CARLSTADT, N.J. — Seagis Property Group has purchased a 30,058-square-foot industrial building within Gotham Industrial Park in the Northern New Jersey community of Carlstadt. The building, which was vacant at the time of sale, sits on 1.5 acres and features a clear height of 16 feet, four loading docks and roughly 1,500 square feet of office space. Leo Josephs and Joshua Meisner of Leo Josephs & Co. represented Seagis, which plans to implement a value-add program, in the transaction. The seller and sales price were not disclosed.
CHICAGO — CBRE has arranged the sale of a two-building, 1.1 million-square-foot industrial campus located at 4700-4800 Proviso Drive and 5000 Proviso Drive in Chicago. The properties are located in the Melrose Park neighborhood on the west side of the city. The site is located roughly 10 miles from O’Hare International Airport and is also near the Union Pacific Intermodal railway and the interchange of interstates 290 and 294. According to data from CBRE, the O’Hare submarket had an industrial vacancy rate of 2.4 percent as of the third quarter. Houston-based Hines purchased the campus for an undisclosed price. Zach Graham, Michael Caprile and Joe Horrigan of CBRE represented the unnamed seller in the transaction. The campus was fully leased at the time of sale, with a single logistics user that has been in place for approximately 20 years occupying each of the three spaces. Building features include 32- and 35-foot clear heights, one dock per 5,000 square feet of space, 159 trailer parking stalls and the capacity for dual rail loading. Hines plans to implement a value-add program to make improvements at the property. “This transaction represented a compelling opportunity given its strategic infill location in the densely populated …
Savannah’s industrial real estate market is experiencing exceptional growth and now totals 113.7 million square feet, of which 98.2 million square feet (86 percent) is dedicated to bulk distribution (tracking facilities sized 100,000 square feet or larger). Year-to-date net absorption as of the end of the second quarter was 6.3 million square feet, which suggests another solid year ahead. Additionally, the vacancy rate remains low at 4.6 percent, a historically favorable level. The development community has been quick to respond to robust demand, delivering 19 buildings totaling nearly 10 million square feet in the second quarter, with the majority of it already leased. The market is primed for additional growth, with a significant amount of new construction underway. More than 16 million square feet is currently under construction, not including the Hyundai plant that will span 17 million square feet itself, along with related supplier facilities covering an additional 1.9 million square feet as of this writing. The $5.5 billion Hyundai plant will employ 8,100 people and be the company’s first dedicated electric vehicle (EV) mass-production plant. It is expected to begin full production in early 2025 and will produce over 300,000 vehicles per year. The effects of Hyundai on …
SOUTHLAKE, TEXAS — A partnership between Constellation Real Estate Partners and Northwestern Mutual has acquired 33.7 acres in Southlake, located just outside the Dallas-Fort Worth International Airport campus, for the development of a 546,330-square-foot industrial project. Designed by Dallas-based Meinhardt & Associates, Constellation Mustang Crossing will comprise four buildings that will range in size from 102,957 to 188,132 square feet. Building features will include 28- to 32-foot clear heights, ESFR sprinkler systems and LED lighting. Joey Tyner and Tom Dosch of Dosch Marshall Real Estate represented Constellation in its purchase of the land. JLL will market the project for lease. Construction is scheduled to begin in the first quarter of next year and to last about 12 months.
DAYTON, TEXAS — OmniSource LLC, a subsidiary of Steel Dynamics, has acquired 55 acres within Gulf Inland Logistics Park, a 2,400-acre master-planned development located in the northeastern Houston suburb of Dayton, with plans to construct a new recycling facility. John Littman, Kelley Parker III and Coe Parker of Cushman & Wakefield represented the seller, Liberty Development Partners, in the disposition of the land. Michael Keegan and Andrew Laycock of Partners Real Estate represented OmniSource. A construction timeline was not disclosed.
YORK, PA. — A division of home appliances and interior furnishings provider Middleby Residential has signed a 204,269-square-foot industrial lease in York, about 100 miles west of Philadelphia. Del Markward of Pennsylvania-based brokerage firm Markward Group represented the tenant in the lease negotiations. Cushman & Wakefield represented the landlord, an affiliate of Atlanta-based Core5 Industrial Partners. Brad Pope of Hailey Real Estate also assisted in closing the deal as a referring consultant.
PENSACOLA, FLA. — TruCore Investments, an investment firm based in Tulsa, has acquired a manufacturing property in Pensacola, a city in Florida’s Panhandle near the Alabama border. The nearly $5 million acquisition comprises two Class B buildings totaling 77,845 square feet. The seller was an undisclosed individual investor based in California. The facilities sit on 8.1 acres at 3301 and 3329 Bill Metzger Lane within Ellyson Industrial Park. Jupiter Bach, a wind turbine component manufacturer, is the sole occupant of the two facilities, which have served as the manufacturer’s headquarters for more than 15 years. TruCore has purchased more than $130 million in Class B industrial assets in the past 24 months.
PHOENIX — Cushman & Wakefield has arranged a joint venture equity partnership between Phoenix-based Creation and Clarion Partners for the development of Park Algodon, a proposed $250 million speculative industrial project that was previously announced. The partnership plans to construct a two-phase industrial park totaling approximately 1.3 million square feet at the northwest corner of Loop 101 and Indian School Road in Phoenix’s West Valley. Phase I will consists of four buildings totaling 670,000 square feet, with groundbreaking expected by the end of the year. Phase II will feature a 556,000-square-foot warehouse, which is slated to for completion in late 2025. LGE Design Build will lead construction for the project. Will Strong, Kirk Kuller, Michael Matchett and Molly Hunt of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the venture in the negotiations.
ZION, ILL. — Industrial Outdoor Ventures is nearing completion of the first phase of Trumpet Park, a speculative industrial service facility (ISF) in Zion, a city in Northeast Illinois. Completion is slated for early 2024. The first phase, which is part of a larger $35 million project, is situated on nine acres adjacent to a FedEx freight terminal. Construction on the first phase includes an 11,440-square-foot maintenance/service facility and a paved parking area that will feature 180 stalls. ISFs provide supply chain infrastructure solutions to essential industries such as transportation, bulk material distribution, last-mile logistics, heavy equipment and the utility industry. When completed, the property will include a secured storage yard with fencing, security lighting and keypad access. The second phase of Trumpet Park will involve a larger 47-acre parcel. The project team includes Spaceco for civil engineering and surveying services, and Arete Design Studio for architecture, planning and design services. Chris Volkert, Ned Frank and Pat Hake of Colliers are the leasing agents.
WOODRIDGE, ILL. — Cushman & Wakefield has negotiated a 64,643-square-foot industrial lease at 2250 W. 75th St. in Woodridge, a southwest suburb of Chicago. Dan Wilkins and Lou Hall of Cushman & Wakefield represented the landlord, Molto Properties, while Jason West of Cushman & Wakefield represented the tenant, J&P Warehousing/Tardella Foods. The 101,871-square-foot building now has 37,228 square feet remaining available for lease.