Industrial

Westmount Realty Capital, Partners Group Acquire 19-Property Industrial Portfolio in Chicagoland

by Christina Cannon April 15, 2016

CHICAGO — A joint venture between Westmount Realty Capital LLC and Partners Group has acquired an industrial portfolio in the greater Chicago area for an undisclosed amount. The portfolio consists of 19 multi-tenant, light industrial facilities totaling approximately 1.5 million square feet. The portfolio is 86 percent occupied. The seller in the transaction was a large, institutional owner of industrial real estate. Within the portfolio, 14 properties are located near Chicago’s O’Hare International Airport. The other five assets are located in Romeoville, Gurnee and Wheeling. Westmount will provide property management services, and Cawley Chicago will provide the leasing services.

April 15, 2016

Illinois Industrial Midwest

Owen Wagner & Co. Sells 19,400 SF Industrial Property in West Chicago

by Christina Cannon April 15, 2016

WEST CHICAGO, ILL. — Owen Wagner & Co. has sold a 19,400-square-foot industrial property in West Chicago. Contract Flooring Service of Glendale Heights purchased the suburban property, located at 1185 Atlanta Drive about 35 miles west of Chicago, for an undisclosed price. Contract Flooring Service plans to use the freestanding building as the site of its new headquarters. Andrea Hauger of Owen Wagener & Co. represented the company in the disposition.

April 15, 2016

Industrial Market Reports Michigan Midwest Midwest Market Reports Multifamily Office Retail

Strong Demand, Limited Inventory Spur New Construction in West Michigan

by Christina Cannon April 15, 2016

The commercial real estate market in West Michigan was quite active in 2015 across all property sectors, including one massive data center deal that is expected to spur billions of dollars in investment. Both new development and transactions involving existing facilities drove deal volume in 2015. Consequently, vacancy rates dropped while leasing rates generally rose. We expect a high level of commercial real estate activity this year as well. A lack of inventory for existing product will continue to drive new development in 2016. Industrial Strength The industrial market, in particular, has experienced a shortage of quality product to satisfy the demands of distribution companies from across the area. The greater Grand Rapids industrial market consists of approximately 115 million square feet. At the end of 2015, the vacancy rate was 4.1 percent. This marks a significant improvement compared with the depths of the Great Recession when the vacancy rate approached 10 percent. For the first time in years, we are seeing speculative development across all sizes of industrial properties. Lease rates for these speculative buildings are significantly higher than what we have experienced in the recent past due to the relatively high cost of construction. The good news for …

April 15, 2016

Industrial Texas

Marcus & Millichap Arranges Sale of 131,755 SF Industrial Building in San Antonio

by Haisten Willis April 14, 2016

SAN ANTONIO — Marcus & Millichap has arranged the sale of AT&T Distribution Center, a 131,755-square-foot industrial property located in San Antonio. Joshua Murphy of Marcus & Millichap’s San Antonio office marketed the property on behalf of the seller, a private investor. Jon Danklefs of Marcus & Millichap’s San Antonio office secured and represented the buyer, an individual/personal trust. AT&T Distribution Center is located at 827-829 AT&T Center Parkway. Built in 1975 on five acres, the property is adjacent to the AT&T Center in the northeast San Antonio industrial submarket.

April 14, 2016

California Industrial Western

Industrial Portfolio in Northern California Sells for $63.4M

by Nellie Day April 14, 2016

CONCORD, FAIRFIELD AND FOLSOM, CALIF. — A partnership between Birtcher Anderson Realty and Merced Capital has acquired a three-property industrial portfolio in Northern California for $63.4 million. The portfolio boasts a total of 533,700 square feet. The acquisition includes the 204,726-square-foot Garaventa Park in Concord; the 228,133-square-foot Fairfield Corporate Commons in Fairfield; and the 100,832-square-foot Lake Forest Business Park in Folsom. The portfolio contains 18 industrial, flex and office buildings that are 85 percent leased to more than 30 tenants. Terry Daly of Cushman & Wakefield placed the debt for the buyer. The firm’s Steve Hermann, Robert Gilley, Brooks Pedder and Tony Binswanger represented the seller, Garaventa Properties, in this transaction. Pedder and Binswanger will continue to serve as the properties’ leasing agents. Cushman & Wakefield will also assume property management under the new ownership.

