OLDMANS TOWNSHIP AND FLORENCE TOWNSHIP, N.J. — NFI, a supply chain solutions provider, has added two new facilities to its industrial portfolio in New Jersey. In Oldmans Township, the company completed the development of a distribution center spanning more than 1 million square feet. The build-to-suit for Five Below broke ground in September 2014. The facility serves as Five Below’s core eastern U.S. distribution center, servicing more than 300 retail store locations in the region. Additionally, NFI recently broke ground on a 504,000-square-foot expansion project in Florence Township. Subaru of America will occupy 189,000 square feet of the expansion, while the remaining 315,000 square feet is available for lease.
RIVERSIDE, CALIF. — A joint venture between Waypoint Property Group and the Lewis Group of Companies has acquired the development rights and master developer designation for the remaining 875 acres within the Meridian Business Park in Riverside. The price was not disclosed. The master-planned business park is situated in the I-215 South corridor. Meridian is part of the former March Air Force Base. It is less than 90 minutes from the Los Angeles/Long Beach port complex. Phil Lombardo, Chuck Belden and Andrew Starnes of Cushman & Wakefield represented both the buyer and seller in this transaction.
As the 16th largest city in the United States and one of the fastest growing metro markets, Fort Worth is consistently a hot market in Texas and hasn’t slowed down post-recession. The current retail market is showing a low vacancy rate of 6.5 percent along with increasing rental rates. Surprisingly, these rates have not slowed leasing activity. Instead, the combination of increasing rates and dwindling vacancies have spurred new development. In years past, Fort Worth has been seen as a secondary market to Dallas, but with its strong economy and high returns, the city is now able to stand on its own. Fort Worth is seeing a lot of capital being tossed around the market. With a strong economy and low operations costs, money is pouring in from all angles, including from out-of-state and international investors. California, New York and overseas investors are beginning to recognize the stability of the city and the potential for stronger returns, and are aggressively starting to pursue opportunities here. For example, Iowa-based Lockard Development is in the process of expanding its Walmart anchored Renaissance Square power center at Berry Street and Hwy 287 in East Fort Worth to include more national credit tenants. Lockard …
FRANKFORT, IND. — The Opus Group has completed the construction of a 1.6 million-square-foot distribution center for Omaha-based ConAgra Foods in Frankfort, about 46 miles north of Indianapolis. The center is situated on 288 acres of land and houses over 200 employees. The distribution center features 15,000 square feet of office space, 34-foot clear heights in the warehouse, 125 dock doors, 10 rail doors and more than 850 trailer parking spaces. Shipments to customers from the center began in July. The Opus Group developed, designed and built the property.
MALVERN, PA. — IMC Construction has completed a 45,000-square-foot headquarters building for ifm efector North America. Located at 1100 Atwater Drive with the Atwater Corporate Center in Malvern, the two-story facility features space for more than 175 employees, a fitness center, large cafeteria, training center, multiple conference rooms, an executive board room, 10-foot ceilings, large windows and an open floor plan. Essen, Germany-based ifm efector produces sensor and control products.
COLUMBIA, MD. — First Potomac Realty Trust has sold Rumsey Center, a 135,047-square-foot flex portfolio in Columbia, for $17.8 million. The four-building portfolio is located within Oakland Ridge Industrial Park. Finmarc Management Inc. was the buyer. Mark Glagola, Julian Etches and Joe Friedman of Transwestern’s Mid-Atlantic investment sales group represented First Potomac Realty Trust in the transaction. New York-based Time Equities Inc. purchased the property, which will become part of its 20 million-square-foot portfolio in North America and Europe.
BRANFORD, CONN. — O,R&L Commercial has brokered the sale of Northeast Technology Center, located at 15 and 35 Northeast Industrial Road in Branford. Situated on 5.6 acres, the asset consists of three interconnected R&D/flex buildings, totaling 97,000 square feet, on two separate tax lots. SH NETC Branford LLC acquired the property for $10.5 million from G+L 15 & 35 NE Industrial LLC. Tim McMahon, Rich Lee and Frank Hird of O,R&L represented the seller and procured the buyer in the transaction.
DEDHAM, MASS. — Savills Studley has brokered the sale of a 20,000-square-foot flex building located at 60 Stergis Way in Dedham. Needham, Mass.-based Fulcrum Real Estate Partners purchased the property for $2.2 million from Boston Irrigation Supply Co. The property is currently leased to John Deere Landscapes. Steve Woodworth of Savills Studley’s Boston office represented the seller in the transaction. The buyer was not represented.
NILES, ILL. — Meridian Design Build has completed construction on a 306,448-square-foot automated package sortation and distribution center in Niles, 15 miles northwest of Chicago, for an undisclosed delivery service company. Scannell Properties was the project developer. The new build-to-suit facility is located on a 34-acre redevelopment site at the southeast corner of Howard Street and Lehigh Avenue. A majority of the project involved the demolition of multiple parking lots and an existing 756,000-square-foot industrial building. The facility features 101 loading docks, 562 auto parking stalls, 236 interior van-loading positions and 249 exterior trailer stalls. Additional construction included a freestanding 5,180-square-foot vehicle maintenance garage and 2,400-square-foot gateway security building. Precept Design provided architectural and structural design services. Spaceco Inc. completed civil engineering work.
CHESTERFIELD TOWNSHIP, MICH. — L. Mason Capitani CORFAC International has signed Eclipse Mold Inc. to a seven-year, 86,772-square-foot industrial lease in Chesterfield Township, about 30 miles northeast of Detroit. A family-owned business for nearly 40 years, Eclipse Mold is headquartered in Clinton Township, Mich. The company specializes in the manufacturing of plastic injection molding. Located at 50300-50320 Patricia St., the industrial building will enable Eclipse Mold to expand its operations while satisfying the needs of its Tier 1 automotive customers. Joe DePonio and Jason Capitani of L. Mason Capitani CORFAC International represented the undisclosed landlord in the transaction.