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AcquisitionsIndustrialWashingtonWestern

Panattoni Development, GLP Capital Sell 141,884 SF Lacey Logistics Facility in Washington

by Amy Works

LACEY, WASH. — Panattoni Development Co. and GLP Capital Partners have completed the disposition of Lacey Logistics, a Class A industrial building in Lacey. An undisclosed buyer acquired the asset for $23.8 million. Completed in 2021, the cross-dock, 141,884-square-foot building features 130-foot truck courts, 30-foot clear heights, dock-high and drive-in loading, trailer parking, ESFR sprinklers and heavy power. The facility is fully leased to three tenants: Morgan Transfer, Direct Export and Blue Line Foodservice. The property is located at 3130 Hogum Bay Road, less than 1.5 miles from Interstate 5, approximately 35 miles southwest of the Port of Tacoma and 60 miles southwest of downtown Seattle. Brett Hartzell and Paige Morgan of CBRE National Partners in the Pacific Northwest represented the sellers in the deal.

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DevelopmentIndustrialTexas

Rastegar Property Breaks Ground on 600,000 SF Industrial Project in Austin

by Taylor Williams

AUSTIN, TEXAS — Locally based investment and development firm Rastegar Property Co. has broken ground on INF1NITY Park, a 600,000-square-foot industrial project in Austin. The property will be situated on 50 acres at 11708 McAngus Road near the Tesla Gigafactory and will be developed in phases. Phase I will comprise three buildings ranging in size from 90,000 to 168,000 square feet, one of which is already fully preleased. The second phase will feature a 241,920-square-foot building that will be marketed as a build-to-suit opportunity. The buildings will offer 32- to 36-foot clear heights and a total of 246 docks and 800 parking spaces.

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AcquisitionsIndustrialTexas

Apricus Realty Capital Buys Three Outdoor Industrial Storage Sites in Houston

by Taylor Williams

HOUSTON — Dallas-based investment firm Apricus Realty Capital has purchased three outdoor industrial storage sites totaling approximately 70,000 square feet in Houston. The sites comprise five buildings on a combined four acres in the city’s Northwest Inner Loop submarket. Apricus Realty Capital acquired the assets in a joint venture with institutional investment firm Alex Brown Realty. The seller and sales price were not disclosed.

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IndustrialLoansNew JerseyNortheastPennsylvania

Natixis Provides $89.1M Loan for Refinancing of New Jersey, Pennsylvania Industrial Portfolio

by Taylor Williams

NEW JERSEY — French investment bank Natixis has provided an $89.1 million loan for the refinancing of the Crossings Industrial Portfolio, a collection of 25 buildings totaling roughly 1.2 million square feet that are located throughout Southern New Jersey and Bucks County, Pennsylvania. Specifically, the properties are located in Delran, Bridgeport, Evesham, Cinnaminson and Mount Laurel, New Jersey, and Bristol, Pennsylvania. John Alascio, Chuck Kohaut and T.J. Sullivan of Cushman & Wakefield arranged the debt. The borrower was Camber Real Estate Partners, an investment firm based in Northern New Jersey.

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IndustrialLeasing ActivityNew JerseyNortheast

H Global Commerce Inc. Signs 28,700 SF Industrial Lease in Clifton, New Jersey

by Taylor Williams

CLIFTON, N.J. ­— H Global Commerce Inc., a commercial glass distributor, has signed a 28,700-square-foot industrial lease in the Northern New Jersey community of Clifton. Josh Krantz, Michael Schaible and Troy Wisse of Lee & Associates represented the landlord, Boston-based Longpoint Realty Partners, in the lease negotiations. David Simon of Prominent Properties represented the tenant.

