FRANKLIN, N.J. — Denholtz Associates has acquired the former manufacturing home of Acme Tube, located 655 Howard Ave. in Franklin. The 74,325-square-foot building had been foreclosed upon and has been vacant for a number of years. Denholtz plans to remediate the site and will invest $1.5 million into a complete rehabilitation of the property, including a new roof, heating, lighting, landscaping, electric, parking lot and paint. The industrial property, which will be available for occupancy in August, is already being marketed for sale or lease by Zimmel Associates.
CHICAGO — Wool Finance Partners has arranged a $3.8 million refinancing loan for a 36,730-square-foot industrial property in the Fulton Market district of Chicago. The single-tenant, net-leased building is situated on a nearly one-acre site. Matt Lebenson of Wool Finance Partners originated the floating-rate, three-year loan through an undisclosed regional bank.
MARLBOROUGH, MASS. — Deutsche Bank has completed the sale of a mission-critical data center located at 34 St. Martin Drive in Marlborough. Lincoln Property Co. acquired the 203,840-square-foot asset for an undisclosed price. At the time of sale, the property was fully leased to nine tenants, including Tierpoint and Lightower. The facility features enhanced fire protection, environmental control, security, electrical power and technology infrastructure. Frank Petz, Chris Angelone, Jessica Hughes, Matthew Sherry and George Gregory of JLL represented the seller in the deal.
WEST ALLIS, WIS. — The Dickman Company Inc./CORFAC International has arranged a 31,890-square-foot industrial lease in West Allis, approximately seven miles west of Milwaukee. NexGen Building Supply will occupy the space at 1707 S. 101st St. The landlord is Univar USA Inc. Zach Noble and Cale Berg of The Dickman Company brokered the transaction.
MCALLEN, TEXAS — Pure Development has begun construction on a distribution and light-manufacturing center for Regal-Beloit, a manufacturer of electric motors, in McAllen. Pure Development expects to complete and deliver the 208,000-square-foot facility before the end of 2016. The facility is expandable to 288,000 square feet and will provide logistics support to Regal-Beloit’s manufacturing plants just across the border in Mexico. Josh Aguilar of CBRE’s industrial and logistics division represented Regal Beloit Corp. in the site search and lease negotiations.
CARROLLTON, TEXAS — Lee & Associates has negotiated the sale of a 26,088-square-foot land parcel located at 2423-2427 Welwood Drive in Carrollton. Corbin Blount of Lee & Associates’ Dallas/Fort Worth office facilitated the land sale between the seller, Med IT Associates Inc., and the buyer, RRK Ltd.
SPRING, TEXAS — Cypressbrook Co. has selected Jim Cooper to lead the firm’s third-party property management and leasing division. Cooper was previously a broker and principal for Cypressbrook. He continues to be responsible for generating and executing opportunities for office and industrial clients. In his new role, Cooper will oversee both company-owned and other third-party office and industrial buildings. Prior to joining the Cypressbrook team, Cooper worked for Big City Properties where he solicited and executed direct residential and commercial listings for Freddie Mac, Fannie Mae, HUD and several area banks. Prior to that, Jim served as a business development representative at First American Title Co. in Houston.
EDISON, N.J. — Federal Business Centers has acquired two industrial assets at 300 Columbus Circle and 400 Raritan Center Parkway in Edison. High Street Realty sold the properties, which total 204,440 square feet, for $25 million. At the time of sale, the adjacent, multi-tenanted properties were 90 percent occupied by tenants. Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer, Kyle Schmidt and Andrew Siemsen of Cushman & Wakefield brokered the deal.
Demand for top-notch logistics space remains strong across the country, so strong in fact that six of the top 10 markets with the fastest growing logistics rents globally are located in the United States, according to CBRE’s “Global Prime Logistics Rents” report released this week. The global prime industrial rent survey provides a snapshot of achievable net rental rates for high-quality, Class A logistics space in traditional and emerging global hubs. With a nearly 30 percent increase in rents during 2015, Oakland, Calif., posted the largest gain. To determine the percentage increase, researchers gathered information based on industrial distribution space of the highest quality and specification, and in the best location, within each industrial hub. In North and South America, rents for prime logistics space increased 5.6 percent during 2015, largely due to massive growth in U.S. coastal markets where strong occupier demand drove up pricing. In Oakland, which also recorded the largest annual increase in prime rents globally, flight-to-quality is common for inner-bay logistics users despite the high cost. New development in some markets, like the Inland Empire, is also commanding premium rates. In addition to Oakland, U.S. cities in the top 10 for fastest growing prime logistics rents …
RIALTO, CALIF. — New York Life Real Estate Investors has purchased a 609,888-square-foot distribution center in Rialto for an undisclosed sum. The Class A center is situated at the northeast corner of North Locust and West Bohnert avenues. It is known as CapRock Distribution Center I. The center was recently completed by CapRock Partners, which acquired, entitled and developed the site over 18 months. New York Life Real Estate Investors is the real estate investment arm of NYL Investors, a subsidiary of New York Life Insurance Co. Paul Earnhart, Jeff Smith, Brian Pharris, Steve Haston and Ryan Lal at Lee & Associates executed the transaction.