PISCATAWAY, N.J. — Bussel Realty Corp. has negotiated the $4.1 million sale of 150 Ethel Road West, a 33,000-square-foot industrial buildingin Piscataway. The property features 20-foot ceiling heights, 3,000 square feet of offices and one oversized drive-in door for loading. Steve Bussel and Anthony Mircovich of Bussel Realty represented the seller, Preferred Management, in the transaction. Resource Realty of North Jersey represented the buyer, East Coast International Tire Group.
ELMWOOD PARK, N.J. — NAI James E. Hanson has arranged the sale of a 45,000-square-foot industrial and flex building at 475 Mola Blvd. in Elmwood Park. The sales price was undisclosed. NAI James E. Hanson represented the seller, 475 Boulevard LLC, in the transaction. The buyer was Millstein Acquisitions. The property includes 7,000 square feet of office space, six loading docks, one drive-in and 165 parking spaces. Achieve 24 Fitness currently operates 13,000 square feet of the building as a fitness center. The buyer plans to divide the building’s remaining vacant space into two 5,000 square feet units and one 23,000-square-foot unit.
BENSENVILLE, ILL. — Concepts in Flooring has signed a 13,191-square-foot industrial lease at 628 Thomas Drive in Bensenville near the Chicago O’Hare International Airport. The flooring installation company is based in Addison. Jay Farnam of Lee & Associates represented the tenant in the lease transaction. Venture One is the property landlord.
RANCHO DOMINGUEZ, CALIF. — DAUM Commercial Real Estate Services has arranged the 10-year lease of a newly renovated industrial property located at 18554 S. Susana Road in Rancho Dominguez, a South Los Angeles County submarket. Industrial Property Trust leased the 104,339-square-foot space to Apex International, a global supply chain solutions provider. Apex will relocate and expand its operations from a nearby 34,500-square-foot facility. The new property features a truck court, dock-high doors, a 10,000-square-foot office space, warehouse clearance up to 26 feet, a secure fenced yard and a calculated sprinkler system. Total consideration of the lease is approximately $10.5 million. Michael Collins and Jordan Lara of DAUM Commercial represented the lessor, which is a REIT operated by Denver-based Black Creek Group, while Frank Shen of Realty Advisors represented Apex in the transaction.
MOORE, S.C. — Keurig Green Mountain Inc. will invest $350 million to build a new roasting and packaging facility in Moore, a city in Upstate South Carolina’s Spartanburg County. The specialty coffee and coffeemaker company acquired 215 acres of land within Tyger River Industrial Park from Pacolet Milliken Enterprises to build the new facility, which is expected to create 500 new jobs upon completion. Garrett Scott, John Montgomery and Brockton Hall of Colliers International represented Pacolet in the transaction. “As we plan for the future, we’re pleased to locate our newest facility in Spartanburg County to support our growth,” says Richard Jones, chief supply chain officer for Keurig. “We view the region’s talented employee base and attractive business environment as the right place to invest.” The new production facility will primarily house coffee roasting and packaging for Keurig’s single-serve K-Cup pods, and will have the potential to support beverage distribution and warehousing in the future. Prior to the sale, Pacolet made significant investments in sewer and power infrastructure at the site, and built a new road that will serve Keurig and the rest of the business park. The Greenville, S.C.-based developer has an additional 10 sites within Tyger River Industrial Park …
The industrial sector remains the prime beneficiary of the numerous technological shifts occurring throughout the economy. E-commerce continues to fuel demand for distribution and warehouse space in the national industrial sector. The Wichita market remains focused on the aerospace cluster, advanced manufacturing and the growing advanced materials sector to sustain and grow the industrial segment. The current supply pipeline is to remain about the same as it has over the past couple of years, with over 726,000 square feet under construction at the end of the first quarter and many new large developments announced. Net absorption is expected to occur at a steady pace, resulting in lower vacancies around 6 to 7 percent. Average asking rental rates grew to $4.38 per square foot for general industrial space and $10.26 per square foot for flex space as of the end of the first quarter. This growth will accelerate further as the market continues to tighten through 2018. Employment growth has not been reflective of renewed vigor in the industrial sector, however, highlighting the influence of other industries such as technology. The industrial sector’s outlook is bright since increased emphasis on aerospace production and advance manufacturing shows no sign of abating. Of …
NUTLEY, N.J. —HFF has arranged $10.2 million in financing for the development of a 925-unit, CubeSmart-branded self-storage facility at 10 Kingsland St. in Nutley. The three-story, 125,000-square-foot facility will contain 765 climate-controlled and 160 non-climate-controlled units in a variety of sizes. HFF represented the developer, Tulfra Real Estate, in securing the construction loan with Bank of New Jersey. Loan proceeds will be used for acquisition costs, site improvements, construction and facility lease up.
CLEVELAND — KeyBank Real Estate Capital has originated a $125 million CMBS loan for the refinancing of Griffin Capital Essential Asset REIT II, a four-property commercial real estate portfolio. The properties total 2.7 million square feet and include two industrial buildings and two office buildings. The properties are located in Columbus, Ohio; Chicago; Las Vegas; and Birmingham, Ala. Randy Martin of Cleveland-based KeyBank originated the 10-year loan. In addition to KeyBank’s loan, Bank of America NA provided $125 million in CMBS financing.
NEW YORK CITY — Seagis Property Group has acquired six warehouse buildings in South Queens for an undisclosed price. The properties, which are located in the JFK submarket of Queens, total 68,000 square feet. Seagis now owns 52 buildings totaling 1 million square feet across New York City.
HOUSTON — HFF has negotiated the sale of Interwood Business Center, a 192,000-square-foot industrial asset located near George Bush Intercontinental Airport in north Houston. The two-building property, which includes one rear-load building and one cross-dock building, features 24-foot clear heights, dock-high doors and 130- to 190-foot truck courts. Trent Agnew, Rusty Tamlyn and Dane Petersen of HFF represented the seller, Stockbridge Capital Group, in the transaction. California-based Black Equities Group Ltd. purchased the property, which was 93 percent leased at the time of sale, for an undisclosed price.