Industrial

Owen Wagener & Co. Arranges 35,038 SF Industrial Lease in Chicago Suburb

by Christina Cannon April 7, 2016

ARLINGTON HEIGHTS, ILL. — Owen Wagener & Co. has arranged a 35,038-square-foot industrial lease in Arlington Heights, approximately 30 miles northwest of Chicago. DevLinks LTD will relocate its headquarters operation to the facility at 3933 N. Ventura Drive. Jonathan Kohn and Brendan Green of Colliers International represented the owner, Bristol Group Inc. Carrie Wagener & Eric Wagener of Owen Wagener & Co. represented the tenant. DevLinks specializes in factory automation, design and integration for numerous industries.

April 7, 2016

Florida Industrial Southeast

Ridge Development Breaks Ground on Spec Industrial Facility in Metro Miami

by John Nelson April 7, 2016

MEDLEY, FLA. — Ridge Development, the industrial development arm of Transwestern Development Co., has broken ground on Airport North Logistics Center, a 182,057-square-foot speculative industrial facility. The distribution center will be located at the intersection of N.W. 87th Avenue and N.W. 90th Street in Medley, a suburb of Miami. Ridge Development expects to complete construction on the project in September 2016. The property will feature 32-foot clear heights, a 60-foot speed bay, 46 dock-high doors, two street dock ramps, 72 trailer spaces, security fencing and additional vehicle parking/outside storage. Ben Eisenberg, Walter Byrd, Thomas Kresse and Carlos Gaviria of Transwestern will provide leasing services for the project. Itasca Construction has been selected to oversee construction of Airport North Logistics Center.

April 7, 2016

Industrial Kentucky Office Southeast

NAI Isaac Brokers $17.5M Sale of Two Office/Warehouse Properties in Lexington

by John Nelson April 7, 2016

LEXINGTON, KY. — NAI Isaac Commercial Properties has brokered the $17.5 million sale of two office/warehouse developments in Lexington totaling more than 400,000 square feet. The buyer, a private investment company, purchased the properties from BRE Imagination PMA LLC, a division of The Blackstone Group. The properties were a portion of a portfolio originally purchased from GE. Bruce Isaac and Chad Voelkert of NAI Isaac Commercial Properties brokered the transaction.

April 7, 2016

California Industrial Western

Hillwood Signs 1.1M SF Lease at AllianceCalifornia Gateway South in San Bernardino

by Nellie Day April 7, 2016

SAN BERNARDINO, CALIF. — Hillwood has announced a new tenant has signed a 1.1 million-square-foot lease to fully occupy AllianceCalifornia Gateway South Building 3 in San Bernardino. The distribution building is located at 555 E. Orange Show Road. The new tenant has not been named. Gateway South Building 3 is currently the largest speculative building in Southern California, according to Hillwood. The building sits on 50 acres just north of Interstate 10. AllianceCalifornia is a 2,000-acre trade and logistics center. It is one of Hillwood’s largest developments to date, totaling more than 13 million square feet. The property has another 414,000 square feet under construction that should be delivered in the second quarter of 2016.

April 7, 2016

California Industrial Western

NRC Manufacturing to Build New 230,000 SF Facility Near Sacramento

by Nellie Day April 7, 2016

ELK GROVE, CALIF. — NRC Manufacturing is expanding its presence in Elk Grove by building a 230,000-square-foot manufacturing facility. This will be the electronic components prototype manufacturer’s second facility within the Sacramento submarket. The facility will eventually employ up to 2,500 manufacturing and management personnel for the Fremont-based company. Phase I is slated for completion by the end of 2017. NRC partnered with the Kamilos Cos. on this project. It will be the first major employer within the City of Elk Grove’s Southeast Policy Area, a 1,200-acre, master-planned area that includes more than 400 acres of fully entitled, development-ready corporate office and manufacturing land.

