Industrial

Cushman & Wakefield Brokers $51.6M Sale of New Jersey Industrial Building

by Amy Works December 18, 2014

FAIRFIELD, N.J. — Cushman & Wakefield has brokered the sale and acquisition financing for an industrial building in Fairfield. Located at 300 Fairfield Road, the 418,000-square-foot property sold for $51.6 million, making it the largest single industrial asset sale in Northern New Jersey this year. Bala Cynwyd, Pa.-based Stoltz Real Estate Partners purchased the property from Fairfield BAB Group LLC. Constructed in 2006, the single-story building features 28-foot ceiling heights, 34 loading doors and 398 parking spaces. The property is fully leased to Middle Atlantic Products (MAP) through November 30, 2026. MAP, a part of Legrand North America, is a provider of mount integrated AV systems for residential, commercial, broadcast and security applications, and utilizes the site as its headquarters, production and distribution center. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Frank Caccavo, Jason Goldman, Marc Petrella and Andrew Siemsen of Cushman & Wakefield represented the seller. John Alascio, Mark Ehlinger and Suraj Ravi of Cushman & Wakefield’s Equity, Debt and Structured Finance Group arranged the acquisition financing, which was provided by Investors Bank.

December 18, 2014

Industrial Market Reports Midwest Midwest Market Reports Minnesota

Increasing User Demand Spurs New Round of Industrial Development in Twin Cities

by Danielle Everson December 17, 2014

Buoyed by a healthy economy, the Twin Cities industrial market has experienced strong demand for functional, 24- to 32-foot clear height space, with more companies expanding during the first three quarters of the year, according to Cushman & Wakefield | NorthMarq. The market posted nearly 1.3 million square feet of absorption in the first three quarters of 2014, a solid number. The overall vacancy rate for multi-tenant properties 20,000 square feet and above stood at 10.1 percent at the end of the third quarter, down from a high of 16.4 percent in 2010. The bulk/warehouse segment has posted the most leasing activity with 451,097 square feet of net absorption year-to-date, including 140,514 square feet in the third quarter, and a tight 9.2 percent vacancy rate. Office/warehouse absorption totaled 476,032 square feet year-to-date through the third quarter, and 391,676 square feet in the third quarter alone, lowering the vacancy rate in that segment to 9.6 percent. Office/showroom absorption totaled 359,687 square feet during the first three quarters of 2014, lowering the vacancy rate in that segment to 12.8 percent, the lowest since 2006 when it stood at 11.7 percent. The Northeast submarket posted 222,267 square feet of net absorption in the …

December 17, 2014

Industrial Texas

Trammell Crow, Clarion Partners Break Ground on Industrial Park in Austin

by Haisten Willis December 17, 2014

AUSTIN, TEXAS — Trammell Crow Co., in partnership with Clarion Partners, has begun construction on two new buildings in Expo Business Park Phase II, a Class A industrial development in Austin. Phase II consists of two buildings totaling 239,205 square feet of warehouse, flex and manufacturing space. Expo 10 includes 109,203 square feet and Expo II spans 130,002 square feet. Each building will feature 28-foot clear heights, generous column spacing and 24 dock-high doors per building. Expo 10 and 11 will be complete in May 2015. Expo Business Park, located at 6231 E. Stassney Lane, includes 15.5 acres.

December 17, 2014

Industrial Texas

Let’s Gel Acquires Manufacturing Facility in Waco

by Haisten Willis December 17, 2014

WACO, TEXAS — Let’s Gel Inc., an Austin-based company, has acquired a 64,000-square-foot manufacturing facility on Precision Drive in Waco. The company, a developer of gel-filled floor comfort mats, plans to manufacture internally as part of a strategy to move toward vertical integration. A third-party manufacturer previously provided the company’s production services The company is investing $3.5 million in the building, including the purchase price, for improvements along with machinery and equipment. Let’s Gel plans to create 35 jobs over a three-year period.. H. Bland Cromwell brokered the transaction.

