Industrial

Press/Cuozzo Commercial Negotiates $1.1M Sale of Industrial Building in Connecticut

by Amy Works December 16, 2015

MERIDEN, CONN. — Press/Cuozzo Commercial Services has arranged the sale of an industrial building located at 170 Pond View Drive within Medway Business Park in Meriden. Aperture Optical Sciences acquired the 23,000-square-foot property for $1.1 million. Constructed in 1985, the property features 18,000 square feet of high-bay industrial space and 5,000 square feet of office and sales support space. Stephen Press and Ted Schaffer of Press/Cuozzo represented the undisclosed seller, while Kyle Roberts of CBRE/New England represented the buyer in the transaction.

December 16, 2015

Industrial Maryland Southeast

Matan Cos. Breaks Ground on 675,000 SF Industrial Park in Maryland

by John Nelson December 16, 2015

FREDERICK, MD. — Matan Cos. has begun construction on Wedgewood West Business Park, a six-building, 675,000-square-foot industrial park in Frederick. The 30-foot clear warehouse facilities are situated at the corner of New Design Road and English Muffin Way. Phase I of construction comprises Buildings B and F totaling 180,000 square feet. Matan expects to complete Phase I in the summer of 2016 and deliver the remaining four facilities beginning in early 2017. M&T Bank provided construction financing for the development, and Morgan Keller is providing general contracting services.

December 16, 2015

Industrial Texas

Lee & Associates Negotiates Sale of Industrial Property in Metro Houston

by Haisten Willis December 16, 2015

TOMBALL, TEXAS — Reed Vestal and Taylor Schmidt of Lee & Associates’ Houston office represented Worldwide Rock Enterprises in the purchase of 6.7 acres on Theis Lane in Tomball. Caldwell Cos.’ Keith Edwards, Clay Roper and Daniel Greco represented the unnamed seller. Wycoff Development & Construction will break ground in January on a 20,000-square-foot building on five acres of concrete for the buyer. Reed and Taylor also represented the buyer in the design-build and land re-zoning process.

December 16, 2015

Industrial Texas

M&M Arranges Sale of Self-Storage Facility in Houston

by Haisten Willis December 16, 2015

HOUSTON — Marcus & Millichap has arranged the sale of A-Alamo Storage, a 76,720-square-foot, 919-unit self-storage facility in Houston. Charles LeClaire of Marcus & Millichap’s Denver office, along with Dave Knobler of the firm’s Houston office, represented the seller and procured the buyer, Extra Space Storage. A-Alamo Storage is located less than two miles from downtown Houston. The property is located on 2.4 acres at 3535 Katy Freeway with frontage on the Katy Freeway. Constructed in 1999, A-Alamo Storage is composed of one three-story building and two two-story buildings, and consists of 854 storage units, 51 outdoor parking spaces and 14 postal boxes. The property’s amenities include a gated entrance with key code access, video surveillance, manager’s office, elevators and concrete driveways.

December 16, 2015

Industrial Midwest

Friedman Arranges 40,489 SF Industrial Lease in Taylor, Michigan

by Christina Cannon December 16, 2015

TAYLOR, MICH. — Friedman Integrated Real Estate Solutions has arranged a 40,489-square-foot industrial lease at a property in Taylor, approximately 18 miles southwest of Detroit. Trolley Investors LLC is leasing the space to KACE Logistics. The building is located at 21146 Trolley Industrial Drive. Bob Dabrowski of Friedman represented the tenant in the transaction.

December 16, 2015

Industrial Market Reports New York Northeast Northeast Market Reports

NY Capital Region: The Industrial Market is Firing on All Cylinders

by Jaime Lackey December 16, 2015

In the Capital Region, an industrial/warehouse market with a little over 63 million square feet of space (spread over a 10-county area), vacancy rates have returned to pre-recession levels. It has been a long and steady climb out of a deep recessionary market, which hit this sector of the market the hardest during 2009. During that time, vacancy rates were hovering around the 11 percent mark. In the second quarter of this year, the regional vacancy rate stood at 7.3 percent. Compare this figure to the fourth quarter of 2014, when the vacancy rate was 8.9 percent. As a region, we are again enjoying the absorption of industrial space, as some regional operators expand and some new faces enter the market. We are constantly examining and reviewing the market to understand the current activity, and to anticipate and prepare for the coming trends and changes. So what has lead to the Capital District’s industrial/warehouse market recovery? Several factors are responsible. First and foremost, the overall recovery of both the national and local economies has played a significant role in our industrial recovery. According to the Bureau of Labor Statistics, the unemployment rate in the United States stood at 5.3 percent …

