Industrial

Venture One Acquires 30,963 SF Industrial Building in Elmhurst, Illinois

by Kristin Harlow September 6, 2023

ELMHURST, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has acquired a 30,963-square-foot industrial building in the Chicago suburb of Elmhurst. The purchase price was undisclosed. Located at 851 Industrial Drive and constructed in 1980, the property is fully leased to seven tenants. The building features seven docks and parking for 36 cars. Each unit has its own dock and office area. Joe Bronson and Paddy Dwyer of NAI Hiffman represented the undisclosed seller. VK Industrial VI is co-sponsored by Venture One and Kovitz Investment Group. The fully discretionary fund targets industrial acquisitions in the Chicago, Northeast and Florida markets.

September 6, 2023

California Development Industrial Western

Elevation Land Co., Crow Holdings Capital Break Ground on 1.8 MSF Otay Business Park in California

by Amy Works September 6, 2023

OTAY MESA, CALIF. — A joint venture between Elevation Land Co. and a real estate fund advised by Crow Holdings Capital has broken ground on Otay Business Park, situated on a 119-acre site in San Diego’s Otay Mesa submarket. The joint venture acquired the land site in May 2022. Otay Business Park will feature 1.8 million square feet of industrial distribution and logistics space spread across multiple buildings. The first phase of the project is slated to open in late 2025. Dempsey Construction is performing the horizontal site work, which includes grading, as well as on-site and off-site utility and road infrastructure work. Ware Malcomb served as architect for the project.

September 6, 2023

Idaho Industrial Market Reports Western Western Market Reports

Healthy Leasing Activity Keeps Massive Industrial Projects on the Rise

by Jeff Shaw September 6, 2023

— By Dan Minnaert, Partner and Industrial Specialist, TOK Commercial Real Estate — Industrial leasing activity has slowed year over year in Southern Idaho markets with total transactions down 9 percent. However, all markets saw transactions increase or remain flat from the first quarter to the second quarter. Net absorption has also remained positive in all markets throughout the first half of 2023. Activity is strongest in the Boise MSA with nearly 900,000 square feet of net absorption recording so far this year. Top deals for the year include Ferguson Enterprises leasing 164,600 square feet of new construction in Nampa, and Hensel Phelps Construction leasing 92,900 square feet at 535 Gowen in South Boise. Demand remains strongest for spaces in the 1,000- to 5,000-square-foot range, accounting for 51 percent of deals over the past 12 months. However, absorbed spaces above 15,000 square feet have increased 15 percent year over year. In addition, organic growth is the top driver for leasing activity considering 30 percent of deals over the past year were attributed to tenants opening additional locations or expanding. Additional new industrial tenants are expected to enter Southern Idaho, most notably in the Boise MSA as new projects such …

September 6, 2023

Illinois Industrial Leasing Activity Lee & Associates Midwest

Alive Telecom Signs 74,978 SF Industrial Lease in University Park, Illinois

by Kristin Harlow September 5, 2023

UNIVERSITY PARK, ILL. — Alive Telecom has signed a 74,978-square-foot industrial lease at 500 Crossing Drive in the Chicago suburb of University Park. The 150,000-square-foot building, constructed in 2006, is now fully leased. Brian Vanosky, Michael O’Leary and Dylan Maher of Lee & Associates represented the landlord, Mapletree. Jeff Galante of Lee & Associates represented the tenant, which is a global supplier of equipment, systems and services for the communications market.

September 5, 2023

Acquisitions Industrial New Jersey Northeast

JLL Arranges Acquisition Loan, Equity for Central New Jersey Industrial Property

by Taylor Williams September 5, 2023

SAYREVILLE, N.J. — JLL has arranged an undisclosed amount of acquisition financing and joint venture equity for a 10-acre industrial outdoor storage property located in the Central New Jersey community of Sayreville. The site at 700 Jernee Mill Road houses a 28,500-square-foot warehouse with clear heights ranging from 24 to 28 feet and 14 drive-in doors, as well as 6.5 acres of truck parking and additional outdoor storage space. Michael Klein, Matthew Pizzolato and Benjamin Morgenthal of JLL arranged the financing on behalf of the borrower, a partnership between Ridgecut Road and Brennan Investment Group. An undisclosed regional bank provided the loan.

