Thursday, April 23, 2026
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Industrial

Stonewood Business Center Columbia
IndustrialMarylandOfficeSoutheast

NAI KLNB Brokers $19.6M Sale of Stonewood Business Center in Metro Baltimore

by John Nelson

COLUMBIA, MD. — NAI KLNB has brokered the $19.6 million sale of Stonewood Business Center, a four-building office/warehouse development in Columbia, roughly 21 miles southwest of Baltimore in Howard County. The assets span nearly 150,000 square feet and are located at 7165-7195 Oakland Mills Road. The 7165 and 7175 buildings were delivered in 1985, and in 2009, the seller, an affiliate of The Sanford Cos., renovated the two existing buildings and delivered two new buildings. Eight tenants currently occupy the four buildings. Christopher Kubler and Bob Smith of NAI KLNB represented the seller in the transaction. The buyer was J2J LLC.

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Flagler Station 11700 N.W. 100th Road Medley
FloridaIndustrialSoutheast

Avison Young Arranges 139,105 SF Industrial Lease Renewal in South Florida

by John Nelson

MEDLEY, FLA. — Avison Young has arranged Primesource Building Products’ 139,105-square-foot lease renewal at 11700 N.W. 100th Road in Medley. Primesource will continue to fully occupy the industrial facility, which is situated within Flagler Station, South Florida’s largest business park. Primesource is a distributor of fasteners and building materials. Wayne Schuchts and Andrew Bonner of Avison Young represented the tenant in the lease deal. Flagler Global Logistics is the developer of Flagler Station, which will span 14 million square feet on 900 acres upon completion. Other Flagler Station tenants include FedEx, Ryder System and Crowley.

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IndustrialNew JerseyNortheast

Tulfra Real Estate, Hampshire Cos. Sell 181,000 SF Industrial Facility in New Jersey for $17.5M

by Amy Works

PARSIPPANY, N.J. — Tulfra Real Estate, along with its partner The Hampshire Cos., has completed the sale of an industrial facility located at 2 Cranberry Road in Parsippany. An undisclosed buyer acquired the 181,000-square-foot property for $17.5 million. The property recently underwent a $2.1 million renovation, including upgrades to the façade, parking lot resurfacing, addition of loading docks and building system improvements. The property is currently occupied by a variety of warehousing, R&D and production tenants, including Aphena Pharma Solutions, Applechem Inc. and IWK Packaging Systems. Jeffrey Dunne, Kevin Welsh, Brian Schultz and Steve Sander of CBRE represented the seller. Additionally, Igor Derbaremdiker provided in-house representation for The Hampshire Cos.

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Covington-19-LeighFisher-boulevard-el-paso-texas
IndustrialTexas

Covington Group to Renovate Butterfield Trail Industrial Portfolio in El Paso

by Haisten Willis

EL PASO, TEXAS — Dallas-based Covington Group Inc. has begun a multi-million dollar capital improvement project for the six-building, 548,629-square-foot Butterfield Trail portfolio in El Paso. Affiliates of Covington Group acquired the portfolio from Butterfield Trail Trust 1 earlier this year for an undisclosed price. Covington Group has hired Christian Perez Giese and Chad McCleskey of CBRE’s El Paso office as the portfolio’s leasing agents. The portfolio, made up of warehouse and flex buildings, was 69 percent occupied at the time of purchase. The most significant capital improvements are underway at 19 Leigh Fisher Blvd., where there is a 120,000-square-foot vacancy. Improvements include a white box inside the warehouse area, new exterior and interior lighting and exterior paint and landscaping, as well as removal of a former tenant’s manufacturing infrastructure and overall deferred maintenance to the property. Covington expects to complete improvements to the entire portfolio by the end of this summer.

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IndustrialOfficeTexas

Hill & Wilkinson Promotes Steve Doyle to VP of Business Operations

by Haisten Willis

RICHARDSON, TEXAS — Steve Doyle has been promoted to vice president of business operations at Hill & Wilkinson General Contractors. Doyle will serve as the firm’s general counsel and oversee all legal activities of Hill & Wilkinson, including risk management and contracts. Steve’s experience includes the application of construction law and developing an understanding of the risks in the construction industry. Prior to joining Hill & Wilkinson, Steve served as corporate counsel for Austin Industries. He earned his bachelor’s degree in architectural engineering from the University of Texas at Austin and his Juris Doctorate from the University of Texas School of Law. Steve teaches a construction law course at the Southern Methodist University Dedman School of Law. He is a member of the construction law section of the State Bar of Texas and the American Bar Association Forum on the construction industry. He is also a past chair of the construction law section of the Dallas Bar Association.

