Industrial

Declining U.S. Industrial Vacancy Rates Tied to E-commerce Growth

by Haisten Willis August 4, 2016

The U.S. industrial vacancy rate dropped 20 basis points (bps) to 8.8 percent during the second quarter of 2016, largely driven by companies building or leasing warehouse space to meet continued demand for e-commerce shopping, according to CBRE. The decline marked the 25th consecutive quarterly drop in available U.S. industrial space. “Plummeting U.S. industrial vacancy rates signify that this sector of the commercial real-estate market is benefitting from increasing acceptance of the e-commerce model,” says Chris Roach, president of BBG Valuation, an independent national commercial real estate valuation and assessment firm headquartered in Dallas. “We anticipate this downward trend in vacancy rates will continue for at least the remainder of this year.” According to CBRE’s second-quarter U.S. industrial and logistics report, the national industrial market expanded for a 25th consecutive quarter, logging 66.2 million square feet of positive net absorption. This was up 8 percent over the previous quarter. At the same time, a total of 41.6 million square feet of new supply was added nationally, which failed to keep up with demand. The growing trend in e-commerce shopping is expected to continue to fuel demand for warehouse space, which is needed to store inventory for shipping directly to consumers …

August 4, 2016

Industrial Texas

Stream, USAA Break Ground on 397,600 SF Warehouse in New Braunfels

by Haisten Willis August 3, 2016

NEW BRAUNFELS, TEXAS — Stream Realty Partners and USAA Real Estate Co. have begun construction on the I-35 Logistics Center located on I-35 in New Braunfels. Construction has commenced on the 397,600-square-foot, Class A warehouse with delivery expected in March 2017. Stream is developing the project to accommodate tenants from 87,000 to 397,000 square feet. The project will also offer up to 4.2 acres of I-35 frontage land, available for separate purchase.

August 3, 2016

Industrial Maryland Southeast

Chesapeake Real Estate, Thompson Creek Window Sell Two Industrial Facilities in Maryland for $33M

by John Nelson August 3, 2016

HANOVER, MD. — A partnership between Chesapeake Real Estate Group LLC and Thompson Creek Window Co. has sold two industrial buildings totaling nearly 300,000 square feet in Hanover. PGIM Real Estate purchased the properties from the partnership for $33 million. The assets are located within Penn 95 Commerce Center and include a 167,500-square-foot spec warehouse building at 8210 Penn Randall Place and a 117,000-square-foot build-to-suit warehouse and manufacturing facility leased to Thompson Creek Window at 8300 Pennsylvania Ave. Brook Furniture Rental Inc. recently leased 66,606 square feet at the spec warehouse building.

August 3, 2016

Industrial New York Northeast

Eastern Consolidated Arranges $5.7M Sale of Development Site in Brooklyn

by Amy Works August 3, 2016

NEW YORK CITY — Eastern Consolidated has arranged the sale of a development site located at 21 Powers St. in the Williamsburg section of Brooklyn. Powers 21 LLC acquired the site from 21 Powers LLC for $5.7 million, or $428 per square foot. A one-story warehouse occupied the site, which features 13,438 buildable square feet. Scott Burk and Jacob Tzfanya of Eastern Consolidated represented the seller, while Chad Sinsheimer of Eastern Consolidated represented the buyer in the deal.

August 3, 2016

Industrial New Jersey Northeast

Colliers Negotiates $4.1M Sale of 115,300 SF Manufacturing Facility in New Jersey

by Amy Works August 2, 2016

PENNSAUKEN, N.J. — Colliers International has brokered the sale of a manufacturing facility located at 7001 N. Park Drive within Airport Industrial Park in Pennsauken. A private equity firm, which owns Standard Merchandising, acquired the 115,300-square-foot facility from Contemporary Graphics for $4.1 million. Standard Merchandising, a sock manufacturing company, will occupy the property. Marc Isdaner and Ian Richman of Colliers were the sole brokers in the deal.

