Industrial

Entre Commercial Realty Brokers Sale of 41,803 SF Industrial Building in Lincolnshire, Illinois

by Kristin Harlow February 6, 2018

LINCOLNSHIRE, ILL. — Entre Commercial Realty LLC has brokered the sale of a 41,803-square-foot industrial building in Lincolnshire. The sales price was not disclosed. Security Lock Distributors, an electrical and mechanical door hardware company, purchased the facility. The distributor’s current facility in Buffalo Grove is available for lease. The Lincolnshire property, located at 640 Heathrow Drive within the Lincolnshire Business Park, features four interior docks, 4,280 square feet of office space and a clear height of 21 feet. Brian Bocci of Entre represented Security Lock Distributors. Jason Talanian of Glenwood Commercial Real Estate represented the undisclosed seller.

February 6, 2018

Industrial Multifamily Northeast Pennsylvania

Colliers Arranges $4.1M Sale of Former Red Bell Brewery in Philadelphia

by Amy Works February 5, 2018

PHILADELPHIA — Colliers International has brokered the sale of the former Red Bell Brewery site, located at 1500 N. 31st St. in Philadelphia. MM Partners LLC purchased the site for $4.1 million. The buyer plans to redevelop the property into residential apartment units with ground-floor retail space. Situated on 2.2 acres, the vacant building consists of three sections that total 204,276 square feet of interior building space. Red Bell Brewery was constructed in the 1890s for the F.A. Poth & Sons Brewing Co. Later it was owned by Abe L. Brewery LP. The property has been vacant for 20 years. Michael Barmash of Colliers International/Philadelphia brokered the transaction.

February 5, 2018

Industrial Northeast Rhode Island

Sweeney Real Estate Brokers $1.4M Sale of 213,457 SF Industrial Building in Rhode Island

by Amy Works February 5, 2018

LINCOLN, R.I. — Sweeney Real Estate & Appraisal has arranged the sale of an industrial building located at 50 Industrial Circle in Lincoln. Lincoln Freight Terminal sold the property to 50 Industrial Circle LLC for $1.4 million. The property feature 213,457 square feet of industrial space. Thomas Sweeney of Sweeney Real Estate represented the seller, while George Paskalis of MG Commercial represented the buyer in the deal.

February 5, 2018

Industrial Kansas Midwest

Joint Venture Acquires 589,391 SF Industrial Portfolio in Lenexa, Kansas

by Kristin Harlow February 5, 2018

LENEXA, KAN. — A joint venture between Prism Real Estate Services LLC and Ameritas Life Insurance Corp. has acquired the Lenexa Industrial Park portfolio in Kansas. The purchase price was not disclosed. The portfolio consists of 17 industrial and flex buildings totaling 589,391 square feet. Hugh Zimmer developed the properties, which are located at the interchange of I-35 and I-435. Michael VanBuskirk, David Zimmer and Chris Robertson of Newmark Grubb Zimmer (NGZ) represented the buyer in the transaction. NGZ will handle leasing and management of the properties. Joe Platt and Alex Hilton of Grandbridge Real Estate Capital will arrange debt placement on behalf of the buyer.

February 5, 2018

Georgia Industrial Southeast

Flooring Retailer Opens 1.4 MSF Distribution Center Near Port of Savannah

by Camren Skelton February 5, 2018

BLOOMINGDALE, GA. — Atlanta-based flooring retailer Floor & Decor has opened a 1.4 million-square-foot distribution center in Bloomingdale, roughly 15 miles west of Savannah. The facility is located within Morgan Business Center, a 250-acre industrial park located near the intersection of Interstates 16 and 95. The center is roughly 11 miles from the Port of Savannah. The retailer will use the facility to store and distribute merchandise to stores across the eastern U.S. Duke Realty developed the project and CBRE handled the center’s leasing assignment. The new facility brings an additional 30 jobs to the Savannah area.

February 5, 2018

Illinois Industrial Midwest

Brown Commercial Negotiates Sale of 126,537 SF Industrial Facility in Elk Grove Village, Illinois

by Kristin Harlow February 5, 2018

ELK GROVE VILLAGE, ILL. — Brown Commercial Group has negotiated the sale of a 126,537-square-foot industrial facility in Elk Grove Village for an undisclosed price. The 4.2-acre property is located at 2001 Arthur Ave. The buyer, Seefried Industrial Properties Inc., plans to build an 80,000-square-foot warehouse to replace the existing building. Mike Antonelli and Mason Hezner of Brown Commercial represented the seller, Spirit Realty Capital, in the transaction. Jonathan Kohn of Colliers International represented Seefried.

February 5, 2018

Florida Industrial Self-Storage Southeast

Strategic Storage Growth Trust Acquires 870-Unit Self-Storage Facility Near Miami

by Camren Skelton February 5, 2018

PEMBROKE PINES, FLA. — Strategic Storage Growth Trust Inc., a non-traded REIT sponsored by SmartStop Asset Management LLC, has acquired an 870-unit self-storage facility in Pembroke Pines, roughly 23 miles north of Miami. The property is located at the intersection of Pines Boulevard and S.W. 186th Avenue. The 84,000-square-foot, climate-controlled facility was completed earlier this year and comprises one two-story and one three-story building. The sales price was not disclosed.

February 5, 2018

Industrial Market Reports North Carolina Southeast Southeast Market Reports

High Demand, Low Vacancy Push Triangle’s Industrial Rents to New Heights

by John Nelson February 5, 2018

The Raleigh-Durham industrial and flex market, totaling approximately 129 million square feet, continues to be strong with overall positive absorption. Vacancy is trending lower, making the region a landlord and seller’s market. With increasing construction costs, lower vacancy and solid demand, the rental rates and sales prices are now the highest of any city in North Carolina. Available industrial land is diminishing for development in high-demand areas, and that typically signifies a significant barrier to entry for developers helping keep supply in check. The rental rate for new industrial product is currently in the mid-$5.00 per square foot range and trending higher. Some developers and brokers speculate the Triangle may become a $6.00-plus per square foot market for institutional-grade warehouse space. However, when comparing rental rates to markets like Austin and Boston, Raleigh-Durham is still a very competitive option. Ground zero for the region’s warehouse market is in the general vicinity of Raleigh-Durham International Airport. Most of these distributors are delivering to the local market and need the central location and access to Interstate 40. The highest rates and prices can be found in this submarket and then start to decrease further out. Due to the lack of available land …

February 5, 2018

California Industrial Western

Kilroy Acquires Oyster Point Tech Center in San Francisco for $111M

by Nellie Day February 2, 2018

SAN FRANCISCO — Kilroy Realty Corp. has purchased Oyster Point Tech Center, a 146,000-square-foot laboratory and office property in San Francisco, for $111 million. The property is located at 345-349 Oyster Point Blvd. in the South San Francisco submarket. The asset contains three two-story buildings. It is 80 percent occupied, with 66 percent of the project leased a global healthcare diagnostics company.

February 2, 2018

California Industrial Western

Stos Partners Sells Industrial Building in San Diego for $21M

by Nellie Day February 2, 2018

SAN DIEGO — Stos Partners has sold a 91,541-square-foot industrial building in the National City submarket of San Diego for $21 million. The single-tenant building is located at 901 Bay Marina Drive. The asset is fully occupied. An undisclosed Fortune 500 company anchors the building. A large institutional investor acquired the property after it underwent several improvements, including a new roof, new exterior paint, an upgraded parking lot and new monument signage. CBRE’s Anthony DeLorenzo, Matt Pourcho and Gary Stache represented Stos in this transaction.

February 2, 2018

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