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ArkansasIndustrialSoutheast

Stan Johnson Brokers $31.6M Sale of FedEx Industrial Facility in Metro Little Rock

by Christina Cannon

MABELVALE, ARK. — Stan Johnson Co. has brokered the $31.6 million sale of a freestanding, 311,684-square-foot industrial facility located at 8 Industrial Parkway in Mabelvale, roughly 12 miles south of Little Rock. Situated at the I-30 and I-430 interchange, the newly built package sorting and distribution facility is leased to FedEx Ground Package System Inc. and features 34- and 39-foot clear heights and more than 1,000 trailer and auto parking spaces. Britton Burdette and Mollie Alteri of Stan Johnson Co. represented the seller, Saad Development Corp., in the transaction. Todd Blonsley of Marcus & Millichap represented the buyer, WilArk LLC.

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IllinoisIndustrialMidwestOffice

Power Home Remodeling Signs 31,000 SF Office Lease in Chicago

by Christina Cannon

CHICAGO — Power Home Remodeling Group has signed a long-term lease for 31,000 square feet at the Bradley Business Center in Chicago. The company is relocating from 9450 W. Bryn Mawr Ave. in Rosemont where it occupied 7,000 square feet. Power Home Remodeling will use 21,000 square feet of space for offices and the remainder of the space will be used as warehouse space. The facility, located at 2500 W. Bradley Place, will serve as the company’s Midwest headquarters when the lease goes into effect this November. The mixed-use building features amenities such as a fitness center, rooftop deck, conference center, event space, bike storage and ample parking. Hansen Realty Services and Centrum Partners own the 500,000-square-foot Bradley Business Center, which is 86 percent occupied. Brett Berlin represented the ownership in-house. Marilyn Lissner and Joseph Gatto of Cushman & Wakefield represented the tenant in the transaction.

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IllinoisIndustrialMarket ReportsMidwestMidwest Market ReportsUncategorized

Don’t Expect Metro Chicago’s Industrial Boom to Tail Off Anytime Soon

by Christina Cannon

The Chicago industrial market continues its charge full steam ahead in 2016, driven by strong fundamentals, our diverse economy, intense investor demand and constrained development. After a strong first quarter, the second quarter seems to be keeping pace. Demand remains high and continues to outpace new construction. We will also see more new projects announced as developers see continued success with existing projects. At the end of the first quarter, the overall vacancy rate in metro Chicago was slightly over 7 percent, down 10 basis points from the end of 2015, according to CoStar Group. All of the major submarkets posted vacancy rates of 10.1 percent or lower. Robust leasing activity Positive absorption in the first quarter was approximately 3.4 million square feet. Chicago has seen positive absorption every year since 2011, and this year looks to be headed in the same direction. The most active submarkets of O’Hare, I-55 and I-80 recorded vacancy rates of approximately 4.8 percent, 7.4 percent and 8.9 percent, respectively. Vacancy rates in those submarkets will continue to improve as speculative development is gobbled up as quickly as it is built, and existing product continues to get leased up. The I-80 and I-55 submarkets alone …

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DelawareIndustrialNew YorkNortheast

GTJ REIT Purchases Two Industrial Properties in New York City, Delaware

by Amy Works

NEW YORK CITY, AND NEWARK, DEL. — GTJ REIT Inc. has acquired two industrial properties in two separate transactions. In the first transaction, the REIT purchased a 58,000-square-foot warehouse/garage situated on 1.2 acres in Brooklyn’s East New York neighborhood. The property is currently leased to The City of New York for the Department of Sanitation through 2025. In the second deal, GTJ REIT acquired a 208,000-square-foot warehouse distribution facility situated on 12.4 acres in Newark. Built in 1999, the property is fully leased to Valassis Communications Inc. through 2025. The tenant uses the property to sort and distribute print ad materials from Maine to Northern Virginia on behalf of its customers. Terms of the transactions, including the sellers’ names and acquisition prices, were not released. With these two acquisitions, GTJ now owns 47 properties, consisting of close to 5.5 million square feet on approximately 350 acres of land.

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