Industrial

Clutter Acquires The Storage Fox Self-Storage Portfolio in New York for $152M

by Alex Patton September 24, 2019

NEW YORK — National self-storage investment firm Clutter has purchased The Storage Fox, a smaller self-storage firm based in New York, acquiring four-property self-storage portfolio in for $152 million. The acquisition included 5,240 storage units across four properties located at 5601 Foster Ave. in Brooklyn; 3046 Northern Blvd. in Long Island City; 1 Holland Ave. in White Plains; and 280 Fullerton Ave. in Yonkers. Combined, the properties comprise approximately 500,000 square feet with a rentable area of 320,000 square feet.

September 24, 2019

Industrial Leasing Activity New Jersey Northeast

CBRE Negotiates 30,000 SF Industrial Lease in East Orange, New Jersey

by Alex Patton September 24, 2019

EAST ORANGE, N.J. — CBRE has negotiated a 30,000-square-foot industrial lease in East Orange, a western suburb of New York City. Prime Global Solutions, a quality supplier and manufacturer of bulk materials, will occupy the warehouse and distribution center beginning in October. ABC Supply Co. occupies the other half of the 60,000-square-foot facility. Lou Belfer and Scott Belfer of CBRE represented the landlord, J.G. Petrucci, in the lease negotiations. Monica Franco and Priscilla Teixeira of Commercial Realty Partners represented Prime Global Solutions.

September 24, 2019

Acquisitions Industrial North Carolina Southeast

CBRE|Raleigh Arranges Sale of Two Industrial Buildings Totaling 513,787 SF in Opportunity Zone

by Alex Tostado September 23, 2019

RALEIGH, N.C. — CBRE|Raleigh has arranged the sale of Beltline Center, a two-building, 513,787-square-foot industrial center in Raleigh. The buildings offer warehouse and flex space and were 62 percent leased at the time of sale to tenants including UPS, Iron Mountain and Andrew & Hamilton Co. Inc. Beltline Center is located within an Opportunity Zone on 30.8 acres, two miles from downtown Raleigh. Ben Kilgore, Butch Miller, Ann-Stewart Patterson, Chandler Hawkins and Leslie Holmes of CBRE|Raleigh, along with the BPG Management team of Ken Pennington and Mike Green, represented the seller, Equus Capital Partners, in the transaction. New York City-based LM Real Estate Partners acquired the property.

September 23, 2019

Industrial Leasing Activity New Jersey Northeast

Josmo Shoes Inks 26,000 SF Industrial Lease in Carlstadt, New Jersey

by Alex Patton September 23, 2019

CARLSTADT, N.J. — Josmo Shoes has signed a 26,000-square-foor industrial lease in Carlstadt, a northwestern suburb of New York City. The building at 75 Triangle Blvd. features three loading docks and 18-foot ceiling heights. Josmo will use the property as a secondary warehouse and distribution center to support its New York headquarters. Shawn Roth, David Cantor and Greg Sholom of Team Resources Inc. represented Josmo in the lease negotiations.

September 23, 2019

Industrial Leasing Activity Michigan Midwest

Crane Worldwide Logistics Signs 136,500 SF Industrial Lease in Romulus, Michigan

by Kristin Harlow September 23, 2019

ROMULUS, MICH. — Crane Worldwide Logistics has signed a 136,500-square-foot industrial lease in Romulus. The property is located at 10725 Harrison Road. The company is an international logistics firm with 120 locations in 30 countries. Peter Rogers of CBRE represented the tenant in the lease transaction. Randall Allman of CBRE represented the owner, AEW Capital Management.

September 23, 2019

Acquisitions Industrial Midwest Minnesota

NKF Brokers $4.3M Sale of Industrial Building in Minnesota

by Kristin Harlow September 23, 2019

WYOMING, MINN. — Newmark Knight Frank (NKF) has brokered the $4.3 million sale of a 99,282-square-foot industrial building in Wyoming, about 35 miles north of Minneapolis. The property is located at 5240 257th St. Dan Friedner, Jay Chmieleski and Patrick Cullen of NKF represented the buyer, Kirvida Holdings Inc., and the seller, U.S. Small Business Administration.

September 23, 2019

Industrial Market Reports Southeast Southeast Market Reports Virginia

Industrial Construction Activity Remains Robust in Greater Richmond Area

by Alex Tostado September 23, 2019

At the mid-year mark, the greater Richmond area industrial market has continued to strengthen, closing with an overall occupancy rate of 91 percent in the categories being tracked (Class A, B, C vacant and investor-owned product with a minimum of 40,000 square feet total RBA). Class A occupancy increased slightly from 89 percent at the end of the first quarter to 91 percent at the end of the second quarter, and the majority of the Class A vacancy is attributed to a vacancy approaching 800,000 square feet in the former Ace Hardware facility in Prince George’s County. Ashley Capital purchased the property in early July for $21.7 million and will be offering the facility for lease. Class B occupancy has also experienced an increase to 92 percent, up from 89 percent at the end of the first quarter. CoStar Group reports overall industrial occupancy at 96 percent for product of all sizes, including investor-owned facilities, but excluding flex space (minimum 50 percent office). Richmond’s strategic Mid-Atlantic location along Interstate 95 provides access to 55 percent of the nation’s consumers within two days’ delivery by truck. In addition to being the northernmost right to work state on the Eastern Seaboard, Virginia …

September 23, 2019

Industrial Loans New Jersey Northeast

Provident Bank Provides $35M Construction Loan for Warehouse in Monroe, New Jersey

by Alex Patton September 20, 2019

MONROE, N.J. — Provident Bank has provided a $35 million construction loan for a new warehouse in Monroe, located approximately 40 miles south of New York City. Situated on 28 acres, the property will offer 382,400 square feet of rentable space, including 34,000 square feet of office space. The building is 100 percent preleased. Axiom Capital arranged the loan on behalf of the borrowers, KRE Group and TCH Docks Corner Lane LLC.

September 20, 2019

Industrial Loans Massachusetts Northeast

JLL Arranges $12.6M Refinancing Loan for Industrial Property in Tewksbury, Massachusetts

by Alex Patton September 20, 2019

TEWKSBURY, MASS. — JLL has arranged a $12.6 million loan for the refinancing of 554 Clark Road, a 102,200-square-foot industrial building in Tewksbury, a northern suburb of Boston. UniBank provided the fixed-rate loan, exact terms of which were undisclosed. The single-story facility was recently leased to Mycronic, a Swedish electronics assembly, display and packaging manufacturer. Brett Paulsrud and Amy Lousararian of JLL arranged the financing on behalf of the borrower, Oliver Street Capital.

September 20, 2019

Acquisitions Industrial North Carolina Southeast

Cushman & Wakefield Negotiates $6.7M Sale of Flex Buildings in Charlotte

by Alex Tostado September 20, 2019

CHARLOTTE, N.C. — Cushman & Wakefield has negotiated the $6.7 million sale of Hawkins @ Rampart, a 1.2-acre property comprising two flex buildings in Charlotte’s South End totaling 19,120 square feet. The adjacent buildings were constructed in 1987 at 2170 Hawkins St. and 210 Rampart St., two miles south of downtown Charlotte. The assets were fully leased at the time of sale to three tenants. Rob Cochran, Jared Londry and Nolan Ashton of Cushman & Wakefield represented the seller, Carolina Commercial Holdings LLC and R 2170 LLC, in the sale. The buyer was undisclosed.

September 20, 2019

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