PASADENA, TEXAS — CBRE has brokered a land sale of 188 acres near the intersection of State Highway 225 and Beltway 8 in Pasadena. The buyer, an energy infrastructure company, plans to use the acreage, located at 3503 Pasadena Freeway, to build a marine terminal that will improve its vessel and barge access at the Houston Ship Channel. CBRE’s Patrick Rollins represented the buyer in the land purchase. Cushman & Wakefield represented the seller.
WEST CHESTER, PA. — Colliers International has arranged the acquisition of an industrial facility located within Birch Run Industrial Park at 16 Hagerty Blvd. in West Chester. Turf Equipment and Supply Co. purchased the property for $2.8 million. The buyer will relocate to the property from Kennett Square, Pa., and occupy 21,670 square feet of the facility, which was the former home of VF Technologies. The remainder of the 35,150-square-foot building is fully occupied by professional services tenants. Larry Bergen of Colliers represented the buyer, while Steve Italiano of Italiano Commercial Real Estate Services represented the seller in the deal.
LOS ANGELES — National Storage Affiliates has purchased a 22-property self-storage portfolio in Southern California for an undisclosed sum. The properties are situated throughout Anaheim, Riverside, Apple Valley, South Gate, Harbor City, Grand Terrace, Palmdale, Victorville, Rosamond and San Diego. The transaction also includes seven facilities in Bakersfield and one in Fresno. The portfolio has a combined occupancy of approximately 92 percent. The facilities contain a total of 1.6 million square feet. CBRE’s Nicholas Walker represented both the buyer and seller, CPA: 17-Global, in this transaction. Extra Space Storage manages the portfolio.
The U.S. industrial vacancy rate dropped 20 basis points (bps) to 8.8 percent during the second quarter of 2016, largely driven by companies building or leasing warehouse space to meet continued demand for e-commerce shopping, according to CBRE. The decline marked the 25th consecutive quarterly drop in available U.S. industrial space. “Plummeting U.S. industrial vacancy rates signify that this sector of the commercial real-estate market is benefitting from increasing acceptance of the e-commerce model,” says Chris Roach, president of BBG Valuation, an independent national commercial real estate valuation and assessment firm headquartered in Dallas. “We anticipate this downward trend in vacancy rates will continue for at least the remainder of this year.” According to CBRE’s second-quarter U.S. industrial and logistics report, the national industrial market expanded for a 25th consecutive quarter, logging 66.2 million square feet of positive net absorption. This was up 8 percent over the previous quarter. At the same time, a total of 41.6 million square feet of new supply was added nationally, which failed to keep up with demand. The growing trend in e-commerce shopping is expected to continue to fuel demand for warehouse space, which is needed to store inventory for shipping directly to consumers …
NEW BRAUNFELS, TEXAS — Stream Realty Partners and USAA Real Estate Co. have begun construction on the I-35 Logistics Center located on I-35 in New Braunfels. Construction has commenced on the 397,600-square-foot, Class A warehouse with delivery expected in March 2017. Stream is developing the project to accommodate tenants from 87,000 to 397,000 square feet. The project will also offer up to 4.2 acres of I-35 frontage land, available for separate purchase.
HANOVER, MD. — A partnership between Chesapeake Real Estate Group LLC and Thompson Creek Window Co. has sold two industrial buildings totaling nearly 300,000 square feet in Hanover. PGIM Real Estate purchased the properties from the partnership for $33 million. The assets are located within Penn 95 Commerce Center and include a 167,500-square-foot spec warehouse building at 8210 Penn Randall Place and a 117,000-square-foot build-to-suit warehouse and manufacturing facility leased to Thompson Creek Window at 8300 Pennsylvania Ave. Brook Furniture Rental Inc. recently leased 66,606 square feet at the spec warehouse building.
NEW YORK CITY — Eastern Consolidated has arranged the sale of a development site located at 21 Powers St. in the Williamsburg section of Brooklyn. Powers 21 LLC acquired the site from 21 Powers LLC for $5.7 million, or $428 per square foot. A one-story warehouse occupied the site, which features 13,438 buildable square feet. Scott Burk and Jacob Tzfanya of Eastern Consolidated represented the seller, while Chad Sinsheimer of Eastern Consolidated represented the buyer in the deal.
PENNSAUKEN, N.J. — Colliers International has brokered the sale of a manufacturing facility located at 7001 N. Park Drive within Airport Industrial Park in Pennsauken. A private equity firm, which owns Standard Merchandising, acquired the 115,300-square-foot facility from Contemporary Graphics for $4.1 million. Standard Merchandising, a sock manufacturing company, will occupy the property. Marc Isdaner and Ian Richman of Colliers were the sole brokers in the deal.
OLATHE, KAN. — The Opus Group has unveiled plans for a 205,000-square-foot speculative industrial facility in Olathe, approximately 30 miles southwest of Kansas City. 56 Commerce Center is the first phase of a 505,000-square-foot master-planned project. The building, located on 53 acres at the southeast corner of Old 56 Highway and Loan Elm Road, is slated to be completed in January 2017. The multi-tenant facility will feature office space, 32-foot clear heights and a truck court. Opus will provide development, construction and architectural services for the project, and Joe Orscheln and Mike Mitchelson of CBRE will market the property for lease.
IRVINE and SILICON VALLEY, CALIF. — Commercial real estate valuations increased by 1.1 percent in July, marking the strongest monthly increase this year and a 5.2 gain over last year, according to the latest Ten-X Nowcast. Ten-X, an online real estate transaction marketplace, uses Google Trends data, its own proprietary transaction data and investor surveys to forecast commercial real estate pricing trends. “The recent string of monthly increases confirms that overall pricing of commercial real estate remains on the upswing following the weakness seen earlier this year,” says Ten-X chief economist Peter Muoio. “That said, we are noticing distinct differences across the five major property sectors, with each telling its own story.” The office, apartment and retail sectors all saw monthly increases in July. The office sector posted the strongest gain for the second consecutive month, rising 4.8 percent from June and 7.6 percent above its level from one year ago. This was the best year-over-year gain for any of the commercial sectors since January. The multifamily sector, which has posted steady gains this year, increased 1.1 percent in July from the previous month and is 6.8 percent above last year’s level. “The apartment sector is unencumbered by technology-driven shifts …