December 16, 2015

Industrial Market Reports Massachusetts Northeast Northeast Market Reports

Recent Decrease in Absorption an Anomaly; Boston Industrial Market Thrives

by Jaime Lackey December 16, 2015

All of the property sectors in the Boston area are thriving, thanks to one of the strongest economies in the nation. As of April this year, the unemployment rate in Massachusetts was 4.7 percent and in Boston, it was 3.7 percent, according to the U.S. Bureau of Labor Statistics. Economists generally consider employment to be essentially “full” when unemployment rates dip below 5 percent. By comparison, the unemployment rates in neighboring states were 6.3 percent for Connecticut, 3.8 percent for New Hampshire and 6.1 percent for Rhode Island. The U.S. unemployment rate in April was 5.4 percent. Boston’s overall industrial vacancy rate at the close of the second quarter was 8.1 percent, according to CoStar, and includes warehouse/distribution space, flex space and R&D facilities. It was the fourth consecutive quarter that the vacancy rate has remained in the low 8 percent range. Overall net absorption has been negative this year: -82,364 square feet in the second quarter and -41,089 square feet in the first quarter this year. This compares with positive net absorption of more than 3.1 million square feet in the third and fourth quarters of 2014. However, we believe that the first half of this year is a …

December 16, 2015

California Industrial Western

Industrial Building in Anaheim Sells for $10.8M

by Nellie Day December 15, 2015

ANAHEIM, CALIF. — Norman S. Wright Climatec Equipment of Southern CA has purchased a 63,774-square-foot industrial asset in Anaheim for $10.8 million. The building is located at 3325 E. La Palma Ave. The seller is La Palma/Miller Owner LLC. Mitch Zehner and Seth Davenport of Voit’s Anaheim office executed the sale.

December 15, 2015

Industrial Texas

Ozburn-Hessey Logistics Adds Sixth Location in Fort Worth

by Haisten Willis December 15, 2015

FORT WORTH, TEXAS — Ozburn-Hessey Logistics LLC has set up shop in the 100,500-square-foot Northpoint Trade Center Building II in Fort Worth, leasing the entire building for its sixth location in north Texas. Nick Talley of Dallas-based Bradford Commercial Real Estate Services represented the landlord, Exeter 700-751 Eight Twenty LP, in the transaction. Ozburn-Hessey, Northpoint’s new tenant at 731 Eight Twenty Blvd. in Fort Worth, has boosted occupancy to 94 percent in the 403,160-square-foot, four-building industrial project. The remaining vacancy totals 24,276 square feet. Developed in 1999, the project offers access to I-35 and Loop 820. Building II boasts 24-foot clear heights, 26 dock doors, a sprinkler system and 116 parking spaces on a 5.2-acre tract with 120-foot truck courts. Ann Huntington of CBRE represented Nashville-based Ozburn-Hessey in the lease transaction. The company maintains more than 36 million square feet of flexible warehouse space in at least 120 logistics centers worldwide.

December 15, 2015

Industrial Loans New Jersey Northeast

HFF Arranges $24.6M Refinancing for Two-Property Industrial Portfolio in Northern New Jersey

by Amy Works December 15, 2015

FRANKLIN AND MONROE, N.J. — HFF has arranged $24.6 million in refinancing for a two-property industrial portfolio totaling 470,866 square feet in Franklin and Monroe. The borrowers are Matrix Development Group and a fund advised by Morgan Stanley Real Estate Investing. HFF secured a $17.3 million loan for 1 Heller Park Lane in Franklin and a $7.3 million loan for 20 S. Middlesex Ave. in Monroe through Cornerstone Real Estate Advisers LLC. The 324,337-square-foot 1 Heller Park Lane property features a 296,337-square-foot warehouse building and a 28,000-square-foot truck terminal building. Renovated in 2015, the property is fully leased to Promotion in Motion Inc., a candy and fruit snack manufacturer. Completed in 1992, the 146,529-square-foot warehouse property at 20 S. Middlesex Ave. features 19,069 square feet of office space and is leased to three tenants. Thomas Didio and Jim Cadranell of HFF represented the borrower in the financing transaction.

December 15, 2015

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