April 7, 2016

Industrial Oregon Western

Majestic Breaks Ground on 303,000 SF Spec Industrial Building in Oregon

by Nellie Day April 7, 2016

HILLSBORO, ORE. — Majestic Realty Co. has broken ground on a 303,000-square-foot spec industrial warehouse in Hillsboro. The project will be situated at the southeast quadrant of Highway 26 and Brookwood Parkway, 18 miles west of Portland. It is scheduled for completion in the third quarter of 2016. The new development will be the third building at the Majestic Brookwood Business Park. It will neighbor a 200,000-square-foot ViaWest data center, which opened its first phase in September 2015, as well as a 65,000-square-foot Top Golf entertainment complex scheduled to open this June.

April 7, 2016

Industrial Market Reports Midwest Midwest Market Reports Nebraska

Omaha’s Thriving Industrial Market Shows No Signs of Slowing Down

by Christina Cannon April 7, 2016

It is difficult to find one aspect of the Omaha industrial market to highlight when recapping 2015. Quite frankly, about every single facet of the market improved last year: sale prices ticked up, land prices rose, absorption was positive, the vacancy rate was low, asking rental rates climbed, and there was plenty of new construction. There are no signs of this momentum slowing. What is even more telling is the steady trend in the same direction — the market has shown signs of improvement each of the last five years. There have not been one or two transactions skewing the metric. Sales prices of existing industrial property averaged $56 per square foot in 2015, and over 2 million square feet of inventory was sold. This is quite a jump over the average of $47 per square foot in 2014. We believe this uptick in sales prices is due to a number of factors, but most notably a combination of high demand, low inventory of platted industrial lots and high construction costs. Users have been forced to make a choice — build new product or rehab existing buildings. This dilemma has created a bit of an odd and possibly concerning scenario: …

April 7, 2016

Industrial Massachusetts Northeast

The Stubblebine Company Brokers $3.1M Sale of Industrial Building in Massachusetts

by Amy Works April 6, 2016

DRACUT, MASS. — The Stubblebine Company has arranged the sale of an industrial building located at 20 Commercial Drive in Dracut. 303 Broadway Nominee Trust acquired the 55,890-square-foot property from LB Investment Group LLC for $3.1 million. Micah Stubblebine of The Stubblebine Company represented the seller and procured the buyer in the transaction.

April 6, 2016

Industrial Office Texas

Binswanger Brokers Sale of 204,346 SF Office/Flex Building in Austin

by Haisten Willis April 6, 2016

AUSTIN, TEXAS — Binswanger has arranged the sale of a 204,346-square-foot office-flex building located on 18.9 acres at 6800 Burleson Road in Austin. Holmes Davis of Binswanger’s Dallas office represented the seller, DivcoWest Real Estate Services Inc. Roger Shipp represented the buyer, Capital Commercial Investments, internally. Built in 1985 and renovated in 1995, the property was a part of the former Lockheed Martin campus near Austin’s-Bergstrom International Airport.

April 6, 2016

Industrial Kentucky Southeast

Molto Properties, Verus Partners Sell 622,426 SF Industrial Facility in Louisville

by John Nelson April 6, 2016

LOUISVILLE, KY. — Molto Properties and Verus Partners have sold Airport Commerce Center One, a 622,426-square-foot, cross-dock industrial facility in Louisville. The buyer, Stone Mountain Industrial Park Inc., an affiliate of Pattillo Industrial Real Estate, purchased the property for an undisclosed price. The facility is located within the Louisville Renaissance Zone, a 470-acre business park located just two miles south of Louisville International Airport. Verus Partners was the project’s development manager. Built in December 2015, the facility is 74 percent leased to Hillsdale Furniture and features 36-foot clear heights, a seven-foot floor slab, motion sensor-activated T5 lighting, 86 dock doors and 120 trailer stalls. Kevin Grove, Doug Butcher and Chris Riley of CBRE represented Molto and Verus in the sale. Molto and Verus broke ground in November 2015 on Airport Commerce Center Two, a 645,840-square-foot facility. Pepper Construction expects to finish construction on the project in November 2016.

April 6, 2016

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