Industrial

Marcus & Millichap Brokers $11.3M Sale of Wells Fargo Cash Transfer Station in Miami

by John Nelson March 2, 2015

MIAMI — Marcus & Millichap has brokered the $11.3 million sale of a 35,000-square-foot, one-story office and warehouse building in Flagler Station at 10325 N.W. 112th Ave. in Miami. The property is fully leased to Wells Fargo and acts as the bank’s primary cash transfer station in the South Florida region. Wells Fargo’s lease expires in February 2024. The building has 110 parking spaces and two loading docks. Completed in 2009, the property is surrounded by an eight-foot security fence with electronic and video surveillance. Douglas Mandel and Benjamin Silver of Marcus & Millichap’s Fort Lauderdale office represented the seller, DRA Advisors LLC, in the transaction. The Taylor-Zang-Dougherty Group and the MacLaren Group — part of Marcus & Millichap’s Philadelphia’s office — represented the buyer, an investor based in Philadelphia. Andrew Dansker of Marcus & Millichap’s Institutional Property Advisors’ capital markets division arranged $7.9 million in acquisition financing.

March 2, 2015

Illinois Industrial Midwest

I.M. Construction Group Completes 40,000 SF Build-Out for Dreamworks in Glenview, Ill.

by Danielle Everson February 27, 2015

GLENVIEW, ILL. — I.M. Construction Group has completed a 40,000-square-foot build-out for Dreamworks Graphics Communications in Glenview. The property is located at 2323 Ravine Way. Dreamworks is a print solutions company that provides offset, UV and lenticular printing. The firm is relocating its presses to this location from its current facility in Skokie, Ill. The build-out included the construction of a pre-press room and printing control room. IMCG also built-out office space with private offices and open work areas as well as completed all necessary electrical work, painting and finishes throughout. IMCG provided the construction services for the relocation along with Nomellini and Project Manager Kent Nepras leading the construction team. Angelo Christopher served as the project superintendent. Gensberg Ltd. provided the architectural services.

February 27, 2015

Industrial New Jersey Northeast

Park Avenue Motor Corp. Buys 112,270 SF Industrial Building in New Jersey

by Amy Works February 27, 2015

SOUTH HACKENSACK, N.J. — Park Avenue Motor Corp. has acquired an industrial warehouse building located at 490 Huyler St. in South Hackensack. The Hampshire Companies sold the 112,270-square-foot property for an undisclosed price. Situated near major highways in Bergen County’s industrial corridor, the property features 16- to 18-foot ceiling heights and multiple loading docks. The buyer has leased the building since 2012 and exercised its purchase option to complete the transaction.

February 27, 2015

Industrial Market Reports Texas Texas Market Reports

McAllen Industrial Market Recovering at a Steady Pace

by Haisten Willis February 27, 2015

There is no denying that most, if not all, industrial markets across Texas were exposed to the economic effects of the “Great Recession.” McAllen and the Rio Grande Valley of Texas were no different. However, today Texas markets are again thriving with activity and occupancy above recession-contracted rates. Trends for McAllen—the seventh largest industrial market in Texas—are following suit. Economic The McAllen-Edinburg-Mission metropolitan statistical area (MSA) has evolved as a vital part of the dynamic Rio Grande Valley in south Texas. Once a rural and agricultural region, the area is now one of the fastest growing in Texas, fueled by accelerated population growth, economic development and a booming neighboring industrial market in north-central and northeastern Mexico. Data from the U.S. Census Bureau show that the McAllen MSA, also defined as Hidalgo County, has almost tripled in population since 1980, from 283,323 to 815,996 in 2013. Likewise, an overall Metro Business Cycle Index produced by the Federal Reserve Bank of Dallas places the McAllen MSA as the second most improved metropolitan area in Texas and first among the border markets, relative to its own base since 1980. The index, which summarizes the broad movements in nonagricultural employment, the unemployment rate, real …

February 27, 2015

California Industrial Western

Exeter Property Group Buys Distribution Building in Livermore

by Nellie Day February 27, 2015

LIVERMORE, CALIF. – Exeter Property Group has purchased an 81,717-square-foot distribution building in Livermore for more than $6.5 million. The Class A building is located at 7701-7703 Las Positas Road. Exeter was represented by Michael Donnelly and Joe Yamin of Colliers International. The seller, Bolliboka Properties, was represented by Michael Lloyd of the same firm.

