Industrial

Calare Properties Sells 119,000 SF Industrial Building in Stoughton, Massachusetts

by Amy Works December 13, 2017

STOUGHTON, MASS. — Calare Properties has completed the disposition of an industrial property, located at 301 Page St. in Stoughton. An undisclosed buyer acquired the 119,000-square-foot property for $12 million. The property was built in 2004 as the corporate headquarters, retail and distribution space for long-term tenant Boston Interiors, a regional furniture brand. Situated on more than 17 acres, the property features 36-foot ceilings, 10,000 square feet of office space, 9,000 square feet of showroom and 100,000 square feet of high-bay warehouse space. Additionally, the fully heated and climate-controlled property features 16 dock-high doors, two trash dock doors and 113 surface-level parking spaces.

December 13, 2017

Data Centers Industrial Top Stories

Iron Mountain to Buy IO Data Centers’ U.S. Operations for $1.3B

by Nellie Day December 13, 2017

RESTON, V.A. — Iron Mountain Inc. (NYSE: IRM) has agreed to acquire the U.S. operations of IO Data Centers LLC for $1.3 billion. The agreement includes up to an additional $60 million based on future performance. Iron Mountain will acquire the land and buildings associated with the four state-of-the-art data centers, which total 728,000 square feet. They are situated in Edison, N.J.; Columbus, Ohio; Phoenix; and Scottsdale, Ariz. The centers provide 62 megawatts (MW) of capacity with expansion potential of an additional 77 MW in Arizona and New Jersey. The portfolio has an average weighted lease term of 3.3 years. The transaction is anticipated to close in January 2018, subject to customary closing conditions. “The addition of IO’s data centers enhances our geographic diversification and provides market-leading exposure to Phoenix, the fourth fastest market for absorption in the U.S. in 2017, and the 12th largest data center market globally,” says Mark Kidd, senior vice president and general manager of Iron Mountain Data Centers. “This transaction also enhances our ability to support the needs of the largest cloud providers through new development with expansion capacity in Phoenix as well as New Jersey, another attractive market due to its proximity to the …

December 13, 2017

Penn-Warner-Industrial-Park-Fairless-Hills-PA

Industrial Northeast Pennsylvania

Endurance Real Estate Buys 240,358 SF Warehouse Portfolio in Fairless Hills, Pennsylvania

by Amy Works December 12, 2017

FAIRLESS HILLS, PA. — An affiliate of Endurance Real Estate Group and Thackeray Partners has acquired Penn Warner Industrial Park, a four-building warehouse and distribution portfolio located in Fairless Hills, for an undisclosed price. An undisclosed institutional seller sold the portfolio, which totals 240,358 square feet. Constructed between 1968 and 1970, the properties feature at least 24-foot clear ceiling heights and one dock door per 6,000 square feet. Michael Hines, Brian Fiumara, Brad Ruppel and Lauren Dawicki of CBRE Northeast National Partners brokered the transaction.

December 12, 2017

Industrial New Jersey Northeast

Avison Young Brokers Sale of 46,000 SF Industrial Building in Bridgewater, New Jersey

by Amy Works December 12, 2017

BRIDGEWATER, N.J. — Avison Young has arranged the sale of an industrial property located at 460 Milltown Road in Bridgewater. FCI Properties sold the 46,000-square-foot building for an undisclosed price. The column-free facility was originally built for and used as an indoor tennis club. The undisclosed buyer intends to repurpose the space into a new and strategic high-level training center that will include soccer fields and other training facilities for its existing base and new young athletes. Matthew Turse, Timothy Cadigan and John Recchia of Avison Young represented the seller in the deal. The name of the buyer was not released.

December 12, 2017

Illinois Industrial Midwest

CBRE Arranges Over 1.3 MSF of Industrial Leases in Chicago Area

by Kristin Harlow December 12, 2017

BOLINGBROOK, ELK GROVE VILLAGE AND MCHENRY, ILL. — CBRE has arranged three industrial leases totaling 1.3 million square feet for separate tenants in the Chicago area. Brake Parts Inc. signed an eight-year extension for 378,350 square feet at 1100 Corporate Drive and 228,000 square feet at 4400 Prime Parkway in McHenry. The company is a manufacturer and supplier of brake parts. Greencore, a London-based international producer of convenience foods, inked a five-year extension for 443,010 square feet at 1100 Remington Blvd. in Bolingbrook. In the final lease transaction, St. George Logistics signed a five-year renewal for 268,645 square feet at 875 Devon Ave. in Elk Grove Village. The company is a provider of ocean and air container freight stations, distribution, transportation and value-added services in North America. Matt Mulvihill, Kevin Segerson, Cal Payne and Philip DeBoer of CBRE represented the tenants in each lease transaction.

