TEMPE, ARIZ. – AZ Partsmaster has purchased a 73,536-square-foot industrial building in Tempe for $4.9 million. The building is located at 7125 West Sherman Street, just three miles from the homebuilding and property maintenance supply provider’s former location. The seller was Sun State Builders. The transaction was executed by Payson MacWilliam and Don MacWilliam of Colliers International.
SAN DIEGO – Charter Industrial Supply has acquired a 23,608-square-foot industrial building in the San Diego submarket of Kearny Mesa. The price was not disclosed. The building is located at 7832 Ostrow Street. The new space will allow Charter Industrial to expand within San Diego. The company will store and distribute more than 30,000 products, including fasteners, chemicals and aerosols, at the new facility. The seller was the Vander Linde Family Trust. Charter Industrial was represented by Nick Price of Voit Real Estate Services’ San Diego office.
ST. LOUIS, MO. — Gramercy Property Trust has purchased Alpha Packaging’s 211,000-square-foot manufacturing facility in St. Louis for $11 million. The property, located at 1555 Page Industrial Drive, is under a long-term triple-net lease to Alpha Plastics Co. until 2029. The facility serves as the headquarters for Alpha Packaging’s eight plants located throughout the country. Alpha Packaging handles production of plastic bottles and containers for the food, beverage and pharmaceutical industries. The plant has been the home of Alpha Packaging since 1999. In 2002, the company spent more than $4 million to renovate the facility. Hilliker Corp. and affiliate company Westwood Net Lease Advisors, represented the seller, Big Sky Properties, and coordinated the sale with New York-based Gramercy Property Trust.
CUDAHY, WIS. — The Dickman Co. has arranged the lease of a 10,300-square-foot industrial/office space located at 5801 S. Pennsylvania Ave. in Cudahy. Samuel D. Dickman, Samuel M. Dickman Jr. and Anthony Huenerbein of The Dickman Co. represented the landlord, Hansen Storage Company LLC. Tony Haning of Jones Lang LaSalle represented the tenant, KONE Inc.
The Kansas City industrial market continues to be an incredibly strong performer. At the end of the third quarter of 2014, the industrial vacancy rate stood at a tight 6.1 percent. Absorption totaled more than 2.5 million square feet during the first nine months of the year, while new deliveries were slightly over 2.6 million square feet in the same period. Let’s examine some contributing factors that are encouraging new deliveries while still driving vacancy rates down and absorption up. Spec Is King The biggest story in the Kansas City industrial real estate market during the first three quarters of 2014 was the delivery of over 2.5 million square feet of Class A distribution facilities on a speculative basis. It can be argued that, in the past, many prospective tenants considered locating a distribution center in Kansas City, but they ultimately selected a different market based on a lack of available inventory and the inability of some companies to wait on the extended timetable for a build-to-suit project. Developers that took notice of this trend and reacted by delivering space to the local market are currently being rewarded for their actions. Much of the speculative development in 2014 centered around …
FREELAND, MICH. — The Boulder Group has arranged the $2.6 million sale of a single-tenant FedEx property located at 8273 Garfield Road in Freeland. The 27,000-square-foot FedEx was built in 1991. FedEx is located along Garfield Road, the main thoroughfare between the MBS Airport Terminal and US-10. The property includes 4,000 square feet of office space and 23,000 square feet of warehouse/distribution space with 16-foot clear height ceilings. FedEx has 11 years remaining on their lease, which expires June 30, 2026. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based private real estate investor. A Florida-based private investor purchased the property.
DALLAS — C1S Group will provide design-build services to restore a historic building in Dallas and renovate it for modern live concert audiences. Renovation of the Bomb Factory will be completed in March 2015 and will be the largest concert venue in the historic Deep Ellum district of Dallas. The 48,000-square-foot facility is located on Canton Street near downtown Dallas and is an early 20th century building that was originally an automotive plant. The Dallas-based professional engineering and construction firm will demolish several walls and other infrastructure that is in disrepair. The existing roof structure will be replaced to increase the height of the facility in order to accommodate stage equipment and a mezzanine level. C1S will also build a new stage, several bar areas and a new HVAC system. The renovated space will be able to house almost 3,000 people for concerts.
GREENSBORO, N.C. — McConnell Center Two LLC, a joint venture between Goria Properties and Richardson Properties, will soon begin construction on a new 300,000-square-foot speculative industrial building in McConnell Center Industrial Park. This will be the third speculative industrial property in the park, which is located off I-40 near McConnell Road in Greensboro. The joint venture has selected Triad Commercial Properties to lease the asset. General contractor Windsor Commercial is expected to complete shell construction in July 2015.
HOUSTON — NAI Houston has brokered the sale of a 45,000-square-foot industrial warehouse in Houston’s East End submarket. Ashley-Jordyn Properties LLC purchased the property located at 5633 Old Clinton Dr. Clay Pritchett of NAI Houston represented the buyer. Bill Locher and Wes Williamson of The Locher Group represented the seller, Amtech International Inc.
ADDISON, TEXAS — Lee & Associates has arranged the lease of a 74,031-square-foot industrial space located at 3799-3801 Arapaho Road in Addison. Nathan Denton, Adam Graham, Mark Graybill and Corbin Blount of Lee & Associates’ Dallas/Fort Worth office represented the landlord, Lighting Propco I. Michael Carmichael of Colliers International represented the tenant, Encore Payment Systems, a company specializing in payment processing solutions.
