Industrial

Ridgeline Property, Hillwood to Develop 1.1M SF Industrial Building in Metro Atlanta

by John Nelson October 23, 2014

BRASELTON, GA. — Ridgeline Property Group and Hillwood Investment Properties will jointly develop a 1.1 million-square-foot distribution center in Braselton, a city in the I-85/Northeast submarket of Atlanta. The Braselton Commerce Center will have the largest available block of Class A distribution space in the Southeast, according to the developers. The property will be located less than one mile from the I-85/Highway 53 interchange. The building will feature 36-foot clear heights, 56-foot wide bay spacing, concrete truck courts, ESFR fire suppression and a 243-space parking section for trailers. The project will break ground in November and wrap up construction in the second quarter of 2015. Colliers International Atlanta will market and lease the asset.

October 23, 2014

Industrial South Carolina Southeast

Alliance Partners Acquires Viking Warehouse in Spartanburg

by John Nelson October 23, 2014

SPARTANBURG, S.C. — Alliance HSP Spartanburg LLC, an affiliate of Alliance Partners HSP LLC, has acquired the Viking Warehouse, a 350,000-square-foot warehouse/distribution facility in Spartanburg. Campbell Lewis of CBRE represented Alliance in the transaction. The facility is comprised of two warehouse buildings located on a 28.7-acre site at 2071 Fryml Drive. The property was formerly occupied by American Fast Print but was vacant at the time of sale. Alliance plans to invest in capital improvements to the property and reposition it from a Class C asset to a Class A asset. Completion of the renovation is expected for spring 2015. Campbell Lewis and John Scott of CBRE will be responsible for leasing Viking Warehouse, and Steve Campbell of CBRE will oversee property management.

October 23, 2014

Industrial Market Reports Massachusetts Northeast Northeast Market Reports

Boston’s Steady Industrial Market Adds a Few New Wrinkles

by Jaime Lackey October 23, 2014

Boston is known for its top-notch universities that spawn world-class technology, pharmaceutical and bio firms, not to mention its leading money management and financial services base. These factors support one of the most vibrant office, residential and retail markets in the nation. Often overlooked, Boston’s industrial market may not be as glamorous as gleaming new office and multifamily projects rising along the waterfront, but its steady performance and strong recovery are impressive nonetheless. Vacancy in Boston’s 117 million-square-foot industrial market declined 1 percent between the second quarter of 2013 and mid-2014, from 13.2 percent to 12.1 percent. A paucity of new construction and deliveries suggests further vacancy declines. Only 41,000 square feet of industrial product has been delivered through midyear, and 76,000 square feet was under construction at that point. Looking ahead slightly, the industrial market is on track to absorb approximately 1.4 million square feet in 2014, with 680,000 square feet of absorption recorded through June. This total would exceed 2011 and 2012 totals but trail 2013’s 1.8 million square feet of net absorption. Boston’s Bread & Butter and E-commerce High land values and competition from markets such as Central and Northern New Jersey, which can serve broader populations …

October 23, 2014

Features Industrial

U.S. Industrial Vacancy Rate the Lowest in More Than a Decade, says Cushman & Wakefield

by Danielle Everson October 22, 2014

ROSEMONT, ILL. — U.S. industrial vacancy rates are at their lowest in more than a decade, according to third-quarter research findings from Rosemont, Ill.-based Cushman & Wakefield. The commercial real estate services firm’s latest report shows that significant space absorption and historically low supply is driving strong rent growth in most major industrial hubs. “Continued economic recovery, the evolution of e-commerce and a resurgence in domestic manufacturing have infused resiliency into the market for industrial space,” says John Morris, leader of Industrial Services for the Americas at Cushman & Wakefield. “Our sector continues to expand faster than other property classes, fueled by shifting consumer demand and retail service paradigms, and global growth dynamics.” During the third quarter, the overall national industrial vacancy rate dropped to 7 percent, 80 basis points lower than one year ago. Three of the 38 markets tracked by Cushman & Wakefield recorded vacancy rates under 4 percent, including California’s San Francisco Peninsula (3.5 percent), Greater Los Angeles (3.8 percent) and Orange County (3.8 percent). The full report can be found by clicking here. “Robust demand has led to 255.2 million square feet of leasing activity year-to-date, which is about the same level as a year ago …

