PASSAIC, N.J. — Seven Hills Realty Trust (NASDAQ: SEVN), an affiliate of The RMR Group, has provided a $47 million acquisition loan for a 330,000-square-foot industrial property located at 153 Linden St. in the Northern New Jersey community of Passaic. JLL arranged the financing on behalf of the borrower, Thor Equities, which will use a portion of the proceeds to fund capital improvements.
OAK CREEK, WIS. — Thrive Foods, a manufacturer of freeze-dried products, has signed a 340,623-square-foot industrial lease at 9141 S. 13th St. in Oak Creek, just south of Milwaukee. The newly completed building, which is a build-to-suit manufacturing facility for Thrive, features LED lighting, 40 loading docks and 50 trailer parking stalls. Stephen Provancher of Newmark represented the tenant, while John Schlueter of Frontline Commercial Real Estate represented the undisclosed landlord.
KENOSHA, WIS. — Colliers Wisconsin has brokered the sale of a portfolio of eight light industrial buildings totaling 277,982 square feet in Kenosha for $33.2 million. The properties, constructed in phases between 1995 and 2007, are situated within the Business Park of Kenosha. The portfolio was 97 percent leased by 43 tenants at the time of sale. Some of the tenants include Sherwin-Williams, Fastenal, First Supply and Viking Electric. Tom Shepherd and Jennifer Huber-Bullock of Colliers represented the seller, an affiliate of Zilber Ltd. An Elmhurst, Ill.-based private buyer purchased the portfolio.
ITASCA, ILL. — Bulldog Cartage, a storage, staging and shipping company, has signed a 78,161-square-foot industrial lease at 1549 Glenlake Ave. in Itasca. Mike Antonelli and Dan Brown of Brown Commercial Group represented the tenant. John D’Orazio and Jonathan Kohn of Colliers represented the undisclosed landlord. Earlier this year, Brown Commercial Group negotiated a 37,819-square-foot lease for Bulldog Cartage in Addison, Ill.
MEMPHIS, TENN. — Westmount Realty Capital has purchased Shelby Oaks Corporate Park, a portfolio of office/showroom and distribution facilities in Memphis totaling 480,911 square feet. Shelby Oaks is Westmount’s first purchase in Memphis and second acquisition in Tennessee. The seller and sales price were not disclosed. The corporate park is located one mile away from the I-240/I-40 interchange and near downtown Memphis and Memphis International Airport. Situated within a 640-acre wooded area that includes three lakes and a jogging trail, Shelby Oaks was built in several phases between 1979 and 2005 and was 95 percent leased at the time of sale to 78 tenants. The portfolio includes a total of 16 buildings: four distribution buildings with drive-in and dock doors and 12 office/showrooms. Buildings range from 12,000 to 90,000 square feet and are home to a variety of industries like telecommunications, medical, service and manufacturing companies.
By Chase Clancy, vice president, Colliers The Austin industrial market is booming. According to Colliers’ research, Austin’s industrial market continues to grow at an amazing clip, spurred by rapid population growth, major manufacturing relocations and new e-commerce and inventory trends. Despite the longstanding shadows that larger markets like Houston and Dallas have cast on Austin’s growth, the market is reaching a fever pitch of rising rents, tightening vacancy, significant new deliveries and equally noteworthy preleasing activity. Based on Austin’s population size, Colliers’ research suggests that the market has the runway — both in terms of supply and demand — to nearly double in size over the next five years. With demand for space showing no sign of cooling at the local level, we project a prolonged period of record development and record absorption. To put that into context, Austin’s industrial market currently spans roughly 57 million square feet. We are tracking more than 40 million square feet of product in our development pipeline — more than 10.2 million square feet of which is currently under construction — with more on the horizon. Trailing 12-month absorption stands at approximately 3.4 million square feet as of the second quarter of 2022, but …
SAVANNAH, GA. — Atlanta-based Capital Development Partners has started construction of Central Port Logistics Center at Rockingham, a 5.4 million-square-foot speculative industrial development in the coastal Georgia city of Savannah. Central Port Logistics Center at Rockingham will consist of seven buildings, with Phase I of the project comprising a roughly 1.1 million-square-foot cross-dock warehouse. According to the development team, that building will be the largest warehouse ever constructed on a speculative basis in Savannah. Completion of Phase I is slated for 2023. Phase II of the project will feature a 982,000-square-foot, rail-served building, a construction timeline for which was not disclosed. Subsequent phases of the project will deliver both cross-dock and rear-load storage and distribution facilities. “Central Port Logistics Center at Rockingham is the last large-scale industrial infill site in Savannah with unmatched access to the port, excellent rail service and immediate connectivity to major highways,” says John Knox Porter Jr., CEO of Capital Development Partners. “These facilities will provide a significant location advantage for our customers.” Bill Sparks, executive vice president of CBRE’s Savannah office, which is marketing the development for lease, also said that the proximity and access to various pieces of major infrastructure would be a game-changer …
NEWARK, N.J. — Cushman & Wakefield has negotiated the sale of a portfolio of five industrial buildings totaling 113,743 square feet in Newark. The portfolio, which comprises spaces ranging in size from 2,500 to 13,500 square feet, is currently leased to 22 tenants. Gary Gabriel, Kyle Schmidt, David Bernhaut and Ryan Larkin of Cushman & Wakefield represented the seller, Sitex Group, in the transaction. A joint venture between affiliates of Westbrook Partners and Camber Real Estate Partners acquired the portfolio for an undisclosed price.
CLIFTON, N.J. — Lee & Associates has brokered the sale of a 98,000-square-foot industrial complex in the Northern New Jersey community of Clifton. The two-building, multi-tenant property sits on 3.5 acres at 31-35 Styertowne Road. Josh Krantz of Lee & Associates represented the seller, Kessler-Schwartz Associates, and procured the buyer, Longpoint Realty Partners, in the off-market transaction. The new ownership plans to invest in capital improvements and has also retained Lee & Associates to lease the property.
SALT LAKE CITY — GO Industrial, in partnership with a real estate fund advised by Crow Holdings Capital, has completed the disposition of 5600 | Logistics, a two-building logistics campus in Salt Lake City. Terms of the transaction were not released. Totaling 505,692 square feet, 5600 | Logistics features a 265,120-square-foot building with 32-foot clear heights, 50 dock-high doors, four grade-level doors, 177 employee parking spaces and 72 trailer parking spaces, as well as a 240,654-square-foot building with 32-foot clear heights, 46 dock-high doors, four grade-level doors, 159 employee parking spaces and 62 trailer spaces. CBRE | National Partners negotiated the deal for the seller.