December 12, 2017

Indiana Industrial Midwest

HSA Commercial Purchases 19-Acre Land Site in Suburban Indianapolis, Plans 262,758 SF Distribution Center

by Kristin Harlow December 12, 2017

PLAINFIELD, IND. — HSA Commercial Real Estate has purchased a 19-acre land site in Plainfield, a suburb of Indianapolis near the Indianapolis International Airport. The company plans to develop a 262,758-square-foot distribution center featuring 32-foot clear heights, 30 truck doors and four drive-in doors. Construction is slated to begin in early 2018 with tenant occupancy scheduled for the fall. John Hanley and Terry Busch of CBRE will market the new building for lease. HSA Commercial has previously developed five buildings totaling approximately 630,000 square feet at the nearby Gateway Business Park.

December 12, 2017

Industrial Texas

Bob Moore Completes 609,000 SF Distribution Center for Sherwin-Williams in Waco

by Taylor Williams December 11, 2017

WACO, TEXAS — Bob Moore Construction has completed a new distribution center for paint retailer Sherwin-Williams in Waco. The facility, which will service Texas, Oklahoma, New Mexico and Louisiana, offers 609,000 square feet of storage space with the capacity to expand the building footprint by 33 percent in the future. Bob Moore Construction, which also built a 346,000-square-foot distribution center in Waco for Sherwin-Williams in 1990, began work on the project in early 2016. Roughly 260 employees from the older center will move to the new facility, according to local news source KWTX.

December 11, 2017

Industrial North Carolina Southeast

Meritex to Deliver 79,420 SF Industrial Facility Near Charlotte Douglas International Airport

by Camren Skelton December 11, 2017

CHARLOTTE, N.C. — Meritex has broken ground on a 79,420-square-foot industrial building located next to CLT Logistics Center, an 11-building industrial campus located roughly four miles south of Charlotte Douglas International Airport. Meritex acquired CLT Logistics Center in 2016 for $46.3 million, with plans to develop on the adjacent land site. The new building will feature 32-foot clear heights, a 60-foot speed bay, store fronts with timber panel finishes and additional trailer storage. The project is the first phase of a larger plan to develop three distribution buildings on the site, which will accommodate approximately 220,000 square feet. The first phase is expected to deliver by spring 2018. Foundry Commercial will manage the project and handle the property’s leasing assignment.

December 11, 2017

Illinois Industrial Midwest

NAI Hiffman Brokers Sale of 161,740 SF Industrial Building in Bridgeview, Illinois

by Kristin Harlow December 11, 2017

BRIDGEVIEW, ILL. — NAI Hiffman has brokered the sale of a 161,740-square-foot industrial building in Bridgeview, about 13 miles southwest of Chicago. The sales price was not disclosed. The property is situated along I-294 at 7400-7420 Richards Road. The building features 18 exterior docks, one drive-in door, 24-foot clear heights and parking for 60 cars. Chris Gary and Jay Maher of NAI Hiffman represented the seller, Transwestern Investment Group. Adam Haefner of Darwin Realty & Development Corp. represented the buyer, Rex Carton Co., a manufacturer of corrugated boxes and custom shipping containers.

December 11, 2017

Industrial Texas

Stockbridge Capital Sells 936,608 SF Industrial Portfolio in Houston

by Taylor Williams December 8, 2017

HOUSTON — San Francisco-based investment and management firm Stockbridge Capital Group has sold a portfolio of four industrial properties totaling 936,608 square feet in Houston. The portfolio consists of the 206,483-square-foot Astro Business Park in south Houston; the 225,475-square-foot asset located at 5990-6018 Griggs Road; the 298,081-square-foot McCarty Business Park; and the 206,569-square-foot property located at 8710-8798 Westpark Drive on the city’s southwest side. The portfolio was 95 percent leased at the time of sale. Trent Agnew and Rusty Hamlyn of HFF represented the Stockbridge Capital in the sale. ATCAP Fund I LP, the investment vehicle of Dallas-based ATCAP Partners, purchased the portfolio for an undisclosed price. HFF’s Brian Carlton and Cameron Cureton also secured an undisclosed amount of acquisition financing for the transaction through Global Atlantic Financial Group.

December 8, 2017

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