Industrial

Colliers Arranges Sale of Three-Building Industrial Portfolio in Metro Chicago

by Kristin Harlow October 6, 2023

ELGIN, ROMEOVILLE AND BUFFALO GROVE, ILL. — Colliers has arranged the sale of a three-building industrial portfolio totaling 541,283 square feet in metro Chicago. The sales price was undisclosed. The properties are located at 277 Alft Court in Elgin, 1881 Normantown Road in Romeoville and 351-355 Hastings St. in Buffalo Grove. The buildings were fully leased at the time of sale. Jeff Devine, Steve Disse and Tyler Ziebel of Colliers represented the seller, Ares Industrial Management. Venture One Real Estate was the buyer.

October 6, 2023

Industrial Leasing Activity New Jersey Northeast

Fabuwood Cabinetry Signs 197,072 SF Industrial Lease in Linden, New Jersey

by Taylor Williams October 6, 2023

LINDEN, N.J. — Fabuwood Cabinetry has signed a 197,072-square-foot industrial lease at Linden Logistics Center in Northern New Jersey. Tom Carragher led a Newmark team that represented the tenant in the lease negotiations. Thomas Monahan, Larry Schiffenhaus, Stephen D’Amato and Brian Golden of CBRE represented the landlord, a partnership between Advance Realty Investors, Greek Real Estate Partners and PGIM Real Estate. Linden Logistics Center will ultimately consist of eight buildings totaling 4.1 million square feet on a 350-acre site, and the development’s first three buildings are now complete.

October 6, 2023

Development Industrial Leasing Activity New Jersey Northeast

Cushman & Wakefield Arranges $4.9M in Financing for Northern New Jersey Industrial Project

by Taylor Williams October 6, 2023

EDISON, N.J. — Cushman & Wakefield has arranged $4.9 million in financing for an 82,500-square-foot industrial project that will be located in the Northern New Jersey community of Edison. Streamline Realty Funding provided the debt, which the borrower, Catalyst Development Partners, will use to acquire the 6.7-acre site and fund predevelopment costs. John Alascio, Chuck Kohaut, T.J. Sullivan and Jason Blankfein led the transaction for Cushman & Wakefield.

October 6, 2023

Acquisitions Industrial New Jersey Northeast

LXP Industrial Trust Sells 127,144 SF Flight Training Facility in Whippany, New Jersey

by Taylor Williams October 5, 2023

WHIPPANY, N.J. — An affiliate of New York City-based REIT LXP Industrial Trust (NYSE: LXP) has sold a 127,144-square-foot industrial property in the Northern New Jersey community of Whippany that houses a flight training facility. The facility was originally built on 16.8 acres in 2006, expanded in 2008 and renovated in 2020. Building features include a clear height of 38 feet, seven drive-in doors and 312 parking spaces. Jose Cruz, Jeremy Neuer, Marc Duval, Jordan Avanzato, Nicolas Stefans, Jason Lundy and Peter Kim of JLL represented LXP Industrial Trust in the transaction. The buyer and sales price were not disclosed.

October 5, 2023

Acquisitions Industrial Maine Northeast Self-Storage

Marcus & Millichap Brokers Sale of 296-Unit Self-Storage Portfolio in Chelsea, Maine

by Taylor Williams October 5, 2023

CHELSEA, MAINE — Marcus & Millichap has brokered the sale of a portfolio of three self-storage facilities totaling 296 units in Chelsea, located just south of Augusta. The properties total 45,690 net rentable square feet of space. Luke Dawley, Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, an individual/personal trust, in the transaction. The buyer and sales price were not disclosed. Jim Koury of Marcus & Millichap assisted in closing the deal as the broker of record.

