FOREST PARK, GA. — A joint venture between Sealy & Co. and AEW Capital Management have sold Overmyer Way Industrial Park in Forest Park, a major industrial submarket located south of Atlanta. The buyer and sales price were undisclosed. The 242,000-square-foot development featured 28-foot clear heights, truck courts, outdoor storage options and spaces ranging from 20,000 to 80,000 square feet. The joint venture purchased the industrial park in 2014.
TAYLOR, MICH. — Brennan Investment Group, LLC, has acquired a Class-A, multi-tenant warehouse and distribution facility in Taylor for an undisclosed sales price. The 160,035-square-foot property is within the Trolley Industrial Park located at 21100 – 21110 Trolley Industrial Drive. Brennan Investment Group is a private real estate investment firm that acquires, develops and operates industrial properties on a national basis.
NEW YORK CITY — NAI James E. Hanson has facilitated a long-term lease for Plated, a weekly subscription-based service that provides boxes of fresh, seasonal, pre-portioned ingredients and chef-designed recipes. The company will occupy 84,400 square feet of industrial space at 511 Barry St. in the Bronx. Located off the Bruckner Expressway, the site provides easy access to several major highways, including the Major Deegan and Cross Bronx Expressways, as well as the Bronx River Parkway. Barry Cohorsky of NAI Hanson represented Plated, while John Reinertsen and Timothy Sheehan of CBRE Inc. represented the landlord, Baldor Specialty Foods Inc., in the transaction.
SAN JOSE, CALIF. — Drawbridge Realty has purchased a two-building office and R&D campus in San Jose for $37.5 million. The 60,000-square-foot campus is located at 5300-5350 Hellyer Ave. in the Silicon Valley region. The space is triple-net leased to Cobham Electronic Systems through May 2022. The firm develops and manufactures microwave and millimeter wave products, among other things. The property has served as Cobham’s Western U.S. headquarters since it was first built in 2000. The seller, Hellyer Avenue LP, was represented by CBRE’s Joe Moriarty.
SAN JOSE, CALIF. – A 160,000-square-foot office and R&D campus in Silicon Valley has sold to Drawbridge Realty for an undisclosed sum. The campus contains two office and R&D buildings that were fully leased to Cobham Electronic Solutions. The buildings are located at 5300 and 5350 Hellyer Ave. in San Jose. It was constructed in 2000. The seller, Hellyer Avenue Limited Partnership, is a partnership lead by affiliates of Berg & Berg and Republic Properties Corporation. It was represented by CBRE’s Joseph Moriarty, Russell Ingrum, Sean Sullivan, Brad Zampa, Tyler Meyerdirk and Bob Steinbock.
AURORA, ILL. — The Chicago office of Duke Realty Corp. is developing a 242,372-square-foot, build-to-suit corporate headquarters and warehouse for Shorr Packaging Corp, a distributor of packaging products, equipment and services. The new facility is being constructed on 13 acres in Butterfield Corporate Park, Duke Realty’s multi-building industrial campus located off I-88 in Aurora. Shorr Packaging will consolidate operations from a 120,000-square-foot building it owns in Meridian Business Park, a 34,000-square-foot space in the Meridian Business Park it leases from Duke Realty and 36,127 square feet it leases in another building in Aurora. Trevor Ragsdale of JLL represented Shorr Packaging. Susan Bergdoll of Duke Realty, along with Traci Payette, David Prell and John Suerth of CBRE, represented Duke Realty. Construction on Shorr Packaging’s new facility in Butterfield Corporate Park is slated to begin this summer with delivery in spring 2016.
HARLINGEN, TEXAS — The Harlingen Aerotropolis at Valley International Airport has been designated as a Certified Site by McCallum-Sweeney Consultants, a selection and economic development consulting firm. American Electric Power hired McCallum-Sweeny Consulting Services to help develop and manage the process. After the applicant completes certification requirements, McCallum-Sweeney certifies that the property is ready for development, enhancing the marketability of the site. Harlingen Aerotropolis at Valley International Airport (formerly Harlingen Industrial Airpark) includes 479.5 acres.
BURLINGTON, N.J. — NAI Mertz has brokered the sale of an industrial facility located at Six Campus Dr. in Burlington. The buyer is an investor focused on the acquisition and operation of single-tenant industrial properties. Generation Brands, a manufacturer and distributor of decorative and functional lighting and ceiling fan products, occupies the entire building. Situated on 60 acres, the property, which includes 250,000 square feet of expansion potential, features 32-foot clear ceiling heights, 61 loading docks, solar paneling and ESFR sprinkler systems. Scott Mertz of NAI Mertz was the sole broker in the transaction. The name of the seller and the acquisition price were not released.
AURORA, COLO. — Majestic Realty Co. has announced plans to build an additional 452,400-square-foot speculative industrial warehouse and distribution facility at its Majestic Commercenter in Aurora. The center is located at the intersection of I-70 and Tower Road. The Class A industrial property is scheduled for completion in November. Majestic notes favorable market conditions, historically low industrial vacancy rates and recent lease agreements motivated the company to move forward on a sister property to its most recent 500,000-square-foot Building #28. Majestic recently signed long-term lease agreements with Fresca Foods for 158,000 square feet and Niagara Bottling for 132,000 square feet at Building #28. The new building will be constructed and designed by Commerce Construction Co.
The New Jersey industrial market is experiencing a renaissance of sorts with robust leasing activity in both Northern and Central regions of the state, increasing asking rents and more than 4.5 million square feet of industrial space delivered in 2014. All of these factors point to an even stronger 2015 as developers take advantage of improving market conditions. As we continue to see users and investors competing for the same properties, which in turn creates bidding contests resulting in higher sale prices, we pause and ask, “Can users compete with investors in this environment? And furthermore, should they?” To answer these questions, we need to look back at how we arrived at the current conditions. Towards the fourth quarter of 2013, asking rents and vacancy rates seemed to reach equilibrium. For each quarter after, asking rents steadily increased and vacancy dropped as demand rose. In the fourth quarter of 2014, vacancy in Central New Jersey fell to 7.2 percent, and asking rents rose from $5.35 to $5.42 per square foot with increasing demand along the New Jersey Turnpike corridor. Throughout the year, positive absorption totaled more than 2 million square feet in this region, making it the sixth year in …
