Industrial

SOUTH PLAINFIELD, N.J. — A partnership between locally based owner-operator Ridgecut Road and Boston-based investment group Marcus Partners has acquired an industrial building in the Northern New Jersey community of South Plainfield. According to LoopNet Inc., the 11,500-square-foot property at 456 Hollywood Ave. was built on 3.9 acres in 1984. The building was been owned and occupied by a crane rental and equipment business for the last 50 years. The sales price was not disclosed.

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HUDSON, MASS. — SVN | Parsons Commercial Group | Boston has arranged the $2 million sale of a 10,750-square-foot industrial property in Hudson, about 40 miles west of Boston. The property comprises two buildings totaling 8,750 and 2,000 square feet on a 1.7-acre site at 561 Main St. Alex Wood of SVN | Parsons Commercial represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity, in the transaction.

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PEORIA, ARIZ. — Greystar has broken ground on Peoria Place, a $500 million, mixed-use, master-planned project in Peoria.  The first phase is a three-building, Class A industrial park that will be known as Caliber by Greystar. At build-out, Caliber will total 411,918 square feet of Class A product broken down as a 114,446-square-foot Building A, 122,863-square-foot Building B and 174,609-square-foot Building C. Buildings A and B will offer divisibility to serve a diversity of uses and tenant sizes.  Peoria Place will eventually include luxury apartments, build-to-rent single-family homes, residential over retail, 20 acres of open space and the Caliber light industrial park, which is slated for completion in the second quarter of 2024.  JLL serves as the project’s exclusive leasing broker. 

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GOODLETTSVILLE, TENN. — Dollar General Corp. (NYSE: DG) has announced recent expansions in its supply chain network that will grow the discount retailer’s distribution footprint by more than 3.2 million square feet. The Goodlettsville, Tenn.-based company has recently opened three new facilities and announced expansions of two existing campuses that will support Dollar General’s traditional goods, as well as its DG Fresh line of groceries. “The recent additions to our supply chain network aim to provide greater efficiencies, create additional jobs and drive positive economic impact,” says Tony Zuazo, executive vice president of Dollar General’s global supply chain. “We’re excited to continue growing our distribution center network to further support store growth and to better serve our customers and local communities.” Dollar General recently opened an 800,000-square-foot distribution center in Blair, Neb., that is expected to create approximately 400 new jobs at full capacity. The $140 million development is the company’s first ground-up dual facility, meaning it features both traditional distribution space and cold storage. Dollar General plans to host a formal opening ceremony for the facility this summer. The company recently increased distribution center storage capacity by more than 2 million square feet by opening two new permanent regional facilities …

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— By Wick Udy, Senior Managing Director, JLL — Salt Lake City’s industrial market continued its exceptional performance in 2022. Last year was the third consecutive year of above-average leasing and the second-highest volume of annual absorption on record. The largest volume of completions was recorded in 2022 with 13 million square feet delivered. However, leasing and absorption volumes were both below 2021 levels, which is something industry leaders are watching in 2023. Developers were forced to push pause on new building projects toward the end of 2022 due to rising interest rates and tighter capital markets. Because of this, JLL predicts 2023 could be the year of the sublease. What was a landlord-favorable market for many years is slowly leaning toward a tenant-favorable market.  Based on current activity within the marketplace, absorption should be positive in first-quarter 2023. Companies are signing leases on existing buildings instead of waiting for new builds, which will keep vacancy low for the foreseeable future. The market has remained as robust as it has because companies from California are relocating to Salt Lake City. They want to take advantage of its affordable real estate, quality of the workforce and the market’s proximity to large …

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FORT WORTH, TEXAS — California-based brokerage firm Matthews Real Estate Investment Services has negotiated the $5.2 million sale of a 69,000-square-foot industrial building occupied by Beacon Roofing Supply in Fort Worth. According to LoopNet Inc., the property at 5328 E. Lancaster Ave. was built on 7.2 acres in 1969 and renovated earlier this year. Building features include 16-foot clear heights and four dock-high loading doors. Alexander Harrold of Matthews represented the seller in the transaction. The buyer was a Nashville-based family office. Both parties requested anonymity.

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DALLAS — Lee & Associates has brokered the sale of a 40,546-square-foot industrial building in East Dallas. According to LoopNet Inc., the property at 3700 Dilido Road was originally built in 2002. Taylor Stell and Brett Lewis of Lee & Associates represented the buyer and seller, both of which requested anonymity, in the transaction. The sales price was also not disclosed.

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BAY SHORE, N.Y. — Duro Dyne National Corp., a manufacturer of sheet metal accessories and equipment for the HVAC industry, has extended its single-tenant lease at 81 Spence St., a 128,600-square-foot industrial building located in the Long Island community of Bay Shore. The extension runs through 2035. A partnership between Metropolitan Realty Associates and Angelo Gordon owns the building, which features a clear height of 24 feet, 10 loading docks and two drive-in doors. No outside brokers were involved in the deal.

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AURORA, COLO. — A 1031 exchange buyer has acquired a self-storage facility in Aurora for $2 million.  The facility is located at 1521 Oswego St. It features 180 storage units, plus a management office and apartment. The lot is two blocks away from the Anshutz Medical Campus.  The buyer was able to sell multiple apartment buildings to exchange into this new venture.  Quentin Shore, Chris Knowlton and Jim Knowlton of the Knowlton Lawson Team at Pinnacle Real Estate Advisors arranged the transaction.

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National headlines report Amazon, arguably the largest warehouse user in the country, curtailing demand and, in some cases returning space back to landlords. This is sandwiched by stories detailing rising interest rates and land prices, stricter entitlement guidelines and NIMBYs working to apply the brakes on new developments.  But, in “The Land of Pleasant Living,” (a Baltimore nickname made popular by the smart advertising of a local beer), the industrial revolution continues. And, for good reason.    More than 2.3 million square feet of industrial/warehouse space was leased in the greater Baltimore metropolitan region in fourth-quarter 2022, with a net absorption of more than 1.2 million square feet of space, contributing to an overall vacancy rate of 4.5 percent. Additionally, more than 13 million square feet of space is currently under construction and rents have soared more than 50 percent over the past two years, with an average rent of just under $8 per square foot in late 2022.  Significant leases signed in fourth-quarter 2022 included Baltimore International Warehousing & Transportation’s 244,304-square-foot lease at 5250-5330 Holabird Ave.; Amazon’s 241,962-square-foot lease at 1713 E. Patapsco Ave. and the 168,655-square-foot lease executed by Transdev at 1610 Wicomico St. Baltimore is contained within …

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