 square feet. The largest delivered facility was the 308,000-square-foot West Chester Trade Center #1, a bulk distribution building in the Northwest submarket. TSC Apparel moved into 196,000 square feet at the facility, absorbing more than 60 …
SEFFNER, FLA. — US Capital Development Co. and USAA Real Estate are partnering to construct a 303,006-square-foot speculative distribution center in Seffner. The facility will be located at 6337 County Road 579, 12 miles east of downtown Tampa. The center will offer tilt-up concrete walls with more than 60 dock positions, more than 300 auto parking spaces and 36-foot clear heights. Once complete, the building will serve as distribution/warehousing space for either one or two tenants. The partners expect to break ground in August with completion slated for the second quarter of 2020. The design team includes Edwards Construction as the general contractor, JRA Architecture as the architect and Landmark Engineering as the civil engineer. Clay Witherspoon and Trey Carswell of Avison Young are the leasing agents for the property.