ELIZABETH, N.J. — Elberon Development Group, along with joint venture partner The Avidan Group, has broken ground on a warehouse/distribution facility within Elizabeth Logistics Center in Elizabeth. Located at 925 Julia St., the 90,000-square-foot building will be divisible to two units of 45,000 square feet and feature 36-foot clear ceiling heights, up to 24 docks, T5 lightning and parking for up to 80 trailers. The facility is slated for completion in September.
BILLERICA, MASS. — EMD Serono, the biopharmaceutical business of Merck KGaA, has selected JLL Construction for its $12 million expansion project in Billerica. The new 30,000-square-foot building will expand the existing research and development complex. Additionally, the facility will accommodate 120 new and current employees who will focus on accelerating innovation in R&D, particularly on oncology, immune-oncology and immunology. JLL Construction broke ground for the project in early May and construction is slated to begin in late spring 2016.
NORTHLAKE, TEXAS — E Smith Realty Partners has secured 309,357 square feet of industrial space for Wesco Aircraft Holdings in Northlake. Wesco Aircraft is a distributor and provider of supply chain management services to the aerospace industry. The new industrial warehouse should be complete in the third quarter. Brad Struck and Jim Hazard of E Smith Realty represented the tenant in the lease negotiations.
KATY, TEXAS — NAI Partners has represented Jet Line in a 30,375-square-foot lease in a newly constructed multi-tenant industrial building located at 21401 Park Row Drive in Katy. John Ferruzzo and Nick Peterson of NAI Partners represented the tenant, Jet Line, in the lease negotiations, while Darryl Noon of Transwestern represented the landlord, MCA Mason Creek Owner LLC.
BUFFALO GROVE, ILL. — CBRE has arranged the sale of an 11-acre parcel of land for future development in Buffalo Grove, approximately 33 miles northwest of Chicago. Ridgeline Property Group purchased the land for an undisclosed price. The developer plans to build a 157,000-square-foot speculative industrial building on the site. Once completed, the facility will feature 32-foot clear heights, 36 exterior docks, four drive-in doors and 173 parking spots. The property will be located at 850 Asbury Drive. Zach Graham and Ryan Bain of CBRE were the sole brokers in the transaction.
SAUK VILLAGE, ILL. — Principle Construction Corp. has broken ground on a 348,000-square-foot industrial expansion in Sauk Village, approximately 30 miles south of Chicago. Winpak Portion Packaging Inc. occupies the existing 267,000-square-foot building and will occupy the new space as well. The expansion will include a 197,000-square-foot warehouse, 137,950-square-foot production area, an amenity area, maintenance storage, break room, washrooms, mechanical utility room, trucker’s room, shipping office and a plant grinding room. The facility, located at 1111 Winpak Way, will add a second rail spur, 12 storage silos, two new 4000 amp electrical services, 150 parking stalls, 25 trailer stalls, 20 truck dock loading doors and an exterior drive-in door. Winpak Portion Packaging is a manufacturer and distributer of packaging materials. In addition to constructing the expansion, Principle will also work on several upgrades to the older facility. Harris Architects will provide architectural services.
GURNEE, ILL. — CBRE has arranged a 213,141-square-foot industrial lease in Gurnee, approximately 40 miles northwest of Chicago. Handi-Foil Corp. will occupy the space at 5650 CenterPoint Court. The facility, situated on 10.3 acres, features 9,809 square feet of office space, 12 interior docks, 65 parking spaces and has capacity for a full drive-thru at each end of the site. Ryan Bain and Zach Graham of CBRE represented the landlord, Centerpoint Properties, in the transaction. Keith Puritz and Brett Kroner of Avison Young represented the tenant.
MILWAUKEE — The Dickman Company Inc./CORFAC International has brokered the sale of a 41,350-square-foot industrial building in Milwaukee for an undisclosed price. DDE Enterprises LLC purchased the building, located at 5501 and 5407 W. Mill Road, from INX International Ink Co. Nick Keys of The Dickman Company represented the buyer in the transaction, and Tony Haning of JLL represented the seller.
IRVINE, CALIF. — Commercial real estate values in the United States increased by 7 percent from April 2015 to April 2016, according to Ten-X, an online real estate marketplace. The company has released its latest Commercial Real Estate (CRE) Nowcast. The pricing index, which combines Google Trends data, Ten-X’s proprietary transaction data and investor surveys to forecast CRE pricing trends in real time, reveals that commercial valuations increased by 0.6 percent month-over-month in April and are back above their year-end 2015 level. The Ten-X CRE Nowcast (formerly the Auction.com CRE Nowcast) is a price index covering the entire U.S. commercial market, including individual price trends for the office, apartments, retail, industrial and hotel sectors. “Even though the April all-sector increase is significantly stronger than the prior month’s slight gain of 0.2 percent, this still is the slowest annual growth rate from pricing for the cycle,” says Ten-X chief economist Peter Muoio. “April’s uptick in growth was seen across all major CRE sectors except hotel, where that segment’s fundamentals, as well as its pricing, continue dwindling. Meanwhile, the multifamily sector displayed the strongest pricing trends with a 1.8 percent gain in April.” The Ten-X Hotel Nowcast dipped 1 percent from March …
PLEASANT PRAIRIE, WIS. — Majestic Realty Co. will develop a new 424,164-square-foot industrial facility at its Majestic Badger Logistics Center in Pleasant Prairie, approximately 40 miles south of Milwaukee near the Illinois border. The speculative building is the first of two new facilities that will add over 1.2 million square feet of space to the 88-acre site. The property will feature 36-foot clear heights, 50-by-52 foot bays, an ESFR sprinkler system, 111 trailer parking stalls, 292 car parking spaces and a 370-foot combined truck courtyard. The Class A building can accommodate four tenants and will be delivered by the end of this year.
