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Industrial

IndustrialLoansNew JerseyNortheast

JLL Arranges $14.5M Loan for Refinancing of Central New Jersey Distribution Center

by Taylor Williams

EWING, N.J. — JLL has arranged a $14.5 million loan for the refinancing of a 130,000-square-foot distribution center located in the Central New Jersey city of Ewing. The newly built property sits on 22.6 acres and features a clear height of 40 feet, 18 dock-high doors and 32 trailer parking stalls. Michael Klein and Max Custer of JLL arranged the 11-year, fixed-rate loan through Nationwide Life Insurance Co. on behalf of the borrower, Herring Properties. At the time of the loan closing, the facility was fully leased to Binsky & Snyder, a provider of mechanical construction services.

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DevelopmentIllinoisIndustrialMidwest

Bridge Industrial Acquires Land for 186,880 SF Project in Melrose Park, Illinois

by Kristin Harlow

MELROSE PARK, ILL. — Bridge Industrial has acquired 12 acres in Melrose Park with plans to build Bridge Point Melrose Park II, a 186,880-square-foot development. Bridge acquired the site, formerly a truck parking lot, from a joint venture between Missner Group and Timber Hill. Completion is slated for the third quarter of 2023. The project will feature a clear height of 36 feet, 30 exterior docks, two drive-in doors, 221 car parking spaces, 30 trailer parking spaces, a 129-foot truck court and office space. Matthew Stauber, Thomas Rodeno and Patrick Turner of Colliers represented the seller. Bridge’s neighboring project, Bridge Point Melrose Park, is a 1.6 million-square-foot facility currently under development that is 86 percent pre-leased to CEVA Logistics and Expeditors International.

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AcquisitionsIndustrialSelf-StorageTexas

Berkshire Hathaway Brokers Sale of 278-Unit Self-Storage Facility in Amarillo

by Taylor Williams

AMARILLO, TEXAS — Berkshire Hathaway has brokered the sale of Create Space Storage, a 278-unit facility in Amarillo. The property spans 31,912 net rentable square feet. A private ownership group sold the property to a REIT for an undisclosed price, with both parties requesting anonymity. Cameron Vale, Parker Sweet and Josh Cato of Berkshire Hathaway brokered the deal.

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AcquisitionsFloridaIndustrialSoutheast

Sealy Acquires 841,849 SF Key Logistics Center in Lakeland, Florida

by John Nelson

LAKELAND, FLA. — Sealy & Co. has purchased Key Logistics Center, an industrial property located at 5300 Allen K Breed Highway in Lakeland. The two-building property includes a 491,920-square-foot distribution center and a 349,929-square-foot facility. The two buildings at Key Logistics Center feature 36-foot clear heights, cross-dock configurations, ample parking, ESFR fire protection, LED lighting and proximity to I-4. Jason Gandy and John Nida led the transactions for Sealy & Co. on an internal basis. Frank Fallon of CBRE represented the undisclosed seller in the off-market transaction. The sales price was not disclosed.

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54-Otis-Street-Westborough-Massachusetts
IndustrialLoansMassachusettsNortheast

Atlantic Management Receives $96.5M in Financing for Metro Boston Industrial Properties

by Taylor Williams

WESTBOROUGH, MASS. — New Jersey-based investment and development firm Atlantic Management has received $96.5 million in financing for two industrial properties that are located in Westborough, about 35 miles west of Boston. The company received a $70.5 million loan for the refinancing of 50 Otis Street, a 406,437-square-foot building that was renovated and expanded in 2021. In addition, Atlantic Management received a $26 million construction loan for 54 Otis Street, a 100,000-square-foot development that will be a build-to-suit for an undisclosed e-commerce user that also fully occupies 50 Otis Street. Completion of 54 Otis Street is slated for mid-2023. Robert Griffin, David Douvadjian Sr., Timothy O’Donnell, Brian Butler, David Douvadjian Jr. and Conor Reenstierna of Newmark arranged the loans. The direct lender was not disclosed.

