SEATTLE — Bridge Development Partners has broken ground on a 241,140-square-foot refrigerated facility near Seattle’s Sea-Tac Airport. The facility is located at 1010 S. 146 St. Western Distribution Services will operate the property, which Tippmann Innovation will build.
CITY OF INDUSTRY, CALIF. — Ardmore Home Design has leased a 128,810-square-foot industrial facility in the City of Industry. The Class A facility is located at 768 Turnbull Canyon Road. The property provides immediate access to California State Route 60 and is minutes from Interstate 605. The space will serve as the corporate headquarters for Ardmore’s home décor business lines Made Goods and Pigeon & Poodle. Ty Newland of Cushman & Wakefield represented Ardmore in the deal.
MCKINNEY, TEXAS — Cushman & Wakefield has secured bridge refinancing through Synovus Bank for Texas Crossing, which previously served as Blockbuster’s corporate headquarters and national distribution center. Cushman & Wakefield’s Beth Lambert and Diego Arroyave represented the owner, Saskaway Group. The 856,897-square-foot office and industrial facility sat vacant for two years until Saskaway Group purchased it in May 2014, making it the investment group’s fifth acquisition in metro Dallas. In 18 months, ownership leased 100 percent of the 697,149-square-foot warehouse portion to national credit tenants including UPS and International Paper. With the new loan in place, ownership is now focused on leasing the adjoining 160,000-square-foot, two-story office building. The property is located 20 miles north of Dallas at 3000 N. Redbud Blvd. in McKinney.
WEST BOYLSTON, MASS. — The Stubblebine Company/CORFAC International has arranged a 163,000-square-foot lease at 70 Hartwell Street West Boylston for Curtis Industries, which produces tractors and mowers, as well as recreation and work vehicles. David and James Stubblebine, Al Ringuette, and Rob Stave of The Stubblebine Company represented landlord D & S Realty LLP in the transaction and procured the tenant. The transaction included an existing 53,000-square-foot building and an addition of 110,000 square feet of 24-foot clear high bay distribution space. The expansion will be completed in July 2017.
ALLEN, TEXAS — TierPoint LLC plans to build a new data center in the Dallas metropolitan area. Partnering with Compass Data Centers, TierPoint’s plans calls for 90,000 square feet of building space in Allen, with the initial phase including an investment of over $20 million and 16,000 square feet of raised floor. The facility will also include infrastructure support and office space and is expected to be operational by spring 2017. TierPoint’s made its first data center acquisition, Colo4Dallas, in 2010.
CHICAGO — Chicago-based Stream Capital Partners has executed the sale-leaseback of an industrial lumberyard portfolio. The tenant, Consolidated Lumber, is leasing back 13 properties in Wisconsin and Minnesota. The portfolio is comprised of over 300,000 square feet of building area, situated on nearly 3 million square feet of land. A REIT was the buyer. The purchase price was $14.5 million. The lease is structured as a long-term triple net lease with periodic rent increases and multiple options for renewal. Jonathan Wolfe and Jordan Shtulman of Stream Capital Partners represented the seller on the transaction.
Driven by strong leasing activity, the New Hampshire Seacoast industrial market now has a limited supply of available options. The overall Seacoast vacancy rate is currently 5.6 percent. Compare that to the end of 2010, when vacancy in the market hit 12.9 percent. Narrowing the focus to the Portsmouth industrial market (excluding the Pease Tradeport), the vacancy hit 8 percent in 2010 but it had dropped to 3 percent at the end of 2015 — and at the end of June 2016, the vacancy rate hovered at 2 percent. This significant drop in vacancy leaves users with less viable product to choose from and is pushing them away from the Interstate 95 corridor of Portsmouth and Seabrook. Industrial Users Turn to Ground-Up Development Users in Portsmouth and surrounding communities, unable to find existing buildings to meet their needs, have turned to ground-up development in areas outside of Portsmouth and further away from the Interstate 95 corridor. Two large industrial users, Rand Whitney and Stonewall Kitchen, broke ground on projects in 2015 and have recently moved into their new facilities. Rand Whitney, part of the Kraft Group, originally opened a corrugated cardboard sheet plant in Dover back in 1972. Over the …
GOODYEAR, ARIZ. — Huhtamaki North America has purchased a 750,000-square-foot manufacturing and distribution facility at Cotton Lane Commerce Park in Goodyear. The Finland-based global food packaging specialist intends to invest about $100 million at the site to create a “21st-century work environment.” The facility will serve West Coast food service packaging and retail tableware markets. Construction will begin in the second quarter of 2017, with commercial production scheduled in late 2017. NGKF’s Jim Belcher and Robert Stephens represented Huhtamaki in the transaction.
WINDSOR, CONN. — Ezra Silva Lane LLC has purchased an industrial property at 60 Ezra Silva Lane in Windsor for $1.75 million. The 33,400-square-foot building at the property is currently occupied by Precision Finishing Services while All-Crate Inc. occupies the 30,000-square-foot rear building. Sentry Commercial represented the buyer and CB Richard Ellis/New England represented the seller, Clinton Street Associates, in this transaction.
NEW YORK CITY — Simone Development Companies has added a 40,000-square-foot self-storage facility to its Hutchinson Metro Center in the Pelham Bay section of the Bronx. CubeSmart is managing the climate-controlled facility. The new facility at 1260 Waters Place offers a variety of storage unit sizes in a well-lit site with 24-hour video surveillance. Amenities include hand-carts and dollies, availability of packing supplies and boxes, and printing/copy/fax services. The facility also offers a complimentary truck and driver through A Super Move. Delivery services directly to storage units are available. The facility has bi-lingual managers, and offers insurance services and discounts for military personnel.