Industrial

ASB Acquires 302,000 SF Industrial Property Near Miami Airport for $24.3M

by Camren Skelton July 3, 2018

HIALEAH, FLA. — ASB Real Estate Investments has acquired a 302,000-square-foot industrial property in Hialeah for $24.3 million. The warehouse is located at 215 S.E. 10th Ave., roughly 12 miles northwest of Miami and roughly two miles from Miami International Airport. The facility includes 23,000 square feet of office space and is fully leased on a long-term basis to Synergy Custom Fixtures, a custom counters and fixtures manufacturer. ASB acquired the property from Terreno Realty Corp. on behalf of its core vehicle, the Allegiance Real Estate Fund. Lincoln Property Co. (LPC) brokered the transaction on behalf of ASB, which has retained LPC to manage the property. The building features 200 parking spaces and 22 dock doors.

July 3, 2018

Acquisitions California Industrial Western

Rexford Industrial Realty Buys Industrial Property in Los Angeles for $22.5M

by Amy Works July 3, 2018

LOS ANGELES — Rexford Industrial Realty has acquired a single-tenant industrial property located at 12154 Montague St. in the Pacoima neighborhood of the Los Angeles-San Fernando Valley submarket. An undisclosed seller sold the property for $22.5 million, or $183 per square foot, in an off-market transaction. Situated on 4.9 acres, the fully occupied property features 122,868 square feet of industrial space.

July 3, 2018

Acquisitions California Industrial Western

JLL Brokers Sale of Two Industrial Buildings in San Diego Business Park

by Amy Works July 3, 2018

SAN DIEGO — JLL has arranged the sale of two light industrial buildings located within Scripps Ranch Business park in San Diego. Carroll Canyon Properties acquired the properties, located at 9965 Carroll Canyon Road and 9850 Businesspark Ave., from Hill Properties for an undisclosed price in an off-market transaction. At the time of sale, the buildings were fully leased to Kone and Foresight Sports. The two-building asset consists of 27,801 square feet on a 2.1-acre corner lot. Sach Kirpalani, Bob Prendergast and Lynn LaChapelle of JLL represented the seller in the deal.

July 3, 2018

Development Industrial Mixed-Use Southeast Tennessee Top Stories

Urban Story Ventures to Redevelop 112-Acre Site Along Chattanooga’s Tennessee River

by John Nelson July 3, 2018

CHATTANOOGA, TENN. — Urban Story Ventures, a Chattanooga-based commercial real estate developer and owner, is planning the redevelopment of a 112-acre site in Chattanooga’s West End district. Situated along the Tennessee River, the site houses the former Alstom turbine plant, as well as adjacent buildings and land. Preliminary plans call for Urban Story Ventures to preserve the LEED Gold-certified plant and renovate the remaining buildings and land for mixed-use, including office space, restaurants and residences. The developer is also planning a combination distillery, brewery and winery — a first for Tennessee. Urban Story Ventures recently established West End Property LLC to oversee the project. The company hopes to recruit a manufacturer to occupy the space left behind in 2016 by Alstom, a French rail transport company that sold its power and grid business lines to GE Power (NYSE: GE) in 2015. “This is the most significant resurgence of Chattanooga’s riverfront since Mayor Bob Corker implemented the 21st Century Waterfront in 2002,” says Jimmy White, principal of West End Property LLC and owner of Urban Story Ventures. “The development will create hundreds of jobs, connect people to the river and create a whole new district and destination for residents and visitors.” …

July 3, 2018

Features Industrial

A New Era for Industrial Design

by Taylor Williams July 3, 2018

Demand for industrial space is soaring and the growth of e-commerce has opened the doors for more competitors to enter the freight and logistics spaces. In addition, the latest data from the Bureau of Labor Statistics (BLS) notes that year-to-date, the United States has added 200,000 new positions in the manufacturing sector, greatly increasing the demand for new industrial space. The advent of new technology is changing the face of the sector’s day-to-day operations. The rising influence of cloud computing and other forms of software that track inventories and model ideal production rates allow for more seamless manufacturing. Automated racking and shelving systems have increased the amount of vertical storage space available to operators and helped get product out the door with greater efficiency. These innovations have yet to significantly eat into industrial job growth, but they are already impacting design trends for new projects. “At this point we are only seeing a minor impact from automation, but it’s clearly present,” says Michael Scheurich, CEO of Arch-Con Construction, a general contracting firm with offices in Dallas and Houston. “Developers are figuring on smaller aisles between racking for conveyors and automated pickup equipment. This allows them to squeeze in more racks …

