ARLINGTON, TEXAS — Texas Almet, a supplier of aircraft parts, has signed a 42,850-square-foot industrial lease at 501-509 106th St. in Arlington. According to Propertyshark.com, the single-tenant building was constructed on two acres in 1980. Canon Shoults of Holt Lunsford Commercial represented the undisclosed landlord in the lease negotiations. Scott Voelkel of Dickey Property Co. represented the tenant.
LEWISBERRY, PA. — Lee & Associates has brokered the sale of a 189,000-square-foot industrial facility in Lewisberry, a southern suburb of Harrisburg. The distribution center at 525 Industrial Drive was built on a speculative basis and features a clear height of 32 feet, 45 loading docks and an ESFR sprinkler system. Bob Yoshimura, Joe Hill, Eric Mattson and Connor Sanbower of Lee & Associates represented the seller, a partnership between Boston-based firms High Street Logistics Properties and TA Realty, in the transaction.
By Taylor Williams “Negative leverage.” At face value, the term has an undeniably ominous connotation. The first half is an umbrella word for all things adverse and pessimistic, while the second evokes a sense of financial helplessness and dependency, of being permanently hamstrung by creditors. Yet in the context of industrial investment in major markets throughout the Northeast, the term is more synonymous with flexibility and acceptance, as it represents a framework through which deals continue to get done despite the very dicey conditions of the U.S. capital markets. Since the Federal Reserve began aggressively raising the federal funds rates this spring to combat severe inflation, all commercial property types have been hit with softening buyer demand and, consequently, price declines. At the time of this writing, the nation’s central bank had a target range of 3 to 3.25 percent for short-term interest rates, nearly 300 basis points above its stated goal at the beginning of the year. Increases of that magnitude in the cost of debt adversely impact demand across all asset classes, as there are only so many buyers that can pay entirely in cash. Investors that can pay all cash expect — and usually receive — discounted …
MELBOURNE, FLA. — Marcus & Millichap has arranged the sale of Melbourne, Florida Storage Opportunity, an 89,250-square-foot self-storage facility located in Melbourne, roughly 70 miles southeast of Orlando on Florida’s Space Coast. The property, which features 66,547 square feet of rentable space and 662 climate-controlled units, was acquired by an undisclosed limited liability company. Meir Perlmuter, Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap marketed the property on behalf of the seller, also an undisclosed limited liability company, and secured and represented the buyer in the transaction. Ryan Nee, the firm’s Florida broker of record, assisted in closing the sale. The sales price was not disclosed.
GEORGETOWN, TEXAS — Titan Development has sold Gateway 35 Commerce Center Building 1, a 294,297-square-foot industrial facility located in the northern Austin suburb of Georgetown. Built on 21 acres in 2022, the cross-dock building was fully leased to California-based electronics manufacturer CelLink Corp. at the time of sale. Building features include 36-foot clear heights, 185-foot truck court depths, 220 car parking spaces and 94 trailer parking stalls. Trent Agnew, Dustin Volz, Dom Espinosa, Josh Villarreal and Megan Babovec of JLL represented Titan Development in the transaction. The buyer and sales price were not disclosed.
WRENTHAM, MASS. — A partnership between Dallas-based Lincoln Property Co. and San Francisco-based private equity firm Stockbridge has begun construction on a 176,800-square-foot speculative industrial project in Wrentham, about 40 miles southwest of Boston. The site spans 34.5 acres and is located one mile from I-495. Building features will include a clear height of 32 feet, 35 dock doors, 130-foot truck court depths, 113 car parking spaces and 33 trailer parking stalls. ARCO National Construction Co. is the general contractor for the project, completion of which is slated for late 2023.
DENVILLE, N.J. — Cushman & Wakefield has arranged the $7.2 million sale of a 42,000-square-foot industrial building located in the Northern New Jersey community of Denville. The property sits on 3.4 acres, features a clear height of 18 feet and is currently leased to three tenants. Andrew Schwartz, Jordan Sobel and Andre Balthazard of Cushman & Wakefield represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
LEWISBERRY, PA. — Industrial design-build firm Stellar has signed a 10,412-square-foot lease renewal within Fairview Industrial Park in Lewisberry, a southern suburb of Harrisburg. Dan Alderman of NAI CIR represented Stellar in the lease negotiations. Victor Kelly represented the owner, Larken Associates, on an internal basis. Fairview Industrial Park comprises three buildings totaling 137,404 square feet.
ELGIN, ILL. — Principle Construction Corp. is underway on a new 31,200-square-foot industrial building for Alvil Trucking at 2570 Millennium Drive in Elgin. The logistics company is relocating from Elk Grove Village. The project will include a 15,400-square-foot warehouse, 9,800-square-foot truck maintenance area and 6,000 square feet of office space. Additional building features include four dock doors, four drive-in doors and a clear height of 28 feet. Principle is also constructing a 972-square-foot mezzanine storage area and amenities for truckers, including showers and rest areas. More than 50 parking spaces will be available for both trucks and trailers. Harris Architects is the project architect. Principle expects to complete the project before the end of the year.
BROOMFIELD, COLO. — New York City-based Lightstone has purchased an 11-building, multi-tenant industrial portfolio in Broomfield for $72 million. The name of the seller was not disclosed. Known as the Commander Industrial Portfolio, the asset totals 512,000 square feet on 31 acres, with suites ranging in size from 5,000 square feet to more than 68,000 square feet. At the time of sale, the portfolio was fully leased to 17 tenants. Peter Rotchford and Mark Robot of JLL Capital Markets arranged $40 million in acquisition financing through Wintrust Financial for Lightstone. With this transaction, Lightstone’s industrial portfolio now includes more than 7.5 million square feet of space in 16 markets across the country, including Chicago, Charlotte, Dallas and Tampa.