HOUSTON — NAI Partners has arranged the sale of a 22,415-square-foot, freestanding industrial manufacturing facility located on 2.8 acres at 4740 Eastpark Drive in Houston. Darren O’Conor of NAI Partners represented the seller, BV Oilfield Service & Supply, in the negotiations, while Jake Wilkinson of NAI Partners represented the buyer, Power Supply Seals.
OAK BROOK, ILL. — CenterPoint Properties has purchased a three-building, 1.2 million-square-foot portfolio of Class A warehouses located in Savannah, Ga.; Charleston, S.C.; and Mobile, Ala. All three buildings are fully leased and feature 32-foot clear heights, cross dock loading configurations, 50- by 52-foot column spacing and parking for trailers. All three buildings are also located near the Ports of Savannah, Charleston and Mobile. CenterPoint purchased the portfolio from Johnson Development Associates Inc. for an undisclosed price. Frank Fallon of CBRE represented the seller in the transaction.
ELIZABETH, N.J. — Sitar Realty Co. has arranged a 104,005-square-foot industrial lease at 699 Kapkowski Road in Elizabeth. CMC Food Inc. leased the space from Northport Industrial Center LLC. William Sitar Jr. and John Cranley of Sitar Realty Co. brokered the lease transaction. Terms of the lease were not released.
NEW YORK — The U.S. industrial market absorbed 57.8 million square feet of space in the first quarter of 2016, up 9.3 percent from the first quarter a year ago, according to Cushman & Wakefield’s first-quarter industrial report. This marked 24 consecutive quarters of positive net occupancy gains for the sector, placing the current expansion among the longest on record, as well as among the strongest. The U.S. industrial market shed more than 182 million square feet of occupancy during the economic downturn, but it has absorbed more than 990 million square feet in the expansion. The national industrial vacancy rate continued to decline in the first quarter, falling by 20 basis points from the prior quarter and 70 basis points from the prior year to 6.1 percent. Industrial vacancy is currently tracking at the lowest level of the past 30 years and is now a full 240 basis points below the 10-year historical average. Kevin Thorpe, chief economist of Cushman & Wakefield, says the outlook for the industrial sector remains promising, and he expects 2016 to be another year of strong growth. “Going forward, the demand drivers for industrial remain firmly intact,” says Thorpe. “Much of what drives demand …
IRVING, TEXAS — National real estate developer Jackson-Shaw, in partnership with Clarion Partners, will develop Parc GSW, a Class A industrial park in Irving. The 50-acre, 682,491-square-foot development is situated within Dallas/Fort Worth’s Great Southwest Industrial District (GSW). The two-building development is designed to cater to a wide variety of users ranging in size from 100,000 to 682,491 square feet. The industrial park is slated for completion in the fourth quarter of 2016. Parc GSW will be located near DFW International Airport and provide access to Highway 161. Brett Owens, John Brewer and Ben Phillips with Transwestern will lease the property to industrial users. Building A will span 450,800 square feet with 36-foot clear heights, 255 parking spaces, 96 dock-high doors, a 185-foot truck court, two drive-in doors, an ESFR sprinkler system and cross-dock configuration. Building B will span 232,500 square feet with 32-foot clear heights, 109 parking spaces, 38 dock-high doors, two drive-in doors, an ESFR sprinkler system and front-load configuration.
WORCESTER, MASS. — Owner/developer 150 Blackstone River Road LLC has selected Senate Construction Corp. to build a 615,600-square-foot distribution center in Worcester. Located at 150 Blackstone River Road within the Quinsigamond Village area, the multi-use high-bay industrial building is slated for occupancy by year’s end. Imperial Distributors Inc. will occupy 325,000 square feet of the new facility. The redevelopment project will receive $5.4 million in tax breaks from the city over a 15-year period.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a 10.5-acre waterfront development site located at 1110 Oak Point Ave. in the Hunt’s Point neighborhood of the Bronx. The asset sold for $24 million. The L-shaped irregular lot offers 874,685 square feet of buildable square footage and 1,000 feet of frontage along the East River. The site currently features a 68,787-square-foot building, which was vacant at the time of sale. The site is within a M3-1 zoning district, which allows for heavy industrial uses. James Nelson, Nick Burns and Ben Fox of Cushman & Wakefield represented the seller, while Tom Cisco of Feinberg Bros Agency represented the buyer in the all-cash transaction. The names of the seller and buyer were not released.
ORLANDO, FLA. — Cite Partners has brokered the $14 million sale of a 199,100-square-foot industrial facility located at 4473 Shader Road in northwest Orlando. First Industrial Realty Trust Inc., a Chicago-based REIT, purchased the asset from Panattoni Development Corp. LLC. Wilson McDowell, Matt Sullivan and Bobby Isola of Cite Partners LLC represented Panattoni in the transaction, and Rich Cavano of Cavano Realty LLC represented First Industrial. The deal is the largest industrial sale in Orlando by square footage and dollar amount so far this year.
GREENVILLE, S.C. — GE (NYSE:GE) has opened the 125,000-square-foot Advanced Manufacturing Works (AMW) plant in Greenville. AMW is GE Power’s first advanced manufacturing facility. The facility will serve as an incubator for the development of advanced manufacturing processes and rapid prototyping of new parts for GE’s energy businesses. These include power, renewable energy, oil and gas, and energy connections. GE has invested $73 million in the facility to date and will invest another $327 million across the GE Power Greenville campus over the next several years. The new facility created approximately 80 engineering and manufacturing jobs, according to GE. The company broke ground on the facility in mid-2014. “This facility will ignite the digital industrial revolution for our company and the industry,” says Steve Bolze, GE Power’s president and CEO. “We’re building a skilled workforce and culture that’s devoted to delivering breakthrough innovations that deliver better, faster outcomes for our customers and unlock new productivity and growth.” GE entered the Greenville market more than 40 years ago with a 340,000-square-foot property. That site has now grown close to 1.7 million square feet of factories, offices and laboratories focused on manufacturing advanced products for worldwide distribution. GE has more than 3,200 …
CONROE, TEXAS — B&C Manufacturing has leased 2,700 square feet at Piney Woods Business Park, located at 3511 N. Loop 336 E. in Conroe. David Alexander of Newcor Commercial Real Estate represented the landlord, Kopke & Marek Investments, in lease negotiations.
