MERRILLVILLE, IND. — Pure Development has completed a 111,734-square-foot industrial facility for Domino’s Pizza in Merrillville, a city in Northwest Indiana. The development is now open and is utilized for production, storage and distribution of pizza dough in support of Domino’s operations throughout Indiana, Illinois, Michigan and Wisconsin. Pure Development broke ground on the project in August 2021.
HANOVER, PA. — Marcus & Millichap has brokered the sale of Hanover Self Storage, a 238-unit facility located about 115 miles west of Philadelphia. The property spans 32,150 net rentable square feet and includes 10 outdoor parking spaces. Gabriel Coe, Brett Hatcher and Nathan Coe of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Sean Beuche of Marcus & Millichap assisted in closing the deal as the broker of record. Additional terms of sale were not disclosed.
As economic uncertainty remains at the forefront, there is a continued quest to combat the multitude of challenges encountered by the manufacturing industry, as well as the trickle-down effects on commercial real estate markets. At the recent NAI Global Convention in Las Vegas, NAI Global president and CEO, Jay Olshonsky sat down with an industry leader who has spent the last decade mitigating these complexities. “It’s a very clear mission, to balance the goods trade deficit, the difference between imports and exports,” said Harry Moser, who founded the Reshoring Initiative in 2010 to bring manufacturing jobs back to the United States. “The deficit last year was $1.2 trillion and balancing that and bringing those jobs back at current levels of U.S. productivity will increase U.S. manufacturing by six million jobs, or about 40 percent.” The emphasis on reshoring is driven by a variety of factors, for example, rising labor costs in foreign countries and corporate understanding of the total cost of offshoring — including intellectual property theft, freight and tariffs. Companies desire greater control over supply chains, especially in a time of rising geo-political tension. By promoting a contained, local approach across the entirety of the manufacturing landscape, industry leaders …
SCHERTZ, TEXAS — Texas Installs, a Houston-based provider of appliance installation services, has signed a 41,335-square-foot industrial lease in Schertz, a northeastern suburb of San Antonio. Chris Caudill and Troy Martin of Partners Real Estate represented the tenant in the lease negotiations. Nick Prater with 4M Realty Co. represented the landlord, an entity doing business as FHS Associates-San Antonio LP.
HOUSTON — Locally based brokerage firm Finial Group has negotiated a 9,445-square-foot industrial lease in northwest Houston. According to LoopNet Inc., the property at 6001 Centralcrest Drive was built in 2002 and features 16-foot clear heights, five grade-level doors and 4,127 square feet of office space. Andrew Bischoff and John Buckley of Finial Group represented the landlord in the lease negotiations. The representative of the tenant, medical equipment manufacturer Medikon LLC, was not disclosed.
AUBURN, WASH. — MCA Realty has acquired Auburn Business Center, a 67,205-square-foot, five-building industrial park in Auburn, for $9 million. Built in 1986, the center is currently 85 percent leased. MCA plans to implement a capital improvement program that will include new paint, asphalt, roof and monument signage. The firm acquired the business park with its $50 million Industrial Growth Fund. Jim Honan of Neil Walter Company represented MCA Realty in this transaction. The seller, a private investor, represented itself.
CRYSTAL LAKE, ILL. — Cawley Chicago has brokered the sale of a multi-tenant industrial property in Crystal Lake, about 50 miles northwest of Chicago. The sales price was undisclosed. Built in 1960, the facility at 7510 Virginia Road features outdoor storage, ample parking and a warehouse showroom. David Conroy and Joe Shapiro of Cawley Chicago represented the seller, while Logan Krutsch of Fuhler Properties represented the buyer.
WESTBOROUGH, MASS. — SVN | Parsons Commercial Group | Boston has brokered the sale of a 28,000-square-foot industrial flex property in Westborough, about 35 miles west of Boston. The sales price was $2.6 million. The building features second-story office space and 70 parking spots. Ryan Parsons of SVN | Parsons Commercial Group | Boston represented the seller, an entity doing business as 80 Turnpike LLC, in the transaction. Parsons also procured the buyer, Bornbam Associates.
Over the course of this year, Greenville-Spartanburg’s industrial market is expected to continue its overall upward trajectory with increasing rental rates, record-low vacancy rates and ongoing tenant demand. The fundamentals of Upstate South Carolina’s industrial market are among the strongest anywhere in the country right now due to a myriad of cylinders on which it is simultaneously firing. The market’s plethora of demand drivers include e-commerce users, manufacturing, the automotive industry and the draw of the Inland Port located in Greer. To understand the full picture, however, it’s important to also consider what the Greenville- Spartanburg market is not firing on. The market is not stifled by unions, high regulation or the lack of viable sites, available buildings and utility infrastructure some other markets have to contend with. An important factor affecting current absorption is multiple fourth-quarter tenant occupancy dates being pushed from fourth quarter of 2022 to first quarter of 2023. There was 17.9 million square feet of industrial space under construction at year-end 2022, with approximately 4 million square feet of that already preleased but not yet delivered. Those deliveries in early 2023 will naturally lead to positive absorption and help rebalance the market. A variety of industrial …
CHARLESTON, S.C. — A joint venture between Edgewater Ventures and Singerman Real Estate has acquired a 603,214-square-foot distribution facility in Charleston. Located at 1980 Clements Ferry Road, the building features tilt-up concrete construction with 40-foot clear heights, 66,700 square feet of offices, 300 parking spaces, double-sided loading configuration and onsite trailer storage. The seller, apparel manufacturer Gildan Activewear, will lease the facility from the new ownership, which also plans to subdivide roughly 21 acres at the site for the development of an additional 300,000-square-foot facility.