February 27, 2015

Florida Industrial Southeast

Monmouth Acquires FedEx-Leased Industrial Property in Jacksonville for $30.6M

by John Nelson February 27, 2015

JACKSONVILLE, FLA. — Monmouth Real Estate Investment Corp., a public equity industrial REIT, has acquired a new 297,579-square-foot industrial building located at 13509 Waterworks St. in Jacksonville for $30.6 million. The property is net-leased to FedEx Ground Package System Inc. for 15 years. The distribution center is located on a 42.2-acre site near the Port of Jacksonville, as well as I-95 and I-10. The seller was undisclosed.

February 27, 2015

Florida Industrial Southeast

NAI Realvest Brokers $3.7M Sale of Three Industrial Facilities in Orlando

by John Nelson February 26, 2015

ORLANDO, FLA. — NAI Realvest has brokered the $3.7 million sale of three industrial facilities totaling 63,000 square feet at the Airport Industrial Center. The assets, which are located at 7452-7466 Narcoossee Road in southeast Orlando, were fully leased at the time of sale. The purchase also included outdoor storage space. Drew Saphos, Christie Alexander, George Livingston, Michael Heidrich and Kristen Kemp of NAI Realvest represented the seller, Boston-based BIEL, REO LLC, in the transaction. The buyer was San Francisco-based IC BP III Holdings XII LLC.

February 26, 2015

California Industrial Western

Sasa Group Buys Office, Industrial Building in San Diego for $2.4M

by Nellie Day February 26, 2015

SAN DIEGO – The Sasa Group has acquired a 20,030-square-foot office/industrial property in San Diego for $2.4 million. The building is located at 720 Gateway Center Drive. It is 50 percent leased to Fresenius Medical Care. The buyer will occupy the other half of the building, which was constructed in 1988. Sasa was represented by Mark Lewkowitz of Colliers International. The seller, Urban League of San Diego, was represented by Bob Teglia and Brent Bohlken of Newark Grubb Knight Frank.

February 26, 2015

Illinois Industrial Midwest

Paine/Wetzel TCN Worldwide Arranges 7,000 SF Industrial Lease in Bensenville, Ill.

by Danielle Everson February 25, 2015

BENSENVILLE, ILL. — Paine/Wetzel TCN Worldwide has arranged a 7,000-square-foot industrial lease in Bensenville. Ary Trucking LLC will occupy space within a 14,000-square-foot building located at 401 Frontier Way. The new lease represents an expansion and new location for the Northbrook-based general freight tucking company. Joe Karmin of Transwestern represented the building’s owner. Phil Reiff and Phil Reiff Jr. represented Ary Trucking LLC.

February 25, 2015

Industrial Maine Northeast

JHR Development Sells 200,625 SF Industrial Facility for $10.5M in Maine

by Amy Works February 25, 2015

PORTLAND, MAINE — Marblehead, Maine-based JHR Development has completed the sale of an industrial building located at 56 Milliken St. in Portland. Plymouth Industrial REIT Inc. purchased the 200,625-square-foot facility, which is situated on 30 acres, for $10.5 million. Milliken Portland Partners LLC, a subsidiary of JHR, originally purchased the facility in December 2011 for $6.5 million. The firm significantly improved the property to accommodate the needs of the tenants, AdvancePierre Foods and Paradigm Windows. CBRE|The Boulos Company’s Portland office brokered the transaction.

February 25, 2015

Newer Posts

Older Posts