July 3, 2018

Acquisitions Alabama Industrial Southeast

Monmouth Purchases Amazon-Leased Industrial Building Near Mobile for $33.7M

by Camren Skelton July 2, 2018

THEODORE, ALA. — Monmouth Real Estate Investment Corp. has acquired a newly constructed industrial building located at 6735 Trippel Road in Theodore, roughly 15 miles southwest of Mobile, for $33.7 million. The 362,942-square-foot facility, which opened in the second half of 2017, is net-leased to Amazon Fulfillment Service Inc. for 11 years. Johnson Development Associates Inc. developed the facility in partnership with Amazon. The property is situated on 31.3 acres, roughly 14 miles from the Port of Mobile. The acquisition marks Monmouth’s second property leased to Amazon.

July 2, 2018

Development Illinois Industrial Midwest

PREMIER Breaks Ground on 678,858 SF Industrial Development in Downers Grove, Illinois

by Kristin Harlow July 2, 2018

DOWNERS GROVE, ILL. — PREMIER Design + Build Group LLC has broken ground on Bridge Point Downers Grove, a three-building, 678,858-square-foot speculative industrial development in suburban Chicago. Bridge Development Partners LLC is the developer. The 57-acre infill site is located at the intersection of I-88 and I-355. Buildings 1 and 2 will feature a clear height of 32 feet, 33 exterior truck docks and four drive-in doors. Building 3, totaling 291,345 square feet, will feature a clear height of 36 feet, 40 exterior truck docks and two drive-in doors. Cornerstone Architects Ltd. is providing architectural services and McCallum Associates is providing landscaping services. Swift Structural Design is the structural engineer while SPACECO is the civil engineer. Jason West, David Friedland, Sean Henrick, Michael Magliano and Doug Pilcher of Cushman & Wakefield will represent Bridge in lease-up of the property. The construction is scheduled to be completed in early 2019.

July 2, 2018

Indiana Industrial Leasing Activity Midwest

HSA Commercial Negotiates 49,977 SF Industrial Lease for Pelican BioThermal in Suburban Indianapolis

by Kristin Harlow July 2, 2018

PLAINFIELD, IND. — HSA Commercial Real Estate has negotiated a 49,977-square-foot industrial lease for Pelican BioThermal at Gateway Business Park in Plainfield, a suburb of Indianapolis. The company provides thermal packaging solutions for the safe transportation of pharmaceutical and medical materials. Pelican BioThermal will begin occupying space at Gateway II, a 121,800-square-foot building, in July. HSA Commercial has developed five buildings totaling approximately 630,000 square feet at the 55-acre Gateway Business Park. Terry Busch and Jared Scaringe of CBRE represented ownership in the lease transaction with Pelican BioThermal. Bryan Augustin of Alliance Commercial Group represented the tenant.

July 2, 2018

Acquisitions Industrial Self-Storage Texas

SkyView Brokers Sale of 784-Unit Self-Storage Facility in San Antonio

by Taylor Williams June 29, 2018

SAN ANTONIO — Tampa-based SkyView Advisors has brokered the sale of a 784-unit Extra Space Storage facility in San Antonio. Situated on 3.3 acres, the property totals 88,875 net rentable square feet of climate-controlled space. Ryan Clark of Skyview Advisors represented the seller in the transaction. The buyer and seller were not disclosed.

June 29, 2018

Acquisitions Industrial Self-Storage Texas

Merit Hill Acquires 782-Unit Self-Storage Facility in Metro Houston

by Taylor Williams June 29, 2018

BAYTOWN, TEXAS — New York-based Merit Hill Capital has acquired Safe-Keeping Self Storage, a 782-unit facility located in the eastern Houston metro of Baytown. The property totals 76,485 net rentable square feet and offers climate-controlled units, electronic access control and 24-hour surveillance. Steve Mellon and Brian Somoza of JLL represented the seller, Weiss Realty Group Inc., in the transaction. The property was 93 percent leased at the time of sale.

June 29, 2018

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