BOURBONNAIS, ILL. — Nucor Corp. (NYSE: NUE) has acquired a 160-acre industrial land parcel in Bourbonnais, about 55 miles south of Chicago. The site is located at the corner of I-57 and 5000 North Road. Nucor’s planned expansion will allow the steel manufacturer to add a full-range merchant bar quality (MBQ) mill to its current bar steel mill operation. MBQ refers to a lower quality type of carbon steel. The $180 million project will take approximately two years to complete. Greg Leutloff and Jeff Bennett of McColly Bennett Commercial represented the seller, NRG, in the transaction.
SAN BERNARDINO, CALIF. — Westcore Properties has purchased Northgate Industrial Portfolio, a more than 1 million-square-foot industrial portfolio in San Bernardino, for an undisclosed sum. The fully leased, two-building, Class A industrial portfolio is located at 927 E. 9th St. and 7776 E. Tippecanoe Ave. The distribution buildings are situated on more than 44 acres. They were built in 2009. Each of the buildings provides cross-dock loading, ESFR sprinkler systems, secured concrete truck courts, 30-foot clear heights and T-5 lighting. The properties also provide immediate access to the Southern California freeway system via Interstates 215 and 10, as well as nearby State Route 210. Westcore represented itself in the transaction. Jeff Chiate, Jeffrey Cole, Ed Hernandez, Mike Adey, Nico Napolitano and Bryce Aberg of Cushman & Wakefield represented the seller, Bentall Kennedy, in this transaction. Bentall Kennedy acted on behalf of an institutional client.
OKLAHOMA CITY — Monmouth Real Estate Investment Corp., a New Jersey-based, publicly traded REIT, has purchased a 300,000-square-foot industrial property leased to Amazon Fulfillment Services Inc. in Oklahoma City for approximately $30.2 million. Construction of the property, which is situated on 123 acres at 1414 S. Council Road near Will Rogers International Airport on the city’s west side, was completed within the last few months. Amazon is currently under a 10-year net lease agreement at the property.
DURHAM, N.C. — Scannell Properties has sold PowerSecure Industrial Campus, a two-building distribution and R&D facility totaling 258,060 square feet in Durham’s Research Triangle Park submarket. Situated on 22.6 acres at 4062 and 4068 Stirrup Creek Drive, the campus is located within the 160-acre Triangle Business Center master-planned business park. Chris Norvell and Patrick Nally of HFF arranged the transaction on behalf of Scannell Properties. Principal Real Estate Investors acquired the asset for an undisclosed price. Constructed this year, PowerSecure Industrial Campus includes a 172,500-square-foot assembly and distribution building and an 85,560-square-foot warehousing and R&D facility. The property is fully leased on a triple-net-lease basis to PowerSecure Inc., a product developer and solutions provider for utility companies and their commercial, institutional and industrial clients. PowerSecure Industrial Campus features 28- to 30-foot clear-heights, 13-foot truck courts with 60-foot concrete aprons and HVAC throughout.
SHAFTER, CALIF. — Essendant Co. has leased 405,299 square feet of industrial space at Wonderful Industrial Park (WIP) in Shafter. The facility is located at 4805 Centennial Plaza Way near Bakersfield. Essendant will use this facility for local and regional fulfilment, e-commerce and distribution. The company will occupy the space in the second quarter of 2018. Wonderful Industrial Park is a 1,625-acre, rail-served, master-planned, entitled industrial development able to accommodate requirements ranging from 100,000 square feet to 2 million square feet. Wonderful Real Estate started construction on a speculative 1 million-square-foot, 40-foot-clear industrial building at WIP in September with an expected delivery date of March 2018. WIP is home to several corporate users including Target, Ross Stores, American Tire Distributors, FedEx, Formica, State Farm, DMSI, MRC Global and Baker Hughes. JLL’s Mike McCrary, Peter McWilliams and Hewett are leading the leasing efforts at Wonderful Industrial Park.
CHICAGO — Plymouth Industrial REIT Inc. (NYSE: PLYM) has acquired a 15-building, 3 million-square-foot industrial portfolio in the Chicago area for $99.7 million. The Class B portfolio consists of 10 single-tenant buildings spanning approximately 2 million square feet and five multi-tenant buildings totaling approximately 1 million square feet. The buildings are collectively 96 percent leased to various manufacturing and distribution tenants. The portfolio has a weighted average lease term of 4.1 years remaining, with an average of less than 14 percent of the leases expiring each year during the next five years. BIGS Holdings LLC, a subsidiary of Goldman Sachs, sold the portfolio. The purchase price includes $19.9 million in cash and a $79.8 million loan from an affiliate of the seller. The acquisition is projected to provide an initial yield of 8.1 percent.
OHIO — Marcus & Millichap has brokered the sale of the Stop-N-Stor portfolio in Ohio for $31.4 million. The portfolio spans a total of eight properties, 3,050 units and 391,458 square feet in Lorain, Elyria, Cuyahoga Falls, Northwood, Oregon, Toledo and Stow, Ohio. The properties feature both nonclimate-controlled and climate-controlled units. Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller and procured the buyer, an out-of-state investment group.
ROSEVILLE, MINN. — CBRE has negotiated the sale of the Long Lake Distribution Center in Roseville, a Twin Cities suburb, for $18.6 million. The 220,557-square-foot distribution center is located at 3015 and 3075 Long Lake Road. Constructed in 2015, the facility features 32-foot clear heights and 31 dock doors. The property was 84 percent occupied at the time of sale by two tenants. Judd Welliver, Ryan Watts, Sonja Dusil, and Tom Holtz of CBRE represented the seller, Investors Real Estate Trust. Boston-based TA Realty LLC purchased the property.
As we enter the fourth quarter, fundamentals are strong in San Antonio’s industrial market, with direct vacancy tightening and continuing the hot streak it’s been on the past few years. At the third quarter’s end, the metro’s direct vacancy rate stood at 5.4 percent, down from 6.2 percent during the second quarter and 5.8 percent during 2016. In fact, that 5.4 percent direct vacancy rate represents a 12-year low. The figure is a far cry from the 9.3 percent direct vacancy registered during the third quarter of 2006 — the last time the market posted a rate above 9 percent. This d in direct vacancy is particularly noteworthy given that more than 10 million square feet of inventory has been added to the market since that time. The shrinking rate has also coincided with a slight increase in direct average asking rent, which now stands at $5.99 per square foot following a $0.16 quarter-over-quarter increase. Driving the falling vacancy numbers was an economy that fast-tracked over the summer. The San Antonio Business-Cycle Index increased at its fastest pace since 2016, while the area unemployment rate remained the same and job growth surged. Job growth increased at a 3.6 percent annualized …
NEW YORK CITY — Kalmon Dolgin Affiliates (KDA) has brokered the sale of an industrial building located at 315 Liberty Ave. in the Brownsville section of Brooklyn. Beldex Realty sold the property to 315 Liberty Avenue LLC for $5 million. The buyer plans to redevelop the two-story, 28,000-square-foot industrial building into office space. The building features gas heat, heavy power, drive-in doors and a loading dock. Allison Chambers of KDA represented the buyer, while Samuel Zupnick and Nathan Friedman, also of KDA, represented the seller in the transaction.