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Industrial

Hewlett-Packard-Enterprise-Houston
AcquisitionsIndustrialOfficeTexas

Hewlett-Packard Enterprise Sells 2 MSF Former Campus in Houston

by Taylor Williams

HOUSTON — Hewlett-Packard Enterprise (HPE) has sold its 2 million-square-foot former office and industrial campus in Houston. Built between 1984 and 1988, the campus comprises five office buildings, two manufacturing/distribution buildings and four structures that house maintenance and/or amenity space. Amenities include a cafeteria, fitness center, employee lounges, conference rooms, coffee/snack bars and an outdoor covered pavilion with a kitchen area for events. The property also features five parking garages, which along with surface lots total 5,229 spaces. Kevin McConn, Rick Goings, Ronnie Deyo, Beau Bellow and Ethan Goldberg of JLL represented HPE, which recently relocated to CityPlace at Springwoods Village. Boyd Commercial represented the buyer, an affiliate of Florida-based alcoholic beverage wholesaler Mexcor International that owns an adjacent building and will occupy a portion of the campus.

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North-Quarter-35-Fort-Worth
IndustrialLeasing ActivityTexas

Distribution User Inks 376,000 SF Industrial Lease in Fort Worth’s Alliance Corridor

by Taylor Williams

FORT WORTH, TEXAS — An undisclosed distribution user has signed a 376,000-square-foot industrial lease at North Quarter 35, a 645,000-square-foot development in Fort Worth’s Alliance Corridor. Owned by M2G Ventures, North Quarter 35 comprises four buildings in various stages of development. Seth Koschak, Forrest Cook and Brett Carlton of Stream Realty Partners, which also provides construction management services for the development, represented M2G Ventures in the lease negotiations. Mark Collins of Cushman & Wakefield represented the tenant.

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DevelopmentIndustrialMidwestOhio

Duke Realty to Build 574,670 SF Medical Distribution Center for Cardinal Health in Columbus

by Kristin Harlow

COLUMBUS, OHIO — Duke Realty will build a 574,670-square-foot medical distribution center for Cardinal Health in Columbus. The new building will replace Cardinal Health’s current 235,000-square-foot facility in nearby Obetz. Duke is building the project with joint venture partners Columbus Regional Airport Authority and Capitol Square. Completion is slated for late 2022 or early 2023. Cardinal Health is a distributor of pharmaceuticals, a global manufacturer and distributor of medical and laboratory products, and a provider of performance and data solutions for healthcare facilities. The organization has a multi-year strategy to increase U.S. warehouse space capacity, according to James Sembrot, senior vice president of Cardinal Health’s U.S. supply chain.

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AcquisitionsIllinoisIndustrialMidwest

Reich Brothers Acquires 392,740 SF Industrial Property in Matteson, Illinois

by Kristin Harlow

MATTESON, ILL. — Reich Brothers has acquired a 392,740-square-foot industrial property and adjacent 53 acres in Matteson, about 30 miles south of Chicago. The purchase price was undisclosed. Al Caruana and Britt Casey of Cushman & Wakefield represented Reich in the acquisition. The duo will provide leasing services for the property along with colleagues Sally Macoicz and Matthew Saddler. The cross-dock building is located at 21800 S. Cicero Ave. near I-50 and I-80.

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IndustrialLeasing ActivityTexas

Holt Lunsford Negotiates 14,775 SF Industrial Lease Renewal in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Dallas-based brokerage firm Holt Lunsford Commercial has negotiated a 14,775-square-foot industrial lease renewal at 200 N. Vacek St. in Fort Worth. David Cason and Jake Neal with Holt Lunsford represented the tenant, Ambiance Textiles Inc., in the lease negotiations. The name and representative of the landlord were not disclosed.