April 14, 2016

Industrial Washington Western

Dermody Properties to Develop 225,972 SF Industrial Facility Near Tacoma

by Nellie Day April 14, 2016

TACOMA, WASH. — Dermody Properties has announced plans to develop a 225,972-square-foot industrial facility in the Tacoma submarket of Fife. The property will be known as LogistiCenter at 167. It will be located at 7402 26th St. E. Construction will commence this spring and should be complete by September. Craft Architects is designing the building, while the general contractor is Poe Construction. Dermody is the project’s owner and developer. Vanessa Herzog, Patricia Loveall and Kraig Heeter of Kidder Mathews will handle leasing.

April 14, 2016

Industrial Midwest Ohio

Mark F. Taggart Co., Fed One Dublin Break Ground on Phase I of 140,000 SF Industrial Facility Near Columbus

by Christina Cannon April 14, 2016

WHITEHALL, OHIO — Developer Mark F. Taggart Co. and contractor Fed One Dublin have broken ground on Phase I of a new 140,000-square-foot office warehouse facility in Whitehall, approximately 10 miles east of Columbus. The Air South Commerce Center will be situated inside the Airport South Commerce and Tech Center and is expected to be complete this June. The facility, which will be located at 265-285 N. Hamilton Road, will feature 28-foot to 32-foot clear heights, an ESFR sprinkler system, trailer parking and insulated concrete tilt-up panels. Continental Auto Parks has pre-leased a 50,000-square-foot space in the building and was represented by Matt Osowski of NAI Ohio Equities. Civista Bank provided financing for the project.

April 14, 2016

Features Hospitality Industrial Multifamily Office Retail Top Stories

ULI Forecast: Property Transaction Volume to Decline Nationally Over Next Three Years

by Christina Cannon April 14, 2016

WASHINGTON — U.S. commercial property transaction volume is expected to decline over the next three years to $475 billion in 2018, according to a new economic forecast from the Urban Land Institute (ULI) Center for Capital Markets and Real Estate. The latest ULI Real Estate Consensus Forecast, a semi-annual outlook, is based on a survey of 48 of the industry’s top economists and analysts representing 36 of the country’s leading real estate investment, advisory and research firms and organizations. The survey provides forecasts on broad economic indicators such as real estate capital markets, property investment returns, vacancy and rental rates and housing starts and prices. The recently released consensus forecast calls for continued economic expansion over the next three years, but at a somewhat slower pace than the prior two years. It also anticipates continued commercial price appreciation and positive returns, but at more subdued and decelerating rates, and above average but decelerating rent growth rates in all property sectors. “Compared to six months ago, real estate researchers are predicting slower economic growth, slipping real estate fundamentals and lower returns from both the public and private markets,” says William Maher, ULI leader, survey participant and director of North American strategy for …

April 14, 2016

Industrial Mixed-Use New Jersey Northeast Retail

NAI Hanson Arranges Sale of Catering, Industrial Facility in New Jersey

by Amy Works April 13, 2016

EAST RUTHERFORD, N.J. — NAI James E. Hanson has arranged the sale of The Landmark, a two-building property located at 33 Route 17 South in East Rutherford. The Hampshire Companies, through one of its funds, acquired the asset for an undisclosed price. Situated on 3.2 acres, the mostly vacant site consists of a 25,000-square-foot catering facility and a 53,000-square-foot industrial building. The property is zoned regional commercial and offers 225 feet of frontage along Route 17 South. The buyer plans to redevelop the site with a 100,000-square-foot self-storage facility and a convenience store with a gas station. Andrew Somple and Greg James of NAI Hanson represented the undisclosed seller in the transaction.

April 13, 2016

California Industrial Western

Construction Begins on New Southern California Logistics Centre Facility in Victorville

by Nellie Day April 13, 2016

VICTORVILLE, CALIF. — Construction has commenced on a 444,740-square-foot industrial facility at Southern California Logistics Centre (SCLC) in Victorville. The new building is scheduled for completion and occupancy this fall. Stirling Capital Investments, which has already delivered more than 3 million square feet of Class A industrial space at SCLC, is developing the 2,500-acre commercial and industrial complex. A national manufacturer has already secured the 211,000-square-foot pre-lease commitment. The remaining space is now committed to a second multi-national tenant that will utilize the 233,740-square-foot space for regional and national product distribution. SCLC, along with the Southern California Logistics Airport (SCLA) and the Southern California Rail Complex (SCRC), comprise Global Access Victorville. The complex is entitled for 60 million square feet of development.

April 13, 2016

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