Industrial

Portland Industrial Poised for Growth, Despite Rising Subleases

by Jeff Shaw August 11, 2023

— By Keegan Clay, Executive Director, Cushman & Wakefield — The Portland metro industrial market is well poised for investment and rent growth into 2024, despite an increase in sublease space coming to market. Portland has experienced many great trends, particularly in the past few years, including year-over-year double-digit rent growth, compressed cap rates, positive net absorption (occupancy growth), strong tenant demand, all-time low vacancy at 2.5 percent and land prices tripling in a short timespan. Such movement has led to increased competition and investment in the Portland region. We have seen an increase in sublease space hitting the market over the past five months to the tune of more than 2 million square feet. The majority of this relinquished space has stemmed from just a few users. Many of these subleases are a result of acquisitions with companies looking to increase efficiencies by eliminating redundancies. Some industrial users have consolidated out of market, including a major home goods business (648,000 square feet), while others have grown their real estate position in Portland. This includes a leading B2B electrical and industrial distribution company (293,000 square feet). Year to date, we have yet to see any of the larger …

August 11, 2023

Industrial Leasing Activity Texas

Newmark Negotiates 105,840 SF Industrial Lease in Manor, Texas

by Taylor Williams August 10, 2023

MANOR, TEXAS — Newmark has negotiated a 105,840-square-foot industrial lease in Manor, a northeastern suburb of Austin. The tenant, Ultra Clean Technology Systems & Service Inc., will occupy space at Crossroads Logistics Center. Phase I of the development, construction of which is underway, will consist of three buildings totaling approximately 483,000 square feet. Joshua LaFico of Newmark represented the tenant in the lease negotiations. JLL represented the landlord, an affiliate of HPI Real Estate Services. Crossroads Logistics Center will total roughly 1.1 million square feet at full buildout.

August 10, 2023

Industrial Leasing Activity Texas

HASA Signs 33,550 SF Industrial Lease in Rhome, Texas

by Taylor Williams August 10, 2023

RHOME, TEXAS — HASA Inc., a provider of industrial water treatment products, has signed a 33,550-square-foot lease at 114 Industrial Park, a 174-acre development in Rhome, about 25 miles north of Fort Worth. Owned by Dallas-based Realty Capital, 114 Industrial Park currently offers 150,000 square feet of shallow-bay industrial space, with a 136,500-square-foot building also under construction. Mark Boone internally represented Realty Capital in the lease negotiations. James Ewing of Colliers represented the tenant.

August 10, 2023

Acquisitions California Industrial Western

Stos Partners Divests of $26.5M Manufacturing Building in Tustin, California

by Amy Works August 10, 2023

TUSTIN, CALIF. — Stos Partners has sold a high-tech manufacturing property in Tustin to KTI Hydraulics for $26.5 million. Stos Partners originally acquired the asset in December 2021 for $19.2 million. The company implemented a value-add strategy and capital improvement program, including a new roof, parking lot, exterior painting, landscaping and interior improvements, at the 71,616-square-foot property. The property is located at 1311 Valencia Ave. within the Irvine Business Complex. The building features excess yard area, ample parking ratio, high-end cleanroom space with a mix of office and warehouse space, and on-site electric vehicle charging stations. Nick Valasquez and Michael Hartel of Colliers, along with Ross Bournce of CBRE, represented Stos Partners. Xavier Nolasco and Steve Wagner of JLL represented the buyer in the transaction.

August 10, 2023

Acquisitions Industrial Iowa Midwest

Sealy & Co. Acquires 265,700 SF Altus Commerce Center in Altoona, Iowa

by Kristin Harlow August 10, 2023

ALTOONA, IOWA — Sealy & Co. has acquired the newly constructed Altus Commerce Center in Altoona, a northeast suburb of Des Moines. The purchase price was undisclosed. The industrial facility totals 265,700 square feet and features a clear height of 32 feet, 135-foot truck court, 26 dock-high doors and two drive-in doors. Jason Gandy and Davis Gibbs of Sealy led the transaction. Mark Long and John Hassler of Newmark represented the seller, VanTrust Real Estate. In honor of VanTrust, Sealy is making a significant contribution to the Marine Corps Scholarship Foundation to commemorate the transaction.

