Industrial

JV Buys Riverview Point Office Campus in Arizona for $34.3M

by Nellie Day February 26, 2016

MESA, ARIZ. — A joint venture between Harvard Investments and Lincoln Property Co. (LPC) has purchased Riverview Point in Mesa for $34.3 million. The two-building property will be part of the JV’s new Waypoint office campus, which will be situated along the Loop 202 at the borders of Tempe, Scottsdale and Mesa. The new 34.5-acre development will include the recently completed Waypoint One, as well as Waypoint Two, which has yet to break ground. Riverview Point was built in 2008. It is currently 98 percent occupied. Notable tenants include Ashton Woods, Mitel Corp. and Udall Shumway PLC. It also serves as the corporate headquarters for Nextcare. The JV plans to renovate Riverview Point as it creates the cohesive Waypoint office campus. LPC will manage all four buildings at the project. CBRE’s Barry Gabel and Chris Marchildon represented the seller, R&R Riverview LLC, in the transaction. The financing partner is BMO Harris.

February 26, 2016

California Industrial Western

Munchkin Leases Space at Prologis Redlands Distribution Center

by Nellie Day February 26, 2016

REDLANDS, CALIF. — Munchkin has leased 341,280 square feet of industrial space at Prologis Redlands Distribution Center. The center is located at 27334 San Bernardino Ave. in Redlands. The infant and toddler product designer and manufacturer will use the space as its new regional warehouse and distribution facility. JLL’s Tim O’Rourke and Mike McRoskey represented Munchkin in the deal. CBRE’s Tyson Chave represented Prologis in the lease transaction.

February 26, 2016

Industrial New York Northeast

Cushman & Wakefield Brokers $48M Sale of Industrial Facility in Long Island City

by Amy Works February 25, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of the FreshDirect facility, located at 23-30 Borden Ave. in Long Island City. Fresh Property I LLC sold the property to Atlas Capital for $48 million. The property totals approximately 276,705 square feet on a 654-foot by 329-foot irregular lot, 90 percent of which includes state-of-the-art material management and refrigeration/freezer systems. Since acquiring the property in 1999, Fresh Property I had completed substantial capital improvements and upgrades to a majority of the buildings systems. Bob Knakal, Jonathan Hageman and David Chkheidze of Cushman & Wakefield represented the seller, while Scott Rosen of Akron Trotter Property Group represented the buyer in the transaction.

February 25, 2016

Industrial Northeast Pennsylvania

NGKF Negotiates Sales of Two Industrial Properties in Greater Philadelphia Region

by Amy Works February 25, 2016

PHILADELPHIA AND WARMINSTER, PA. — Newmark Grubb Knight Frank (NGKF) has brokered the sales of two industrial properties in the greater Philadelphia area. In the first transaction, Wolf Pack LP acquired a 21,500-square-foot industrial building, located at 3015 Darnell Road in Philadelphia, for $1 million, or $47.67 per square foot. Neil Shupak and Justin Bell of NGFK represented the sellers, Jerry and Brenda Frebowitz, in the transaction. In the second deal, D&B Pharma Real Estate Partners acquired an industrial building located at 200 Park Ave. in Warminster for $3.8 million, or $25.67 per square foot. Situated on 5.8 acres, the 150,000-square-foot building features 26-foot ceiling heights, off-street parking and loading capabilities. Shupak and Bell represented the undisclosed seller, while Kurt Eisenschmid of Penn’s Grant Realty represented the buyer in the transaction.

February 25, 2016

Illinois Industrial Midwest

Principle Construction to Build 375,000 SF Industrial Building in Aurora, Illinois

by Christina Cannon February 25, 2016

AURORA, ILL. — Principle Construction Corp. will construct a new 375,000-square-foot speculative industrial building in Aurora, approximately 40 miles west of Chicago. Seefried Industrial Properties is the project developer. The building, which will be located at 1600 Sequoia Drive, will be situated within the Prime Aurora Industrial Park. The new facility is being built on 19 acres and can cater to a single user or multiple tenants. Features will include 32-foot clear heights, 2400 amps and 480 volts of power, ESFR sprinklers, two drive-in doors, 36 dock positions and parking for 312 cars. Harris Architects will design the building, and Colliers International will market the property for sale or lease.

