In recent years, the fundamentals in Charlotte’s industrial real estate market have continued to improve. Overall, the market can be characterized by an increase in tenant activity and the emergence of new submarkets more active on the development front than in the past. Tenant growth can be attributed to organic growth from users expanding, velocity of new deals, as well as emerging submarkets within the market. Charlotte’s central location near the transportation arteries of I-77 and I-85 continues to make the city’s industrial space very attractive to logistics and distribution companies. Charlotte is growing by approximately 20,000 residents per year, according to U.S. Census Bureau data. The population growth, coupled with the trend of brick-and-mortar retailers transitioning portions of their business to e-commerce, makes for a positive outlook on Charlotte’s industrial fundamentals. The strongest tenant activity is in the 25,000- to 75,000-square-foot range, with tenants looking to upgrade the quality and functionality of their space. Beginning in fourth-quarter 2015 and continuing into first-quarter 2016, there was noticeable activity among tenants relocating from owner-occupied facilities to leased spaces. This trend has been driven by a limited supply of options for purchase, historically high construction prices and a steady economy. Furthermore, the …
ZIONSVILLE, IND. — Inland Private Capital Corp. (IPCC) has sold a FedEx Ground facility located at 10301 Bennett Parkway in Zionsville, a suburban town located approximately 17 miles northwest of downtown Indianapolis, for $37.1 million. Situated on two land parcels totaling more than 49 acres, the approximately 303,000-square-foot building solely serves as the FedEx distribution center. IPCC purchased the asset in September 2014, a few months after completion. IPCC sold the property on behalf of one of its 1031 investment programs through its subsidiary, which serves as asset manager.
HOUSTON — Waterman Steele Real Estate Advisors has secured a 22,500-square-foot warehouse lease for Premier Auto Transport at 2906 Holmes Road in southwest Houston. Waterman Steele’s Mike Easely represented the lessee, Aaron Myles of the Myles Group. Joel Michaels of NIA Partners represented the lessor, Michael Powers. Premier Auto Transport will take occupancy this month and plans to open an auto staging facility, combining four separate staging areas throughout Houston into one location.
NEW YORK CITY — KZA Realty Group recently brokered a three-year lease for a 20,000-square-foot warehouse on Manida Street in the Bronx that allows global delivery box service Marley Spoon to expand into a larger warehouse located in the Bronx. Marley Spoon is a European-based recipe kit delivery service start-up. The company launched its recipe box delivery service in Germany, expanding to the Netherlands and the U.K., and then launching in the United States in 2015 with funding from Kreos Capital, QD Ventures, Luxor Capital and Lakestar. Kathy Zamechansky of KZA Realty Group represented the company in leasing the new, larger warehouse facility after it outgrew its Long Island warehouse space.
DRIPPING SPRINGS, TEXAS — Shop Cos. Investment Sales has brokered the sale of a Deep Eddy Vodka distillery in Dripping Springs. The 27,724-square-foot, net-leased distillery also serves as a tasting room and an events center. Located 25 miles southwest of downtown Austin, the property fronts West Highway 290 and is near Ranch Road 12. At the time of closing, there were over 17 years remaining on an original 20-year net lease with two, five-year renewal options. Heaven Hill Brands acquired Deep Eddy Vodka in September 2015. Tommy Tucker and Tim Axilrod of Shop Cos. represented the seller, an Austin-based limited liability company. A California-based limited liability company was the buyer.
LOS ANGELES — Overton Moore Properties (OMP) has broken ground on the Point @ Simi Valley Business Center, a 141,000-square-foot industrial development in Los Angeles. The four-building project will be situated two blocks south of Interstate 118 and about 10 minutes from the San Fernando Valley. The site is one of the last remaining parcels within the 87-acre master-planned project. OMP acquired the site from Coca Cola in October 2015. The Class A development is scheduled for completion in April 2017. The project is available for sale immediately. It will accommodate users between 30,000 square feet and 42,000 square feet. Millie & Severson is building the project, which HPA designed.
BOSTON — J.C. Cannistraro LLC has signed a lease to relocate to a 157,000-square-foot building at 25 Fid Kennedy in Boston’s Raymond L. Flynn Marine Industrial Park and will consolidate its machine shops currently located in Wilmington, Stoughton and Watertown, Mass. Robert Cleary, now at Colliers International, and Rob Nahigian, of Auburndale Realty Co., handled the tenant advisory assignment for the company, which offers plumbing, HVAC, piping, sheet metal and fire protection services. Cannistraro will move roughly 140 manufacturing jobs to the property after its renovation. The lease term with the Economic Development and Industrial Corporation is 50 years with a control period of 70 years.
ROUND ROCK, TEXAS — Marcus & Millichap has arranged the sale of Round Rock Storage and Clark Street Annex, a 390-unit self-storage property located at 1400 E. Palm Valley Blvd. and 1320 Clark St. in Round Rock. Nicholas Ling of Marcus & Millichap’s Austin office marketed the property on behalf of the seller, a partnership. Ling also secured the buyer, a limited liability company. Round Rock Storage and Clark Street Annex includes two properties with a total of 39,895 square feet.
LOMBARD, ILL. — Brennan Investment Group LLC has purchased the Woodlake Corporate Park located at 900 Parkview Blvd. in Lombard, roughly 21 miles west of Chicago. The seven-building, 262,697-square-foot is situated within Chicago’s East-West Tollway submarket. The 35-acre business park is in close proximity to I-355 and O’Hare International Airport. The sales price and seller were undisclosed.
IRVINE, CALIF. — HFF has provided $62.5 million in refinancing for Irvine Crossings, a 395,673-square-foot data center and industrial asset. The property is located at 17871 Von Karman Ave. and 17836 Gillette Ave. in Irvine. The fully leased building was renovated in 2000. It was partially converted to a powered-shell data center in 2013. A data center operator and an internet technology company occupy the property. The asset is situated one block north of the intersection of Von Karman Avenue and Main Street in the Airport Area. There are six other data centers in the area. The five-year, full-term, interest-only loan features a fixed rate. HFF’s Kevin MacKenzie and Jamie Kline arranged the loan on behalf of Menlo Equities. Deutsche Bank provided the capital.