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Industrial

1-Cragwood-Road-South-Plainfield-New-Jersey
IndustrialLoansNew JerseyNortheast

JLL Arranges $28.5M Construction Loan for Industrial Project in South Plainfield, New Jersey

by Taylor Williams

SOUTH PLAINFIELD, N.J. — JLL has arranged a $28.5 million construction loan for a 167,281-square-foot industrial project that will be located in South Plainfield, about 40 miles southwest of Manhattan. The 14.8-acre site at 1 Cragwood Road currently houses an office building that is set to be demolished. The new industrial facility will feature a clear height of 36 feet, 26 dock doors and two drive-in doors. Jon Mikula, Michael Klein and Michael Lachs of JLL arranged the loan through CIBC on behalf of the borrower and developer, Bridge Industrial.

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Pike-Distribution-Center-Auburn-WA
AcquisitionsIndustrialWashingtonWestern

CenterPoint Properties Sells 108,000 SF Pike Distribution Center in Auburn, Washington

by Amy Works

AUBURN, WASH. — CenterPoint Properties has completed the disposition of Pike Distribution Center, an industrial building in Auburn, approximately 20 miles south of Seattle. KRL Legacy LLC, an entity of Ace Relocation System, acquired the property for $26.6 million. Kraig Heeter and Mike Newton of Kidder Mathews represented the buyer, while Matt Murray of Kidder Mathews, along with Matt Wood of KBC Advisors, represented the seller in the deal. KRL Legacy will occupy a portion of the 108,000-square-foot Pike Distribution Center, with the remaining 50,400 square feet being marketed for lease. The property offers 25-foot clear heights and secured and fenced trailer parking.

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AcquisitionsIllinoisIndustrialMidwest

Entre Commercial Realty Brokers Sale of 43,750 SF Industrial Facility in Bridgeview, Illinois

by Kristin Harlow

BRIDGEVIEW, ILL. — Entre Commercial Realty has brokered the sale of a 43,750-square-foot industrial building in the Chicago suburb of Bridgeview for an undisclosed price. The multi-tenant property is located at 9700 Industrial Drive immediately off the four-way interchange of I-294 and 95th Street. Jeffrey Locascio and Chris Wilbur of Entre brokered the transaction. The buyer was a joint venture between Clear Height Properties and Harbert US Real Estate, an investment strategy sponsored by Harbert Management Corp. Entre has been retained to market the property for lease. The seller was undisclosed.

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AcquisitionsIndustrialMichiganMidwest

Dominion Brokers Sale of 14,350 SF Industrial Building in Clawson, Michigan

by Kristin Harlow

CLAWSON, MICH. — Dominion Real Estate Advisors has brokered the sale of a 14,350-square-foot industrial building located at 850 N. Rochester Road in Clawson, a northern suburb of Detroit. The sales price was undisclosed. Barry Landau of Dominion represented the seller, LT Property Holdings LLC. Ernie Dearman of CLG Realty Advisory represented the buyer, OM3 LLC.

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CaliforniaIndustrialMarket ReportsWesternWestern Market Reports

State of the Industrial Real Estate Marketplace in Northern California

by Jeff Shaw

— By Edward F. Del Beccaro, Executive Vice President, TRI Commercial — The major Northern California industrial markets contain a total of more than 860 million square feet of industrial buildings. The San Francisco Bay Area, North Bay, Silicon Valley, Sacramento and Central Valley have all experienced a falloff in tenant demand from 2021 to 2022 pandemic highs. Most markets experienced negative absorption in fourth-quarter 2023, including sublease space coming on the market that resulted in rents either plateauing or decreasing.  Nevertheless, the outlook is still positive based on the various economic drivers pushing the market. For instance, manufacturers are benefitting from onshoring, with a projected 40 percent reduction in sourced material from China, per a recent report from Alix Partners. In addition, declining interest rates and continuing inflation will cause institutional money to flow into the industrial sector versus the office sector, according to a March 2024 ProLogis report. Below are various industrial submarket reviews: In the Oakland/East Bay Industrial I-80/880 Corridor, year-end 2023 experienced a slowdown in demand due to new construction and existing space becoming available. More than 10.2 million square feet is available, reflecting negative absorption of more than 778,000 square feet last year. The Port …

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AcquisitionsIndustrialNorth CarolinaSoutheast

JLL Arranges Sale of 60,000 SF Industrial Facility in Charlotte

by John Nelson

CHARLOTTE, N.C. — JLL has arranged the sale of CBI Distribution Center, a 60,000-square-foot industrial facility located at 2817 Westinghouse Blvd. in Charlotte. Built in 2017 within two miles of the I-485/I-77 interchange, the distribution center was fully leased at the time of sale to CBI Workplace Solutions, with 6.5 years of lease term remaining. An unnamed family investment company based in Charlottesville, Va., purchased the asset for an undisclosed price. Dave Andrews, Pete Pittroff, Josh McArdle and Michael Lewis of JLL represented the seller, an affiliate of Zurich Alternative Asset Management, in the transaction.

