LINDEN, N.J. — Cushman & Wakefield has brokered the sale of a portfolio of two industrial buildings totaling 73,277 square feet in the Northern New Jersey community of Linden. The portfolio consists of a 46,674-square-foot industrial facility and a 26,603-square-foot industrial lab. The sale also included an adjacent 2.1-acre land site used as laydown yard. Gary Gabriel, Kyle Schmidt and Seth Zuidema of Cushman & Wakefield represented the seller, Hub Realty, in the transaction and procured the buyer, Modlo.
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Lee & Associates’ Second-Quarter 2022 Economic Rundown by Sector
Rising interest rates, inflation and general economic uncertainty altered the patterns and outlooks for the industrial, office, retail and multifamily sectors across the United States. As Lee & Associates’ recent Q2 2022 North America Market Report reveals, certain sectors like industrial and multifamily, that were white hot last year, have begun to cool slightly. Meanwhile, retail is making historic gains in the face of decreasing interest in ecommerce. The full Lee & Associates report is available (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city) here. The analysis below provides an overview of four major commercial real estate sectors alongside economic factors impacting each. Industrial Overview: Record Low Supply, Rent Growth Demand for industrial space eased slightly from its record-setting growth of last year but remained strong through for the first half of 2022 as annualized rent growth moved into double digits and the overall vacancy rate fell to 3.9 percent, a record low. Net absorption through June totaled 192.2 million square feet. It was the second highest two-quarter total on record and more than the 170 million square feet of tenant growth for all of 2019. It was exceeded only by 297.8 …
PHOENIX — VanTrust Real Estate has broken ground on VT 202, a speculative two-building industrial project in Phoenix. The infill development will offer 181,000 square feet of Class A industrial space on 12 acres along 59th Avenue. Totaling 104,687 square feet, Building A will feature 32-foot clear heights, 30 dock-high doors and two grade-level doors. The 76,319-square-foot Building B will have comparable amenities and features. Completion of VT 202 is slated for February 2023. The project team includes Butler Design Group and Wespac Construction. Colliers International Arizona is handling leasing for the development.
EL PASO, TEXAS — Dallas-based Provident Realty Advisors will develop a 308,270-square-foot speculative industrial project in El Paso. The facility will be situated on an 18.4-acre site near the intersection of Windermere Avenue and Loop 375 and will have both warehouse and distribution space. Building features will include 32-foot clear heights and 190-foot truck court depths. Construction is set to begin toward the end of the year. CBRE represented the seller of the land, River Oaks Properties, and will market the facility for lease upon completion.
NEW YORK CITY — Boston-based investment and development firm The Davis Cos. has begun the renovation of a 156,792-square-foot industrial facility known as at The Pearl Building that is located in the Maspeth area of Queens. Capital improvements will include new dock doors, levelers, seals/bumpers, paving/coatings and building protection systems. In addition, Davis will restore the façade, upgrade the elevator and lobby and add new restrooms and security features. Cushman & Wakefield will lease the building upon completion of the program, which is scheduled for the first quarter of 2023.
INDIANAPOLIS — MDH Partners has acquired Park 100 Building 71, a 193,348-square-foot industrial building in Indianapolis. The purchase price was undisclosed. Constructed in 1988, the facility features a clear height of 24 feet, 26 exterior dock doors and 90 car parking spaces. The property is 87 percent leased to DB Schenker, Watkins & Shepard Trucking Inc. and MKM Distribution Service. Alex Cantu and Alex Davenport of Colliers represented the undisclosed seller. Houston Hawley served as the acquisition lead for MDH Partners, which now owns more than 1 million square feet in Indiana.
PLEASANT PRAIRIE, WIS. AND NORTH CHICAGO, ILL. — EQT Exeter, a global industrial and residential investment firm, has purchased an eight-property industrial portfolio in Wisconsin and Illinois totaling 3.8 million square feet. CenterPoint Properties, a warehouse and distribution center investor and developer based in Oak Brook, Ill., and an unnamed investment partner sold the portfolio to EQT Exeter. John Huguenard and Kurt Sarbaugh of JLL represented CenterPoint in the transaction. The sales price was not disclosed, but the Milwaukee Business Journal reports the assets traded for $290 million. The properties include seven facilities within the master-planned LakeView Corporate Park in Pleasant Prairie, which is situated near I-94 and provides users with connectivity to population centers in Milwaukee 40 miles north and Chicago 60 miles to the south. The lone Illinois asset was a facility located at 3200 Skokie Highway in North Chicago. The eight properties were fully leased at the time of sale to nine tenants. The facilities feature clear heights averaging 32 feet, ample loading options and fully circulating truck courts. “In these times of economic uncertainty, we are even more focused on selectively buying high-quality and well-located real estate like LakeView to serve our global tenant relationships,” says …
HOUSTON — Marcus & Millichap has brokered the sale of a portfolio of four self-storage facilities totaling 2,199 units in the greater Houston area. Two properties in the portfolio, which spans 429,169 net rentable square feet, are located within Houston, and the other two facilities are located in Baytown and Magnolia. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a Georgia-based partnership, in the transaction. The duo also procured the buyer, a New York-based partnership. Both parties involved in the deal requested anonymity.
ROUND ROCK, TEXAS — Atlanta-based IDI Logistics will develop Sunrise Commerce Center, a 465,660-square-foot speculative industrial project that will be located on a 36-acre site in the northern Austin suburb of Round Rock. Phase I of the development will comprise three buildings totaling 310,693 square feet, while Phase II will encompass 154,967 square feet across two buildings. Adolfson & Peterson Construction is the general contractor for the project, which was designed by 5G Studio Collaborative. Pacheco Koch is the civil engineer, and Stream Realty Partners is the leasing agent. Construction will begin in September.
GREENVILLE, S.C. — New York City-based GTIS Partners and Charlotte-based Collett Industrial have formed a joint venture to develop two industrial projects in Greenville for a total investment value of $140 million. Situated within an opportunity zone on the eastern edge of the South Carolina Technology & Aviation Center, the two developments will be adjacent to one another and span 1.2 million square feet upon completion. The co-developers have executed leases or letters of intents with tenants totaling approximately 520,000 square feet for long-term occupancy at one of the projects, which is known as Willimon Business Park. The other property was not disclosed.