TACOMA, WASH. — Dermody Properties has announced plans to develop a 225,972-square-foot industrial facility in the Tacoma submarket of Fife. The property will be known as LogistiCenter at 167. It will be located at 7402 26th St. E. Construction will commence this spring and should be complete by September. Craft Architects is designing the building, while the general contractor is Poe Construction. Dermody is the project’s owner and developer. Vanessa Herzog, Patricia Loveall and Kraig Heeter of Kidder Mathews will handle leasing.
WHITEHALL, OHIO — Developer Mark F. Taggart Co. and contractor Fed One Dublin have broken ground on Phase I of a new 140,000-square-foot office warehouse facility in Whitehall, approximately 10 miles east of Columbus. The Air South Commerce Center will be situated inside the Airport South Commerce and Tech Center and is expected to be complete this June. The facility, which will be located at 265-285 N. Hamilton Road, will feature 28-foot to 32-foot clear heights, an ESFR sprinkler system, trailer parking and insulated concrete tilt-up panels. Continental Auto Parks has pre-leased a 50,000-square-foot space in the building and was represented by Matt Osowski of NAI Ohio Equities. Civista Bank provided financing for the project.
WASHINGTON — U.S. commercial property transaction volume is expected to decline over the next three years to $475 billion in 2018, according to a new economic forecast from the Urban Land Institute (ULI) Center for Capital Markets and Real Estate. The latest ULI Real Estate Consensus Forecast, a semi-annual outlook, is based on a survey of 48 of the industry’s top economists and analysts representing 36 of the country’s leading real estate investment, advisory and research firms and organizations. The survey provides forecasts on broad economic indicators such as real estate capital markets, property investment returns, vacancy and rental rates and housing starts and prices. The recently released consensus forecast calls for continued economic expansion over the next three years, but at a somewhat slower pace than the prior two years. It also anticipates continued commercial price appreciation and positive returns, but at more subdued and decelerating rates, and above average but decelerating rent growth rates in all property sectors. “Compared to six months ago, real estate researchers are predicting slower economic growth, slipping real estate fundamentals and lower returns from both the public and private markets,” says William Maher, ULI leader, survey participant and director of North American strategy for …
EAST RUTHERFORD, N.J. — NAI James E. Hanson has arranged the sale of The Landmark, a two-building property located at 33 Route 17 South in East Rutherford. The Hampshire Companies, through one of its funds, acquired the asset for an undisclosed price. Situated on 3.2 acres, the mostly vacant site consists of a 25,000-square-foot catering facility and a 53,000-square-foot industrial building. The property is zoned regional commercial and offers 225 feet of frontage along Route 17 South. The buyer plans to redevelop the site with a 100,000-square-foot self-storage facility and a convenience store with a gas station. Andrew Somple and Greg James of NAI Hanson represented the undisclosed seller in the transaction.
VICTORVILLE, CALIF. — Construction has commenced on a 444,740-square-foot industrial facility at Southern California Logistics Centre (SCLC) in Victorville. The new building is scheduled for completion and occupancy this fall. Stirling Capital Investments, which has already delivered more than 3 million square feet of Class A industrial space at SCLC, is developing the 2,500-acre commercial and industrial complex. A national manufacturer has already secured the 211,000-square-foot pre-lease commitment. The remaining space is now committed to a second multi-national tenant that will utilize the 233,740-square-foot space for regional and national product distribution. SCLC, along with the Southern California Logistics Airport (SCLA) and the Southern California Rail Complex (SCRC), comprise Global Access Victorville. The complex is entitled for 60 million square feet of development.
CARTERSVILLE, GA. — Pattillo Industrial Real Estate has wrapped up construction on a 265,200-square-foot spec industrial facility within Cartersville Business Park. The building is situated on 34 acres at 731 Cassville White Road in Cartersville, a northwest suburb of Atlanta. The facility is roughly a half-mile from I-75 and features 30-foot clear heights, a white reinforced TPO roof system, 185-foot truck court, 24 dock high doors, an ESFR sprinkler system, T5 fluorescent lighting and 61 spaces for trailer parking.
GAHANNA, OHIO — Mainfreight USA Inc. has signed a 20,000-square-foot industrial lease at the Eastgate Business Center in Gahanna, approximately 10 miles northeast of Columbus. The 80,000-square-foot Eastgate Business Center is located within the Eastgate Industrial Park. Mainfreight, a global supply chain support and logistics service company, brings the building to full occupancy with its lease. Other tenants in the facility include HF Group, CORT Furniture Solutions and Distributor Wire & Cable. Mark F. Taggart Co. and Fed One Dublin are the landlords. Jeff Lyons of CBRE represented the tenant in the transaction.
BURLINGTON, WASH. — Monmouth Real Estate Investment Corp. has purchased a 210,445-square-foot industrial building in Burlington for $30.6 million. The building is net leased to FedEx Ground Packaging System for 15 years. It is located at 2000 S. Walnut St.
ARLINGTON, TEXAS — General Assembly Inc. has leased a single-tenant building in Dallas’ Great Southwest Industrial District in a move that will keep its operations in Arlington and get the entire business under one roof. General Assembly will relocate its operations to 1011 Oakmead Drive. The 6,615-square-foot office/warehouse space, located near I-30, more than doubles the amount of warehouse space for the professional merchandising services firm, which supports the retail industry with locations in 19 states and the District of Columbia. The company assembles high-end consumer products. The headquarters team is moving from the Vandergriff Town Center at 200 N. Mesquite St. and warehouse workers are relocating from 320 Dixon Lane. The new location has two loading docks, grade-level doors and enough parking for the entire workforce. A local investor, who was represented by Jim Hazard of E. Smith Realty Partners in the lease deal, owns the new location.
DALLAS — Lee & Associates has negotiated a lease for 103,283 square feet of industrial space located at 1000 N. 28th Ave. in Dallas. Tom Walrich, Corbin Blount and Reed Parker of Lee & Associates’ Dallas/Fort Worth office represented the tenant, Curt Manufacturing LLC, in the transaction. Steve Trese and Wilson Brown of CBRE represented the landlord, Clarion Partners.