IRVING, TEXAS — Bradford Commercial Real Estate Services has negotiated a 3,527-square-foot lease at Skyview Centre Building 1, an industrial flex property in Irving. According to LoopNet Inc., the building was constructed in 1982 and spans 40,600 square feet. Leigh Richter of Bradford represented the tenant, High Value Signs, in the lease negotiations. Samantha Seelig Dewan and Troy Alexander Dewan of Harkinson Dewan Management LLC represented the landlord.
SARATOGA SPRINGS, N.Y. — Prime Group, an investment firm based in Saratoga Springs, N.Y., has acquired two self-storage portfolios totaling roughly 1 million net rentable square feet in New York and New Jersey. The number of units and exact locations were not disclosed. The first portfolio consists of 14 properties totaling roughly 800,000 net rentable square feet that are located in New York’s Hudson Valley region. The second portfolio comprises five properties totaling 245,000 net rentable square in Northern New Jersey. Prime Group acquired both sets of properties in conjunction with a third portfolio that totals 680,000 net rentable square feet across 11 properties that are scattered across the country. The new ownership will operate the facilities under its Prime Storage brand. The seller and sales price were also not disclosed.
POMPANO BEACH, FLA. — Tishman Speyer has acquired Rock Lake Business Center, a 35-acre industrial park located at 3150-3250 N.W. 33rd St. in Pompano Beach, about 15 miles north of Fort Lauderdale. The investor purchased the South Florida property from IDI Logistics for $100.2 million. Built in 2020 fronting the Florida Turnpike, Rock Lake comprises two warehouses spanning a combined 256,000 square feet that were fully leased at the time of sale. The facilities feature 32-foot clear heights, 185-foot shared truck courts, 84 dock-high and drive-in doors and 690 car and van parking spots. The acquired site includes land that can support the future development of two rear-load buildings spanning 243,000 square feet.
STRO Cos., KRE Group Break Ground on 136,714 SF Industrial Redevelopment in Florham Park, New Jersey
FLORHAM PARK, N.J. — A partnership between two New Jersey-based firms, The STRO Cos. and KRE Group, has begun an industrial redevelopment project in the Northern New Jersey community of Florham Park. The project will convert a former office building that sits on a 14.4-acre site at 19 Vreeland Road into a 136,714-square-foot warehouse with a clear height of 36 feet, 26 loading docks, one drive-in door and parking for 108 cars and 36 trailers. Cushman & Wakefield will market the project for lease. Completion is slated for the first quarter of next year.
NAPERVILLE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has acquired a 32,230-square-foot industrial building in the Chicago suburb of Naperville for an undisclosed price. Constructed in 1989, the property was 50 percent leased to one tenant at the time of sale. The building features a clear height of 18 feet, two docks, two drive-in doors and parking for 42 cars. Venture One plans to make improvements such as new spec office space, energy-efficient warehouse lights and a new parking lots. Ted Gates and Dylan Demaio of CBRE will market the property for lease. VK Industrial VI is co-sponsored by Venture One Real Estate and Kovitz Investment Group.
By Jake Ables, director of concrete promotion, Silvi Materials When choosing a pavement surface for large-scale industrial facilities, there are several different factors that developers may want to consider. Chief among those factors, in the context of our current construction economy, is sustainability. Current trends in the Mid-Atlantic warehouse markets, for example, are pushing developers, contractors and suppliers towards sustainable construction practices. We have seen evidence of this with the implementation of environmental product declarations (EPDs) that disclose the global warming potential (GWP) of building materials on various construction projects. The purpose of these documents is to quantify the environmental impacts of building materials. As the push for sustainability increases, it behooves developers to look for sustainable value when and where they can find it. Life Cycle Thinking As the push for sustainability intensifies over the coming years, property developers will see their priorities adjust to compensate for changing market conditions. While costs will always be at the forefront of concerns for developers, sustainability is becoming an ever-higher priority. So what does that mean for developers? We believe it means a shifting mindset toward sustainable value over costs. Concrete paving provides the life cycle value that developers are seeking …
HOUSTON — Tigerhawk Logistics has signed a 328,048-square-foot industrial lease expansion at Portside Logistics Center, a 1 million-square-foot speculative development by Stream Realty Partners and Principal Asset Management that is located near Port Houston. After initially taking 135,285 square feet at Building 2 last winter, Tigerhawk is more than doubling its footprint at the property by taking space at Building 1. Grant Hortenstine and Pearce Martens of CBRE represented Tigerhawk in the lease negotiations. Tyler Maner and Jeremy Lumbreras of Stream represented ownership on an internal basis.
MESQUITE, TEXAS — Marcus & Millichap has brokered the sale of a 553-unit self-storage facility in the eastern Dallas suburb of Mesquite that is operated under the Storage King USA brand. The facility spans 73,999 net rentable square feet. Brandon Karr of Marcus & Millichap represented the seller, a New York-based investment firm, in the transaction. Karr also procured the buyer, a REIT. Both parties requested anonymity.
TOMS RIVER, N.J. — Developer DXD Capital has completed construction of a 761-unit self-storage facility in Toms River, located on the Jersey Shore. The four-story building spans 62,818 net rentable square feet and features multiple elevators and a drive-in loading area. DXD Capital acquired the site in summer 2022. Public Storage will operate the facility. Jayeff served as the general contractor on the project, and Century Bank was the construction lender.
DELRAY BEACH, FLA. — BBX Logistics Properties, along with joint venture partner PCCP LLC, has broken ground on The Park at Delray, a new 40-acre industrial park located along U.S. Highway 441 in Delray Beach, about 20 miles south of West Palm Beach. Phase I of the project includes the construction of a 200,000-square-foot building, with plans for two additional buildings to follow. The first phase can accommodate tenants seeking spaces as small as 50,000 square feet. City National Bank provided a $31.3 million construction loan for The Park at Delray. The timeline for construction was not disclosed.