October 22, 2014

Industrial Maryland Southeast

Chesapeake Real Estate, USAA Real Estate to Build 571,000 SF Distribution Center

by John Nelson October 22, 2014

ABERDEEN, MD. — Baltimore-based Chesapeake Real Estate Group LLC and its financial partner, San Antonio-based USAA Real Estate Co., have acquired a 48.4-acre tract of land in Aberdeen for the development of Perryman Logistics Center. The 571,000-square-foot project will be located at 610 Chelsea Road. Chesapeake and USAA expect to deliver the distribution center in the summer of 2015. Bill Pellington, Toby Mink and Jon Casella of CBRE represented the buyers in the land transaction. Chesapeake and USAA have also retained the CBRE team to market and lease the property, which is being developed on a speculative basis. The seller was FO Mitchell Bro. Once complete, the property will feature 36-foot clear heights, 175 rear-loading docks, two drive-in docks, a 130-foot truck court and an adjacent 500-space parking lot.

October 22, 2014

Colorado Industrial Western

Budget Self Storage in Colorado Springs Sells for $3.4M

by Nellie Day October 21, 2014

COLORADO SPRINGS, COLO. – Budget Self Storage, a 51,400-square-foot self-storage facility in Colorado Springs, has sold to an unnamed buyer for $3.4 million. The property is located at 4915 Galley Road. It was 97 percent occupied at the time of sale. The seller, an LLC, was represented by Adam Schlosser, Chico LeClaire and Matt Tyler of Marcus & Millichap’s Denver office.

October 21, 2014

Industrial Texas

Slingerland Properties Buys Industrial Building in Metro Houston

by Haisten Willis October 21, 2014

LEAGUE CITY, TEXAS — Slingerland Properties LLC has purchased a 7,500-square-foot industrial building in League City. The property is located at 1205 Butler Road in the Brittany Business Park. Taylor Schmidt and Reed Vestal of TNRG brokered the transaction.

October 21, 2014

Industrial New York Northeast

CPEX Brokers $7.5M Sale of Warehouse Property in Brooklyn

by Amy Works October 21, 2014

NEW YORK CITY — The CPEX Industrial sales team has brokered the sale of a warehouse building located at 74 Kent Street in Brooklyn. Leeds United Construction Group LLC purchased the building for $7.5 million or $420 per square foot in an all-cash transaction. Leeds plans to convert the building into a combination of office and retail space. The three-story, 17,845-square-foot property was delivered vacant. Jacob Tzfanya and Christopher Burti of CPEX represented the undisclosed seller in the transaction.

October 21, 2014

California Industrial Market Reports Western Western Market Reports

Demand for Industrial Product in LA Continues to Rise

by Nellie Day October 21, 2014

The Los Angeles industrial market continues to lead the country with the lowest vacancy of any industrial market. The combination of the overall market’s size and lack of inventory continues to put upward pressure on rents. Not only is there limited inventory, but a lack of quality product puts top economical facilities in high demand. The inability to build new product readily, combined with increasing demand, changes the focus of the marketplace going forward. As rents for high-quality properties continue to rise, developers and land owners are looking for ways to redevelop existing product to take advantage of this need. A number of redevelopment projects have recently commenced construction, and many of those properties are already pre-leased prior to completion. This increased demand also gives owners of older, less functional properties the ability to spend the necessary funds to upgrade their facilities with the anticipation of receiving higher rents and a return on their investment. The increase in demand from international commerce through the Port of Los Angeles, combined with growth in the manufacturing, aerospace and healthcare sectors, have all assisted in this overall increase in demand. The need for third-party logistics companies to acquire large chunks of space to …

October 21, 2014

Industrial Texas

SkyWalker Property Partners Sells 111-Year-Old Factory in Dallas

by Haisten Willis October 20, 2014

DALLAS — SkyWalker Property Partners has sold the 111-year-old Hughes Brothers Candy Factory in Dallas to Flint Hills Development Group. The property is located at 1401 Ervay St. in the Cedars neighborhood of Dallas, which is just south of downtown. The factory opened in 1903 and closed in the 1930s, later becoming a production site for ice cream cones. The structure was shuttered in 2000. It sits near several entertainment destinations in an area that has gentrified over the last several years.

October 20, 2014

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