Industrial

Avison Young Brokers Sale of 190,000 SF Industrial Portfolio in Mount Prospect, Illinois

by Kristin Harlow December 15, 2017

MOUNT PROSPECT, ILL. — Avison Young has brokered the sale of a 190,000-square-foot industrial portfolio in Mount Prospect within Chicago’s O’Hare submarket. The sales price was not disclosed. The four-building portfolio is 97 percent leased to tenants such as EPP Corp., Nikuni America and Lapmaster International. The buildings include: 501 Algonquin Road (62,344 square feet), 401-411 West Algonquin Road (15,278 square feet) and 1840-1864 and 1870-1894 South Elmhurst Road (56,182 square feet in each complex). Erik Foster and Mike Wilson of Avison Young represented the seller, Clear Height Properties. The buyer was not disclosed.

December 15, 2017

Industrial New Jersey Northeast

Kenco Logistics Leases 401,008 SF of Distribution Space in Logan, New Jersey, from Dermody Properties

by Amy Works December 14, 2017

LOGAN TOWNSHIP, N.J. — Kenco Logistics has signed a lease to occupy space at 395 Pedricktown Road, a storage and distribution facility located at Dermody Properties’ LogistiCenter at Logan Industrial Park in Logan. The company, which specializes in distribution and fulfillment, transportation management, material handling, real estate management and information technology, will utilize 401,008 square feet of the facility for storage and distribution of its customers’ products. Ware Malcomb provided architectural services and Blue Rock is serving as contractor for the tenant improvements. Kenco is expected to move into the building in January. A remaining 80,750 square feet of the building is available for lease. LogistiCenter at Logan is a 1,100-acre, master-planned Class A industrial park. Marc Isdaner, Mark Chubb and Michael Zerbe of Colliers International represented Dermody Properties, while Vincent Ranalli and William Goodwin of CBRE represented Kenco in the lease transaction.

December 14, 2017

Florida Industrial Loans Southeast

HFF Arranges Acquisition Financing for 322,207 SF Industrial Portfolio in Tampa

by Camren Skelton December 14, 2017

TAMPA, FLA. — HFF has arranged acquisition financing for a two-property, 332,207-square-foot industrial portfolio in Tampa. Ken Martin of HFF arranged the financing through JP Morgan Asset Management on behalf of the borrower, Citimark Inc. Other terms of the financing were not disclosed. The portfolio includes Pioneer Industrial Park and Sunstate Industrial Park, both located in Tampa’s Westshore/Airport submarket. Pioneer Industrial Park, which includes six buildings constructed between 1985 and 1986, was fully occupied at the time of sale. Constructed in 1980, the Sunstate Industrial Park includes eight buildings. At the time of sale, the industrial park was 89 percent occupied.

December 14, 2017

Illinois Industrial Midwest

Cawley Chicago Brokers Sale of 310,775 SF Industrial Building in Chicago

by Kristin Harlow December 14, 2017

CHICAGO — Cawley Chicago has brokered the sale of a 310,775-square-foot industrial building in Chicago for an undisclosed price. High Street Realty Co. purchased the property from Westmount Realty Capital. Located at 4404 West Ann Lurie Place, the property was developed in the mid-1970s and modernized in 2010 by the previous owner, KTR Capital. Three tenants, including Gold Eagle, BT Wholesale and Southwall Insulating Glass, lease the building. The property, situated on 21.7 acres within the Crawford Industrial Park, features a 22-foot clear height, 69 truck docks, two drive-in doors and parking for 130 cars. Westmount acquired the property in 2014. Andrew Maletich of Cawley Chicago represented both parties in the transaction.

December 14, 2017

Industrial Texas

Tech Manufacturer Finisar to Open 700,000 SF Plant in Sherman Using $390M Grant from Apple

by Taylor Williams December 13, 2017

SHERMAN, TEXAS — Finisar, a California-based manufacturer of optical communications components used in Apple products, will open a 700,000-square-foot, previously shuttered manufacturing plant in Sherman. Funding for the project stems from a $390 million grant provided by Apple Inc. The awarding of the grant will enable Finisar, which already operates a plant in Allen, to increase its research and development spending and up its production of vertical-cavity surface-emitting lasers (VCSELs), which power Apple products like Face ID and Animoji. Approximately 500 new jobs will be created as a result of Apple’s grant. Holmes Davis of Binswanger represented the seller of Finisar’s new facility, SunEdison. Finisar expects the Sherman facility to begin shipping new VCSELs by the second half of 2018.

