Industrial

Cresa, Glenwood Arrange Sale of 163,309 SF Kuriyama of America Headquarters Building in Suburban Chicago

by Kristin Harlow February 1, 2024

SCHAUMBURG, ILL. — Cresa has arranged the sale of a 163,309-square-foot industrial building in Schaumburg that serves as the headquarters of Kuriyama of America Inc., a manufacturer of thermoplastic hose and accessories. The sales price was undisclosed. The property sits on 11.5 acres at 360 E. State Parkway. The building features a clear height of 34 feet, 15 exterior docks, parking for 134 cars and 32,000 square feet of office space. Ed Lowenbaum of Cresa and Jason Talanian of Glenwood Real Estate represented Kuriyama in the sale. Tom Gath and Kevin Murphy of Newmark represented the buyer, DN Solutions, a machine tool company that will use the facility for its corporate headquarters and showroom.

February 1, 2024

Acquisitions Industrial New Hampshire Northeast

Newmark Negotiates $39.7M Sale-Leaseback of Industrial Facility in Londonderry, New Hampshire

by Taylor Williams February 1, 2024

LONDONDERRY, N.H. — Newmark has negotiated the $39.7 million sale-leaseback of a 224,780-square-foot industrial facility in Londonderry, located outside of Manchester near the New Hampshire-Massachusetts border. The facility was constructed on 17 acres in 2018 for digital printing company EFI and includes both manufacturing and research and development space. Richard Ruggiero and Brian Pinch of Newmark represented EFI in the transaction. The duo also procured the buyer, regional investment firm R.J. Kelly. Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell and William Sleeper of Newmark provided additional support on the transaction.

February 1, 2024

Industrial Leasing Activity Massachusetts Northeast

Axcelis Technologies Signs 95,800 SF Industrial Lease in Beverly, Massachusetts

by Taylor Williams February 1, 2024

BEVERLY, MASS. — Axcelis Technologies, which supplies manufacturing equipment for the semiconductor business, has signed a 95,800-square-foot industrial lease in Beverly, a northern suburb of Boston. Axcelis will use the entirety of the building at 105 Sam Fonzo Drive for order fulfillment and distribution purposes. Richard Ruggiero, Matt Adams, Torin Taylor and Rory Walsh of Newmark represented the tenant in the lease negotiations. The representative of the landlord, a Massachusetts-based limited liability company, was not disclosed.

February 1, 2024

Industrial Leasing Activity Northeast Pennsylvania

Zimmel Associates Negotiates 70,000 SF Industrial Lease in Bethlehem, Pennsylvania

by Taylor Williams February 1, 2024

BETHLEHEM, PA. — Regional brokerage firm Zimmel Associates has negotiated a 70,000-square-foot industrial lease in the Lehigh Valley city of Bethlehem. The 120,000-square-foot building at 2500 Emrick Blvd. was constructed in 2017 and features a clear height of 32 feet and 3,500 square feet of office space. David Zimmel of Zimmel Associates represented the tenant, Romeo & Layla Warehousing, in the negotiations for the seven-year lease. Locally based developer J.G. Petrucci Co. owns the building.

February 1, 2024

Acquisitions California Industrial Office Western

Sorrento Seven Sells Mixed-Use Sorrento View Business Park in San Diego for $45M

by Amy Works February 1, 2024

SAN DIEGO — Sorrento Seven LLC has completed the disposition of Sorrento View Business Park, a multi-tenant, mixed-use flex business park in San Diego’s Sorrento Mesa neighborhood. A private buyer acquired the asset for $45 million. Totaling 139,340 square feet, the seven-building park is located at 5945-5965 Pacific Center Blvd., 10151-10211 Pacific Mesa Blvd. and 5940 Pacific Mesa Court. Evan McDonald of Colliers represented the seller, while the buyer was self-represented in the deal.

