Industrial

Früh Packaging Signs 63,480 SF Industrial Lease in Exton, Pennsylvania

by Taylor Williams February 28, 2023

EXTON, PA. — Swiss manufacturer Früh Packaging has signed a 63,480-square-foot, full-building industrial lease in Exton, about 35 miles west of Philadelphia. According to LoopNet Inc., the property was built on 26.5 acres in 2023, totals 113,000 square feet and features a clear height of 16 feet, 40 dock doors and 128-foot truck court depths. Mike Adams and Sarah Finney Miller of NAI Summit represented the tenant in the site selection and lease negotiations. Locally based developer Hankin Group owns the property.

February 28, 2023

Industrial Leasing Activity New Jersey Northeast

RCF USA Signs 30,000 SF Industrial Lease in Piscataway, New Jersey

by Taylor Williams February 27, 2023

PISCATAWAY, N.J. — Electronics manufacturer RCF USA has signed a 30,000-square-foot, full-building industrial lease in the Northern New Jersey community of Piscataway. The building at 101 Circle Drive N. is situated within the 570,000-square-foot Rutgers Industrial Center and features a clear height of 35 feet, six dock doors and 38 parking stalls. Chuck Fern of Cushman & Wakefield represented the tenant in the lease negotiations. Jason Barton, also with Cushman & Wakefield, represented the landlord.

February 27, 2023

Industrial Leasing Activity Office Southeast Virginia

Five New Tenants Sign Leases at 171,000 SF Merritt Business Park in Quantico, Virginia

by John Nelson February 27, 2023

QUANTICO, VA. — Five new tenants will join Merritt Business Park at Quantico Corporate Center, a light industrial campus located along I-95 in Quantico. Three of the businesses — Full Distance Brewing, The Nova Systems and Two Marines Moving — are veteran-owned companies. Full Distance Brewing and Nova Systems will occupy 8,000 and 7,000 square feet, respectively. Merritt Properties has also signed leases with Top Notch Moving Services and The Continuum Group. Top Notch will take over 15,000 square feet, and Continuum will lease 7,200 square feet at the property, which is comprised of two single-story flex buildings. Both buildings feature 18-foot clear heights, access to a fiber-optic network, loading docks and drive-in capabilities for warehouse users.

February 27, 2023

California Development Industrial Western

Ridgeline Starts Construction of 1.5 MSF Midway Commerce Center in Vacaville, California

by Amy Works February 27, 2023

VACAVILLE, CALIF. — Ridgeline Property Group, along with USAA Real Estate as capital partner and real estate investment manager, has started vertical construction for Midway Commerce Center Buildings A and C in Vacaville. Situated on 89.7 acres, the 1.5 million-square-foot industrial park is located off Eubanks Drive, a mile from the Midway Road and Highway 505 interchange and less than four miles from Interstate 80. The 198,490-square-foot, rear-loading Building A will offer 36-foot clear heights and mechanical dock levers at every other position. The 1.2 million-square-foot, cross-dock Building C will offer an internal clear height of 42 feet and hydraulic dock levels at all 209 positions. Both buildings will feature LED lighting, ample power and high-finish offices. Completion is slated for early this fall. Development costs were not released. HPA Architecture is serving as architect for the project. Brooks Pedder, John McManus and Tony Binswanger of Cushman & Wakefield are handling leasing for the project.

February 27, 2023

Industrial Market Reports Southeast Southeast Market Reports Tennessee

Nashville’s Industrial Market Remains Active Despite Economic Uncertainty

by John Nelson February 27, 2023

Nashville’s industrial market continues to see strong demand going into 2023. In fact, more than 1.7 million square feet of leasing activity was recorded throughout fourth-quarter 2022, bringing the year-to-date transaction volume just shy of an impressive 8.8 million square feet. Even overall vacancy sat at 3 percent during the final quarter of 2022, and while that was a slight increase compared to the previous quarter, it still was 30 basis points below the national vacancy average. Despite a recessionary environment and uncertainty of what’s next in the commercial real estate sector, Nashville’s industrial market is uniquely positioned for the upcoming year. As Nashville’s industrial market still experiences growth, there are several macro-economic trends impacting it that are worth keeping an eye on, such as e-commerce and third-party logistics demand. Interest rates have also risen, making it very tricky to value property and cap rates due to the debt markets. This has triggered limited investment activity from buyers and sellers alike across all property types, including industrial. Industrial developers are also being more cautious as rising interest rates have increased construction costs. Many developers and investors have purchased land or have land under contract, for example, but are waiting for …

