KENOSHA, WIS. — Cushman & Wakefield has arranged the sale of an industrial building located at 9949 58th Place in Kenosha. The sales price was not disclosed. The 173,000-square-foot warehouse will serve as the manufacturing facility for Colbert Packaging Corp., a manufacturer of folding cartons, boxes and paperboard specialty products. Constructed in 2015, the property features 18 loading docks, 216 parking spaces, 30-foot clear heights and an ESFR sprinkler system. Colbert will consolidate and relocate manufacturing centers from Lake Forest, Wis. and Libertyville, Ill. The company’s headquarters will remain in Lake Forest. Eric Fischer, Brett Kroner, Keith Puritz and Bradley Migdal represented Colbert in the transaction. Sergio Chapa of Newmark Grubb Knight Frank represented the seller, Zilber Ltd.
People are aware of the Inland Empire’s rapidly growing market and the fulfillment center trend that’s sweeping Southern California. Amazon, Walmart and many others continue to be pioneers in logistics and door-to-door fulfillment, but the side of the market people are missing is the smaller, more locally sourced user, the groups that service these large international companies. It’s a common theme that when the big guys grow into space there’s normally a contingent of smaller users behind them ready to take down the small- to mid-sized product. This trend has never been more true than it has over the past 12 months. As million-square-foot buildings continue to be leased out by these massive conglomerates, the smaller product has been flying off the shelves. There was a concern in early 2016 that this size range was going to be overbuilt, but due to 8.5 million square feet worth of gross absorption through the first three quarters in the 100,000- to 300,000-square-foot size range, that idea has become a misconception. We’re now sitting with a deficiency of product driving lease rates and sales numbers higher than ever. Lease rates in this size range have jumped about 8 percent over the past year …
PHOENIX — Manna Distribution Services has leased 37,000 square feet of industrial space at Phoenix Star Commerce Park in Phoenix. The space is located at 2110 S. 7th Ave. The national delivery company’s Phoenix location will join other U.S. outposts, including Portland, Ore., Los Angeles, Chicago, New Orleans and St. Louis, Mo. Keri Davies and Jon Rosenberg of Levrose Commercial Real Estate and Paramount represented the tenant, while Lee & Associates represented the landlord.
WINDSOR, CONN. — Sentry Commercial has arranged the lease of an industrial facility located at 4 Market Circle in Windsor. A&S Innersprings USA leased the 59,100-square-foot building, which is situated on 7.5 acres, from Market Circle LLC. Sentry Commercial represented the undisclosed landlord, while Cushman & Wakefield represented the tenant in the deal.
OKLAHOMA CITY — CBRE has arranged the sale of an industrial property located at 2330 N.W. 10th St. in Oklahoma City. Interstate Real Estate Co. sold the 43,442-square-foot property to SFI 10th Street LLC for $2.1 million. Caitlin Mazaheri, John Lenochan and Jason Hammock of CBRE represented the seller, while Brett Price with Newmark Grubb Levy Strange Beffort represented the buyer in the deal.
MILWAUKEE — Gehl Foods has selected Avison Young to market the sale of its 719,599-square-foot industrial portfolio near Milwaukee. The portfolio consists of four buildings owned and occupied by Gehl Foods, a producer of ready-to-serve dairy products. Gehl Foods has invested more than $100 million in capital improvements and specialized equipment in the buildings. The portfolio will be sold as a 15-year, triple-net leaseback with annual lease rate escalations on the properties. Three of the buildings are located in Germantown, Wis., while one building is located in West Bend. Erik Foster and Mike Wilson of Avison Young will represent the owner.
CHICAGO — NAI Hiffman has brokered the sale of a 74,997-square-foot industrial building located at 830 W. 40th St. in Chicago. The building features 9,150 square feet of office space, 18-foot clear heights and three interior loading docks. Chris Gary and Joe Bronson of NAI Hiffman represented the buyer, Hog Shed Ventures LLC. George Maragos, Mitch Adams and Nicole Mentone of CBRE represented the seller, VK 830 W. 40th LLC. The building will be home to Frost Lighting, a full-service event production company.
INDIANAPOLIS — Cushman & Wakefield has brokered the sale of Georgetown Commerce Park in Indianapolis. The sales price was not disclosed. The property consists of two buildings located at 7301 Georgetown Road. The property is 83 percent occupied by 19 tenants. Jeff Castell of Cushman & Wakefield represented the sellers, Mann Properties and GCP Investments. Todd Vannatta and Kevin Archer of Cushman & Wakefield will manage the leasing of 25,000 square feet of vacant space. Cushman & Wakefield will also manage both buildings, comprising 148,977 square feet. Congaree River LLC was the buyer.
JACKSONVILLE, FLA. — Jackson-Shaw has started construction on Jacksonville International Tradeport 3 and 4, two industrial assets located in Jacksonville’s Northside submarket adjacent to Jacksonville International Airport. The properties will total 178,000 square feet and are set for completion in the third quarter. Building 3 will total 124,000 square feet and feature 32-foot clear heights, 37 dock-high doors, 130-foot truck courts, one drive-in ramp, 109 parking spaces and 34 optional trailer storage spaces. Building 4 will total 54,000 square feet and feature 28-foot clear heights, 16 dock-high doors, a 130-foot truck court, 31 parking spaces and 12 optional trailer drops. Jackson-Shaw has selected Tyler Newman of Cushman & Wakefield to lease the facilities. Thackeray Partners is Jackson-Shaw’s investment partner for the project, and BB&T provided construction financing.
HUTCHINS, TEXAS — Core5 Industrial Partners has acquired two adjacent land sites totaling 41.5 acres at 1200 W. Wintergreen Road in Hutchins. The buyer plans to construct a speculative 754,897-square-foot distribution and warehouse facility on the site. The location provides convenient access to interstates 45, 20, 30 and 35E. John Leinbaugh and Matt Elliott of NAI Robert Lynn, along with Brent Wicker and Randy Church of Wicker & Associates, represented the buyer in the deal. The name of the seller and acquisition price were not released.