ROSELLE, ILL. — Aeronet Worldwide Inc. has signed a 29,643-square-foot industrial lease in Roselle, about 30 miles northwest of Chicago. The property is located at 1055 Stevenson Court. The global logistics company is moving from an 8,000-square-foot space in Bensenville. Trinity Scurto of Brown Commercial Group represented Aeronet Worldwide in the lease transaction. Brian Kling and Ron Behm of Colliers International represented the building owner, James Campbell Co. LLC.
The latest CoStar Industrial Report for Providence reports that 2016 ended on a positive note on many fronts for the industrial real estate sector. The Providence industrial vacancy rate overall was down to 4.6 percent, a steady drop from 4.8 percent at the end of third quarter 2016, 5.3 percent at the end of second quarter 2016 and 6.4 percent at end of first quarter 2016. Flex projects showed a vacancy rate of 7.1 percent at end of fourth quarter 2016, a sharp drop from a rate that held largely steady for most of 2016 (11.4 percent for end of third quarter 2016, 11 percent at end of second and 11.5 percent at end of first quarter). For warehouse projects, the vacancy rate at the end of fourth quarter was just 4.4 percent, no change from end of third quarter, but down from 5 percent at end of second quarter and 6 percent at end of first quarter. It’s more good news for the state’s industrial outlook that the current administration has prioritized bringing businesses and jobs here. There’s evidence in the CoStar report to support that claim. Look at the third-largest lease signing of 2016. It was enacted by …
CARLISLE, PA. — The United Parcel Service (UPS) has purchased LogistiCenter at Carlisle, a distribution center located at 1 Ames Drive in Carlisle. Dermody Properties sold the 595,000-square-foot center for an undisclosed price. The Class A bulk warehouse facility was built in 2015. Michael Hines, Brian Fiumara, Brad Ruppel and Lauren Dawicki of CBRE represented the seller in the transaction.
HIALEAH, FLA. — Cushman & Wakefield has arranged the $27 million sale of Miami International Logistics Center, a 506,000-square-foot warehouse and distribution facility located at 725 S.E. 9th Court in Hialeah. Dallas-based Lincoln Property Co. acquired the asset. Cushman & Wakefield’s Mike Davis, Rick Brugge, Michael Lerner, Wayne Ramoski, Gian Rodriguez, Robert Given and Troy Ballard represented the seller, Keating Resources, in the transaction. The building was 88 percent leased at the time of sale.
ANAHEIM, CALIF. — Doyle Properties has purchased an 84,928-square-foot industrial facility in Anaheim for $19.8 million. The flex facility is located at 1250 N. Tustin Ave. The property will serve as the Econolite Group’s new high-image facility. The group specializes in dynamic intelligent transportation systems and transportation management. Econolite previously occupied a former 144,000-square-foot property on La Palma Avenue. The company was in search of a new facility where it could modernize the layout and design to help attract and retain employees. The company also wanted to transition from a heavy manufacturing and sheet metal fabrication site to an engineering/high-tech one. CBRE’s Carol Trapani, Ben Seybold and Sean Ward represented Doyle Properties. Clyde Stauff of Colliers represented the seller, Blackstone Group, in this transaction.
HOUSTON — Boyd Commercial has brokered the sale of a 30,114-square-foot office/warehouse property located at 9122 and 9000 Telephone Road in Houston. David Munson and David Boyd of Boyd Commercial represented the sellers, MPM Real Estate LLC and Kervinen Petteri, which sold 9122 Telephone Road and 9000 Telephone Road, respectively. Athena Sidhu of RE/Max Top Realty represented the buyer, Aslam Properties Inc.
BARTLETT, ILL. — CBRE has arranged the sale of a 300,608-square-foot industrial facility in Bartlett, about 35 miles northwest of Chicago. The sales price was not disclosed. The property is located at 1340 Brewster Creek Blvd. on a 16.5-acre site within the Brewster Creek Business Park. Built in 2008, the building features 30-foot clear heights, 4,160 square feet of office space, 65 car stalls and 64 exterior docks. Matt Mulvihill, Kevin Segerson and Cal Payne of CBRE represented the seller, Brewster Creek of Illinois LLC. Jeff Fischer of NAI Hiffman represented the buyer, Greco & Sons.
ST. LOUIS — Hilliker Corp. has brokered the sale of a 132,000-square-foot warehouse building in St. Louis. The sales price was not disclosed. Serioplast purchased the building with plans to convert it into a plastic bottle manufacturing plant. This will be the company’s first location in North America. Production is expected to begin in the first quarter of 2018. The building is located at 4400 Planned Industrial Drive near I-70. Chris Taff of Hilliker Corp. represented both Serioplast and the seller, Lineage Warehousing.
When comparing Birmingham’s industrial market to other major cities in the Southeast, “The Tortoise and the Hare” comes to mind. Birmingham has had slow and steady progress — not to say that our sister cities have periods of laziness and napping. Birmingham’s current pace of activity is more the norm and thankfully the trends remain positive with 2016’s transaction numbers actually tilting in the direction of a “hare-like” pace. Occupancy rates for the 15 million-square-foot, multi-tenant industrial market eclipsed 90 percent for the first time since 2005. We had positive absorption of over 400,000 square feet with just under 1.5 million square feet of inventory remaining. During 2016, 12 new lease transactions of 50,000 square feet and larger were completed, eight of which were automotive related. These 12 transactions compare to seven and eight in 2014 and 2015, respectively, which is a strong increase. Leases of note include 270,600 square feet to a third-party logistics provider for Mercedes-Benz; 240,240 square feet to Grupo Antolin, a Spanish-based supplier of interior parts for Mercedes-Benz; and a 225,496-square-foot lease directly with Mercedes-Benz. Much of the remaining 1.5 million square feet of inventory is Class B or lower quality, so finding suitable space has …
CARTERET, LODI, SADDLE BROOK, SOUTH HACKENSACK AND WEST CALDWELL, N.J. — The Hampshire Cos. has completed the sale of a six-building industrial portfolio totaling 1.2 million square feet in Northern New Jersey. An undisclosed buyer acquired the portfolio for $146.8 million. The portfolio comprises 200 Middlesex Avenue in Carteret (408,437 square feet); 39 Robinson Road in Lodi (73,373 square feet); 301 Mayhill Street in Saddle Brook (200,000 square feet); 30 Wesley & Worth in South Hackensack (245,824 square feet); and 5 Henderson Drive (210,530 square feet) and 2 Dedrick Place (80,000 square feet) in West Caldwell. At the time of sale, the stabilized portfolio was 96 percent leased to a variety of tenants, including Continental Terminals, R.R. Donnelley, FreshPro Food Distributors and Sealed Air. Joe Thornton Jr., Jon Mikula, Jose Cruz, David Giancola and Robert Borny of HFF represented the seller in the transaction.