February 27, 2023

Acquisitions Florida Industrial Southeast Top Stories

Terreno Realty Acquires South Florida Industrial Development Site for $173.6M

by Taylor Williams February 27, 2023

HIALEAH, FLA. — Terreno Realty Corp. (NYSE: TRNO), a San Francisco-based REIT, has acquired an industrial development site in the South Florida city of Hialeah for $173.6 million. The seller was not disclosed. The 121-acre site, which formerly housed a landfill, is located within Countyline Corporate Park and is fully entitled for the development of 2.2 million square feet of industrial space across 10 buildings. In addition, the site is adjacent to seven Terreno-owned buildings within Countyline Corporate Park, all of which are fully leased. The location provides users with quick access to the Florida Turnpike and the southern terminus of I-75. Construction is already underway on a 191,000-square-foot rear-load building and a 506,000-square-foot cross-dock building. At the time of sale, those buildings were approximately 30 percent preleased. Terreno expects to fully complete construction sometime in 2025. At that time, the buildings will offer a combined 660 dock-high doors, 22 grade-level loading positions and parking for 1,875 cars. The company estimates that the total price tag for the project will be about $491 million. The stock price of Terreno Realty Corp. opened at $63.79 per share on Monday, Feb. 27, down slightly from $69.69 per share a year ago. — …

February 27, 2023

Acquisitions Data Centers Industrial Office Texas

Aphorio Carter Acquires Central Texas Data Center, Office Complex for $55M

by Taylor Williams February 24, 2023

BRYAN, TEXAS — Aphorio Carter, a division of Tampa-based investment firm Carter Funds, has acquired a data center and office complex located in the Central Texas city of Bryan for $55 million. The complex consists of two data center buildings and one office building totaling 69,788 square feet. At the time of sale, the facility was fully leased to colocation services provider Fibertown, which recently entered into a 20-year net lease at the property. The seller was not disclosed.

February 24, 2023

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Arranges Sale of 532-Unit Self-Storage Facility in Lockhart, Texas

by Taylor Williams February 24, 2023

LOCKHART, TEXAS — Marcus & Millichap has arranged the sale of Alliance Self Storage, a 532-unit facility located in the Central Texas city of Lockhart. The facility was built on five acres in 2002 and totals 70,750 net rentable square feet. Jon Danklefs of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies that requested anonymity, in the transaction.

February 24, 2023

Acquisitions Industrial South Carolina Southeast

JLL Arranges Sale of 430,920 SF Sagebrook Home Distribution Center in Charleston

by John Nelson February 24, 2023

CHARLESTON, S.C. —JLL Capital Markets has arranged the sale of Sagebrook Home Distribution Center, a 430,920-square-foot facility located at 574 Trade Center Parkway within the Charleston Trade Center. Completed in 2021, the property was fully leased at the time of sale to Sagebrook Home, a home décor company with showrooms in Atlanta, Las Vegas, Los Angeles and High Point, N.C. Stockbridge acquired the asset for an undisclosed price. Dave Andrews, Pete Pittroff, Patrick Nally and Josh McArdle of JLL represented the seller, Lightstone Group, in the transaction.

February 24, 2023

Industrial Leasing Activity Texas

Factory Building Stores Signs 167,794 SF Industrial Lease in Lockhart, Texas

by Taylor Williams February 24, 2023

LOCKHART, TEXAS — Factory Building Stores, a distributor of home appliances, has signed a 167,794-square-foot, full-building industrial lease at Lockhart 130 Industrial Park in Central Texas. The rear-load building, which is slated for a fourth-quarter completion, will feature 32-foot clear heights and 37 dock doors. Omar Nasser of AQUILA Commercial represented the landlord, Titan Development, in the lease negotiations. Davis Bass and Geoff Hangartner of HPI Real Estate Services & Investments represented the tenant. Lockhart 130 Industrial Park will ultimately comprise four buildings on a 45.1-acre site.

February 24, 2023

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