TANNERSVILLE, PA. — Michael Baxter & Associates Commercial Real Estate has arranged the sale of the former Pocono Record printing facility in Tannersville. DMC Properties PA LLC, an affiliate of Durr Mechanical Construction purchased the 25,000-square-foot property for $1.2 million. Michael Baxter of Michael Baxter & Associates represented the seller, Dow Jones, in the transaction. John Schilp of NAI James E. Hanson represented the buyer.
Throughout the economic recovery, real estate has been investors’ preferred asset class in the Cincinnati region and across the United States. Although the Federal Reserve is likely to raise short-term interest rates in June or September, demand for commercial real estate is expected to remain strong as long as the recovering economy continues to create new demand for commercial space. According to Real Capital Analytics, 2014 finally saw total U.S. sales volume and property prices (at the aggregate level) reach pre-recession levels. In fact, Real Capital Analytics reports that excluding portfolio sales, activity was higher in 2014 than in 2007. Investment Sales Surge Metro Cincinnati’s property and portfolio sales in 2014 totaled more than $2.3 billion across all major real estate sectors, a 53 percent increase over 2013. It was, by far, the strongest year for investment activity in recent memory, with significant increases across all property types. For the second straight year, retail sales transactions led the way locally among all property types. Retail sales volume in 2014 exceeded $600 million, $370 million of which occurred in the fourth quarter. Office property and portfolio sales in Cincinnati totaled nearly $580 million in 2014. This figure was a 162 percent …
MISSOURI CITY, TEXAS — Trammell Crow Co. and partner Artis REIT have acquired two land tracts totaling 127 acres in Missouri City. The partnership plans to develop a new, Class A industrial business park called Park 8Ninety, which will accommodate more than 1.7 million square feet of build-to-suit or speculative office/warehouse, distribution and manufacturing space. Construction on the first phase of Park 8Ninety, which will include three buildings totaling over 330,000 square feet of industrial space, is expected to begin in Summer 2015, with completion scheduled for Spring 2016. The property is located at the south corner of U.S. Highway 90A and Beltway 8 (Sam Houston Parkway), 20 miles southwest of downtown Houston. Barney Van Huss represented the seller, Ellis Management, which sold a 75-acre parcel. Ron Dagley of The Betz Cos. represented a local investment group, which sold an adjacent 52-acre parcel. Bo Pettit and Alexander Reilly of Boyd Commercial LLC/CORFAC International represented Trammell Crow Co. and Artis REIT in the acquisition.
HOUSTON — McCarthy Building Cos., and the Metropolitan Transit Authority of Harris County (METRO) have broken ground on the METRO Harrisburg Overpass project located in Houston’s East End. The project will be the final piece of METRO’s Green Line, which travels through downtown to the Magnolia Transit Center. The $27 million project will involve construction of a 2,400-linear-foot grade separation at the Houston Belt and Terminal (HBT) and Union Pacific Railroad (UPRR) railroad tracks located west of Hughes Road. It will include a bridge structure with aesthetic architectural features, two 16-foot wide vehicular traffic lanes, a 26-foot LRT guideway located in the center of the bridge structure, and two five-foot wide emergency walkways on each side of the bridge. The overpass is set to be complete in 12 months.
ROCHESTER HILLS, MICH. — Colliers International has arranged the sale of a 29,504-square-foot industrial building located at Rochester Industrial Court in Rochester Hills. Peter E. Kepic, Peter J. Kepic and Ryan Brittain of Colliers International represented the buyer, Gantz LLC. The seller is a private entity. Gantz purchased the property as an investment and has awarded Colliers International the right to lease the building once renovations are complete.
YORK, PA. — The Garibaldi Group and Avison Young have brokered the sale of an industrial property located at 57 Grumbacher Road in York. Boston-based High Street Realty Co. purchased the property for an undisclosed price. Situated on 11.8 acres, the 284,582-square-foot property offers 6,000 square feet of office space and 27 dock-high doors with one drive-in door. Additionally, the site can accommodate up to 92 trailer lot stalls or a 55,000-square-foot standalone building. Michael Bartolacci and Jerry Moore of The Garibaldi Group, along with Brendan Kelly of Avison Young, represented the seller, Bell Sport Inc., in the transaction.
PARSIPPANY, N.J. — Commercial Realty Group (CRG) has acquired an industrial building, located at 7 Eastmans Road in Parsippany, for an undisclosed price. CRG plans to reposition the 142,620-square-foot property to Class A status. Renovations and improvements will include a new roof and energy-efficient lighting, as well as raising ceiling heights to 24 feet in a portion of the building and upgrading the landscaping. Additionally, the buyer plans to reskin the building’s façade, upgrade the loading docks and expand the parking area. Jules Nissim, Stephen Elman and Chris Kinum of Cushman & Wakefield negotiated the transaction and represented the seller, a trust, in the deal. Additionally, CRG has retained Cushman & Wakefield to market and lease the property.
SALT LAKE CITY – Haemonetics has signed a 12-year lease for 154,601 square feet of manufacturing space at the Price Bangerter building in Salt Lake City. The Class A space is located at 1555 S. Gramercy Road. This is the blood management firm’s second facility in the region. The new facility will handle its Western United States distribution requirements. Haemonetics was represented by Steve Condie of Newmark Grubb ACRES (NGA) and DTZ’s Kevin Hanna. The landlord, Price Realty Group, was represented by NGA’s Kyle Roberts.
PHOENIX – A 94,885-square-foot distribution building in Phoenix has sold to Cohen Asset Management for $5.1 million. The building is located at 2021 E. Jones Ave. It is situated southwest of Phoenix Sky Harbor International Airport. Cohen was represented by Matt McDougall of Lee & Associates. The seller, Michael Lewis Company, was represented by DTZ’s Andy Cloud.
CARROLLTON, TEXAS — Lee & Associates arranged the sale of a 73,986-square-foot industrial building located at 1207 Crosby Road in Carrollton. Nathan Denton of the Dallas/Fort Worth office of Lee & Associates represented the buyer, 1207 Crosby Partners I LLC. Scott Moore with Holt Lunsford Commercial represented the seller, Thackery Partners.