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Gauge-Interwood-Logistics
DevelopmentIndustrialTexas

Gauge Real Estate Completes 95,886 SF Industrial Project in North Houston

by Taylor Williams

HOUSTON — Gauge Real Estate Partners has completed Gauge Interwood Logistics, a 95,886-square-foot industrial project in Houston. The site spans seven acres within the 440-acre Interwood Business Park on the city’s north side. The standalone, rear-load facility features 32-foot clear heights, 180-foot truck court depths, 19 trailer stalls and an ESFR sprinkler system. Powers Brown Architecture designed the project, and Rosenberger Construction served as the general contractor. CBRE has been tapped as the leasing agent. Construction began last fall.

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AcquisitionsIndustrialTexas

Partners Real Estate Negotiates Sale of 26-Acre Industrial Outdoor Storage Facility in Von Ormy, Texas

by Taylor Williams

VON ORMY, TEXAS — Partners Real Estate has negotiated the sale of a 26-acre industrial outdoor storage facility in Von Ormy, located on the southwestern outskirts of San Antonio. The site at 14603 and 14710 Speedway Park also houses a 7,500-square-foot truck terminal building. Stan Nowak of Partners represented the buyer, a private equity firm, in the transaction. Additional terms of sale were not disclosed. Partners has also been retained as the property’s leasing agent.

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Sycamore-Hills-Distribution-Riverside-CA
CaliforniaDevelopmentIndustrialWestern

Rockefeller Group Starts Construction of 603,100 SF Sycamore Hills Distribution Center in Riverside, California

by Amy Works

RIVERSIDE, CALIF. — Rockefeller Group has begun construction of Sycamore Hills Distribution Center situated on 34.6 acres in the Inland Empire city of Riverside. Totaling 603,100 square feet, the project will include a 400,000-square-foot building and a 203,100-square-foot building. The two buildings will offer 36-foot clear heights, 56-foot by 60-foot column spacing, 623 auto parking spaces and 155 trailer parking spaces. As part of the development, Rockefeller Group will develop and then donate a 1.2-acre trailhead parking lot north of the property that will provide hiking and mountain biking access to the Sycamore Canyon Wilderness Park. The trailhead parking lot will include 52 parking stalls, a seating area, drinking fountain and bike repair stand that will be dedicated in fee title to the City of Riverside upon completion. JPMorgan Chase provided $87.2 million in construction financing for the project, which is slated for completion in early 2025. The project team includes HPA Architects, Kimley-Horn, Fullmer Construction and ECM Management. Bill Heim, Alex Heim, Michael Chavez, Mario Calvillo and Finn Comer of Lee & Associates’ Ontario office will oversee leasing of the project.

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Demand for retail space in the first quarter of 2024 has been driven by food-and-beverage, discount and experiential sector tenants.
AcquisitionsContent PartnerDevelopmentFeaturesIndustrialLeasing ActivityLee & AssociatesLoansMidwestMultifamilyNortheastOfficeRetailSoutheastTexasWestern

Lee & Associates Report: Industrial, Office Sectors Face Challenges as Retail, Multifamily Show Positive Trends

by Sarah Daniels

Economic headwinds such as elevated interest rates and persistent inflation led to mixed outcomes in the first quarter for industrial, office, retail and multifamily sectors, with market observers anticipating a contracting economy, as outlined by Lee & Associates’ 2024 Q1 North America Market Report. On the industrial front, market pressures — including interest rates and supply chain challenges — led to higher vacancy in the United States in the first quarter of the year. U.S. office space experienced its fifth consecutive year of contraction, as office worker attendance stagnated. Additional challenges, in the form of loans maturing in a high-rate environment, signal further challenges in the near future for the office landscape. Continued merchant demand, reduced closures and bankruptcies and limited supply converged to create a feeding frenzy for retail space, with vacancies at historic lows. And finally, geographically based factors drove multifamily markets, many of which (especially in the Midwest and Northeast) experienced a rebound in apartment demand fueled by rising consumer sentiment and moderating inflation, despite supply outpacing demand. Lee & Associates has made their full, first-quarter report available here (with breakdowns of cap rates by city, vacancy rates, market rents, inventory square footage and more). The summaries from each sector …

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