Industrial

Avison Young Negotiates 150,192 SF Industrial Lease in Illinois

by Christina Cannon March 10, 2016

ZION, ILL. — Avison Young has arranged a 150,192-square-foot industrial lease expansion and renewal in Zion, approximately 50 miles north of Chicago. Focus Foodservice now occupies the entire building, which is located at 451 Trumpet Drive. The distribution facility features 30-foot clear heights, 150 parking spaces and two grade-level dock doors. The building is situated within the Trumpet Corporate Park, an 8.1-acre complex developed by Panattoni Development Co. in 2008. Keith Puritz, Eric Fischer and Brett Kroner of Avison Young represented the tenant in the transaction. Chris Volkert and Matthew Stauber of Colliers International represented the landlords, Prudential Insurance Co. and Panattoni Development Co.

March 10, 2016

Industrial Midwest Wisconsin

The Dickman Company Negotiates 9,000 SF Industrial Lease in Southern Suburb of Milwaukee

by Christina Cannon March 10, 2016

CALEDONIA, WIS. — The Dickman Company Inc./CORFAC International has negotiated a 9,000-square-foot lease in Caledonia, approximately 20 miles south of Milwaukee. Educators Credit Union will occupy the industrial building, which is located at 289 27th St. Ninneman Properties II LLC is the landlord. Cale Berg of The Dickman Company Inc. was the sole broker in the transaction.

March 10, 2016

Indiana Industrial Market Reports Midwest Midwest Market Reports Uncategorized

Why E-Commerce Will Drive Growth of Indianapolis Industrial Market

by Christina Cannon March 10, 2016

The greater Indianapolis industrial market has experienced incredible growth over the past three years, and it continues to be one of the most sought-after industrial markets in the country. Supply and demand is the big story in early 2016. Because shovel-ready land is difficult to find, demand for land alternatives is pushing development further and further away from the beltway while simultaneously causing land prices to escalate. Local communities that figure out how to competitively bring shovel-ready land to the market will reap great rewards. There is strong demand for space across the industrial sector, with second-generation and medium-size distribution space outpacing the other industrial product types. Those seeking smaller, single-tenant buildings under 50,000 square feet are realizing how difficult they are to find. Additionally, the supply of available speculative space in the greater Indianapolis market has been on everyone’s radar for the past two years. Demand for spec space is catching up to the supply as evidenced by several new leases signed since the end of 2015. Currently, there is approximately 2.2 million square feet of industrial product under construction, including 1.4 million square feet of speculative development and 800,000 square feet of build-to-suit construction. Game changer The e-commerce …

March 10, 2016

Industrial Michigan Midwest

Friedman Brokers Sale of 165,016 SF Flex Property in Detroit Suburb

by Christina Cannon March 9, 2016

FARMINGTON HILLS, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a three-building flex park in Farmington Hills, approximately 22 miles northwest of Detroit, for an undisclosed price. Garrison Investment Group LP sold Discovery Centre to Haggerty 4 LLC. The 165,016-square-foot property was 81 percent occupied at the time of sale and is located on Country Club Drive. Rich Deptula of Friedman represented the seller in the transaction, and Todd Hawley of Friedman represented the buyer.

March 9, 2016

Industrial Western

Inglewood Distribution, Logistics Building Trades for $5.1M

by Nellie Day March 9, 2016

LOS ANGELES — An undisclosed buyer has purchased an 18,885-square-foot distribution and logistics building in the Los Angeles submarket of Inglewood for $5.1 million. The building is situated on Aviation Boulevard. The listing initially began as a lease before converting to a sale. Izzy Eichenstein and Todd LaPlante of CBRE’s LAX Industrial Team executed the transaction.