February 25, 2016

Industrial Market Reports Midwest Midwest Market Reports Wisconsin

Milwaukee Industrial Market Is Primed for New Round of Development

by Christina Cannon February 25, 2016

Metropolitan Milwaukee has experienced a robust industrial real estate market for the past several years. This strength should continue in 2016 and for the foreseeable future. Like many other metro areas, Milwaukee’s industrial sector experienced slow but steady economic growth as it emerged from the Great Recession. However, unlike many other metro areas, Milwaukee has not yet exhibited a strong uptick in new industrial development. Minimal speculative construction has occurred during the past few years. Consequently, while demand for industrial space has continued to increase, supply has remained fairly flat. This phenomenon of increased absorption without a corresponding increase in new product coming to market has driven down the overall vacancy rate to slightly under 5 percent, near a record low, according to Xceligent. Moreover, the new industrial development that has occurred has been primarily driven by users expanding, relocating or consolidating existing facilities, or by new build-to-suit or speculative developments undertaken by Milwaukee-based firms such as Zilber Property Group, Luterbach Properties, Briohn Building and Wangard Partners. Larger regional and national industrial developers such as Centerpoint Properties and First Industrial Realty Trust, which once drove industrial development in Milwaukee, ceased construction in Milwaukee during the Great Recession and have not …

February 25, 2016

Florida Industrial Southeast

CBRE Arranges 144,000 SF Industrial Lease in Florida

by John Nelson February 24, 2016

GROVELAND, FLA. — CBRE has arranged a 144,000-square-foot industrial lease at 19925 Independence Blvd. in Groveland. The space is located within the former Circuit City distribution building that totals 706,500 square feet. David Murphy and Monica Perez Wonus of CBRE represented the landlord, Real Capital Solutions, in the lease transaction. Cameron Maness of Transwestern represented the tenant, Pathmark Transportation.

February 24, 2016

Industrial Midwest Wisconsin

Brennan Investment Group Acquires 119,040 SF Industrial Facility in Milwaukee

by Christina Cannon February 24, 2016

MILWAUKEE — Brennan Investment Group LLC has acquired a 119,040-square-foot, multi-tenant industrial property in Milwaukee for an undisclosed price. The warehouse and distribution facility is located within the Bradley Industrial Park at 8301 W. Parkland Court. The property was 95 percent occupied at the time of sale. The seller in the transaction was undisclosed.

February 24, 2016

Illinois Industrial Midwest

Brown Commercial Group Arranges 20,139 SF of Industrial Leases in Metro Chicago

by Christina Cannon February 24, 2016

ELK GROVE VILLAGE, ILL. — Elk Grove Village-based Brown Commercial Group has arranged three industrial leases in metro Chicago totaling 20,139 square feet. In the first transaction, Jim Wagner Plumbing leased 9,000 square feet at 51 Eisenhower Lane South in Lombard. Mike Antonelli of Brown Commercial Group represented the tenant in its relocation. Joseph Gatto of Cushman & Wakefield represented the landlord, TA Realty Associates. In the second deal, Trinity Scurto of Brown Commercial Group represented Breda Moving Co., which leased 7,639 square feet to Almtan Midwest. Chuck Hauger of @properties Commercial represented the company in its expansion to 801 Dave Pate Drive in Roselle. Scurto also represented Kane Brandein in its lease of the last 3,500-square-foot space in a 21,000 square-foot building to VIP Limousine, which will occupy Unit F at 101 Kelly Road in Elk Grove Village. John Carbone represented the tenant.

February 24, 2016

Industrial Massachusetts Northeast

Colliers Negotiates 152,000 SF Warehouse Lease Renewal in Boston

by Amy Works February 23, 2016

BOSTON — Collier International has arranged the renewal of a 152,000-square-foot lease at 100 Meadow St. in Boston for HD Supply. The industrial facility features 30-foot clear ceiling heights, an ESFR sprinkler system and numerous loading docks. The warehouse property was recently acquired by Newton, Mass.-based National Development. Austin Smith of Colliers lead the transaction.

February 23, 2016

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