HOUSTON — HFF has brokered the sale of Cypress Business Center, a 103,979-square-foot flex distribution center in Houston. HFF marketed the property on behalf of the seller, Cypressbrook Co. Industry Capital, on behalf of an affiliated fund, which purchased the center for an undisclosed amount. Cypress Business Center is located just off I-45 and Cypress Creek Parkway at 301-305 Wells Fargo Drive in north Houston. The property is 74 percent leased to tenants including AutoZone, DKNXT, DynaQual, Charis Bible College, Premiere Safeguard and Speed Printing & Office Supply. Rusty Tamlyn and John Indelli led HFF’s investment sales team.
HOUSTON — NAI Houston has arranged the lease of a 14,700-square-foot industrial space located in Houston to RST Global Solutions Gulf of Mexico LLC. John Ferruzzo and Michael Keegan of NAI Houston represented the landlord, Woodvine Capital Partners LTD. Greg Egan of Leasesquarefeet.com represented the tenant, RST Global Solutions Gulf of Mexico.
ENGLEWOOD, COLO. – Armstrong Steel Corporation has leased 34,652 square feet of industrial space in Englewood. The space is located at 3755 South Lipan Street. Armstrong was represented by Buzz Joerdens of Real Property Associates. The landlord, Consolidated Steel Services, was represented by Alec Rhodes, Tyler Smith and Aaron Valdez of Cassidy Turley.
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.
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.
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 …
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 …
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.
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.
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.