October 5, 2023

Acquisitions Industrial Midwest Minnesota

Arden Logistics Parks Acquires Three-Building Light Industrial Portfolio in Metro Minneapolis

by Kristin Harlow October 5, 2023

EDEN PRAIRIE AND EAGAN, MINN. — Arden Logistics Parks (ALP) has acquired a three-building light industrial portfolio totaling 361,428 square feet in metro Minneapolis for an undisclosed price. The portfolio consists of the Flying Cloud Business Centre in Eden Prairie and Oakview Business Centre I and II in Eagan. The transaction marks the first acquisition in the Minneapolis market for ALP. The Flying Cloud Business Centre totals 204,000 square feet and is fully leased to four tenants. Oakview Business Centre I and II total 157,428 square feet and are 96 percent leased to 10 tenants. The seller was not released.

October 5, 2023

Acquisitions Industrial South Carolina Southeast

Rockefeller Group Sells 1.1 MSF Stateline 77 Industrial Park in Fort Mill, South Carolina

by John Nelson October 5, 2023

FORT MILL, S.C. — The Rockefeller Group has sold Stateline 77, a 1.1 million-square-foot, two-building industrial park located along I-77 in Fort Mill, a South Carolina suburb of Charlotte. EQT Exeter purchased the 77.5-acre asset from Rockefeller Group for an undisclosed price. Pete Pittroff, Dave Andrews, Josh McCardle, Michael Scarnato and Britton Burdette of JLL represented Rockefeller Group in the sale. Last month, solar panel manufacturer Silfab Solar announced plans to invest $150 million to upfit and operate out of the larger of Stateline 77’s two buildings, a 786,167-square-foot cross-dock facility located at 7149 Logistics Lane. The property’s second building, a 221,000-square-foot distribution center at 7107 Logistics Lane, was fully leased in 2022 by two tenants, Element Designs and Motion Industries Inc.

October 5, 2023

Acquisitions Florida Industrial Southeast

Arden Logistics Parks Acquires 195,532 SF Industrial Portfolio in West Palm Beach

by John Nelson October 5, 2023

WEST PALM BEACH, FLA. — Arden Logistics Parks (ALP), a subsidiary of Arden Group, has purchased a three-building, 195,532-square-foot portfolio of shallow-bay industrial assets in West Palm Beach. The portfolio was more than 98 percent leased to more than 40 tenants at the time of sale. The acquisition marks ALP’s entry into the West Palm Beach market. The seller and sales price were not disclosed.

October 5, 2023

Illinois Industrial Market Reports Midwest Midwest Market Reports

Industrial Cooldown Hits Metro Chicago Market

by Kristin Harlow October 5, 2023

By Mike Mangan, Cresa We knew it would happen, it was just a matter of time: The industrial real estate market is currently experiencing a cooling trend in Chicago and across the country. The best-performing asset across all commercial asset classes for the past several years is finally coming back to earth due to higher borrowing costs and a slowdown in demand. Rental rates are beginning to level off and many economists are predicting a reduction in consumer spending. The industrial sector had been able to flourish despite economic headwinds, with demand during the pandemic heavily focused on e-commerce activity. The supply versus demand is shifting, and this should be welcome news to tenants in the market or who will be in the market in the next 12 to 24 months. Indicators are not pointing toward a crash landing, but a return to earth for the golden child of the commercial real estate asset classes. Tenants and occupiers will be able to utilize the additional supply coming to market to secure better economics and concessions. The facts Let’s first take a look at the national landscape. The U.S. unemployment rate in August was 3.8 percent — higher than predicted by …

October 5, 2023

Development Industrial Texas

Street Realty to Develop 140,000 SF Industrial Project in White Settlement, Texas

by Taylor Williams October 4, 2023

WHITE SETTLEMENT, TEXAS — Locally based developer Street Realty will build West Loop Business Park, a 140,000-square-foot industrial project in White Settlement, a western suburb of Fort Worth. West Loop Business Park will comprise 14 shallow-bay buildings on a 12-acre site. Each building will span 9,900 square feet and can be subdivided for multiple tenants or marketed to a single tenant. Construction is scheduled to begin before the end of the year and wrap up in the third quarter of 2024. FirstBank Southwest provided construction financing for the deal.

October 4, 2023

Newer Posts

Older Posts