Industrial

Opus Begins Construction of 495,977 SF Industrial Building in Greenwood, Indiana

by Kristin Harlow October 6, 2017

GREENWOOD, IND. — The Opus Group has begun construction of a 495,977-square-foot speculative industrial building in Greenwood, about 14 miles south of Indianapolis. Opus is developing the project, known as Greenpointe Logistics Center, in a joint venture with Diamond Realty Investments Inc. The building will feature 36-foot clear heights and will be able to accommodate up to two tenants. Completion is slated for late spring 2018. Luke Wessel of Cushman & Wakefield will market the property for lease.

October 6, 2017

Industrial Midwest Wisconsin

Colliers Brokers Sale of 146,532 SF Industrial Building in Milwaukee

by Kristin Harlow October 6, 2017

MILWAUKEE — Colliers International has brokered the sale of Canal Street Commerce Center in the Menomonee Valley near downtown Milwaukee. The sales price was not disclosed. The 146,532-square-foot infill industrial building is located at 1301 W. Canal St. Milsco Manufacturing and Stamm Technologies recently signed anchor leases, bringing the property to 100 percent occupancy. Other tenants include Prolitec, Pittsburgh Glassworks, Rexnord, Industrial Controls and Bence-Build. A group led by LCM Funds Real Estate LLC acquired the building. Tom Shepherd and Mark Schnoll of Colliers represented the seller, Ziegler/Bence Partners 5 LLC, which developed the property in 2007. The site had previously been part of the Milwaukee stockyards.

October 6, 2017

Industrial Market Reports Texas Texas Market Reports

Institutional Portfolio Trades Dominate El Paso Industrial Investment Activity

by Taylor Williams October 6, 2017

With an inventory of about 63 million square feet, El Paso’s industrial market has played a pivotal role in the business of commercial real estate for the past 10 years. During that stretch, portfolio trades have come to dominate industrial transactions in this market. For example, Dallas-based Stonelake Capital Partners recently added to its holdings by buying four buildings from 5 Star Real Estate in Vista Del Sol East totaling about 567,000 square feet. Stonelake had entered the market several years prior after buying 11 buildings totaling roughly 1 million square feet in Butterfield Trail Industrial Park from two separate entities, Louis Kennedy and Lincoln Properties. Other defining examples of trades include the activity of IndCore, a Blackstone company that began buying Industrial real estate in El Paso in 2010. The company purchased 1.2 million square feet of assets from Prologis; 1 million square feet of space from Northwestern Mutual Credit and 1.2 million square feet of product from UBS. In addition, Allstate foreclosed approximately 500,000 square feet of the KASCO portfolio in 2011, which was re-sold to Covington Capital in 2015. CIII Capital Partners absorbed eight buildings totaling 900,000 square feet from Titan Industrial in 2012. Soon after, CIII …

October 6, 2017

Industrial New Jersey Northeast

Bridge Development Partners Develops 1.3 MSF Industrial Center in Perth Amboy, New Jersey

by Amy Works October 5, 2017

PERTH AMBOY, N.J. — Bridge Development Partners has developed a 1.3 million-square-foot industrial distribution center in Perth Amboy. Designed and constructed by Premier Design + Build Group, the three-building center features ultramodern amenities and proximity to interstate highways, deep-water cargo ports, air-freight hubs and rail lines. The center comprises a 354,250-square-foot building, a 220,200-square-foot facility and a 718,200-square-foot building. The buildings feature 36-foot clear ceiling heights, hundreds of truck dock positions, ESFR fire protection systems and 800 amp, 277/480-volt electrical services, as well as parking lots for 703 cars and 441 trailers. Cornerstone Architects provided architectural services for the project.

October 5, 2017

Industrial New York Northeast

60 Guilders, ASB Real Estate Acquire Industrial Building in Brooklyn for $47M

by Amy Works October 5, 2017

NEW YORK CITY — 60 Guilders LLC, in a joint venture with ASB Real Estate Investments, has acquired an industrial building located at 5110-5112 Second Ave. in Brooklyn. An undisclosed seller sold the property for $47 million. The building features 185,000 square feet of industrial space. Leo Leyva, Jordan Metzger, Matthew Schneid and Jonathan Goodelman of Cole Schotz P.C. advised 60 Guilders in the joint venture and acquisition.

