MORTON GROVE, ILL. — The Missner Group has acquired a 152,000-square-foot industrial warehouse in Morton Grove, approximately 16 miles northwest of Chicago, for an undisclosed price. The facility is located at 8338 Austin Ave. and features 16-foot clear heights, five exterior docks, one drive-in door and 76,000 square feet of office space. The building, situated on 7.3 acres, is currently 100 percent leased to two tenants, Schwarz Supply Source and Integrated Merchandising Systems LLC. Eric Sorenson and Dirk Riekse of Cushman & Wakefield represented The Missner Group in the purchase of the property. The Cushman & Wakefield team also represented the building’s undisclosed seller.
INDIANAPOLIS — JLL has arranged a 43,750-square-foot industrial lease in Indianapolis. Carpet Cushion & Supplies, a wholesale distributer of carpet pads and flooring installation products, will occupy the space at 6737 E. 30th St. The facility was built in 1995 and features high-quality finishes that will work well as a showroom for Carpet Cushion & Supplies. Brian Seitz and Brian Buschuk of JLL represented the landlord, First Industrial, in the transaction. Joel Friedland and Steve Stone of Transwestern and Steve Schwegman of JLL represented the tenant.
LONGMONT, COLO. — U.S. Engineering has purchased a 106,180-square-foot industrial building in Berthoud for $7.7 million. The facility is located at 390 Mountain View Drive, just north of Longmont. It was built in 1999. The full-service mechanical contractor plans to occupy the entire building. Bruce Mawhinnie of Newmark Grubb Knight Frank represented the buyer. Matt Trone, Sam Slaton and Steve Hager represented the seller, PTI USA Manufacturing.
PEARLAND, TEXAS — Robert Loeb, Jeff Bailey and Brian Cisarik of SurePoint Self Storage plan to open a fourth location in the Houston market. The new self-storage property will be located in Pearland near the intersection of Broadway and Kirby drives. Additionally, SurePoint Self Storage is poised to begin construction in the next 60 days on their third facility in the Houston market, a three-story, 119,000-square-foot self-storage facility on Barker Cypress Road in Houston. The SurePoint team is concluding construction on a similar project on Spring Cypress Road just east of Grant Road in Cypress, as well as a four-story self-storage building in Richmond near Highway 59 and the Grand Parkway.
MONROE, OHIO — CBRE has arranged a 218,704-square-foot industrial lease at a building within Park North at Monroe. Hagemeyer North America, a distributor of industrial maintenance, repair and operations products, will lease the remaining space in the 649,312-square-foot Building 4. Park North at Monroe is a master-planned park located midway between Cincinnati and Dayton. Additional tenants at the park include SSB Manufacturing, Cornerstone Brands, Home Depot and UGN Inc. Jeremy Kraus of CBRE represented the building’s developer, IDI Gazeley, in the transaction. Eric Ramer of ICON Commercial and Josh Young of Newmark Grubb Knight Frank represented the tenant, Hagemeyer North America.
NEWARK, N.J. — Prudential Mortgage Capital Co. (PMCC) exceeded $14.6 billion in total loan originations in 2015. The company provided financing driven by conventional agency loans and increasing originations in international loans. Some of the company’s 2015 achievements include lending more than $12.7 billion within the United States across multifamily, office, industrial and other sectors; international lending of $1.9 billion, including first time originations in Australia, France, Spain and re-entry into the Canadian market; nearly $3.4 billion in conventional and affordable multifamily loans across Fannie Mae, Freddie Mac and FHA; and agricultural debt and equity investments of $1 billion. PMCC is the commercial mortgage lending business of PGIM, the global investment management business of Prudential Financial Inc.
With an increasing number of tenants seeking to relocate to New Jersey from parts of New York City, including Brooklyn and the Bronx, the Garden State’s industrial market is at its healthiest since first-quarter 2008. The amount of vacant space has now reached pre-recession levels, decreasing from 7.5 percent to 7.2 percent during the third quarter of 2015. Moreover, the vacancy rate experienced its best year-over-year improvement since the first quarter of 2014. Strong markets include central New Jersey submarkets Exit 8A, Exit 9/Brunswick, and Route 287 West, while the Meadowlands area remains the strongest submarket in northern New Jersey, followed by Exit 14/Newark near the port, and the Route 46/23/3 submarket. While transactions by large tenants, such as Amazon, dominated activity during the first half of the year, industrial buildings were filled up by smaller and mid-sized tenants during the third quarter of 2015. Retailers/wholesalers led the way, which is not surprising considering the continually growing e-commerce sector and recent increases in consumer spending. Supporting the recent economic resurgence of the sector, tenants in the manufacturing industry were also very active during the quarter, though many of their leases were small in size. Transportation companies also took space, enhancing …
HOUSTON — NAI Partners has represented Circle 8 Services in the lease of a 40,000-square-foot industrial building on 9.6 acres located at 3004 Aldine Bender Road in Houston. Chris Caudill of NAI Partners represented the tenant, Circle 8 Fluid Services, during the negotiations, while Hart Schleicher of Capital Real Estate Commercial represented the landlord, 3004 Aldine Bender Partners. Circle 8 Fluid Services is a mobile crane and fluid services operator.
WACO, SHERMAN AND FORT WORTH, TEXAS — Carter Validus Mission Critical REIT II (CVMC) has acquired a portfolio comprising healthcare properties and a data center in Texas for $58.9 million. CVMC acquired the Heritage Park Portfolio on Nov. 20, 2015, for $33.9 million. The Heritage Park Portfolio consists of two healthcare properties located in Sherman that are 100 percent leased: Heritage Park – Sherman I (Heritage Park Surgical Hospital) and Heritage Park – Sherman II (Visionary Medical Imaging). Heritage Park Surgical Hospital is a 57,576-square-foot medical facility that was built in 2005 and renovated in 2010 to become a full-service surgical hospital. Heritage Park Surgical Hospital houses eight operating suites, three procedure rooms and 14 private recovery rooms, and supports an average of 15,000 surgeries per year. Visionary Medical Imaging, an 8,055-square-foot medical imaging center located adjacent to Heritage Park Surgical Hospital, was built in 2005 and offers MRI, CT, X-Ray and bone density scanning services. In addition to the Heritage Park Portfolio, CVMC acquired Baylor Surgery Center at Fort Worth, a one-story, 36,800-square-foot ambulatory surgery center located on 3.5 acres. The property, located one mile from Baylor Surgical Hospital at Fort Worth, was built in 1998 and renovated in 2015 …
LOCKPORT, ILL. — Panattoni Development Co. has completed the development of two new industrial buildings in 355 Corporate Center, a 50-acre industrial business park in Lockport, approximately 35 miles southeast of Chicago. The first building is 273,640 square feet and includes parking for 268 cars, while the second building is 228,690 square feet and features 240 parking spaces. Both buildings include 65 docks, four drive-in doors, 32-foot clear heights and ESFR sprinkler systems. Harris Architects designed the facilities, and Alston Construction was the general contractor. These two assets are the first two facilities to be built inside 355 Corporate Center. Nicolson, Porter & List has been tasked with leasing the buildings.