Industrial

Cushman & Wakefield Brokers $15M Sale of Two-Building Industrial Asset in New Jersey

by Amy Works February 22, 2018

FRANKLIN TOWNSHIP, N.J. — Cushman & Wakefield has arranged the sale of a two-building industrial asset located at 400 and 500 Apgar Drive in Franklin Township. Greek Development purchased the properties from High Street Realty for $15 million. At the time of sale, the two buildings, which total 170,500 square feet, were 91 percent occupied by 11 tenants. Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer, Kyle Schmidt and Andrew MacDonald of Cushman & Wakefield represented the seller and procured the buyer in the deal.

February 22, 2018

Illinois Industrial Loans Midwest

Continental Partners Arranges $7M Acquisition Loan for Industrial Property in Chicago

by Kristin Harlow February 22, 2018

CHICAGO — Continental Partners has arranged a $7 million bridge loan for the buyer of a 115,000-square-foot Motor Row industrial building in Chicago’s South Loop. The building’s new owner, a private investor, plans to convert the asset into a Class A mixed-use property with retail, entertainment and office space. The former auto showroom, located at 2222 S. Michigan Ave., is currently vacant. The lender was not disclosed.

February 22, 2018

Industrial Market Reports Midwest Midwest Market Reports Missouri

Tight Industrial Market Encourages Large-Scale Construction in St. Louis

by Kristin Harlow February 22, 2018

With what appears to be a never-ending stream of construction, the biggest source for excitement coming into 2018 for the St. Louis industrial market is new, speculative development. According to research from Colliers International, construction completions exceeded 4 million square feet in 2017. This is the second-highest year of recorded construction volume for the market due to last year’s Goliath delivery of 6 million square feet. Currently, over 2 million square feet is under construction, with more slated for groundbreaking in 2018. One of the larger projects recently announced is NorthPoint Development’s proposed 300-acre industrial park in Hazelwood, situated in North St. Louis County. According to the St. Louis Post-Dispatch, NorthPoint plans to develop over 3 million square feet focused on logistics and light industrial warehouse space. The big question, it seems, is how long can developers continue to find new tenants for their large, modern bulk developments in St. Louis? Even with high, positive absorption in both 2016 and 2017, expectations for continued growth may be tempered as we move forward in 2018. Looking back at 2017, we see the industrial vacancy rate for metro St. Louis dropped to 6.7 percent at the end of the year. This rate …

February 22, 2018

Industrial Utah Western

NWQ LLC Launches Phase I of 7.5 MSF Logistics Center in Salt Lake City

by Nellie Day February 21, 2018

SALT LAKE CITY — NWQ LLC, a joint venture between Colmena Group, Wadsworth Development Group and Stokes Partners, has launched Phase I of SLC Port Global Logistics Center, a 7.5 million-square-foot industrial development in Salt Lake City. The 3,000-acre logistics park located in Salt Lake City’s Northwest Quadrant. SLC Port Global Logistics Center has capacity to accommodate up to 50 million square feet of Class A speculative and build-to-suit buildings, combined with owner-occupied and mega-site land for sale. Phase I of the development consists of 10 buildings totaling about 7.5 million square feet of bulk distribution and manufacturing industrial space. Building 2, consisting of 532,000 square feet, and Building 3, consisting of 170,000 square feet, are scheduled for delivery in spring 2019. CBRE’s Tom Dischmann, Jeff Richards, Matt McAfee and Chris Liddell will oversee listing on behalf of NWQ LLC.

February 21, 2018

Arizona Industrial Western

Pilkington North America Renews 200,000 SF Lease at Distribution Center in Phoenix

by Nellie Day February 21, 2018

PHOENIX — Pilkington North America has renewed its lease for 200,000 square feet at a distribution center in Phoenix. Buckeye 75 Distribution Park is located at 7375 W. Buckeye Road. Buckeye 75 Distribution Park totals three buildings with up to 30-foot clear height, ESFR sprinklers, T-5 lighting, evaporative cooling, skylights and on-site trailer storage for large warehouse and distribution operations. It is fully leased. Michael Haenel of Cushman & Wakefield represented Pilkington in its lease negotiations. Lincoln Property Co. owns the center.

February 21, 2018

Industrial Texas

NAI Partners Arranges 46,720 SF Industrial Sublease in Metro Houston

by Taylor Williams February 21, 2018

MEMORIAL CITY, TEXAS — NAI Partners has negotiated a 47,000-square-foot industrial sublease at 9811 Katy Freeway in the western Houston suburb of Memorial City. Jon Silberman, John Ferruzzo and Nick Peterson of NAI Partners represented the tenant, data processing firm Fairfield Nodal, in the sublease negotiations. The name and representative of the sub-landlord were not released.

February 21, 2018

Industrial Michigan Midwest

Signature Associates Arranges Sale of 29,991 SF Industrial Building in Suburban Detroit

by Kristin Harlow February 21, 2018

MADISON HEIGHTS, MICH. — Signature Associates has arranged the sale of a 29,991-square-foot industrial building in Madison Heights, a northern suburb of Detroit, for an undisclosed price. The property is located at 29370 Stephenson Highway. ZMS Holdings Inc. sold the property to 55 Investments LLC. Paul Hoge of Signature Associates represented the seller.

February 21, 2018

Industrial Texas

Bradford Commercial Arranges Sale of 38,500 SF Warehouse in Dallas

by Taylor Williams February 20, 2018

DALLAS — Bradford Commercial Real Estate Services has arranged the sale of a 38,500-square-foot warehouse located within Lone Star Business Park in Dallas. The property offers convenient access to Interstate 30 and downtown Dallas and features 3,376 square feet of office space, 23-foot clear heights and six loading docks. Joe Santaularia and Brock Wilson of Bradford Commercial represented the seller, 6 Brothers Realty Ltd. An affiliate of Dallas-based private equity firm Stonelake Capital Partners purchased the property for an undisclosed price.

February 20, 2018

California Industrial Western

Providence II Centerpointe Sells 60,431 SF Industrial Asset in San Diego for $8.8M

by Nellie Day February 20, 2018

SAN DIEGO — Providence II Centerpointe has sold a 60,431-square-foot flex industrial building in San Diego for $8.8 million. The building is located at 7720 Kenamar Court. The asset is fully leased to two tenants with long-term leases The buyer was 7720 Kenamar CT Holdings LLC. Colliers International represented Providence in the sale.

February 20, 2018

Industrial Northeast Pennsylvania

Avison Young Negotiates $6.6M Sale of Industrial Property in Metro Philadelphia

by Amy Works February 20, 2018

MALVERN, PA. — Avison Young has arranged the sale of an industrial property, located at 17 Lee Blvd. in Malvern, a suburb of Philadelphia. A private buyer acquired the building for $6.6 million. At the time of sale, the 58,594-square-foot flex building was fully leased by two tenants. Adam Gillespie and James Pasquarella of Avison Young brokered the transaction.

February 20, 2018

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