BURLINGTON, N.J. — Clarion Properties and MRP Industrial have selected Des Plaines, Ill.-based Peak Construction to build Building One within Burlington Industrial Park in Burlington. The 545,000-square-foot build-to-suit warehouse will feature 36-foot clear heights, redundant electrical and diesel fuel fire pump sprinkler systems, and LED light fixtures. Designed to achieve LEED Silver certification, the project is slated for completion in April 2016. The distribution warehouse facility is a full build-to-suit tenant improvement for an undisclosed client.
HOUSTON — Central Wire Inc. has purchased a 30,000-square-foot, crane-ready industrial building on nine acres located at Kieth Harrow Boulevard and Barker Cypress in Houston. The property is known as Bear Creek Industrial Park. The general contractor, Finial Development & Construction, is building the development on spec. Keith Bilski, Neil Martin and Mike Sperandio, with Finial’s in-house brokerage company, represented the seller, FDC Bear Creek LP, in the transaction. Janae Evans and Joe Evans of Evtex Cos. represented the buyer. Central Wire is a producer of specialty wire products.
FRAMINGHAM, MASS. — NorthMarq Capital has secured $1 million in acquisition financing for a 21,940-square-foot warehouse/office property located at 223 Arlington St. in Framingham. The loan, which was provided by a local bank, features a fully amortizing 20-year term. Ed Reikstins of NorthMarq’s Boston office arranged the financing for the undisclosed borrower.
GREER, S.C. — Lincoln Property Trust has signed a 31,200-square-foot lease with Ariens Co. for industrial space at 120 Caliber Ridge Drive. The 62,400-square-foot industrial facility is situated within Caliber Ridge Industrial Park, a 624,000-square-foot industrial park located at I-85 and Highway 101 near Greer’s inland port. Elliott Fayssoux, Brian Young and Kacie Jackson of Cushman & Wakefield | Thalhimer represented Lincoln in the lease transaction. Campbell Lewis of CBRE represented Ariens Co., an outdoor equipment manufacturer based in Wisconsin.
Hawaii is one of – if not the – top-performing industrial market in the country. The city and county of Honolulu, which contains Hawaii’s main shipping port, had a low vacancy rate of 2.05 percent at the end of the first quarter. This vacancy rate peaked at 4.8 percent in 2009. Significant gains have been made since then. The direct weighted average asking net rental rate for industrial users in Honolulu was $13.80 per square foot (NNN) at the end of the first quarter, while operating expenses ran an additional $5.16 per square foot, per year on top of that. Having bottomed out after the downturn in 2009 at $11.20 per square foot, the Honolulu market has gained almost 24 percent since then. Land values have also followed suit. Hawaii is definitely not Chicago or Los Angeles. In fact, both of those markets have individual industrial parks greater in size than the entire Hawaii marketplace, at 39 million square feet. Having said this, Hawaii is in the midst of a construction and tourism boom, with billions of dollars being allocated to urban core renewal projects, light rail, resort renovations and new residential developments. Up until recently, this renewal had occurred …
TOMBALL, TEXAS — Colliers International has arranged sale of a 17.4-acre tract of land at the southwest corner of Hufsmith-Kohrville and Spell roads in Tomball for the relocation and consolidation of Packers Plus Energy Services Inc.’s Houston-based operations to a single campus. The $21 million project, the first for the Tomball Business and Technology Park, will be constructed in phases and consist of a 50,000-square-foot research and development center, a 237,000-square-foot manufacturing building and a multi-story, 40,000-square-foot corporate office building. The seller was Tomball Economic Development Corp. Tom Condon Jr. of The Woodlands office of Colliers International represented the seller. Brandi McDonald of Newmark Grubb Knight Frank represented the buyer. Jane Matthews with Stewart Title Tomball coordinated the closing. Packers Plus is an international oil and gas service company. The new facility in Tomball is expected to create 353 new full-time jobs in Tomball, with 172 of the jobs being created in the first five years of operation.
NEWARK, N.J. — Hollister Construction Services has broken ground for AeroFarm and RBH Group’s vertical indoor farm in Newark. Located at 212 Rome St., the 69,000-square-foot facility is expected to produce up to 2 million pounds of fresh vegetables and herbs per year when the facility is in full operation. The facility is slated for completion this year. KSS Architects designed the facility, while Harrison-Hamnett provided construction engineering services.
MILFORD, OHIO — Marcus & Millichap has brokered the sale of Day Heights Self-Storage located in Milford, about 16 miles northeast of downtown Cincinnati. The 64,896-square-foot facility sold for $1.7 million. The facility includes 470 units, ranging from 25 square feet to 720 square feet. Brett Hatcher of Marcus & Millichap’s Columbus office represented the seller, a limited liability company. The buyer, also a limited liability company, was a local self-storage operator.
MILWAUKEE, WIS. — The Dickman Company/CORFAC International has brokered the sale of a 5,000-square-foot industrial building located at 6014 West Beloit Road in West Allis, approximately six miles west of downtown Milwaukee. Anthony Huenerbein of The Dickman Company represented the undisclosed buyer and Mitchell Starczynski of NAI MLG Commercial represented the seller, Able Equipment Co.
SAN ANTONIO — Stream Realty Partners has brokered a new lease for 10,297 square feet at Interwest Business Park located in Northwest San Antonio. Jason Schnittger and Kevin Cosgrove of Stream represented the landlord, G&I VII Interwest Business LP, in the transaction. Green Star Inc. of San Antonio signed the new lease. Interwest Business Park is located at 6800 Alamo Downs Parkway offering access to Loop 410. The four-building, multi-tenant office/flex property spans approximately 219,244 square feet. Hank Pruitt of Pruitt Realty represented the tenant in the deal.