October 5, 2017

Industrial Self-Storage Texas

Marcus & Millichap Arranges Sale of 587-Unit Self-Storage Facility in Austin

by Taylor Williams October 5, 2017

AUSTIN, TEXAS — Marcus & Millichap has arranged the sale of Wells Branch Self Storage, a 587-unit facility located at 1763 Wells Branch Parkway in Austin. Built in 1997 and situated less than a mile from Interstate 35, the facility measures 64,412 square feet and was 90 percent occupied at the time of sale. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a family trust based in New Jersey, in the transaction. The duo also procured the buyer, California-based Wells Branch Mini U Storage LLC.

October 5, 2017

Industrial Texas

Stream Realty Secures 60,408 SF Industrial Lease in Metro Fort Worth

by Taylor Williams October 5, 2017

NORTHLAKE, TEXAS — Stream Realty Partners has secured a 60,408-square-foot industrial lease within Northport 35 Business Center, a three-building, 945,000-square-foot industrial park in the Fort Worth metro of Northlake. Houston-based reLogistics, a provider of warehouse and pallet management services, will occupy most of Building C, leaving about 23,000 square feet of space still available for lease.

October 5, 2017

Industrial Midwest Ohio

Becknell to Develop 176,800 SF Speculative Industrial Building in Fairfield, Ohio

by Kristin Harlow October 5, 2017

FAIRFIELD, OHIO — Becknell Industrial has purchased a 14-acre site to develop a 176,800-square-foot speculative industrial building in Fairfield, a northern suburb of Cincinnati. Completion is slated for the first quarter of 2018. The building, located on Commerce Center Drive, will feature 32-foot clear heights, 18 docks and two drive-in doors.

October 5, 2017

California Industrial Top Stories Western

Duke Realty Buys 3.5 MSF Industrial Portfolio for $515M

by Nellie Day October 5, 2017

CHICAGO — Duke Realty Corp. (NYSE: DRE) has purchased a 10-building industrial portfolio totaling nearly 3.5 million square feet, plus two additional land parcels, for $515 million. The assets are situated in Southern California, Northern New Jersey and South Florida. The two parcels will eventually contain two buildings totaling 852,745 square feet. Construction on these projects will commence later this year. The total value of the portfolio will be approximately $700 million once construction is completed. The seller, Bridge Development Partners, has completed more than $2 billion in developments and acquisitions since its joint venture with Dallas-based Banner Oak Capital Partners in 2013. Bridge’s current pipeline contains more than 10.3 million square feet valued at $1.3 billion in the most supply constrained U.S. core industrial markets, including Chicago, Miami, New Jersey, Los Angeles, San Francisco and Seattle. “This portfolio sale is part of the $1.1 billion of new state-of-the-art industrial assets Bridge will sell in 2017,” says Steve Poulos, the company’s founder and CEO. “The portfolio includes a mix of fully stabilized, partially stabilized and completely vacant assets.” Though the exact properties included in this transaction were not disclosed, some of Bridge’s assets include the 306,466-square-foot Bridge Point I-95 in …

October 5, 2017

Industrial New Jersey Northeast

Elberon Development Acquires 115,000 SF Warehouse in Elizabeth, New Jersey

by Amy Works October 4, 2017

ELIZABETH, N.J. — Elberon Development Group has purchased a warehouse located at 919 Fairmount Ave. in Elizabeth. Hayward Industries sold the property for $9 million. The seller has leased back 10,000 square feet of the 115,000-square-foot building, while the remainder of the property is leased to Survivor Window through the end of 2017. Starting in early 2018, Elberon will implement a capital expenditure plan at the property to re-lease the window manufacturer’s space. Improvements will include LED lighting, an updated façade, the removal of interior demising walls, a new HVAC system and new landscaping. Frank Caccavo, Jason Goldman, Marc Petrella and Andrew Siemsen of Cushman & Wakefield brokered the transaction.

October 4, 2017

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