FORT MYERS, FLA. — Monmouth Real Estate Investment Corp. has purchased a newly built, 213,672-square-foot industrial facility located at 14001 Jetport Loop in Fort Myers for $21 million. The facility is net-leased for 10 years to FedEx Ground Packaging System Inc. The building is situated on roughly 22.5 acres directly across from Southwest Florida International Airport. Monmouth is a publicly traded industrial REIT based in Freehold, N.J.
Though there was a slight decline in Las Vegas’ overall industrial market activity in the first half of 2016, the remainder of the year will finish strong as the region continues to see significant expansion. Despite aggressive market conditions, demand continued to outpace new supply during the third quarter of this year, while asking rates rose and large distribution centers dominated market activity. Demand for industrial space in the Las Vegas market increased during the third quarter, with 787,582 square feet of net absorption, bringing the total net absorption year-to-date to more than 2 million square feet. New completions totaled 642,571 square feet and vacancy rates decreased to 4.4 percent, the lowest since the first quarter of 2007. The average asking triple-net lease rate climbed to $0.62 per square foot, per month, the highest since the fourth quarter of 2009. There are currently nine industrial projects under construction throughout the Las Vegas Valley, totaling nearly 4.8 million square feet. New construction activity has been well above the long-term average since 2015, and will continue to outpace historical levels through 2017. The increase in construction activity has largely been fueled by a combination of a lack of available large bulk distribution …
The Reno industrial market continues to grow at a steady pace. Numerous developers are building new speculative warehouse/distribution facilities in many of the submarkets in Reno, Sparks and nearby outlying areas. With an industrial base of more than 80 million square feet and a vacancy rate of 8.2 percent (which continues to recede), the region is experiencing a healthy demand for space ranging from 50,000 square feet (divisibility) up to 150,000 square feet. Demand exceeds supply for product of this size. Current rental rates have steadily pushed upward over the past 18 months. Depending on the location of the business parks and its proximity to Interstate 80, the major east-west trucking artery, or I-580, the quoted asking rental rates range from about $4.20 per square foot, per year, up to $5.04 for the aforementioned divisibility ranges. New speculative Class A industrial product in the Reno market offers 32’ to 36’ clear height, as well as ESFR fire sprinkler technology, state-of-the-art LED high bay lighting, fiber optics communications, cross-dock configurations, ultra-wide column bay spacing and ample trailer parking onsite. Panattoni Development built Red Rock 200, which includes a 750,000-square-foot, built-to-suit fulfillment center for Petco, as well as a 200,000-square-foot speculative distribution …
NEW YORK CITY — Colony Capital Inc., NorthStar Asset Management Group and NorthStar Realty Finance Corp. have received approval from shareholders for the previously announced merger of the three companies. Named Colony NorthStar Inc. (NYSE: CLNS), the combined company will have assets under management in excess of $58 billion, managing capital on behalf of its stockholders, institutional and retail investors in private funds and non-traded and traded real estate investment trusts and 1940 Act companies. Upon closing of the transaction, Thomas Barrack Jr. will be executive chairman of the board of directors, David Hamamoto will be executive vice chairman and Richard Saltzman will be chief executive officer of the new company. The companies expect to complete the merger in January 2017.
LIBERTYVILLE, ILL. — Entre Commercial Realty LLC has arranged the sale of a 49,516-square-foot industrial building in Libertyville, a suburb of Chicago, for $3.2 million. The building is located at 1600-1648 Northwind Blvd. and features 26-foot clear heights, four docks and three drive-in doors. World Bioproducts, a manufacturer of microbiology testing products for the food industry, acquired the facility as part of an expansion and relocation from nearby Mundelein, Ill. Brian Bocci of Entre Commercial represented the buyer, while Dan Tobin of CTK represented the undisclosed seller.
EAST HARTFORD, CONN. — Sentry Commercial has arranged the sale of an industrial facility located on four acres at 225 Prospect St. in East Hartford. Teds Fourth LLC acquired the 155,890-square-foot facility from The Mooney Family LLC for $1.2 million. Sentry Commercial was the sole broker in the transaction.
INDIANAPOLIS — Colliers International has arranged the sale of the 700,981-square-foot Crosslake Industrial Portfolio in Indianapolis. Partially developed by Duke Realty, the portfolio includes 14 light industrial/flex assets in the Park 100 area. Colliers marketed the property on behalf of Crosslake Partners, a Chicago-based real estate investment group. Nevada-based Shear Property Group purchased the portfolio. Alex Cantu and Jason Speckman of Colliers Indianapolis led the transaction along with Steven Disse and Jeff Devine of the Colliers Chicago office.
ELK GROVE VILLAGE, ILL. — Brown Commercial Group has brokered the sale of a 61,515-square-foot industrial building in Elk Grove Village adjacent to O’Hare International Airport. The sales price was not disclosed. The building is located at 1340-1400 Higgins Road. Northern Glass Inc., a general contractor that specializes in curtain wall, storefront and interior glazing, purchased the property and will occupy nearly 40,000 square feet of the 61,515-square-foot building at 1400 Higgins Road. Northern Glass will be moving from a 9,075-square-foot space at 800 Lee St. in Elk Grove Village. Northern Glass will lease the remaining space at 1340 and 1370 Higgins Road to Protopak Engineering Corp. and Impact Printing and Lithographers, respectively. Dan Brown of Brown Commercial represented Northern Glass, while Mason Hezner of Brown Commercial represented the seller, SLP Realty LLC.
WILMETTE, ILL. — American Street Capital (ASC) has arranged a $6 million loan for the refinancing of the Chicago Northside Storage property in Wilmette, 14 miles north of Chicago. The property includes over 52,800 square feet and 500 units. The 10-year loan provided by CMBS features a 30-year amortization schedule. Han Capital was the borrower. Igor Zhizhin of ASC originated the loan.
FARMERS BRANCH, TEXAS — Stream Realty Partners has brokered the lease of industrial space located at Mercer Business Park – Building 4 in Farmers Branch. Moore Supply Co., a distributor of plumbing products, has leased 105,800 square feet of space from Billingsley Development Corp. Eric Crutchfield and Ryan Boozer of Stream Realty Capital represented the tenant in the transaction.