Industrial

LPC, Stockbridge Begin Work on 176,800 SF Spec Industrial Project in Wrentham, Massachusetts

by Taylor Williams October 21, 2022

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.

October 21, 2022

Acquisitions Industrial New Jersey Northeast

Cushman & Wakefield Arranges $7.2M Sale of Industrial Building in Denville, New Jersey

by Taylor Williams October 21, 2022

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.

October 21, 2022

Industrial Leasing Activity Northeast Pennsylvania

Stellar Signs 10,412 SF Industrial Lease Renewal in Lewisberry, Pennsylvania

by Taylor Williams October 21, 2022

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.

October 21, 2022

Development Illinois Industrial Midwest

Principle Construction Underway on 31,200 SF Industrial Building for Alvil Trucking in Elgin, Illinois

by Kristin Harlow October 21, 2022

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.

October 21, 2022

Acquisitions Colorado Industrial Western

Lightstone Acquires 512,000 SF Industrial Portfolio in Broomfield, Colorado for $72M

by Amy Works October 21, 2022

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.

October 21, 2022

Acquisitions Industrial Washington Western

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

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