Industrial

Dedeaux Properties Breaks Ground on $38M Echelon Business Park in the City of Industry

by Nellie Day August 3, 2017

CITY OF INDUSTRY, CALIF. — Dedeaux Properties has broken ground on Echelon Business Park, a 246,543-square-foot warehouse facility in the City of Industry. The $38 million development will be located at 821 Echelon Court. Echelon Business Park’s seven free-standing buildings range between 27,438 square feet and 43,166 square feet. They include two-story office space, ample dock-height loading and configurations for loading shipping containers, all inside a modern, secured campus. Construction is scheduled for completion in the first quarter of 2018.

August 3, 2017

Industrial Texas

Hartman Income REIT Negotiates 33,803 SF Industrial Lease in Houston

by Taylor Williams August 3, 2017

HOUSTON — Hartman Income REIT, a Texas-based management firm, has negotiated a 33,803-square-foot industrial lease at 2300 Quitman St. in Houston. Hartman, which owns the property, was represented internally. The representative of the tenant, Roy USA Inc., a California-based importer, was not disclosed.

August 3, 2017

Industrial New Jersey Northeast

GTJ REIT Enters Cherry Hill, New Jersey, Submarket with 109,700 SF Industrial Building Acquisition

by Amy Works August 2, 2017

CHERRY HILL, N.J. — GJT REIT has acquired a 109,700-square-foot industrial building located in Cherry Hill for an undisclosed price. The facility is currently leased and occupied by Avalon Flooring for a 15-year term. The building houses installation training and distribution services for Avalon’s 14 retail stores throughout New Jersey, Pennsylvania and Delaware. Avalon has invested in various improvements to the building including LED lighting, new racking, a new HVAC system, an upgraded façade and a new office build-out. The building is located with Cherry Hill Business Park, which consists of 31 buildings totaling 1.9 million square feet. The name of the seller was not released. GTJ REIT now owns 48 properties totaling more than 5.6 million square feet.

August 2, 2017

Industrial Massachusetts Northeast

Jash USA Acquires 234,000 SF Industrial Facility in Orange, Massachusetts, for $1.6M

by Amy Works August 2, 2017

ORANGE, MASS. — Jash USA has purchased a heavy manufacturing facility located at 46 Mill St. in Orange from VAG USA for $1.6 million. Situated on 37.7 acres, the facility features 234,000 square feet of industrial space. Sentry Commercial and Newmark Knight Frank were the sole brokers in the transaction.

August 2, 2017

Georgia Industrial Southeast

Sonnen to Open U.S. InnovationHub in Metro Atlanta on Thursday

by Camren Skelton August 2, 2017

TUCKER, GA. — German-based energy solutions and equipment provider sonnen will expand its U.S. presence with the opening of its InnovationHub in Tucker, roughly 20 miles northeast of Atlanta, on Thursday. The 26,000-square-foot facility will combine U.S. manufacturing operations and product research and development for sonnen, and will be used to produce sonnenBatterie products. The energy-management solutions provide information on energy-usage and consumption for residential customers. The new facility will bring manufacturing, electrical and mechanical engineering jobs to the Atlanta area, and establish a presence on the East Coast. The company’s other U.S. location is in Los Angeles.

August 2, 2017

Industrial Loans Michigan Midwest

Bernard Financial Arranges $7.2M Refinancing for Industrial Facility in Auburn Hills, Michigan

by Jeff Shaw August 1, 2017

AUBURN HILLS, MICH. — Bernard Financial Group has arranged a $7.2 million refinancing for a 144,400-square-foot industrial facility in Auburn Hills, located about 30 miles northwest of Detroit. The building serves as a newly expanded industrial manufacturing facility for Dana Corp. David Dismondy originated the loan for the borrower, Brown Eight LLC. Protective Life Insurance Co. provided the capital. Bernard Financial will service the loan.

August 1, 2017

Industrial Massachusetts Northeast Office

Calare Properties Completes Sale of 40,000 SF Lab Space in Billerica, Massachusetts

by Amy Works August 1, 2017

BILLERICA, MASS. — Calare Properties has completed the sale of a laboratory space located at 749 Middlesex Road in Billerica. An undisclosed buyer purchased the property for $6.2 million. Calare Properties originally acquired the vacant 40,000-square-foot lab facility in 2013 for $3.3 million while concurrently leasing the entire property to RainDance Technologies, a biotechnology company.

August 1, 2017

Industrial New Jersey Northeast

Damascus Bakery Leases 204,000 SF of Industrial Space in Clifton, New Jersey

by Amy Works August 1, 2017

CLIFTON, N.J. — Brooklyn-based Damascus Bakery has signed a 15-year lease for an industrial and warehouse facility located at 65 Industrial Street South in Clifton. Tulfra Real Estate and The Hampshire Cos. own the 204,000-square-foot building, which was formerly occupied by GlaxoSmithKline. The property recently underwent a $10 million upgrade and renovation after it was acquired by Tulfra and The Hampshire Cos. in 2015. A family-owned and operated bakery since 1930, Damascus Bakery is a large-scale baker of paninis, pitas, roll-ups and wraps. The bakery currently has operation facilities in Brooklyn, New York, and Newark, New Jersey. Mark Tannen of United Realty and Steven Fleissig of Greenberg Traurig LLP represented the tenant, while Chris Hile, Jenna Imperatore and Harold Imperatore of JLL, along with Mitchell Berkery of CSG Law, represented the landlord in the deal.

August 1, 2017

Florida Industrial Southeast

Duke Realty to Develop New 170,428 SF Warehouse for PODS in Orlando

by Camren Skelton August 1, 2017

ORLANDO, FLA. — Duke Realty has unveiled plans to develop a 170,428-square-foot, build-to-suit warehouse for PODS Enterprises LLC at 7133 Municipal Drive in Orlando. PODS, a residential and commercial mover and portable storage container provider, will consolidate its operations from two other Orlando-area warehouses and expand by approximately 72,000 square feet. Alex Beacham of Cushman & Wakefield represented PODS in the transaction, and Tim Perry of Duke Realty represented the company internally. The new warehouse will be situated on a 12.5-acre site, roughly one mile from Interstate 4.

August 1, 2017

Connecticut Industrial Market Reports Northeast Northeast Market Reports

Connecticut’s Tight Industrial Market may Limit Opportunity for Growth

by Jaime Lackey July 31, 2017

One might expect that the industrial real estate market is in rough shape in a state with a projected $1.7 billion state budget deficit, where the capital city (Hartford) has discussed bankruptcy, and where one of the most famous employers (General Electric) has moved out — not to mention the state’s high taxes and high wages. However, the industrial real estate market is one of the tightest I’ve seen in Connecticut in more than 31 years. Each region in the state is experiencing varied levels of success, but overall the industrial market is healthy, with dropping vacancy rates, increasing rental rates, and decreasing cap rates. The game changer is big box distribution and third-party logistics activity throughout the region. In a market where a 75,000-square-foot deal used to be major news, we have seen numerous leases and new construction deals over 200,000 square feet in the past two years. E-commerce activity includes Amazon (1.5 million square feet in Windsor), FedEx (550,000 square feet in Middletown), and UPS (239,000 square feet in Windsor). Other significant transactions include Trader Joe’s (750,000 square feet in Bloomfield), Mobis Parts America (291,000 square feet in South Windsor), Vistar NE (296,000 square feet in South Windsor), …

July 31, 2017

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