September 5, 2023

Development Industrial New York Northeast Self-Storage

SecureSpace Self Storage Opens New Facility in Queens

by Taylor Williams September 5, 2023

NEW YORK CITY — California-based owner-operator SecureSpace Self Storage has opened a new facility at 131-21 14th Ave. in the College Point area of Queens. The number of units was not disclosed. The facility spans 131,691 net rentable square feet of climate-controlled space. Units range in size from 5 feet by 5 feet to 10 feet by 30 feet. The facility also features a leasing office and AI-enabled cameras and sensors that provide security and monitoring.

September 5, 2023

Industrial Loans Washington Western

Gantry Arranges $11M Refinancing for Four-Building Cumberland Industrial Center in Kent, Washington

by Amy Works September 5, 2023

KENT, WASH. — Gantry has secured $11 million in permanent financing for the refinancing of Cumberland Industrial Center, a flex industrial park on 7.4 acres at 22022-22028 68th Ave. S. in Kent. Mike Wood and Alex Saunders of Gantry arranged the financing for the borrower, a private real estate investor. The five-year, fixed-rate loan was placed with one of Gantry’s correspondent insurance company lenders. The financing includes interest-only payments for the entire loan term. Totaling 118,500 square feet, the four-building Cumberland Industrial Center was built in 1980 and since renovated. At the time of financing, a range of manufacturing, retail and professional service tenants occupied the multi-tenant property.

September 5, 2023

4-Fairfield-Blvd.-Wallingford-Connecticut

Acquisitions Connecticut Industrial Northeast

OR&L Negotiates $3.3M Sale of Industrial Property in Wallingford, Connecticut

by Taylor Williams September 5, 2023

WALLINGFORD, CONN. — Locally based brokerage firm OR&L Commercial has negotiated the $3.3 million sale of a 45,320-square-foot industrial property in Wallingford, located just north of New Haven. The building, which sits on 3.6 acres and features four loading docks, was roughly 45 percent leased at the time of sale to a single tenant. Frank Hird of OR&L represented the seller, Founders Associates LLC, in the transaction and procured the buyer, NEC Advisors. Hird is also representing the new ownership in leasing the available space.

September 5, 2023

Industrial Market Reports Southeast Southeast Market Reports Tennessee

Memphis Industrial Market Begins to Normalize After Years of Robust Growth

by John Nelson September 4, 2023

In January of 2023, the Memphis industrial market was coming off multiple years of record-breaking growth. However, mid-year we seem to be trending back to a somewhat normal growth pattern. The Memphis industrial market, which was fueled by the pandemic like many other markets, is finally beginning to normalize. Economic factors also influence the market as well. First and foremost is the uncertainty: uncertainty in interest rates, uncertainty in construction costs and uncertainty in when will we see some signs of stabilization. Many say we need to survive until 2025. Yet, the Memphis industrial market seems to have all the tools to handle this moment, and move forward. Memphis, located on the borders of Tennessee, Arkansas and Mississippi, is known as “America’s Distribution Center” — boasting unparalleled expertise in distribution and logistics. With a central location, Memphis’ transportation infrastructure comprises the four Rs: runway, rail, river and road. Memphis International Airport houses the largest cargo airport in the world with the FedEx worldwide hub. Memphis is one of only three cities in the country that has five of the seven Class I railroads: Union Pacific/Southern Pacific, Burlington Northern Santa Fe (BNSF), CSX Corporation, Norfolk Southern and Canadian National Railroad (CN). …

September 4, 2023

Acquisitions California Industrial Western

Newmark Negotiates $103.5M Sale of 14-Building Industrial Portfolio in Fremont, California

by Amy Works September 1, 2023

FREMONT, CALIF. — Newmark has arranged the sale of Bayside Industrial Portfolio, a 14-property industrial portfolio in Fremont. CIP Real Estate acquired the asset from an undisclosed seller for $103.5 million. At the time of sale, the 352,280-square-foot portfolio was 91 percent occupied by 80 tenants. The properties feature flexible industrial spaces ranging from 2,500 square feet to 25,000 square feet, 16-foot clear heights, ample power distribution throughout the campus, truck courts with depths up to 140 feet and a mix of at-grade and dock-high doors. Steven Golubchik, Edmund Najera, Jonathan Schaefler and Darren Hollak of Newmark represented the seller in the deal. Ramsey Daya and Chris Moritz of Newmark’s Debt and Structured Finance group arranged $63 million in acquisition financing, in the form of debt, for the buyer.

September 1, 2023

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