REDONDO BEACH, CALIF. – DHL has signed a six-year lease extension for 234,858 square feet of industrial space in Redondo Beach. The facility is located at 4000 Redondo Beach Ave. The logistics company uses the space as an air freight hub. The lease is valued at $11.9 million. DHL was represented by Todd Taugner, Frank Schulz and David Prior of the Klabin Company in this transaction.
ELK GROVE VILLAGE, ILL. — Entre Commercial Realty has arranged the $2.3 million sale of a 41,600-square-foot industrial facility in Elk Grove Village. Horizon Logistics Inc., which is doing business as Seko Logistics, acquired the property located at 801 Lunt Ave. The free standing, single-tenant building is in close proximity to I-90, I-355 and O’Hare International Airport. Jonathan Kohn and Ron Behm of Colliers International represented the seller, Prologis. Tom Boucher and Dan Jones of Entre Commercial Realty represented Horizon Logistics. Seko Logistics is a 39-year-old global firm that specializes in transportation, logistics, freight forwarding and warehousing.
BLUFFTON, IND. — Stan Johnson Co. has arranged the $20.5 million sale-leaseback of an industrial facility in Bluffton. The property, which is leased to Alexin LLC, is located at 1390 South Adams St. Ken Hedrick, Jerry Hopkins, D. Andrew Ragsdale and Scott Briggs of Stan Johnson Co. represented the seller and the buyer in the corporate sale-leaseback transaction. The 90,108-square-foot facility was built in 2009. The location currently serves as Alexin’s headquarters and aluminum casting facility.
DEERFIELD BEACH, FLA. — Cosmo International Fragrance has selected Miller Construction Co. to fully renovate a 93,955-square-foot production, distribution and office facility in Deerfield Beach. The property is located at 1341 W. Newport Center Drive within the Newport Center business park. The renovation includes reconfiguring the manufacturing and warehouse space, expanding a concrete mezzanine, constructing a roof structure and installing interior air quality monitoring and exhaust systems. Miller Construction plans to complete the renovation in December, whereby Cosmo will transfer its South Florida production and office locations to the property. The project team includes FSMY Architects, KAMM Consulting and MUEngineers Inc.
CHARLOTTE, N.C. — Piedmont Properties/CORFAC International has arranged NoDa Brewing Co.’s 15-year lease at 2921 N. Tryon St. in Charlotte. In the fall, NoDa Brewing will occupy the 33,000-square-foot industrial building, which triples its current 11,000-square-foot footprint at 2229 N. Davidson St. The future facility will have office space, production space and a tap room that is open to the public. Frank McCleneghan of Piedmont Properties/CORFAC represented NoDa Brewing in the lease transaction. The landlord, Hop, Drop and Loco LLC, recently purchased the facility from Ray Roofing for approximately $1.4 million. The property was constructed in the 1920s as a vinegar manufacturing plant for Speas Vinegar. There are plans in place to designate the facility as an historic property.
Manufacturing was instrumental in driving the United States economy out of the recession. With Greenville-Spartanburg having a high ratio of manufacturing to warehouse space, the region’s industrial market has been ahead of the national market in terms of growth. Greenville-Spartanburg is first and foremost an industrial market with approximately 160 million square feet of manufacturing, warehouse and flex space. This is larger than the industrial markets in Columbia and Charleston combined. For five consecutive years vacancy has declined and absorption has been consistently positive. Vacancy currently sits at a record 7.3 percent and has been there for several quarters, not moving down further mostly due to lack of product. Annual net absorption topped 4.3 million square feet in 2012 and 2013, and dropped down to 2.5 million in 2014. Space that does not exist cannot be absorbed. Developers are aggressively responding to this lack of product with more than 3 million square feet of space expected to be built in 2015. Over 1.3 million square feet of that space is considered speculative, meaning construction started before occupancy was achieved. Both numbers represent the highest amounts of construction since CBRE began tracking the Greenville-Spartanburg industrial market in 2001. Absorption in 2015 …
HOUSTON — Andrew Peeples, Brett Butler and Jeff Jackson of Stan Johnson Co. (SJC) have brokered the sale of C&J Energy Services corporate headquarters in Houston. The campus consists of a 125,000-square-foot, three-story office building and a 96,149-square-foot industrial/lab building. Westchase Green LLC, a partnership entity formed by InSite Realty Partners LP, developed the build-to-suit headquarters on behalf of C&J Energy. The buyer was a private REIT out of New York. The properties were put under contract in July 2014 with the industrial/lab facility closing in October and the office headquarters closing in March 2015.
WOODBRIDGE, N.J. — A joint venture between Advance Realty and F. Greek Development has completed the construction of a refrigerated storage and distribution center in Woodbridge. Preferred Freezer Services, a worldwide operator of temperature-controlled warehouses, has leased the 190,000-square-foot built-to-suit facility. Located on 9.3 acres at 275 Blair Road, the facility is designed to accommodate temperatures of negative 10 degrees and features a 53-foot clearance height.
COTTAGE GROVE, MINN. — Hillcrest Development LLLP and The Opus Group will develop a 40-acre industrial business park in Cottage Grove. The property is located south of U.S. Highway 61 at the northwest corner of Hemingway Avenue South and 91st St. South adjacent to Hamlet Park. Plans for the site include a variety of development scenarios ranging from 425,000 to 550,000 square feet of rail-served industrial space with the ability to support a 38-foot ceiling height and outside storage. Canadian Pacific will provide rail service to the site.
SAN DIEGO – An 18,314-square-foot industrial building in the San Diego submarket of San Marcos has sold to Utah Prime Properties for $2.1 million. The building is located at 1585 Creek Street. The tenant, ESN Restoration, has four years remaining on its lease. Utah Prime was represented by Rusty Williams, Chris Roth and Kyle Carruthers of Lee & Associates – North San Diego County. The seller, Edward Allen Properties, was represented by Kidder Matthews.