August 10, 2023

Acquisitions Development Industrial Northeast Pennsylvania

Cushman & Wakefield Brokers $13.5M Sale of Industrial Development Site in York, Pennsylvania

by Taylor Williams August 10, 2023

YORK, PA. — Cushman & Wakefield has brokered the $13.5 million sale of an industrial development site in York. The site, known as The Expressway Commerce Park, is fully approved for the development of two buildings totaling 673,920 square feet. Building A will total 403,000 square feet and feature 405 auto stalls, 77 trailer stalls, 74 dock doors and two drive-in doors. Building B will total 270,920 square feet and feature 269 auto stalls, 72 trailer stalls, 43 dock doors and two drive-in doors. Gerry Blinebury and Collin Potter of Cushman & Wakefield represented the seller, Maple Press, in the transaction. The buyer was MRP Industrial. The sale included a subdivision from the Maple Press manufacturing facility that will remain in operation.

August 10, 2023

Acquisitions Industrial New Jersey Northeast

Fastener Dimensions Acquires 60,000 SF Industrial Building in Pennsauken, New Jersey

by Taylor Williams August 10, 2023

PENNSAUKEN, N.J. — Fastener Dimensions, a manufacturer and distributor of precision bolts for the aerospace industry, has acquired a 60,000-square-foot industrial building in the Southern New Jersey community of Pennsauken. The sales price was $4.2 million. Fastener Dimensions will continue to occupy the freestanding building, where it has operated out of for the past several years. Jonathan Klear of NAI Mertz brokered the deal. The seller was not disclosed.

August 10, 2023

Acquisitions Arizona Industrial Western

Westcore Buys Hatcher Industrial Park in Glendale, Arizona for $92.7M

by Amy Works August 9, 2023

GLENDALE, ARIZ. — Westcore has completed a $92.7 million acquisition of the 906,125-square-foot Hatcher Industrial Park from Ryan Cos. US. Westcore partnered with Ryan one year ago for the development of the property, and this transaction marks the completion of the project and sale. Located in Glendale, the two-building industrial campus includes a 519,167-square-foot facility at 15101 W. Hatcher Road and a 386,958-square-foot asset at 15151 W. Hatcher Road. The warehouses feature 40-foot clear heights, ESFR sprinklers, eight grade-level doors, 167 dock-high doors and ample parking, including electric vehicle parking. Westcore is building out speculative office suites, equipping the buildings with full HVAC, LED warehouse lighting and dock packages with 40,000-pound-capacity levelers. Ryan Cos. served as the developer and builder for Hatcher Industrial Park and Ryan A+E Inc. served as architect. Tony Lydon, Marc Hertzberg, Riley Gilbert and Kelly Royle of JLL assisted with the transaction and are managing the leasing efforts for the property.

August 9, 2023

California Development Industrial Western

Rockefeller Group to Develop 259,000 SF Distribution Center in Perris, California

by Amy Works August 9, 2023

PERRIS, CALIF. — Rockefeller Group has completed the $13.4 million acquisition of a 14-acre parcel in Perris for the development of Patterson Commerce Center, a 259,000-square-foot distribution center. The project will be located adjacent to Optimus Logistics Center, a 1.4 million-square-foot, two-building logistics center. Full construction is slated to commence in September. The building will feature 36-foot clear heights, 56-foot by 60-foot column spacing, 145 parking spaces and a 185-foot to 240-foot truck court with 59 trailer stalls. Completion of Patterson Commerce Center is scheduled for summer 2024. The project team includes HPA Architects, Huitt-Zollars and RM Dalton. Jo McKay, Michael McKay and Michael Fine of Lee & Associates represented the Rockefeller Group on the land purchase and will oversee leasing of the project.

August 9, 2023

Corporate-Drive-Industrial-Complex-Selma

Development Industrial Texas

Ackerman & Co. Underway on 511,000 SF Industrial Project in Selma, Texas

by Taylor Williams August 9, 2023

SELMA, TEXAS — Atlanta-based developer Ackerman & Co. is underway on construction of Corporate Drive Industrial Complex, a 511,000-square-foot industrial project in Selma, a northeastern suburb of San Antonio. The development will consist of a 274,000-square-foot facility and 237,000-square-foot structure on a 32-acre site. The rear-load buildings will feature 32- to 36-foot clear heights and combined parking for 647 cars and 59 trailers. Ackerman is developing the project in partnership with Baltisse US Inc. and is targeting a first-quarter 2024 delivery. Partners Real Estate has been tapped as the leasing agent.

August 9, 2023

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