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IdahoIndustrialMarket ReportsWesternWestern Market Reports

Rents, Developments, Interest Rise in Boise’s Industrial Market

by Jeff Shaw

By Chris Pearson, Industrial Specialist, TOK Commercial Idaho remains a prime area for industrial growth in 2022, with nearly 180 deals completed across Southern Idaho’s top markets. Activity is strongest in the Boise MSA as more than 1.2 million square feet of net absorption has been recorded so far in 2022. This is up from 1.1 million square feet at the end of June 2021. Top deals for the year include Federated Ordinance leasing 265,200 square feet of new construction in Caldwell, as well as Amazon leasing 141,400 square feet in North Meridian.  Overall industrial vacancy has remained low across Idaho. Total vacancy in the Boise area has been below 1.5 percent over the past 12 months. It currently sits at 1.2 percent. Vacancy is slightly higher in the Magic Valley & Eastern Idaho MSAs, with total vacancy above 2.5 percent in both markets. However, total vacancy in Idaho Falls, the largest market in Eastern Idaho, hit a historic low of 1.3 percent in June. Vacancy is also at a record low in Twin Falls, the Magic Valley’s main industrial hub, which is currently at just 0.2 percent. Based on vacancy alone, supply appears to lag behind demand. This should not remain the case for …

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AcquisitionsIndustrialSoutheastTennessee

Colliers Arranges Sale of 689,614 SF Distribution Center in Chattanooga

by John Nelson

CHATTANOOGA, TENN. — Colliers has arranged the sale of a 689,614-square-foot, single-tenant distribution center located at 960 Wauhatchie Pike in Chattanooga. New York-based W. P. Carey purchased the single-tenant property from locally based logistics firm Kenco Group for an undisclosed price. Tyler Ziebel, Jack Rosenberg, Fred Regnery, Todd Steffan and Andy Cates of Colliers brokered the deal. The property is fully leased to Chattem Chemicals Inc., a subsidiary of the French multinational pharmaceutical company Sanofi Aventis. The company recently signed a long-term lease extension at the facility, which W. P. Carey plans to expand by 120,000 square feet. The warehouse currently features 79 docks, 30-foot clear height ceiling and 10,000 square feet of office space. Once the $18 million expansion is complete, the facility will be Sanofi Aventis’ largest distribution facility in the world, according to Colliers.

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AcquisitionsIndustrialTexas

Marcus & Millichap Brokers Sale of 66,385 SF Eastside Business Park in North Dallas

by Taylor Williams

DALLAS — Marcus & Millichap has brokered the sale of Eastside Business Park, a 66,385-square-foot industrial property located at 4343 Sigma Road in North Dallas. The property was built on 5.3 acres in 1972. Adam Abushagur and Davis Cagle of Marcus & Millichap represented the seller, a private investment group, in the transaction. The duo also procured an undisclosed, Tennessee-based investor as the buyer. Eastside Business Park was 97 percent leased at the time of sale.

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IndustrialLeasing ActivityNew YorkNortheast

Social Services Group Signs 12,230 SF Office Sublease in Manhattan

by Taylor Williams

NEW YORK CITY — The Jewish Board of Family & Children’s Services Inc. has signed a 12,230-square-foot office sublease at 463 Seventh Avenue in Manhattan. The 22-story building was originally constructed in 1925. David Levy of Adams & Co. represented the landlord, The Arsenal Co., in the lease negotiations. David Lebenstein of Cushman & Wakefield represented the tenant.

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DevelopmentIndustrialMidwestMissouri

Opus Begins Construction of Two Additional Spec Buildings at Liberty Heartland Logistics Center in Missouri

by Kristin Harlow

LIBERTY, MO. — The Opus Group has begun construction of two additional speculative buildings within Liberty Heartland Logistics Center in Liberty, a northeast suburb of Kansas City. The two-building project is a joint venture between Opus and Washington Capital Management Inc. A 572,000-square-foot building at 1401 Shepherd Road will feature a clear height of 36 feet, four drive-in doors, 76 dock doors, 152 stalls for trailer parking and 547 vehicle parking stalls. A 240,000-square-foot building at 1501 Shepherd Road will feature a clear height of 32 feet, two drive-in doors, 32 dock doors, 67 trailer parking stalls and 259 vehicle parking stalls. Completion is slated for summer 2023. Opus is the developer, design-builder, architect and structural engineer. Michael VanBuskirk, Mark Long, John Hassler and Scott Bluhm of Newmark Zimmer are marketing the buildings for lease.

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