LATHROP, CALIF. — Carpenter Co. has sold a 417,600-square-foot industrial building south of Stockton to an undisclosed buyer for $21.5 million. The facility is located at 17100 S. Harlan Road in Lathrop. The property is situated on nearly 35 acres about 60 miles east of the Port of Oakland. Jim Martin of Lee & Associates Stockton represented Carpenter Co. in this transaction.
SALT LAKE CITY — Refrigeration Supplies Distributor (RSD) has purchased the former Daltile Stone & Slab Center, a 40,000-square-foot industrial building in Salt Lake City, for an undisclosed sum. The property is located at 250 W. Gregson Ave. RSD is a refrigeration parts and equipment wholesaler in the Western United States. Skyler Peterson of Newmark Grubb ACRES represented RSD, while the firm’s Eli Priest represented the undisclosed seller in this transaction.
VISALIA, CALIF. — G4 Enterprises Ltd. has acquired Midstate 99 Distribution Center, a 790,000-square-foot industrial complex in Visalia, for $33.4 million. The facility is situated in a major agricultural hub in California’s Central Valley, about 40 miles south of Fresno. G4 Enterprises made an unsolicited offer to purchase the property from Alexander & Baldwin (A&B). The seller plans to use the funds to invest in Hawaii and enhance its current communities.
ALLENTOWN, PA. — Markward Group has brokered the sale of an industrial building located at 1400 N. Irving St. in Allentown. Evergreen Cos., a full-service landscaping and horticultural service company, acquired the property for $1.2 million. The buyer plans to use the 11,114-square-foot property as a storage and dispatch facility. Amy Hawley of Markward Group represented the undisclosed seller and buyer in the transaction.
PORT CHESTER, N.Y. — Marcus & Millichap has arranged the sale of an industrial property located at 330 N. Main St. in Port Chester. A limited liability company sold the property to an undisclosed buyer for $1.8 million. The 10,800-square-foot property features 2,000 square feet of retail store front space along North Main Street. John Sala of Marcus & Millichap represented the seller in the deal.
AURORA, OHIO — Peak Construction Corp. has been tasked with building a 409,495-square-foot industrial build-to-suit for an undisclosed distribution company in Aurora, about 30 miles southeast of Cleveland. The property, owned by Scannell Properties, will feature 32-foot clear heights, 30 dock doors, one drive-in door, 20 trailer spaces and parking for 75 cars. Peak has teamed up with Ware Malcomb Architects and Weber Engineering for the project.
MISSOURI CITY, TEXAS — NAI Partners has negotiated a 57,000-square-foot industrial lease at 13615 S. Gessner Road in the southwestern Houston metro of Missouri City. Chris Caudill of NAI Partners represented the tenant, 2020 Exhibits Inc., a provider of trade show and event management services, in the lease negotiations. Justin Robinson and Jeremy Lumbreras of Stream Realty Partners represented the landlord, Western C REIT TX LLC.
The commercial real estate market in the Greater Boston area continued its torrid pace in the first half of 2017. All sections of the commercial real estate market inside Route 128 are white hot, especially after the announcement that General Electric will move its corporate headquarters to the Seaport District. Recent data indicates that Boston has one of the hottest economies in the United States and ranks as one of the top economies in the world. The 2017 Investment Intensity Index ranks Boston as the fourth market in the U.S. and 14th in the world for commercial real estate investment. In the industrial sector, which includes warehouse/distribution and flex/R&D product, vacancies are at the lowest point seen in decades. At the end of the first quarter the vacancy rate decreased to 5.7 percent. Net absorption totaled 2.24 million square feet for the quarter. The fact that the urban industrial market is continually shrinking as aging industrial properties are redeveloped into “higher and better uses” has caused a tremendous displacement of companies from inside Route 128 to areas outside the coveted Route 95 corridor. A dearth of available institutional-quality industrial product exists in today’s market with just over 13 percent of …
RENO, NEV. — LBA Realty has acquired a Class A manufacturing and distribution center in Reno for $29.5 million. The facility is located at 9460 N. Virginia St. The seller was CP Logistics NVCC Building A2 LLC, a joint venture between CalSTRS, California State Teachers’ Retirement System and Panattoni Development Co. The asset serves as the headquarters for Mary’s Gone Crackers. The property is part of the North Valleys Commerce Center’s 1.48 million-square-foot Phase I. The land was originally sold to CP Logistics, which leased the facility to tenants like Microflex, Trademark Global and Exxel Outdoors. Mike Nevis, Dave Simonsen and Michael Hoeck of Kidder Mathews, in conjunction with JLL Capital Markets, represented the seller in this transaction.
HUTTO, TEXAS — Titan Development has broken ground on Innovation Business Park, a 72-acre industrial development that will be located in Hutto, a northern suburb of Austin. Phase I of the project will deliver a facility measuring approximately 150,000 square feet, which will have the capacity to house one to four tenants. The project will feature more than 1 million square feet of rentable space at full build-out. Titan will invest about $100 million in the development of the park, according to Community Impact Newspaper.
