Industrial

MCA Realty Sells 136,350 SF Lakewood Business Park in Washington

by Amy Works October 21, 2022

LAKEWOOD, WASH. — Orange County, Calif.-based MCA Realty has completed the disposition of Lakewood Business Park, a multi-tenant industrial park located at 10107 S. Tacoma Way in Lakewood, approximately 40 miles southwest of Seattle. A private 1031 exchange buyer acquired the asset for $32.9 million. Built in 1978/1981, the park features six buildings offering a total of 136,350 square feet of industrial space. The property is less than eight miles from the Port of Tacoma, and less than two miles from Lewis-McChord joint army and air force base. At the time of sale, the asset was 100 percent occupied. MCA Realty originally acquired the park in December 2020 for $18.2 million and implemented updates to the property, including new paint, asphalt, curbing, lighting repairs and landscaping. Brett Hartzell, Paige Morgan and Rebecca Perlmutter of CBRE, along with Nick Ratzk and John DeHan of Neil Walter, represented seller. Gary Stache, Anthony DeLorenzo and Bill Maher of CBRE represented the buyer in the deal.

October 21, 2022

Acquisitions Industrial Nevada Western

SVN|Gold Dust Brokers Sale of 119,500 SF Industrial Building in Carson City, Nevada

by Amy Works October 21, 2022

CARSON CITY, NEV. — SVN | Gold Dust Commercial Associates has arranged the sale of 550 Mallory Way, a Class C industrial property in Carson City. Terms of the transaction were not released. The 119,500-square-foot building features 12- to 20-foot clear heights, dock-high doors and at-grade doors. The property also offers proximity to Highway 50, Highway 395 and I-580. Jack Brower and Wes Brogan of SVN | Gold Dust represented the undisclosed seller in the deal.

October 21, 2022

Acquisitions Industrial Texas

JLL Negotiates Sale of 374,560 SF Cold Storage Facility in Denton, Texas

by Taylor Williams October 20, 2022

DENTON, TEXAS — JLL has negotiated the sale of a 374,560-square-foot cold storage facility in the North Texas city of Denton. Delivered on a speculative basis in 2022, Cold Creek Solutions Denton features 45-foot clear heights, 60,000 pallet positions, 53 dock positions, 147 car parking spaces and 85 trailer parking stalls. The breakdown of the square footage translates to 306,240 square feet of freezer/cold storage space, a 59,320-square-foot refrigerated dock and 9,000 square feet of office space. An undisclosed institutional investment firm purchased the asset from developer Cold Creek Solutions for an undisclosed price. Dustin Volz, Stephen Bailey, Dom Espinosa, Wells Waller and Cole Sutter of JLL brokered the deal. The property was 50 percent leased to Southwest Warehouse Services at the time of sale.

October 20, 2022

Development Industrial Michigan Midwest

Kroger Opens 135,000 SF Customer Fulfillment Center in Romulus, Michigan

by Kristin Harlow October 20, 2022

ROMULUS, MICH. — The Kroger Co. has opened its newest customer fulfillment center (CFC) in Romulus. Powered by the Ocado Group, the roughly 135,000-square-foot CFC will leverage advanced robotics technology and creative solutions for Kroger delivery services. Kroger utilizes temperature-controlled vans and machine-learning algorithms that optimize delivery routes for grocery deliveries. Machine-learning algorithms adjust themselves to perform better as they are exposed to more data. Orders are delivered to customers’ doorsteps by trained Kroger associates. The CFC in Romulus will reach customers up to 90 minutes from the site and will employ more than 700 associates. Kroger first announced its partnership with Ocado, a technology company that specializes in grocery e-commerce, in 2018. Kroger currently operates CFCs in Ohio, Florida, Georgia, Wisconsin, Texas and Michigan. Additional centers are slated for California, Maryland, Arizona, Ohio, North Carolina and Colorado as well as South Florida and the Northeast.