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IllinoisIndustrialLoansMidwest

CIT Provides $29.9M Acquisition Loan for Chicago-Area Industrial Portfolio

by Kristin Harlow

CHICAGO — CIT, a division of First Citizens Bank, has provided a $29.9 million loan for the acquisition of a portfolio of three industrial buildings in metro Chicago. Aminim Group, a privately held commercial real estate investment company based in Houston, was the borrower. The buildings, which are situated in close proximity to I-294, are fully leased by six tenants.

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Storage-Post-Floral-Park-New-York
AcquisitionsIndustrialNew YorkNortheastSelf-Storage

Storage Post Buys Four New York Self-Storage Facilities Totaling 3,900 Units

by Taylor Williams

NEW YORK — Atlanta-based self-storge investment firm Storage Post has acquired four facilities totaling 3,900 units in the New York City area. Specifically, the properties, which span more than 370,000 gross square feet, are located in Garden City, Floral Park, Huntington Station and Yorktown Heights. Storage Post has operated the facilities on behalf of the seller, an undisclosed institutional investor, since 2016 and will continue to do so following the change in ownership.

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AcquisitionsIndustrialNew JerseyNortheast

Colliers Brokers Sale of 60,000 SF Industrial Property in Pennsauken, New Jersey

by Taylor Williams

PENNSAUKEN, N.J. — Colliers has brokered the sale of a 60,000-square-foot industrial property in the Southern New Jersey city of Pennsauken. The facility was fully leased at the time of sale. SNS Real Estate Investment Group LLC acquired the property from an undisclosed seller. Ian Richman of Colliers brokered the deal. New Jersey-based Freedom Bank provided acquisition financing.

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IndustrialMarket ReportsNevadaWesternWestern Market Reports

Unprecedented Industrial Rent Growth Puts Eyes on Northern Nevada

by Jeff Shaw

By Shawn Jaenson, Senior Vice President, Industrial Specialist, Kidder Mathews The Northern Nevada industrial market is composed of 98.7 million square feet of industrial real estate spread across six submarkets. Northern Nevada’s centralized location allows for a one-day truck service to more than 60 million customers. Couple that with the fact that Nevada has no corporate tax, personal tax, inventory tax, franchise tax, or special intangible tax and the city is one of the most desirable industrial locations in the Western U.S. What was once thought of as unattainable in Northern Nevada has become the norm as nearly every record or statistic has been shattered and the market continues to show no signs of slowing.  The overall market vacancy rate plummeted in 2021 to 1.7 percent, with a direct vacancy rate of 1.6 percent — a more than 200 percent decrease from the start of the year when overall vacancy rates were 5.3 percent and direct vacancy rates were 4.9 percent. Due to the unprecedented demand, new product in Northern Nevada has never been more crucial as new construction struggles to keep pace with market demand. In 2021, Northern Nevada had a positive net absorption of just over 7 million square feet, which …

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CaliforniaFeaturesIndustrialWesternWestern Feature Archive

CommercialEdge: Industrial Rents Rise at Torrid Pace Amid Record Supply

by John Nelson

SANTA BARBARA, CALIF. — The national average for in-place industrial rents across the top 30 U.S. markets reached $6.45 per square foot in February, a 4.4 percent year-over-year increase according to research from CommercialEdge, a product of Yardi Systems. The Santa Barbara-based firm found that the average effective rental rates signed over the same interval was $7.35 per square foot, 90 cents higher than the national average for in-place leases, a nearly 14 percent swing. Southern California markets led the nation in rent expansion, largely due to intense activity in the Ports of Los Angeles and Long Beach. Orange County recorded the most significant 12-month change with a 7 percent hike, reaching $11.65 per square foot. Los Angeles (6.7 percent) and the Inland Empire (6.5 percent) rounded out the top three markets nationally. On the other end of the spectrum, markets that have higher availability of developable land recorded weaker rent growth in the last 12 months. Newly delivered stock in these markets is helping developers meet demand, while also elevating vacancy levels. Across the top 30 U.S. markets, rent growth was slowest in Charlotte (1.1 percent), Houston (1.7 percent) and Indianapolis (2.3. percent). The spread between the average lease …

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