Industrial

Hernandez Construction Breaks Ground on 235,000 SF Phase III of Flagler Station

by John Nelson March 12, 2015

FORT LAUDERDALE, FLA. — Hernandez Construction has broken ground on Phase III of Flagler Station, Flagler Global Logistics’ industrial logistics park in Fort Lauderdale that at completion will span 14 million square feet. Buildings 1 and 2 in Phase III will span 235,000 square feet, and Phase III will ultimately expand the park by 1.7 million square feet. Hernandez will begin construction on Buildings 3, 4 and 5 in the next few months. Buildings 1 and 2 are slated to wrap up construction this summer. The construction firm is also nearing completion of five buildings spanning 820,000 square feet at Phase II of Flagler Station.

March 12, 2015

Industrial Office Texas

NAI Partners Arranges 20,000 SF Office/Warehouse Facility Sale in Houston

by Haisten Willis March 12, 2015

HOUSTON — NAI Partners has arranged the sale of a 20,000-square-foot office/warehouse facility located at 13715 N. Promenade Blvd. in Houston. Chris Kugle of NAI Partners represented the seller, E & F Anaya Enterprises. Forbes Henderson of Delta Realty Inc. represented the buyer, Brance-Krachy Co. Inc.

March 12, 2015

Industrial Market Reports Midwest Midwest Market Reports Ohio

Demand for High-Quality Industrial Space in Toledo Greatly Exceeds Supply

by Danielle Everson March 12, 2015

Industrial real estate market fundamentals in the Toledo, Ohio, area remained quite sound at the end of 2014. Most key indices showed stability or improvement. The most noteworthy statistic is the 2.3 million square feet of positive net absorption recorded in the second half of the year — the highest amount in recent memory. The lion’s share of the absorbed space can be attributed to the delivery of the 1.6 million-square-foot Home Depot warehouse in Troy Township. Even if the Home Depot deal is excluded from the data, the total absorption notched in the third and fourth quarters was impressive. Absorption would have been higher had the nearly 400,000-square-foot former Ace Hardware distribution center in Perrysburg Township not become vacant. In 2014, Ace announced that it would relocate its warehouse in the Columbus, Ohio area. Dearth of Suitable Space Despite the generally strong performance of the industrial real estate sector this past year, one senses that many of the players in the market are feeling some level of frustration. The frustration stems from the sentiment that things could be better — a result of the generally tight supply of buildings and the even tighter supply of the right types of …

March 12, 2015

Industrial New Jersey Northeast

DTZ Brokers 63,500 SF Industrial Lease in Hamilton, N.J.

by Amy Works March 12, 2015

HAMILTON, N.J. — DTZ has brokered a 63,500-square-foot lease for industrial space within the Hamilton Business Center at 8 Marlen Dr. in Hamilton. Global Essence, a provider of high-quality natural ingredients for fragrance, flavoring, beauty and household products, plans to use the space as corporate headquarters and an operations facility. Robin Ritter-Ceriello and Larry Casey of DTZ represented the tenant, while Steve Tolkach and Dov Sortzkin of Newmark Grubb Knight Frank represented the landlord, Hamilton Business Center, in the transaction.

March 12, 2015

California Industrial Western

O’Neill Logistics Leases Industrial Space in Los Angeles

by Nellie Day March 12, 2015

LOS ANGELES – O’Neill Logistics has leased Hathaway Industrial Park, a 288,000-square-foot industrial facility in Los Angeles. The five-year lease is valued at $6.7 million. The space is located at 11811-11831 E. Florence Ave. in the Santa Fe Springs submarket. It was built in 1984. O’Neill Logistics is a third-party logistics company specializing in apparel and consumer goods products. O’Neill was represented by Dillon Dummit and Wayne Lamb of Cresa Orange County. The landlord, Westcore Properties, was represented by Luke McDaniel, Cameron Driscoll and Zac Sakowski of Jones Lang LaSalle.