October 20, 2022

Acquisitions Illinois Industrial Midwest

Marcus & Millichap Arranges $1.6M Sale of Industrial Property in Rolling Meadows, Illinois

by Kristin Harlow October 20, 2022

ROLLING MEADOWS, ILL. — Marcus & Millichap has arranged the $1.5 million sale of Carnegie Street Business Center in the Chicago suburb of Rolling Meadows. The industrial property, located at 1225 Carnegie St., spans 25,800 square feet, includes seven suites ranging in size from 1,800 to 6,200 square feet. Peter Doughty of Marcus & Millichap represented the seller, a local private investor. Neil Bresnahan of Marcus & Millichap secured and represented the buyer, also a local private investor.

October 20, 2022

Industrial Leasing Activity NAI New Jersey Northeast

NAI Hanson Negotiates 406,437 SF Industrial Lease Renewal in Carteret, New Jersey

by Taylor Williams October 20, 2022

CARTERET, N.J. — NAI James E. Hanson has negotiated a 406,437-square-foot industrial lease renewal in the Northern New Jersey community of Carteret. Coffee distributor Continental Terminals will continue to occupy the entirety of the building at 200 Middlesex Ave. Scott Perkins, Chris Todd, Andrew Somple, Greg James and Justin Allessio of NAI Hanson represented the landlord, an undisclosed institutional investment firm, in the lease negotiations. Tom Carragher, Steve Korfiatis, Craig Engelhardt and Chris Carragher of Newmark represented the tenant.

October 20, 2022

Colorado Development Industrial Western

Lovett Industrial Breaks Ground on 613,758 SF Logistics Center in Brighton, Colorado

by Amy Works October 20, 2022

BRIGHTON, COLO. — Houston-based Lovett Industrial has broken ground on Lovett 76 Logistics Center, a Class A industrial facility in Brighton. Situated within Bromley Business Park, the 613,758-square-foot, cross-dock building will feature 36-foot clear heights, seven-inch reinforced concrete slab, 224 dock-high doors, 180-foot truck courts and at least 121 trailer parks, tenant dependent. Construction started in September and completion is slated for July 2023.

October 20, 2022

12th-St-Exchange-Marriott-Slaterville-UT

Development Industrial Retail Utah Western

St. John Properties Starts Construction of 19-Acre Business Park Near Salt Lake City

by Amy Works October 20, 2022

MARRIOTT-SLATERVILLE, UTAH — St. John Properties has broken ground on 12th Street Exchange, a 19-acre business park located at 1200 South and S 1900 West in Marriott-Slaterville, approximately 35 miles north of Salt Lake City. Once completed, 12th Street Exchange will offer 170,000 square feet of commercial flex/R&D and retail space. This project is St. John Properties’ fourth Utah development and its first project north of Salt Lake City in Weber County.

October 20, 2022

Acquisitions Industrial New Jersey Northeast

Seagis Property Group Buys Two Industrial Buildings Totaling 19,296 SF in Moonachie, New Jersey

by Taylor Williams October 20, 2022

MOONACHIE, N.J. — Metro Philadelphia-based investment firm Seagis Property Group has purchased two industrial buildings totaling 19,296 square feet in the Northern New Jersey community of Moonachie. The two standalone buildings span 9,660 and 9,636 square feet and were both vacant at the time of sale. Seagis, which plans to implement a value-add program, purchased the properties from a private ownership group that occupied the buildings for its business, Corporate Jet Support. Chris Koeck of Newmark represented both parties in the transaction.

October 20, 2022

Acquisitions Georgia Industrial Southeast

GCP, AEW Capital Management Purchase 2.9 MSF Industrial Portfolio in Metro Atlanta

by John Nelson October 20, 2022

MCDONOUGH AND JONESBORO, GA. — A partnership between Birmingham, Ala.-based Growth Capital Partners (GCP) and AEW Capital Management LP has purchased a 2.9 million-square-foot industrial portfolio in Atlanta’s I-75 South industrial submarket. The seller and sales price were not disclosed. The portfolio comprises three Class A facilities in McDonough and Jonesboro that house four tenants, including Whirlpool Corp. and Caterpillar. The assets include 195 King Mill Road in McDonough, 150 Greenwood in McDonough and 9250 S. Main St. in Jonesboro. GCP’s existing portfolio spans 6.7 million square feet in Sun Belt markets such as Atlanta, Nashville, Houston, San Antonio, Charlotte and Jacksonville.

October 20, 2022

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