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DevelopmentIndustrialMassachusettsNortheast

Dacon Completes 97,000 SF Industrial Expansion Project in Lawrence, Massachusetts

by Taylor Williams

LAWRENCE, MASS. — Locally based design-build firm Dacon Corp. has completed a 97,000-square-foot industrial expansion project in Lawrence, a northern suburb of Boston, for commercial linen and uniform service provider Unitex. The project represents the second phase of Unitex’s redevelopment of the former headquarters of global food and beverage manufacturer Crown Holdings into a facility with laundry processing and office space. The first phase of the project comprised 90,000 square feet.

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I-10-Almond-Commerce-Center-Fontana-CA
CaliforniaDevelopmentIndustrialWestern

REDA, Clarion, ECM Management Break Ground on 210,355 SF Almond Commerce Center in Fontana, California

by Amy Works

FONTANA, CALIF. — A collaboration between Real Estate Development Associates (REDA), Clarion Partners and ECM Management has broken ground on I-10 Almond Commerce Center, a warehouse facility in Fontana. Premier Design + Build Group is constructing the ground-up project. The 210,355-square-foot warehouse will feature 36-foot clear heights, eight-inch reinforced concrete slab and a four-ply built-up roof system, as well as an ESFR sprinkler system and 2,000 GMP fire pump. The facility will also offer an office area with mezzanine space and parking for 101 vehicles and 32 trailers. HPA is serving as architect for the project, which is slated for completion in May 2023. Thienes Engineering and Darin Fong and Associates are providing engineering services for the property.

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AcquisitionsIndustrialMidwestMinnesota

Clear Height Properties Acquires Rush Lake Business Park in Minnesota

by Kristin Harlow

NEW BRIGHTON, MINN. — Clear Height Properties has acquired Rush Lake Business Park in New Brighton, a northern suburb of Minneapolis. The purchase price was undisclosed. The industrial property consists of two buildings totaling 79,028 square feet that are 87 percent leased. Harrison Wagenseil and Erik Coglianese of Transwestern represented the undisclosed seller. Transwestern will also handle leasing on behalf of Clear Height. The transaction marks the first acquisition in Minnesota for Oak Brook, Ill.-based Clear Height.

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IndustrialMarket ReportsSoutheastSoutheast Market ReportsVirginia

Richmond’s Industrial Market Development Pipeline Shows No Signs of Slowing

by John Nelson

At the mid-year mark, industrial occupancy in the greater Richmond area remains strong, closing with an overall occupancy rate of 98.5 percent in the categories being tracked (Class A, B, select C vacant and investor-owned product with a minimum of 40,000 square feet total RBA). Class A occupancy remained steady at 97 percent at the end of the second quarter. Class B occupancy also remained steady at 94 percent at the end of the first quarter. CoStar Group reports overall industrial occupancy at 96.8 percent for product of all sizes, including investor-owned facilities, but excluding flex space (minimum 50 percent office). There remains a shortage of space in the 25,000- to 50,000-square-foot range as most spec buildings being built are larger single-tenant buildings. Richmond’s strategic Mid-Atlantic location along Interstate 95 provides access to 55 percent of the nation’s consumers within two days’ delivery by truck, and in addition to being the northernmost right to work state on the Eastern seaboard, Virginia has once again been named as the No. 1 state for business by CNBC. Metro Richmond has a civilian labor force of almost 700,000 (1.03 million population) with unemployment rates at 3.7 percent as of June. With 12 Fortune …

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IndustrialLeasing ActivityLee & AssociatesTexas

Bassett Furniture Signs 39,582 SF Industrial Lease in Arlington

by Taylor Williams

ARLINGTON, TEXAS — Bassett Furniture, a Virginia-based manufacturer and retailer, has signed a 38,582-square-foot industrial lease at 1019 Enterprise Place in Arlington. Mark Graybill of Lee & Associates represented the landlord, High Street Logistics Properties, in the lease negotiations. Reed Parker, also with Lee & Associates, represented the tenant.

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