December 13, 2017

Data Centers Industrial Texas

Coldwell Banker Brokers Sale of 136,000 SF Data Center Facility in Irving

by Taylor Williams December 13, 2017

IRVING, TEXAS — Coldwell Banker Commercial Advisors (CBCA) has brokered the sale of a 136,000-square-foot, Tier IV-designed data center facility located at 6001 Campus Circle W. in Irving. The two-story property underwent an expansion in the 1980s that delivered an additional 94,000 square feet of space and five back-up generators totaling more than 8,100 kilowatts of power. The facility is currently configured to have a 74,500-square-foot data-raised floor, 34,000 square feet of office space and 27,500 square feet of infrastructure space. Ryan Crabtree of CBCA represented the buyer, Skywalker Property Partners, in the sale.

December 13, 2017

Industrial Midwest Ohio

Avison Young Brokers Sale of 451,215 SF Industrial Portfolio Near Columbus, Ohio

by Kristin Harlow December 13, 2017

COLUMBUS, OHIO — Avison Young has brokered the sale of a two-building industrial portfolio spanning 451,215 square feet near Columbus. The sales price was not disclosed. Both buildings are located in Rickenbacker Global Logistics Park, a 1,777-acre park with 30 million square feet of development. The portfolio includes Rickenbacker IV, a 330,179-square-foot distribution center located at 2400 Spiegel Drive in Groveport, Ohio, and Creekside V, a 121,036-square-foot corporate laboratory facility located at 2150 Bixby Road in Lockbourne. Creekside V is 100 percent leased to Luxottica, a global eyewear company, which utilizes the space for its U.S. manufacturing and distribution operations. Luxottica has occupied the building since 2007 and has invested nearly $30 million in specialized equipment within the space. Rickenbacker IV is 70 percent leased to Essilor of America, an optical-lens manufacturer and distributor. Essilor moved to the property in 1999 and has increased its space by 46 percent since then. Erik Foster and Mike Wilson of Avison Young represented the seller, institutional investors advised by J.P. Morgan Asset Management. Exeter Property Group purchased the portfolio.

December 13, 2017

Industrial Massachusetts Northeast

Calare Properties Sells 119,000 SF Industrial Building in Stoughton, Massachusetts

by Amy Works December 13, 2017

STOUGHTON, MASS. — Calare Properties has completed the disposition of an industrial property, located at 301 Page St. in Stoughton. An undisclosed buyer acquired the 119,000-square-foot property for $12 million. The property was built in 2004 as the corporate headquarters, retail and distribution space for long-term tenant Boston Interiors, a regional furniture brand. Situated on more than 17 acres, the property features 36-foot ceilings, 10,000 square feet of office space, 9,000 square feet of showroom and 100,000 square feet of high-bay warehouse space. Additionally, the fully heated and climate-controlled property features 16 dock-high doors, two trash dock doors and 113 surface-level parking spaces.

December 13, 2017

Data Centers Industrial Top Stories

Iron Mountain to Buy IO Data Centers’ U.S. Operations for $1.3B

by Nellie Day December 13, 2017

RESTON, V.A. — Iron Mountain Inc. (NYSE: IRM) has agreed to acquire the U.S. operations of IO Data Centers LLC for $1.3 billion. The agreement includes up to an additional $60 million based on future performance. Iron Mountain will acquire the land and buildings associated with the four state-of-the-art data centers, which total 728,000 square feet. They are situated in Edison, N.J.; Columbus, Ohio; Phoenix; and Scottsdale, Ariz. The centers provide 62 megawatts (MW) of capacity with expansion potential of an additional 77 MW in Arizona and New Jersey. The portfolio has an average weighted lease term of 3.3 years. The transaction is anticipated to close in January 2018, subject to customary closing conditions. “The addition of IO’s data centers enhances our geographic diversification and provides market-leading exposure to Phoenix, the fourth fastest market for absorption in the U.S. in 2017, and the 12th largest data center market globally,” says Mark Kidd, senior vice president and general manager of Iron Mountain Data Centers. “This transaction also enhances our ability to support the needs of the largest cloud providers through new development with expansion capacity in Phoenix as well as New Jersey, another attractive market due to its proximity to the …

December 13, 2017

Penn-Warner-Industrial-Park-Fairless-Hills-PA

Industrial Northeast Pennsylvania

Endurance Real Estate Buys 240,358 SF Warehouse Portfolio in Fairless Hills, Pennsylvania

by Amy Works December 12, 2017

FAIRLESS HILLS, PA. — An affiliate of Endurance Real Estate Group and Thackeray Partners has acquired Penn Warner Industrial Park, a four-building warehouse and distribution portfolio located in Fairless Hills, for an undisclosed price. An undisclosed institutional seller sold the portfolio, which totals 240,358 square feet. Constructed between 1968 and 1970, the properties feature at least 24-foot clear ceiling heights and one dock door per 6,000 square feet. Michael Hines, Brian Fiumara, Brad Ruppel and Lauren Dawicki of CBRE Northeast National Partners brokered the transaction.

December 12, 2017

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