CANTON, MASS. — Massachusetts-based design-build firm Dacon has completed a 30,000-square-foot, build-to-suit headquarters project for healthy snack food provider 88 Acres in Canton, a southern suburb of Boston. The facility at 85 John Road, which allows the company to more than quintuple its production, features a quality control lab, R&D lab, production area, cooling room, warehouse, executive offices and conference rooms. Camber Development owns the building.
DEER PARK, N.Y. — Locally based brokerage firm Island Associates Real Estate has negotiated the $3.4 million sale of a 6,000-square-foot warehouse in the Long Island community of Deer Park. The site at 955 Long Island Ave. was previously used for auto wrecking , inside metal storage and truck repairs. Lawrence Densen and Chris Mayor of Island Associates represented the seller, a family estate, in the transaction. The buyer was a New York City-based construction and scaffolding company.
SUNNYVALE, CALIF. — GI Partners has completed the sale of a mission-critical R&D facility at 825 Stewart Drive in Sunnyvale. BGO acquired the asset for an undisclosed price. Most recently renovated in 2015, the two-story building features 75,350 square feet of R&D space and 242 surface parking spaces. An American multinational technology company, which has invested significant capital into the facility, fully occupies the building. Will Connors, Daniel Renz, Michael Manas, Cheri Pierce, Kendall Willet and Aisling Duffy of JLL Capital Markets represented the seller in the deal.
GARDEN GROVE, CALIF. — Harbinger Motors has inked a deal to occupy 165,171 square feet of manufacturing and distribution space at 12821 Knott St. in Garden Grove. The landlord is Rexford Industrial. Harbinger Motors will manufacture electric light- and medium-duty delivery vehicles custom designed to customers’ specifications. To accommodate the tenant, the space will undergo extensive renovations, including 40,000 square feet of office and engineering space. Harbinger Motors is relocating to the facility from Gardena. Rexford Industrial acquired the property in 2019 and added significant improvements, including a 45,171-square-foot high-bay expansion and 20,000 square feet of high-finish office space. Clyde Stauff and Jace Gan of Colliers represented the landlord in the lease negotiations.
DE SOTO, KAN. — Panasonic Energy has leased 509,760 square feet of industrial space at Building C within Flint Commerce Center in De Soto, about 30 miles southwest of Kansas City. The 1 million-square-foot building is under construction and slated for completion in summer 2024. The 370-acre flint Commerce Center can accommodate users ranging from 200,000 to 2 million square feet. Flint Development is the developer. Mark Long, John Hassler and Scott Bluhm of Newmark Zimmer represented Flint in the lease with Panasonic.
GREENFIELD, IND. — CBRE has brokered the $13.4 million sale of Building 4 within Mount Comfort Logistics Center in Greenfield, an eastern suburb of Indianapolis. The building totals 120,336 square feet and is a build-to-suit warehouse for U.S. AutoForce, a wholesale automotive tires, parts and lubricants distributor. Built in 2021, the property features a clear height of 30 feet, 22 dock doors, two drive-in doors and ample car and trailer parking. Kevin Foley and Jared Scaringe of CBRE Investment Properties represented the seller, Ambrose Property Group. Gary Stache, Chris Martin and Bill Maher of CBRE Investment Properties represented the private California-based buyer, which completed a 1031 exchange.
KANSAS CITY, KAN. — Iconex, a provider of label solutions and paper receipts, has renewed its 88,461-square-foot industrial lease at Cambridge Business Park in Kansas City. Copaken Brooks owns Cambridge Business Park, which totals 13 buildings and 464,521 square feet of light industrial and office space. There are more than 45 long-standing tenants at the property. Iconex has been a tenant since 2007. Its new lease goes through 2030. John Stafford of Colliers represented Iconex, while Jeremiah Dean represented Copaken Brooks on an internal basis.
By David Berglund, JLL The Minneapolis-St. Paul industrial real estate market continues to show strength as tenant demand and leasing activity keep vacancies low and absorption steady. In the second quarter of 2023, there were more than 4 million square feet of leasing and 523,641 square feet of net absorption, which pushed vacancy rates down slightly to 3.6 percent. In addition, roughly 800,000 square feet of speculative development was removed from the market. Currently, there is just 2.7 square foot of available space for every square foot of tenant demand. Year-to-date absorption was nearly 2 million square feet, led by the Northwest submarket with nearly 1.3 million square feet of that total since January. The Northwest submarket has been leading in absorption in four of the past six quarters. Asking rents increased to $6.21 per square foot and first-year rents continued to climb to $9.13 per square foot, reflecting an 11.5 percent growth over 2022. With very low vacancy and limited supply coming, we are continuing to see favorable conditions for landlords in the Twin Cites industrial market. New high-water marks for rents will likely continue into 2024. Investment sales, however, tapered off significantly as the impact of several incremental …
SCHERTZ, TEXAS — Atlanta-based developer Ackerman & Co., in partnership with Baltisse US Inc., has completed Doerr Lane Logistics Center, a 307,000-square-foot industrial project in Schertz, a northeastern suburb of San Antonio. The Class A, tilt-wall distribution center features 32-foot clear heights, 78 overhead dock doors, an ESFR sprinkler system and parking for 318 automobiles and 96 trailers. Beaty Palmer Architects designed the project, and Kopplow Construction served as the general contractor. Partners Real Estate is the leasing agent.
FORT WORTH, TEXAS — Victaulic, a producer of piping and fire protection products, has acquired a 213,581-square-foot, newly built industrial property in Fort Worth. The developer, Stonemont Financial Group, broke ground on the project in late 2021 with plans to deliver a speculative facility. Victaulic approached Stonemont several months into construction to purchase the shell, which the company then designed and built out to its specifications. Trey Fricke of Lee & Associates represented Victaulic in the acquisition of the property, which features 98 parking spaces, 35 trailer stalls and 38 dock doors. Ann Jaggars and Tony Creme of KBC Advisors represented Stonemont.