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Industrial

GeorgiaIndustrialMarket ReportsSoutheastSoutheast Market Reports

Atlanta’s Industrial Market Passes a New Milestone, Again

by John Nelson

It looks like 2016 is carrying on where 2015 left off. During 2014 and 2015, Atlanta set record after record for activity, positive net absorption and new construction; and the first quarter of 2016 didn’t disappoint. Activity during the first quarter of 2016 was over 13.5 million square feet, which contributed to a four-quarter total of 59.3 million square feet — the highest four-quarter total for activity ever seen in the Atlanta industrial market. We also witnessed the 16th consecutive quarter of positive net absorption with 3.1 million square feet of space absorbed during the quarter. Added to the last three quarters, net absorption totaled 16.5 million square feet of positive net absorption. Even with a large industrial inventory of 642 million square feet, that’s a significant achievement. Demand for warehouse and distribution space is fueled by Atlanta’s continued economic growth and employment. Unemployment in the Atlanta metro area is 6.1 percent and down from 6.3 percent that we reported last October (U.S. Bureau of Labor Statistics). Although construction slowed during the fourth quarter of 2015 with only 1.5 million square feet launched, it was only a short lull. New construction moved forward again for the first quarter of 2016 …

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IndustrialTexas

MIG Real Estate Purchases Three Buildings at Braker Center Business Park in Austin

by Christina Cannon

AUSTIN — MIG Real Estate, a Newport Beach, Calif.-based real estate investment firm, has purchased three buildings within Braker Center Business Park in Austin. The acquisitions include Buildings 6, 7 and 11 and total more than 218,000 square feet of flex office and light industrial space. All three buildings are single-story and served by dock and semi-dock overhead doors with ramps and feature 16-foot clear heights. The assets were 91 percent leased at the time of sale to tenants including The Carrier Corp., Landis+Gyr Technologies Inc. and DeWalt. Will Nichols, Sam Owen and Caitlyn Ryan of Stream Realty represented the undisclosed seller in the transaction. MIG Real Estate was self-represented.

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IllinoisIndustrialLoansMidwestOhio

New York Life Provides $120M Loan for 15-Property Industrial Portfolio

by Christina Cannon

CHICAGO AND CINCINNATI — New York Life Real Estate Investors has provided a $120 million mortgage loan secured by a 15-property industrial portfolio. The Class A buildings, which total 3.3 million square feet, are located in the Chicago, Cincinnati and Memphis metro areas. An affiliate of Industrial Property Trust Inc. is the borrower that received the eight-year, fixed-rate loan.

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IllinoisIndustrialMidwest

Brennan Investment Group Acquires 443,103 SF Industrial Property in Sale-Leaseback Deal in Illinois

by Christina Cannon

ELGIN, ILL. — In a sale-leaseback deal, The Packaging Wholesalers has sold its 443,103-square-foot industrial headquarters building in Elgin, approximately 40 miles northwest of Chicago, to Brennan Investment Group LLC for an undisclosed price. The property is located at 1717 Gifford Road. Adam Marshall and Mark Deady of Newmark Grubb Knight Frank represented Brennan Investment Group in the transaction. Brennan Investment Group is a private real estate investment firm that acquires, develops, and operates industrial facilities throughout the United States.

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IllinoisIndustrialMidwestMixed-Use

Thor Equities Buys 16,000 SF Building in Chicago for $5.9M

by Christina Cannon

CHICAGO — Thor Equities has acquired a 16,000-square-foot industrial building in Chicago’s Fulton Market neighborhood for $5.9 million. Columbus Meats, the seller, will occupy the building for the next three months, after which it will be converted to a retail and office building. Located at 942 W. Fulton Market, the four-level property is situated across the street for Google’s new Midwest headquarters and directly in front of a new ACE Hotel.

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77-Moonachie-Ave-Moonachie-NJ
IndustrialNew JerseyNortheast

Woodmont Industrial Partners Acquires 104,000 SF Warehouse in New Jersey

by Amy Works

MOONACHIE, N.J. — Woodmont Industrial Partners has acquired an industrial building located at 77 Moonachie Ave. in Moonachie. The 104,000-square-foot property was acquired for an undisclosed price. The building features seven loading dock doors, a new roof, heavy power, ample parking and 14,000 square feet of mezzanine space. Thomas E. Tucci and Thomas Tucci of Cushman & Wakefield represented the undisclosed seller in the deal.

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IndustrialTexas

Lee & Associates Brokers 11,209 SF Industrial Lease Renewal in Richardson

by Christina Cannon

RICHARDSON, TEXAS — Lee & Associates has arranged an 11,209-square-foot industrial lease renewal at 1380 Presidential Drive in Richardson. Nathan Denton of Lee & Associates’ Fort Worth office represented the tenant, Vac-Tech, a vacuum pump servicer, in the lease transaction. Ryan Rubenkoenig represented the landlord, Red Tail, internally.

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IndustrialMidwestWisconsin

Ryan Cos. Breaks Ground on 132,730 SF Industrial Facility Near Madison

by Christina Cannon

DEFOREST, WIS. — Ryan Companies US Inc. has broken ground on a 132,730-square-foot processing facility for The Little Potato Company in DeForest, approximately 17 miles north of Madison. The building, to be situated on a 15.9-acre site, will be the company’s first facility in the United States. When completed, the building will include 11,730 square feet of office space and 121,000 square feet of cooler, dry warehouse and processing space. The facility will feature 30-foot clear heights in the warehouse area, nine dock doors, two overhead drive-in doors and 130 stalls for employee parking. The project, located inside the DeForest Business Park, is scheduled for completion in 2017. Alberta, Canada-based The Little Potato Company specializes in the processing of creamer potatoes.

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IndustrialMidwestWisconsin

The Dickman Company Negotiates Sale of 25,520 SF Industrial Building Near Milwaukee

by Christina Cannon

BROOKFIELD, WIS. — The Dickman Company Inc./CORFAC International has brokered the sale of a 25,520-square-foot industrial building in Brookfield, 13 miles west of Milwaukee. Theomax Real Estate LLC purchased the building from LPM Group LLC for an undisclosed price. The facility is located at 3280 Gateway Road. Samuel M. Dickman Jr., Samuel D. Dickman and Roger Siegel of The Dickman Company brokered the transaction.

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IndustrialMarket ReportsNortheastNortheast Market ReportsPennsylvania

Lehigh Valley’s Industrial Sector Sees Increasing Rents and Spec Construction

by Jaime Lackey

With increasing rental rates, strong investor demand for core product and record levels of speculative construction, spirits are high in the Lehigh Valley with regard to industrial real estate opportunities. The record volume of product deliveries the past two years underscores the strong industrial demand in the Lehigh Valley. Vacancy has dropped from 15.9 percent in the first quarter of 2009 to a record-low 4.9 percent at the end of 2015, according to CoStar. The average net industrial rental rate jumped 11.1 percent during the past 18 months, an even more impressive figure when compared against the 10-year average of 1.65 percent rental rate growth in Lehigh Valley for modern distribution buildings. After many years of flat rental growth, year-end 2015 industrial leases were completed in the $4.75- to $4.95-per-square-foot range in the Allentown-Bethlehem-Easton, Pennsylvania MSA. In 2016, expect a modest increase in rental rates as the delivery of new construction across the northeastern Pennsylvania region will slow growth and push vacancy rates higher. Leasing activity has been broadly distributed along the regional I-78 and I-81/I-80 corridors. Within the valley, industrial growth has occurred primarily along the main interchanges of I-78, U.S. 22 and Route 33. In the past 12 …

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