GARLAND, TEXAS — Lee & Associates has brokered the sale of a 27,161-square-foot industrial building in the northeastern Dallas suburb of Garland. According to LoopNet Inc., the building at 2025 Wall St. was constructed on 1.4 acres in 2004 and features 18-foot clear heights. Taylor Stell and Brett Lewis of Lee & Associates represented the undisclosed seller in the transaction. The buyer was also not disclosed.
DALLAS — Partners Real Estate has negotiated a 12,600-square-foot industrial lease at 5131 Sharp St. in the Brookhollow neighborhood of Dallas. Hanes Chatham Jr. and Graham Dressel of Partners represented the tenant, McMahan’s Flooring Inc., in the lease negotiations. Turner Peterson with Mercer Co. represented the landlord, locally based investment firm CanTex Capital.
LANCASTER, KY. — Atlanta-based spirits company Staghorn is underway on the development of its first distillery, named Garrard County Distilling Co., situated on a 210-acre site in Lancaster, roughly 40 miles south of Lexington in Garrard County. Upon completion, the $250 million project will feature a 50,000-square-foot distillery, as well as two rickhouses and a visitor center with a tasting room and restaurant, with plans for up to 24 aging warehouses by 2030. The distillery is expected to create more than 60 permanent jobs and produce up to 150,000 barrels of bourbon each year. A construction timeline was not disclosed.
TAUNTON, MASS. — Quality Custom Distribution, a logistics company based in metro Dallas, has signed a 135,000-square-foot industrial lease in Taunton, located south of Boston and east of Providence. The space is located within Taunton Trade Center, a 584,640-square-foot development that features a clear height of 40 feet, 112 loading docks, 546 car parking spaces and 132 trailer stalls. Philip Verre and Pete Whoriskey of Cushman & Wakefield represented the landlord, Martignetti Cos., in the lease negotiations. Chon Kantikovit, also with Cushman & Wakefield, represented the tenant.
NEW YORK CITY — Bridge Industrial has acquired a 128,148-square-foot property located at 58-95 Maurice Ave. in the Maspeth area of Queens. The newly renovated building was originally constructed on 2.8 acres in 1998 and features a clear height of 20 feet, 10 drive-in doors and three loading docks. Tyler Peck of JLL represented the seller, Turnbridge Equities, in the transaction. Bridge Industrial was self-represented. The property was fully leased to three tenants at the time of sale.
NATICK, MASS. — Empire Management has purchased a 25,000-square-foot industrial building in the western Boston suburb of Natick for $6.4 million. According to LoopNet Inc., the building at 197 W. Central St. was originally constructed on three acres in 1955. Bernard Gibbons of regional brokerage firm ABG Commercial Realty represented Empire Management in the transaction. The seller was not disclosed.
DENVER — BKM Capital Partners has purchased West 6th Center, a light industrial property at 1780 W. 6th Ave. in Denver, for $10.7 million. BKM acquired the asset through a joint venture partnership with TerraCore Capital. Built in 1995, the facility features a 69,575-square-foot unit, a 29,745-square-foot unit and a 23,463-square-foot unit. The asset offers 16- to 20-foot clear heights, a small office component, 50,000 square feet of secured yard space, two oversized grade-level loading doors, 26 dock-high doors and five mobile metal ramps to convert select dock-high doors to drive-in doors. At the time of sale, three occupants fully occupied the 122,783-square-foot small-bay industrial building. BKM plans to invest $7 million into a value-add repositioning plan to modernize the asset. Plans include upgrades to the property’s roof, parking lots, HVAC systems, paint scheme, landscaping, signage and storefronts, as well as capital for speculative tenant improvements. The buyer plans to divide the 69,575-square-foot property and convert it into four smaller units to create six total units ranging from 20,464 square feet to 40,928 square feet. Alec Rhodes, Aaron Valdez and Raymond Trevisan of Cushman & Wakefield represented the undisclosed seller, while BKM represented itself in the deal.
While there has been a discernible dip in the volume of industrial leasing activity occurring in the greater Baltimore metropolitan area this past year, optimism remains high among owners and investors of this asset class given the diminishing volume of new product under construction, the still low 7.4 percent overall vacancy rate, record high — yet stabilizing — average asking rents of $10.54 per square foot net and the fact that 10 million people are not likely to soon move away from the Baltimore-Washington, D.C. corridor, the fourth-largest combined metropolitan statistical area in the country. Oh yes, spirits remain high following the Baltimore Orioles’ underdog ride to the top of the American East standings this summer. Never underestimate the power of a professional sports franchise to energize an entire region. The metro Baltimore industrial market consists of more than 3,600 buildings, totaling more than 266 million square feet of space that includes flex and industrial Class A, B and C buildings. Year-to-date, the market has yielded negative absorption of approximately 1 million square feet of space, including nearly 300,000 square feet this past quarter. The bad news of GXO Logistics shuttering a 571,000-square-foot distribution center in Harford County and laying …
GOODLETTSVILLE, TENN. — OSB Holdings LLC, an entity controlled by Nashville-based Gorney Realty Co., has acquired the Old Stone Bridge Industrial Portfolio at 300 Old Stone Bridge Road in Goodlettsville. Situated about 14 miles south of Nashville via I-65, the property comprises two shallow-bay service centers totaling 45,000 square feet. The buildings were 96 percent leased to 14 tenants at the time of sale. Steve Preston, Jack Armstrong and Will Goodman of CBRE represented the undisclosed seller in the transaction, and Gorney was self-represented. The sales price was not disclosed.
FORT WORTH, TEXAS — CHEP USA, a provider of pallets and containers for a variety of industries, has signed a 155,200-square-foot industrial lease renewal at 5301 Alliance Gateway Freeway in North Fort Worth. The site spans 11.4 acres, and the facility, which was built in 1996, features 26-foot clear heights, 122- to 125-foot truck court depths and parking for 102 cars and 93 trailers. Canon Shoults and Maddy Canty of Holt Lunsford Commercial represented the landlord, Brookfield Properties, in the lease negotiations. Greg Lance of Cushman & Wakefield represented the tenant.