March 12, 2015

Illinois Industrial Midwest

Bridge Development Partners to Redevelop Industrial Park in Waukegan, Ill.

by Danielle Everson March 11, 2015

WAUKEGAN, ILL. — Bridge Development Partners LLC is redeveloping the former 225-acre Cardinal Health Inc. campus in Waukegan. The industrial park is located at Waukegan Road. The site can accommodate up to 2.8 million square feet of industrial facilities. The campus lies between Route 137/Buckley Road and Route 120/Belvidere Road, immediately off I-94. The project is a joint venture of Bridge Development Partners, Hunt Realty Investments, Wanxiang America Real Estate Group and Globe Corp. Bridge will begin demolition of existing structures and commence park infrastructure work immediately. Phase I will consist of two speculative facilities totaling 625,600 square feet and 400,500 square feet, which will be available for delivery by the fourth quarter of this year. In addition to the first phase of development, the park will feature approximately 100 acres of land, with sites that can accommodate industrial facilities ranging from 40,000 to 1 million square feet. Dublin, Ohio-based Cardinal Health sold the property. The park was founded by American Hospital Supply in the late 1960s and was previously home to Baxter Healthcare and Allegiance Healthcare prior to Cardinal’s acquisition. CBRE’s Keith Puritz, Brett Kroner, Zach Graham and Ryan Bain were the sole brokers in the transaction.

March 11, 2015

Industrial New York Northeast

Rechler Equity Partners Brokers 54,775 SF Industrial Lease in Islip, N.Y.

by Amy Works March 11, 2015

ISLIP, N.Y. — Rechler Equity Partners has brokered the lease of 54,775 square feet of industrial space at 2004 Orville Dr. North in Islip. Spirit Pharmaceuticals, a wholesaler and distributor of over-the-counter and generic drugs, plans to use the property for packaging, warehouse and distribution space. Additionally, Spirit received a 10-year IDA tax benefit from the city. Ted Stratigos and Amanda Gorozdi of Avison Young represented the tenant in the transaction.

March 11, 2015

Industrial Texas

ICO Commercial Arranges Sale of 70,000 SF Industrial Building in Houston

by Haisten Willis March 10, 2015

HOUSTON — ICO Commercial has arranged the sale of the former AquaDyne facility located at W. 11th Street in Houston. The 70,000-square-foot industrial property is situated on nearly four acres. Payton Indermuehle and Gloria Casimir of ICO Commercial represented the undisclosed seller. Brent Friedman and Adrienne Schwartz of Park Land Development represented the undisclosed buyer.

March 10, 2015

Industrial Midwest Missouri

Investors Purchase Seven Industrial Buildings from Prologis for $13M

by Danielle Everson March 10, 2015

ST. LOUIS – An investor group led by Nelson Grumney of Neland Investment Management and Mark Nelson of Nelson McBride Development has purchased a portfolio of seven industrial buildings in the St. Louis area for approximately $13 million. The portfolio totals 541,000 square feet and is 91 percent occupied. The investors intend to retain the portfolio as a long-term investment. Prologis, an international industrial real estate firm based in San Francisco, Calif., sold the portfolio. Ranging in size from 41,000 to 126,000 square feet and totaling 541,000 square feet, the office/warehouse, distribution and light manufacturing buildings are located in the Earth City, Westport and Brown Campus industrial submarkets of St. Louis County. Nelson McBride will manage the buildings. Central Bank of St. Louis provided acquisition financing.

March 10, 2015

Industrial Southeast Tennessee

DCT Industrial Trust Sells 2.3M SF Industrial Portfolio in Memphis

by John Nelson March 10, 2015

MEMPHIS, TENN. — DCT Industrial Trust has sold a portfolio of six Class A industrial properties in Memphis totaling 2.3 million square feet for an undisclosed sales price. Built between 1998 and 2001, the six properties were fully leased to 11 tenants at the time of sale. The portfolio comprised Eastpark I at 5300 Hickory Hill Road; Eastpark II at 5405 Hickory Hill Road; Chickasaw A at 5950 Freeport Ave.; Chickasaw H at 6190 Freeport Ave.; Southpoint IV at 4800 Pleasant Hill Road; and Southpoint XIX at 5166 Pleasant Hill Road. Stewart Calhoun, David Meline, Samir Idris and Casey Masters of Cushman & Wakefield represented DCT in the transaction. Cushman & Wakefield also arranged acquisition financing on behalf of the buyer, Welsh Property Trust. Mike Ryan, Brian Linnihan and Jeff Walker of Cushman & Wakefield’s equity, debt and structured finance team arranged the financing. Additionally, Shane Soefker and Jacob Biddle of Cushman & Wakefield/Commercial Advisors provided market expertise for the transaction.

March 10, 2015

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