FORT WORTH, TEXAS — Stuart C. Irby Co., a provider of electrical parts and equipment, has signed a 51,600-square-foot industrial lease at West Fork Business Center in Fort Worth. Stuart Smith of Cushman & Wakefield represented the tenant in the lease negotiations. Trey Goodspeed and George Jennings of Holt Lunsford Commercial represented the landlord, Exline Capital.
RHOME, TEXAS — The Northwest Independent School District has acquired a 33,550-square-foot warehouse that is situated within 114 Industrial Park, a 174-acre development located about 25 miles north of Fort Worth in Rhome. 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. George Curry of JLL represented Northwest ISD in the transaction.
CARTERET, N.J. — Crow Holdings has completed Crow Holdings at Carteret, a 1.2 million-square-foot speculative industrial facility that is situated on a 126-acre site in Northern New Jersey. The development consists of three buildings ranging in size from 335,000 to 480,000 square feet that feature 40-foot clear heights, as well as a total of 174 dock doors, 140 trailer parking spaces and six drive-in ramps. Construction was completed in about 18 months. Cushman & Wakefield is the leasing agent.
LAKEWOOD, COLO. — Malman Construction Real Estate has arranged the purchase of an industrial property located at 1250 Simms St. in Lakewood. Double O Enterprises LLC sold the building to 1250 Simms LCC for $5.2 million. Jake Malman of Malman Construction Real Estate represented the buyer, while Max Marcum and Scott Marcum of Marcum Commercial Advisors represented the seller in the deal.
PORTLAND, ORE. — Norris & Stevens has arranged the sale of an industrial and office building located at 2316 NE Glisan St. in Portland. Meidi LLC purchased the property from TJR LLC for $1.4 million. Constructed 1953, the 5,140-square-foot industrial and office property features a main level that includes a warehouse/production space and one grade-level overhead door. The second floor features five private offices, a conference room, open work space and a mezzanine storage area. Greg Nesting and Gabe Schnitzer of Portland-based Norris & Stevens represented the seller, while Andrew Galler of Realty Works Group represented the buyer in the transaction.
FORT WORTH, TEXAS — Ring Container Technologies, a provider of plastic fabrication services, has signed a 105,857-square-foot industrial lease renewal at Railhead Industrial Park in Fort Worth. The 633-acre, rail-served development is located at the corner of Northeast Loop 820 and Blue Mound Road on the city’s north side. Allen Gump of Colliers represented the tenant in the lease negotiations. Matt Carthey and George Jennings of Holt Lunsford Commercial represented the landlord, James Campbell Co.
SOMERSET, N.J. — San Francisco-based Prologis will develop a 436,900-square-foot industrial project in the Northern New Jersey community of Somerset. The site at 187 Davidson Ave. spans 47 acres. Building features will include a clear height of 40 feet, 190-foot truck court depths and ample car and trailer parking spaces. Delivery is slated for the second half of 2024. Noah Balanoff, Mark Hay and Jacquelyn Severino of Colliers represented Prologis in its acquisition of the land from an undisclosed seller. Colliers has also been retained as the project’s leasing agent.
— 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 …
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.
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.