February 1, 2024

Acquisitions California Industrial Western

West Harbor Capital Purchases Multi-Tenant Distribution Warehouse in City of Industry, California

by Amy Works February 1, 2024

CITY OF INDUSTRY, CALIF. — West Harbor Capital has acquired a distribution facility, located at 14313-14351 E. Bonelli St. in the Los Angeles suburb of City of Industry. Earl M. Hill Limited Partnership sold the asset for $16.5 million. The property features 69,498 square feet of multi-tenant distribution space. The property was acquired with a 28,240-square-foot vacant and 41,258 square feet leased to two logistics tenants. Steffan Morris and Eric Parkhurst of Lee & Associates represented West Harbor Capital, while Kent Stalwick of CBRE represented the seller in the transaction.

February 1, 2024

Industrial Market Reports Midwest Midwest Market Reports Missouri

Industrial Submarkets of St. Louis Tell Different Stories

by Kristin Harlow February 1, 2024

By Matt Hrubes and Joshua Allen, CBRE St. Louis is located at the crossroads of the U.S. at the intersection of I-55 (north/south) and I-70 (east/west), making it a prime location for industrial real estate users and developers alike. The Greater St. Louis area is separated by the Mississippi and Missouri rivers, giving it a natural division of industrial submarkets. Each side of the Mississippi River tells a different story as it relates to industrial real estate. Metro East To the east of the Mississippi River is the Metro East industrial submarket, which was the first in the area to offer real estate tax abatement, resulting in larger industrial developments ranging in size from 500,000 square feet to over 1 million square feet. Over the last decade, this area has seen some of the largest speculative developments in the region from national developers such as Panattoni, NorthPoint and Exeter, as well as local developers like TriStar. Absorption had been at all-time highs with groups like Amazon, World Wide Technology, Geodis, Sam’s Club, P&G and Tesla leasing space as buildings were being completed. That is, until 2023 when a wave of space became available either through sublease, speculative development completions or …

February 1, 2024

Acquisitions Industrial Lee & Associates Texas

Lee & Associates Brokers Sale of Eight-Acre Industrial Site in Flower Mound, Texas

by Taylor Williams January 31, 2024

FLOWER MOUND, TEXAS — Lee & Associates has brokered the sale of an eight-acre industrial development site located at the corner of Lakeside Parkway and Gerault Road in Flower Mound, located in the northern-central part of the metroplex. Alex Wilson of Lee & Associates represented the buyer, Canadian firm Hopewell Development, in the transaction. The seller was an entity doing business as P3 FM Development LLC.

January 31, 2024

Industrial Loans Massachusetts Northeast

JLL Arranges $57M Construction Loan for Metro Boston Industrial Project

by Taylor Williams January 31, 2024

WILMINGTON, MASS. — JLL has arranged a $57 million construction loan for a 237,800-square-foot industrial project that will be located at 800 Salem St. in the northern Boston suburb of Wilmington. Building features will include a clear height of 36 feet, 47 dock positions and parking for 332 cars and 33 trailers. Steven Klein, Brett Paulsrud and Ryan Parker of JLL arranged the three-year loan through an undisclosed national bank on behalf of the borrower, a partnership between Connecticut-based Wheelock Street Capital and Boston-based Camber Development. Construction is underway and expected to be complete in the third quarter.

January 31, 2024

Acquisitions Industrial New York Northeast

Marcus & Millichap Brokers $7.5M Sale of Brooklyn Industrial Assemblage

by Taylor Williams January 31, 2024

NEW YORK CITY — Marcus & Millichap has brokered the $7.5 million sale of an assemblage of three industrial-zoned lots in Brooklyn’s Greenpoint area. The assemblage consists of three lots along Huron Street, and the largest of the three parcels houses a 15,000-square-foot building. Thomas Brennan and Jakub Nowak of Marcus & Millichap represented the seller in the transaction. Vincent Pan and Tina Lin of Ritz Realty represented the buyer, which also plans to occupy the site. Both parties requested anonymity.

January 31, 2024

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