NORTHLAKE, ILL. — Bridge Development Partners LLC has completed the Phase I expansion of the freezer facility at Bridge Point Northlake, a 55-acre business park on the site of a former distribution facility for Dominick’s grocery chain in Northlake. Phase II of the expansion, a 61,469-square-foot build-to-suit for candy maker Fannie May, is currently underway. Located at 555 Northwest Ave., Phase I is now available for lease and features a 162,000-square-foot cooler facility and a 256,752-square-foot freezer facility. Each property features clear ceiling heights of 32 to 40 feet. Bridge Development Partners acquired the site in partnership with Hunt Realty Investments and Akard Street Partners. John Suerth and Jason Lev of CBRE, who represented the previous owner in the sale, have been retained to market all three properties at Bridge Point Northlake.
Industrial
NEW BRUNSWICK, N.J. — New Brunswick Development Corp. (Devco) has begun site preparation on the Ferren Mall Parking Deck for The Hub @ New Brunswick Station in New Brunswick. Devco expects site construction of the 1.7 million-square-foot mixed-use redevelopment project to begin in April. JLL is Devco’s marketing agent for The Hub, which will be located on four acres in downtown New Brunswick directly across from the New Brunswick train station. When completed, The Hub @ New Brunswick Station will encompass multiple buildings with a flexible design to meet office or lab requirements including technology, office or research use. The development is slated to include high-rise residential units and retail at street level.
SECAUCUS, N.J. — CBRE’s Global Port Logistics Group has brokered three lease transactions at two separate industrial properties in Secaucus. In the first transaction, CBRE represented VER, a provider of audio, video, lighting, rigging and media services, in a 223,000-square-foot lease at 50 Meadowlands Parkway. The space is part of Harmon Cove Industrial Park. VER will operate in an office and showroom featuring 30-foot ceilings and ESFR sprinklers. The CBRE team that facilitated the transaction included William Waxman, Mike Shellow, Mindy Lissner, Kevin Dudley, Steven Beyda, Robert Pine, David Gheriani and Kyle Saviano. In the second and third transactions, the same CBRE team represented landlord Bhasin Properties in lease transactions with David Donahue and Jay Joshua Inc. David Donahue, a menswear retailer, signed a 27,440-square-foot lease, while Jay Joshua Inc., an import business, signed on for 9,195 square feet at 1 County Road. JLL represented David Donahue, while Jay Joshua Inc. negotiated with CBRE directly.
E-commerce and the growth of the digital age have become important factors in the tightening industrial real estate market. With single-digit vacancy rates becoming the norm in nearly all of the Greater Boston submarkets, existing product cannot supply the space necessary to meet current market demand. Consumers’ shopping attitudes have changed, and retailers are having to adjust their strategies to meet their needs. In 2016, the Greater Boston industrial market recorded vacancies averaging 6.8 percent, the lowest in more than 15 years. The thriving e-commerce industry has been a large factor in the spike in demand. Last year, major e-commerce tenants like Amazon, FedEx and Wayfair expanded their presence in the Boston market with new leases on distribution centers, pushing 2016 absorption to almost 6 million square feet, an all-time record. Retailers are now looking to expand their coverage with multiple warehousing locations, pushing for facilities proximate to their specified consumer base. Instead of having one regional warehouse/distribution center, retail giants have zeroed in on infill submarkets surrounding cities to locate multiple warehouses close to the population center. Just last year, Amazon leased a 96,600-square-foot warehouse in Everett, minutes from Downtown Boston, which would become a base for grocery and …
PORTLAND, ORE. — Staples has leased 263,413 square feet of industrial space at Interstate Crossroads Distribution Center (ICDC) in Portland. The center is situated in the Portland’s Airport Way industrial submarket at 16441 N.E. Cameron Blvd. Interstate Crossroads LLC (a partnership between Specht affiliates and Pacific Coast Capital Partners LLC) developed the warehouse and distribution center in 2015. Specht Properties manages the asset. Staples will use the facility for the warehousing and distribution of consumer goods. Paul Breuer and Jerry Matson of the Portland office of Colliers International represented ICDC.
DENVER — Pet Scoop has leased a 10,000-square-foot of industrial space in Denver. The space is located at 1260 West Byers Place. Pet Scoop is the largest private dog waste contractor in the state. Nick Schill of Pinnacle Real Estate Advisors represented Pet Scoop in this transaction.
HOUSTON, TEXAS — NAI Partners has brokered the lease renewal of a 43,298-square-foot industrial warehouse located at 4310 Campbell Road in Houston. John Ferruzzo and Chris Kugle of NAI Partners represented the tenant, Mascorp Ltd., and Steve Hazel of Insite Realty represented the landlord, Cabot, in the leasing transaction.
Berkeley Partners Receives $22.5M Loan for Refinancing of 20-Building Industrial Portfolio in Atlanta MSA
by Jeff Shaw
NORCROSS, GA. — Berkeley Partners has received a $22.5 million loan for the refinancing of a five-property, 20-building industrial portfolio in Norcross. Totaling 605,274 square feet, the portfolio comprises six buildings in Gwinnett Gateway (1710 Wilwat Drive); three buildings in Gateway Business Park I (6500 McDonough Drive); five buildings in Gateway Business Park II (6000 Dawson Blvd.); and five buildings in Atlantic Business Center (6400 Atlantic Blvd.), all of which are located in Norcross in the Northeast Atlanta industrial submarket. Additionally, the portfolio includes the one-building Five Points Business Center (1600 Roswell St. Southeast), which is located in the Northwest Atlanta industrial submarket. The properties are leased to 150 tenants. HFF arranged the five-year loan with a regional bank. Jeff Sause, Kevin Mackenzie and Gregg Shapiro of HFF represented Berkeley Partners in the loan transaction.
Berger Arranges 53,139 SF Industrial Lease for Pharmaceutical Logistics Company in Boca Raton, Florida
by Jeff Shaw
BOCA RATON, FLA. — Berger Commercial Realty/CORFAC International has arranged a 53,139-square-foot industrial lease for a pharmaceutical logistics company in Boca Raton. WDSrx-Woodfield Distribution LLC will occupy the space at 6500 Park of Commerce Blvd. The 83,000-square-foot building offers 24-foot clear heights, dock loading areas and access to I-95. Exeter 6500-6500 Park of Commerce LLC owns the property. Michael Feuerman of Berger arranged the lease on behalf of WDSrx, which operates facilities in Boca Raton, Pompano Beach and Sugar Land, Texas. This will be the company’s second location in Boca Raton.
OLATHE, KAN. — Colliers International has brokered the sale of a 515,132-square-foot industrial building located at 16600 S. Theden St. in Olathe. John Stafford of Colliers brokered the transaction on behalf of the buyer, Himoinsa Power Systems Inc., while Mike Mitchelson of CBRE represented the seller, Lone Elm 515 LLC. The sales price was not disclosed.