March 9, 2016

Industrial Market Reports Northeast Northeast Market Reports Pennsylvania

Industrial Demand and Development in the Philadelphia region

by Jaime Lackey March 9, 2016

Metro Philadelphia’s industrial market saw strong demand, developer confidence and declining vacancy rates in 2015. Asking rents averaged $4.43 per square foot for the region, a 4 percent increase from 2014. The overall vacancy has decreased to 7.7 percent as demand kept pace with 5.7 million square feet of completed spec development. The only submarket that is posting greater than 10 percent vacancy is New Castle County, Delaware; however, New Castle’s vacancy rate was trending downward at the end of 2015. We continue to see healthy demand for industrial space in 2016. There could be some impact from global uncertainties, but these will be offset by continued on-shoring of manufacturing requirements and last-mile delivery expansion. Companies seeking between 25,000 to 80,000 square feet have seen limited availability in most submarkets, particularly for purchase. Due to strong demand and reduced availability for modern, net-leased, single-tenant buildings, some investors must consider lesser-quality assets and/or secondary locations. Sale prices and rents have increased. It is not unusual for modern bulk facilities with long-term leases in place to trade in the $90-per-square-foot range. In one recent deal, a private investor paid more than $78 per square foot for the leaseback transaction of an 85-year-old …

March 9, 2016

Illinois Industrial Midwest Office

Transwestern Brokers $2.7M Sale of Flex Building in Chicago Suburb

by Christina Cannon March 8, 2016

BUFFALO GROVE, ILL. — Transwestern has brokered the $2.7 million sale of a flex building in Buffalo Grove, a northwest Chicago suburb. A private investor bought the fully leased 24,620-square-foot building from FSGB LLC. The recently renovated building, located at 350-370 Lexington Drive, houses eight companies that occupy between 2,000 and 6,000 square feet. All tenants have at least two years remaining on their leases. Adam Schneiderman represented the undisclosed buyer in the transaction. Schwab Realty & Development represented the seller.

March 8, 2016

Industrial Texas

Binswanger Arranges Sale of 388,561 SF Industrial Property in Corsicana

by Katie Sloan March 8, 2016

CORSICANA, TEXAS — Binswanger has arranged the sale of a 388,561-square-foot, single-story industrial property situated on 34 acres at 1901 S. U.S. Highway 287 in Corsicana. The property features two single-story industrial facilities with reinforced concrete floor, 37-foot ceiling heights, a combination of fluorescent and high pressure sodium lighting, a wet sprinkler system, 31 8-by-10 dock-high loading doors, one 25-by-16 grade-level door, and a BNSF rail line running along the northeastern border of the property. Holmes Davis of Binswanger represented the seller, Basic Sportswear Co., in the sale of the property to Polyguard Products Inc.

March 8, 2016

Industrial Texas

Transwestern Brokers Sale of 3,050 SF Industrial Building Near Fort Worth

by Katie Sloan March 8, 2016

FOREST HILL, TEXAS — Transwestern has arranged the sale of a 3,050-square-foot industrial building located at 5901 Parker Henderson Road in the Fort Worth suburb of Forest Hill. Todd Hawpe of Transwestern Dallas represented the buyer, Adder Minnis LP, and Chris Mendez of Coldwell Banker Commercial Alliance DFW represented the seller, local investor Jennifer Pool, in the transaction.

March 8, 2016

Industrial Texas

Stream Realty Partners, USAA Real Estate Co. to Develop 397,600 SF Warehouse in San Antonio MSA

by Katie Sloan March 7, 2016

NEW BRAUNFELS, TEXAS — Stream Realty Partners and USAA Real Estate Co. are set to develop I-35 Logistics Center, a 397,600-square-foot, Class A warehouse located along I-35 in New Braunfels, a suburb of San Antonio. The development, located 20 minutes from the San Antonio International Airport, will accommodate tenants from 87,000 to 397,600 square feet. The project also includes 4.2 acres of fully entitled, development-ready land available for separate purchase. The warehouse will offer 32-foot clear heights, a 280-foot building depth, 52- by 55-foot column spacing, rear-load doors, 52 trailer drops, 80 dock high loading spaces, T5 lighting, ESFR fire suppression and a circulation driveway outside of the truck court. Construction is slated to begin in March, with delivery expected in December.

March 7, 2016

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