KENILWORTH, N.J. — Timeless Treasures Fabrics, a New York-based manufacturer of clothing materials, has signed a 42,000-square-foot industrial lease in the Northern New Jersey community of Kenilworth. The property at 3 Mark Road houses 38,000 square feet of office space, a 24,000-square-foot fenced pave lot and 4,000 square feet of office space. David Simon, Catherine Goski-Vasquez and Richard Goski of NAI DiLeo-Bram represented the undisclosed landlord in the lease negotiations. Linda Hill and Doug Bansbach of Colliers represented the tenant.
COMMERCIAL POINT, OHIO — Colliers has brokered the sale of Rickenbacker Exchange Building 2 in metro Columbus for $94.1 million. The 1.2 million-square-foot distribution center is located at 521 Exchange Way in Commercial Point. VanTrust Real Estate developed the building, which was fully leased to Hanesbrands Inc. prior to its completion in 2022. The property, located within the 875-acre Rickenbacker Exchange at Commercial Point industrial park, features a clear height of 40 feet, four drive-in doors, 120 docks and 728 parking spaces. Alex Cantu and Alex Davenport of Colliers brokered the transaction. VanTrust sold the asset to W. P. Carey Inc.
NEW LENOX AND JOLIET, ILL. — Northern Builders will serve as developer and general contractor for two industrial build-to-suits at Cherry Hill Business Park in New Lenox and Joliet. Agile Cold Storage will occupy a 202,759-square-foot facility on nearly 24 acres with expansion capabilities for an additional 150,000 square feet. The building is slated for completion in the second quarter of 2025. Illinois Truck Group (ITG) will utilize a 33,180-square-foot property as a truck maintenance and dealership facility. The project calls for nine maintenance bays, one wash bay, 5,000 square feet of office space and parking for 200 tractor cabs. Straddling both Joliet and New Lenox, Cherry Hill Business Park is located between I-55 and I-57 with immediate access to I-80 and I-355.
COLORADO SPRINGS, COLO. — The LeClaire-Schlosser Group of Marcus & Millichap has brokered the sale of AC Self Storage, a self-storage facility in Colorado Springs. SmartStop Self Storage REIT acquired the asset from a Southern California-based limited liability company for an undisclosed price. Totaling 77,720 square feet, AC Self Storage consists of 16 single-story buildings comprising 486 non-climate-controlled drive-up units, 105 parking spaces and 30 office spaces. Facility amenities include a leasing office with retail display, security monitoring, perimeter fencing, elevated signage at all ingress/egress point, high-door units, expansion potential and wide-drive aisles. Adam Schlosser and Keith Phillips of The LeClaire-Schlosser Group of Marcus & Millichap represented the buyer and secured the seller in the transaction.
By Dan Wendorf, JLL The industrial landscape in Columbus is not just thriving — it’s breaking records. As highlighted in JLL’s fourth-quarter 2023 Columbus Industrial Insights Report, 2023 marked another milestone year for the market. With over 19 million square feet under construction and surpassing 2022’s nearly 7 million-square-foot total, Columbus has solidified its position as a national industrial hub. The report also showed total vacancy increased 3.8 percent year over year due to 15.7 million square feet of speculative completions, which finished the year at 30 percent leased. Although a modest uptick, Columbus continues to diversify its industrial scene from exclusively being known as once a “logistics and parcel delivery hub” to now being recognized for its growth in advanced manufacturing and data centers. As exemplified by investments from Facebook, Google and Meta, the market has evolved into a multifaceted industrial powerhouse. In particular, investments in microchip factories have stimulated the need for additional warehousing from suppliers, and this trend is expected to continue in the coming year. This article explores how Columbus has become a key player in industrial development, factors motivating businesses to move their operations to central Ohio and what’s in the pipeline to keep an …
AUSTIN, TEXAS — Holt Lunsford Commercial Investments (HLCI) will develop SouthPark 183, a 246,310-square-foot industrial project in Austin. The 19.1-acre site is located within an opportunity zone, approximately nine miles from downtown Austin and two miles from Austin-Bergstrom International Airport. HLCI acquired the land in December with plans to develop three shallow-bay buildings. Construction is scheduled to begin in the first quarter of next year.
GLEN ALLEN, VA. — JLL has arranged the $85.4 million sale of Performance Food Group @ Cardinal North, a 328,335-square-foot cold storage facility in Glen Allen, a suburb of Richmond. Bill Prutting, Pete Pittroff, Craig Childs, Dave Andrews, Josh McArdle and Christopher Dale of JLL represented the seller, Scannell Properties, in the transaction. The team also secured the undisclosed buyer. Situated within one mile from I-95, the property was delivered last year and is fully leased to Richmond-based Performance Food Group. The facility includes 160,000 square feet of refrigerated space, a standalone vehicle maintenance and fueling facility, 32-foot clear heights, 52 dock-high doors and 138 trailer spaces. The 59.3-acre site offers room for two expansions that could potentially increase the square footage of the property by 40 percent, according to JLL.
ALEXANDRIA, VA. — Terreno Realty Corp. has purchased a four-building industrial portfolio located at 6584-6674 Fleet Drive in Alexandria for $84.3 million. Situated on 19.1 acres near the intersection of I-95/395 and I-495 (Capital Beltway), the portfolio spans 357,000 square feet across four separate distribution centers. The buildings were fully leased to 21 tenants at the time of sale, with all leases expiring by 2031. The property features 67 dock-high doors, 38 grade-level loading positions and parking for 580 vehicles. The seller was not disclosed.
WHARTON, N.J. — CBRE has arranged the sale of an industrial development site at 100 E. Dewey Ave. in the Northern New Jersey community of Wharton. Thomas Mallaney and Denise Kokulak of CBRE represented the buyer, a partnership between Commercial Realty Group and North Jersey Development Group, in the transaction. NAI Hanson represented the seller, Air Products and Chemicals Inc. The new ownership plans to construct a 95,000-square-foot building with a clear height of 28 feet, with construction beginning in the coming weeks.
SALT LAKE CITY — Cushman & Wakefield has arranged the sale of Mountain View Industrial Park Building B, an industrial property in Salt Lake City. Terms of the transaction were not released. Situated on 10.3 acres, the 179,400-square-foot Building B features 32-foot clear heights, 4,000 amps of power, off-dock trailer parking and abundant loading. WALT fully occupies the property. Building B is part of a larger industrial project known as Mountain View Industrial Park, which comprises three buildings totaling 1.25 million square feet. Jeff Chiate, Jeff Cole, Rick Ellison, Will Strong, Matt Leupold, Tom Freeman, Travis Healey, Jeremy Terry, Rob Rubano and Brian Share of Cushman & Wakefield’s National Industrial Advisory Group West team led the transaction.