August 2, 2016

Industrial Kansas Midwest

Opus Unveils Plans for 205,000 SF Industrial Facility in Metro Kansas City

by Christina Cannon August 2, 2016

OLATHE, KAN. — The Opus Group has unveiled plans for a 205,000-square-foot speculative industrial facility in Olathe, approximately 30 miles southwest of Kansas City. 56 Commerce Center is the first phase of a 505,000-square-foot master-planned project. The building, located on 53 acres at the southeast corner of Old 56 Highway and Loan Elm Road, is slated to be completed in January 2017. The multi-tenant facility will feature office space, 32-foot clear heights and a truck court. Opus will provide development, construction and architectural services for the project, and Joe Orscheln and Mike Mitchelson of CBRE will market the property for lease.

August 2, 2016

Features Industrial Multifamily Office Retail Top Stories

Ten-X: Office, Apartment, Retail Sectors Drive Acquisition Prices Higher in July

by Haisten Willis August 2, 2016

IRVINE and SILICON VALLEY, CALIF. — Commercial real estate valuations increased by 1.1 percent in July, marking the strongest monthly increase this year and a 5.2 gain over last year, according to the latest Ten-X Nowcast. Ten-X, an online real estate transaction marketplace, uses Google Trends data, its own proprietary transaction data and investor surveys to forecast commercial real estate pricing trends. “The recent string of monthly increases confirms that overall pricing of commercial real estate remains on the upswing following the weakness seen earlier this year,” says Ten-X chief economist Peter Muoio. “That said, we are noticing distinct differences across the five major property sectors, with each telling its own story.” The office, apartment and retail sectors all saw monthly increases in July. The office sector posted the strongest gain for the second consecutive month, rising 4.8 percent from June and 7.6 percent above its level from one year ago. This was the best year-over-year gain for any of the commercial sectors since January. The multifamily sector, which has posted steady gains this year, increased 1.1 percent in July from the previous month and is 6.8 percent above last year’s level. “The apartment sector is unencumbered by technology-driven shifts …

August 2, 2016

Arizona Industrial Western

The Koll Company Buys 1 MSF Amazon Distribution Center in Phoenix for $74.7M

by Nellie Day August 1, 2016

PHOENIX — The Koll Company has purchased a 1 million-square-foot distribution center in Phoenix for $74.7 million. The warehouse is located at 6835 W. Buckeye Road within the Buckeye Logistics Center. The property is fully leased to Amazon, which uses the facility as a small package sorting and distribution facility. The original 604,678-square-foot facility was built in 2007. It was expanded by an additional 404,673 square feet in 2008. Seera Investment Bank B.S.C. served as Koll’s private equity partner. CBRE Capital Advisors advised the bank. Jones Lang Lasalle represented the unnamed seller in the sales transaction. The firm also helped the buyer source debt, which Benefit Street Partners provided.

August 1, 2016

Industrial Office Texas

Stream Realty Secures Sale of 9,700 SF Office/Warehouse Building in San Antonio

by Haisten Willis August 1, 2016

SAN ANTONIO — Stream Realty Partners has secured the sale of a 9,708-square-foot office and warehouse building for Dausin Management Trust located at 8007 NE Loop 410 in San Antonio. Kevin Cosgrove and Payton Rion of Stream Realty Partners – Central Texas LP represented the seller in the transaction. The office and warehouse space is located in northeast San Antonio on Loop 410 near its intersection with Springfield Road. The property offers tenants five grade-level doors, covered parking and a one-acre fenced yard.

August 1, 2016

Industrial New Jersey Northeast

Cushman & Wakefield Brokers Sale of 600,600 SF Distribution Facility in New Jersey

by Amy Works August 1, 2016

HAMILTON TOWNSHIP, N.J. — Cushman & Wakefield has arranged the sale of a distribution facility located at 401 Cabot Drive in Hamilton Township. The 600,600-square-foot building serves as the Eastern region distribution hub for Colgate-Palmolive. Completed in 2006, the property features 36-foot clear heights, 52-foot by 50-foot column spacing, 120-foot truck courts and ample car and trailer parking. Colgate-Palmolive currently occupies 431,340 square feet, with the remaining 169,260 square feet available for lease. Andrew Merin, David Bernhaut, Brian Whitmer, Kyle Schmidt, Andrew MacDonald, Stan Danzig and Jules Nissim of Cushman & Wakefield represented the undisclosed seller and buyer in the transaction.

August 1, 2016

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