December 17, 2014

Industrial New Jersey Northeast

Cushman & Wakefield Brokers Sale of 135,115 SF Industrial Property

by Amy Works December 17, 2014

KEARNY, N.J. — Cushman & Wakefield has brokered the sale of an industrial property located at 680 Belleville Turnpike in Kearny. The 135,115-square-foot property is 100 percent net leased to Pepsi, which utilizes the site as its Northern New Jersey distribution center. Situated on 11 acres, the property features 18,000 square feet of office space, 16 loading docks, 36-foot clear ceiling heights and a 117-space trailer storage. Russo Development sold the property to TIAA-CREF for an undisclosed price. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Kyle Schmidt of Cushman & Wakefield worked with Omer Mir Ahmed of Russo Development to represent the seller. The Cushman & Wakefield team also procured the buyer, who was represented in-house by Henry Dong.

December 17, 2014

Industrial New Jersey Northeast

Weiss Realty Brokers Sale of 12,324 SF New Jersey Warehouse Facility

by Amy Works December 17, 2014

FORT LEE, N.J. — Weiss Realty has arranged the sale of a warehouse facility, located at 1253 Inwood Terrace in Fort Lee. Baron Verizon Fort Lee sold the 12,324-square-foot property to BCU/Madeline Housing Partners LLC (c/o Bergen County’s United Way) for $2.75 million. The one-story building features two overhead drive-thru doors, private offices, a secured 40-car paved parking area and access to Manhattan via the George Washington Bridge. Jaime Weiss of Weiss Realty represented the seller in the transaction.

December 17, 2014

Arizona Industrial Western

Marco Display Specialists Leases Warehouse Space in Phoenix

by Nellie Day December 17, 2014

PHOENIX – Marco Display Specialists has leased 67,697 square feet of warehouse space in Phoenix. The space is located at 4141 W. Van Buren Street. It was built in 1998. The new lease brings the 243,039-square-foot industrial building to full occupancy. The U.S. grocery market merchandising manufacturer was represented by Rebecca Roberts of Green Street Commercial. The landlord, 4141 W. Van Buren LLC, was represented by Don MacWilliam and Payson MacWilliam of Colliers International.

December 17, 2014

Florida Industrial Southeast

Marcus & Millichap Brokers $17.5M Sale of Industrial Warehouse Park in South Florida

by John Nelson December 16, 2014

AVENTURA, FLA. — Marcus & Millichap has brokered the $17.5 million sale of a 215,921-square-foot industrial warehouse park in Aventura, roughly 18 miles north of Miami. The nine-building park is located at 1600 N.E. 205th Terrace on the south side of Ives Dairy Road near I-95. Douglas Mandel and Benjamin Silver of Marcus & Millichap’s Fort Lauderdale office represented the seller, The Adler Group, and the buyer, an Aventura-based firm led by Mario Grosfeld and Jorge Linkewer.

December 16, 2014

Industrial Texas

Trammell Crow, Clarion Partners Break Ground on Business Park in Houston

by Haisten Willis December 15, 2014

HOUSTON — Trammell Crow Co. and joint venture partner Clarion Partners have broken ground on Fallbrook Pines Business Park in northwest Houston. The first phase of the development, scheduled for completion in the first quarter of 2015, will include four concrete, tilt-wall office/warehouse buildings totaling 709,045 square feet. The 127-acre park is located near the intersection of Beltway 8 and Highway 249 on Fallbrook Drive. Phase two will include two side-load buildings, one cross-dock building and one front-load building designed to accommodate fenced, secured truck courts. Powers Brown Architecture is the project’s architect. Rosenberger Construction is the general contractor. Faron Wiley and Joseph Smith of CBRE’s Houston office will be the leasing agents.

December 15, 2014

Industrial Texas

William Warren Group Acquires Four Self-Storage Properties for $27.9M

by Haisten Willis December 15, 2014

HOUSTON AND AUSTIN, TEXAS — The William Warren Group has purchased four properties in the Houston and Austin areas for a total of $27.9 million. The facilities consist of a total of 2,257 units with 349,169 square feet. The purchases include Brazos Storage & Retail, located at 210 Gonyo Lane in Richmond, Gosling Road Self Storage located at 32103 Gosling Road in Spring, New Territory Self Storage located at 420 Sartartia Road in Sugar Land and Plum Creek Self Storage located at 5500 FM 2770 in Kyle.

December 15, 2014

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