EDISON, N.J. — Federal Business Centers has acquired two industrial assets at 300 Columbus Circle and 400 Raritan Center Parkway in Edison. High Street Realty sold the properties, which total 204,440 square feet, for $25 million. At the time of sale, the adjacent, multi-tenanted properties were 90 percent occupied by tenants. Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer, Kyle Schmidt and Andrew Siemsen of Cushman & Wakefield brokered the deal.
Demand for top-notch logistics space remains strong across the country, so strong in fact that six of the top 10 markets with the fastest growing logistics rents globally are located in the United States, according to CBRE’s “Global Prime Logistics Rents” report released this week. The global prime industrial rent survey provides a snapshot of achievable net rental rates for high-quality, Class A logistics space in traditional and emerging global hubs. With a nearly 30 percent increase in rents during 2015, Oakland, Calif., posted the largest gain. To determine the percentage increase, researchers gathered information based on industrial distribution space of the highest quality and specification, and in the best location, within each industrial hub. In North and South America, rents for prime logistics space increased 5.6 percent during 2015, largely due to massive growth in U.S. coastal markets where strong occupier demand drove up pricing. In Oakland, which also recorded the largest annual increase in prime rents globally, flight-to-quality is common for inner-bay logistics users despite the high cost. New development in some markets, like the Inland Empire, is also commanding premium rates. In addition to Oakland, U.S. cities in the top 10 for fastest growing prime logistics rents …
RIALTO, CALIF. — New York Life Real Estate Investors has purchased a 609,888-square-foot distribution center in Rialto for an undisclosed sum. The Class A center is situated at the northeast corner of North Locust and West Bohnert avenues. It is known as CapRock Distribution Center I. The center was recently completed by CapRock Partners, which acquired, entitled and developed the site over 18 months. New York Life Real Estate Investors is the real estate investment arm of NYL Investors, a subsidiary of New York Life Insurance Co. Paul Earnhart, Jeff Smith, Brian Pharris, Steve Haston and Ryan Lal at Lee & Associates executed the transaction.
TACOMA, WASH. — Dermody Properties has broken ground on LogistiCenter at 167, a 225,972-square-foot industrial facility in Fife. The facility will be located at 7450 26th St. E., just east of Tacoma. LogistiCenter at 167 is situated 1.7 miles from Interstate 5 and the Port of Tacoma, the largest deep-water port in Washington. Other industrial operations in the neighborhood include Regal Distribution, Milgard Windows & Doors, Mission Foods, American Fast Freight, Gensco, Fed Ex Freight, Odom Corp., Pexco, UPS and Prologix Distribution Services. Craft Architects is designing the building and the general contractor is Poe Construction. Vanessa Herzog, Patricia Loveall and Kraig Heeter of Kidder Mathews are representing Dermody.
FLORENCE, N.J. — NAI Mertz has arranged the sale of an industrial development parcel located at 400 Cedar Lane in Florence. First Industrial Realty Trust acquired the 33-acre site for an undisclosed price. Scott Mertz of NAI Mertz was the sole broker in the transaction. First Industrial Realty Trust has started construction of First Florence Logistics Center, a 577,200-square-foot, cross-docked distribution facility on the site. Slated for completion in the fourth quarter of 2016, the property will feature 36-foot clear ceilings and more than 100 loading docks.
STURTEVANT, WIS. — The Dickman Company, Inc./CORFAC International has brokered the sale of a 187,000-square-foot industrial building for an undisclosed price. The building is located at 2620 90th St. in Sturtevant, approximately 30 miles south of Milwaukee. RKB Enterprises LLC sold the building to 90th Street Industrial LLC. Samuel M. Dickman Jr., Samuel D. Dickman and Zach Noble of The Dickman Company brokered the transaction.
DALLAS — Lee & Associates has negotiated a lease transaction for a 27,800-square-foot industrial space located at 4653 Leston Ave. in Dallas. Corbin Blount of Lee & Associates’ Dallas/Fort Worth office represented the tenant, Philadelphia Hardware Group. Phillip Rosenfeld and Matt Thompson of Lee & Associates’ Dallas/Fort Worth office represented the landlord, Regal Business Center LLC.
VANDALIA, OHIO — NorthMarq Capital has arranged a $4.9 million acquisition loan for a 192,910-square-foot industrial property in Vandalia, approximately 10 miles north of Dayton. The Plow & Hearth Vandalia Distribution Center is located at 6400 Sand Lake Drive. The transaction was structured with a 10-year term and 20-year amortization schedule. Susan Branscome of NorthMarq arranged financing for the undisclosed 1031 exchange buyer through its relationship with a commercial bank.
SUSSEX, WIS. — The Barry Company has brokered the sale of a 31,200-square-foot industrial building in Sussex, approximately 23 miles northwest of Milwaukee. Golner Precision Products Inc. purchased the building, located at W222 N5734 Miller Way, from RLP Rentals for an undisclosed price. Golner Precision plans to remodel the former Spectrum Electric building and intends to expand the facility at a later time. Curt Pitzen of MLG Commercial represented Golner Precision Products in the transaction, and James Young of The Barry Company represented the seller.
JONESTOWN, PA. — Ridgeline Property Group has broken ground on Crossroads Logistics Center, a speculative industrial building located on MSC Drive in Jonestown. Expandable to 450,000 square feet, the 398,250-square-foot building will feature 36-foot clear heights, 85 dock doors in a cross-docked configuration, four drive-in doors, 55-foot by 56-foot column spacing, ESFR sprinkler systems, 206 auto parking spaces and 116 trailer storage stalls. Completion is slated for December. CBRE has been retained to market the property for lease.
