LAVONIA, GA. — The Elrod Group, a brokerage division with Athens, Ga.-based Coldwell Banker Commercial Upchurch Realty, has arranged the $4.1 million sale of an industrial facility in Lavonia. The 746,735-square-foot warehouse development is situated on 55.8 acres along I-85. Brian Elrod of The Elrod Group represented the seller, Heritage Global Inc., in the transaction. The buyer was an unnamed automotive logistics user.
PEWAUKEE, WIS. — The Dickman Company Inc./CORFAC International has arranged a 20,242-square-foot office and industrial lease in Pewaukee, approximately 20 miles west of Milwaukee. TF Final Mile LLC will occupy Suite 200 in the building, which is located at W233 N2800 Roundy Circle W. Byrne Family Limited Partnership & 3RP LLC is the landlord. Samuel M. Dickman Jr. and Samuel D. Dickman of The Dickman Company represented the landlord in the transaction. Bill Langhoff of Colliers International represented the tenant.
NEW YORK — The U.S. industrial market has absorbed a record-setting 70.1 million square feet of space in the second quarter, up 6 percent from the same period a year ago, according to Cushman & Wakefield. Year-to-date, the industrial sector has absorbed 132.2 million square feet. The second-quarter figure marks 25 consecutive quarters of net occupancy gains for the industrial sector, with the current quarter’s absorption reaching a new cyclical high. Nationally, the industrial vacancy rate is currently tracking at 5.8 percent, the lowest level of the past 30 years and 270 basis points below the 10-year historical average. Additionally, 38 U.S. markets reported more than 1 million square feet of absorption during the second quarter, with 11 markets recording more than 2 million square feet of absorption. Kevin Thorpe, Cushman & Wakefield’s chief economist, says that despite a series of shocks to the U.S. economy this year and heightened uncertainty emanating from Europe, economic fundamentals remain mostly solid, which ultimately benefits the U.S. industrial sector. “We expect to see some headwinds form in manufacturing and exporting created by the stronger U.S. dollar, but other important industrial-related indicators, such as containerized traffic flows, transportation indices, and business inventories, demonstrate that …
LAS COLINAS, TEXAS — Real estate developer and investor Roger Gault of Gault Co. has sold a single-tenant industrial building located at 1939 Hereford Drive in Las Colinas to an undisclosed buyer. The 25,000-square-foot building sits on 1.5 acres in the Las Colinas Walnut Hill Distribution Center. Ryan Boozer with Stream Realty was the broker for the sale. The building was purchased in 2007 and was occupied until recently by Quantum Clean. When Quantum moved out, the building was put up for lease or sale.
HOUSTON — Lee & Associates has negotiated a lease renewal for a 109,756-square-foot industrial space located at 3550 Brittmoore Road in Houston. Tom Walrich of Lee & Associates’ Dallas/Fort Worth office represented the tenant, Dealer Tire, in the transaction. Jude Filippone of Transwestern represented the landlord, Claymoore Northwest Inc.
TEWKSBURY, MASS. — Rubenstein Partners has received $28.1 million in refinancing for the Center at Innovation Drive in Tewksbury. The recently rebranded property, formerly known as 495 Business Center, comprises four conjoined buildings located at 200, 300, 400 and 500 Innovation Drive. The complex features 706,000 square feet of office, manufacturing and warehouse space. Cambridge Savings Bank provided the financing. The facility is currently undergoing an interior and exterior renovation and capital improvement plan, which is slated for completion later this year. The redevelopment will transform the facility into a creative office complex.
JACKSONVILLE, FLA. — Newmark Grubb Phoenix Realty Group has brokered the $10.5 million sale of a 588,000-square-foot manufacturing and warehouse facility located at 5245 Commonwealth Ave. in Jacksonville. Situated on 28 acres within Jacksonville’s Westside submarket, the property is fully leased to two tenants, Fanatics and Dickinson Fleet Services. Woodland, Calif.-based Tower Investments LLC purchased the building from FT-WD Property LLC. John Richardson and Bryan Bartlett of Newmark Grubb Phoenix represented the buyer in the transaction. Newmark Grubb Phoenix has been the leasing agent for the property for more than 10 years.
NORTHFIELD, MINN. — Valley Natural Foods has unveiled plans to open a $2 million wholesale meat processing plant in Northfield, approximately 45 miles south of Minneapolis. Valley Natural Meats Inc., situated on 16 acres, will include a 4,400-square-foot processing plant and a 4,000-square-foot holding barn. The company also has plans to add two 30-by-70 foot buildings at a later date that will be used to grow plants, herbs and flowers. The facility, located at 1595 57th St. W., will be MDA (Minnesota Department of Agriculture) and organic-certified. The building is expected to be operational by this November. Valley Natural Foods has a goal of becoming USDA certified and plans to process deer, bison, lamb and goat by 2018.
It looks like 2016 is carrying on where 2015 left off. During 2014 and 2015, Atlanta set record after record for activity, positive net absorption and new construction; and the first quarter of 2016 didn’t disappoint. Activity during the first quarter of 2016 was over 13.5 million square feet, which contributed to a four-quarter total of 59.3 million square feet — the highest four-quarter total for activity ever seen in the Atlanta industrial market. We also witnessed the 16th consecutive quarter of positive net absorption with 3.1 million square feet of space absorbed during the quarter. Added to the last three quarters, net absorption totaled 16.5 million square feet of positive net absorption. Even with a large industrial inventory of 642 million square feet, that’s a significant achievement. Demand for warehouse and distribution space is fueled by Atlanta’s continued economic growth and employment. Unemployment in the Atlanta metro area is 6.1 percent and down from 6.3 percent that we reported last October (U.S. Bureau of Labor Statistics). Although construction slowed during the fourth quarter of 2015 with only 1.5 million square feet launched, it was only a short lull. New construction moved forward again for the first quarter of 2016 …
AUSTIN — MIG Real Estate, a Newport Beach, Calif.-based real estate investment firm, has purchased three buildings within Braker Center Business Park in Austin. The acquisitions include Buildings 6, 7 and 11 and total more than 218,000 square feet of flex office and light industrial space. All three buildings are single-story and served by dock and semi-dock overhead doors with ramps and feature 16-foot clear heights. The assets were 91 percent leased at the time of sale to tenants including The Carrier Corp., Landis+Gyr Technologies Inc. and DeWalt. Will Nichols, Sam Owen and Caitlyn Ryan of Stream Realty represented the undisclosed seller in the transaction. MIG Real Estate was self-represented.
