NEW YORK CITY — Kalmon Dolgin Affiliates (KDA) has brokered a 10,000-square-foot lease for United Yoram, a 40-year-old national medical supply distributor. The company will relocate from a warehouse in Gowanus to 933 Stanley Ave. in Brooklyn. The new space offers two drive-in doors and finished office space. Allison Chambers of KDA represented the tenant, while Hillel Galosher of S&Z represented the landlord, Casella Food.
PANAMA CITY BEACH, FLA. — Calkain Cos. has brokered the $9.6 million sale of a single-tenant office/industrial asset located at 1300 Thomas Drive in Panama City Beach. The 83,000-square-foot property is anchored by Booz Allen Hamilton. Stephen Counts and Brian O’Hear of Calkain Cos. represented the seller, Skyview Development, in the transaction.
The Phoenix industrial market is definitely following national trends in terms of recovery. Since 2010, U.S. industrial markets have seen rising demand trends with supply additions that have not kept pace. Demand for newer, Class A industrial space, as well as for use-specific space, is outpacing supply and encouraging more build-to-suit and speculative development activity across markets. Developers have shown discipline so far, however, as the amount of new supply added to the market since 2010 is well below the levels seen during previous expansionary periods. These trends are manifesting themselves in a variety of ways in Metro Phoenix. First, it’s clear that demand is definitely up. The industrial market has seen significant activity over the past several quarters. Leases for spaces between 20,000 and 200,000 square feet have totaled more than 10.5 million square feet since January 2013. Deals of this size have totaled more than 1.4 million square feet of absorption this year alone. This is important to note because the overall health of the Metro Phoenix industrial market has historically been supported by midsized users. This size range shows no signs of slowing as we round out 2014 and head into 2015. In fact, we know of …
LAKELAND, FLA. — Colliers International has brokered the $5.3 million sale of a 113,308-square-foot industrial property located at 5120 Great Oak Drive in Lakeland. Edward Miller and Dolores Seymour of Colliers International’s Tampa Bay office represented the seller, Great Oak Property Management LLC, which was conducting business under the moniker Structall Building Systems. The buyer was Brennan Investment Group LLC.
BOLINGBROOK, ILL. — Renovations are underway on a freezer/cooler project for Eastland Foods in Bolingbrook. Peak Construction Corp. is making improvements to a 4,282-square-foot freezer/cooler space at the company’s Illinois facility located at the Panattoni building. Construction began on Oct. 1. Project enhancements include a new 3,522-square-foot freezer/food storage area and a 760-square-foot cooler storage space. The project is scheduled for completion by the end of the year. Harris Architects and Climate Pros Refrigeration are assisting with the project. Eastland Food imports and distributes food products from Southeast Asia. The company is headquartered in Maryland, but operates other locations in Illinois, Florida and California.
EDGERTON, KAN. — Kubota Tractor Corp. will open a 450,000-square-foot parts distribution center in Edgerton, 37 miles southwest of Kansas City. The company has entered into a five-year lease agreement with ELHC XI LLC., a Kansas limited liability company. Kubota plans to have the facility operational during the third quarter of 2015. The center will primarily service the Midwest and will employ approximately 75 people after the first year. Kubota’s current divisional parts operations in Suwanee, Ga., Fort Worth, Texas, Columbus, Ohio and Lodi, Calif., will continue to provide regional support to local Kubota dealers.
EASTVALE, CALIF. – TIAA-CREF has purchased a 377,100-square-foot industrial building in the Inland Empire community of Eastvale for $36.7 million. The Class A building is located at 4000 Hamner Ave. The building, commonly referred to as Park Mira Loma West, is fully occupied by Lennox International. The HVAC firm uses the building for warehousing and distribution. The company’s current lease agreement expires in 2020. Park Mira Loma West was built in 2000. It is situated near Interstates 10 and 15, as well as the 60 Freeway and Ontario International Airport. The seller, TA Associates, was represented by CBRE’s Darla Longo, Barbara Emmons and Rebecca Perlmutter Finkel. The team was assisted by Ian DeVries and Chris DeVries of Colliers International.
SAN DIEGO – A 76,954-square-foot industrial building in the San Diego submarket of Vista has sold to PacVentures for $7.4 million. The building is located at 970 Park Center Drive in the Vista Business Park. It is fully leased to two unnamed tenants. Russ Jabara and Dave Pinnegar of Colliers International represented both the buyer and seller, FG&S LLC, in this transaction.
CLINTON, N.J. — Woodmont Industrial Partners has completed the sale of I-78 Logistics Center. Located at 111 Cokesbury Road in Clinton, the distribution center sold for $28 million or $38.50 per square foot. The 729,000-square-foot facility recently underwent a $4 million capital improvements program that included the addition of 36 new loading dock positions, T-5 lighting and new HVAC and sprinkler systems, as well as a parking lot expansion. The name of the buyer was not released.
BAYTOWN, TEXAS — TGS Cedar Port Partners LP has acquired the assets of Cedar Crossing Industrial Park in Baytown. The acquisition includes 10,897 acres, a 312,000-square-foot warehouse and an industrial complex including a shortline railroad with 57 miles of track. The industrial park is served by both Union Pacific Railroad and BNSF and has access to the Chambers County Improvement District barge dock on Cedar Bayou. TGS Cedar Port is the largest industrial park in the greater Houston market. The TGS Cedar Port Railroad has the capacity to store more than 2,000 rail cars and the partnership intends to expand capacity to 3,000 cars by 2018. Cushman & Wakefield represented the seller in the transaction.