WHITESTOWN, IND. — Green Rabbit has leased 187,941 square feet of cold storage space in Whitestown near Indianapolis. The newly constructed facility is located along I-65. Tony Hupp of Colliers International represented Green Rabbit, which is a Massachusetts-based supplier of cold storage transportation. Becknell Industrial owns the property.
PLAINFIELD, IND. AND MOUNT PLEASANT, WIS. — Two new tenants have signed leases at industrial properties owned by HSA Commercial Real Estate in Indiana and Wisconsin. In the first transaction, Sedgwick leased 68,486 square feet at Gateway V, a facility within the 55-acre Gateway Business Park in Plainfield. The 262,758-square-foot property, which HSA developed in 2019, is now fully leased. Sedgwick is a provider of technology-enabled risk, benefits and integrated business solutions. In the second transaction, Ryder Last Mile Inc. moved into 75,290 square feet at 1570 International Drive in Mount Pleasant. The 116,600-square-foot building is one of three developed by HSA within the 184-acre Park 94. Ryder is a provider of last-mile logistics solutions for retail brands. Ned Frank, Pat Hake and Steve Sewart of Colliers International represented ownership in the Ryder lease, while Scott Furmanski and Karl Wiedenman of CBRE represented the tenant. Terry Busch and Jared Scaringe of CBRE represented ownership in the Sedgwick lease, while J.D. Graves of CBRE represented the tenant.
HOUSTON — Logistics firm Custom Goods LLC has signed a 353,600-square-foot, full-building lease at Bay Area Business Park, a 232-acre master-planned industrial development near Port Houston. Justin Robinson and Woody Hillyer of Stream Realty Partners represented the landlord, Principal Real Estate Investors, in the lease negotiations. Barry Hill and Doug Nicholson of Newmark represented the tenant.
YAPHANK, N.Y. — 3650 REIT has funded a $59 million acquisition loan for 50 Horseblock, a 491,200-square-foot industrial property in the Long Island community of Yaphank. Built in 1986, the property was fully leased to New Jersey-based drug manufacturer Amneal Pharmaceuticals at the time of sale. Building features include a clear height of 28 feet and 12 loading docks. Adam Licari and Jeff Shriver of Eastdil Secured arranged the 10-year loan on behalf of the borrower, private equity firm New Mountain Capital.
BOURNE, MASS. — National self-storage developer True Storage has completed a 1,033-unit facility that will be operated under the CubeSmart brand in Bourne, located at the nexus of Cape Cod and mainland Massachusetts. The facility occupies the site of a former Grand Union supermarket and spans 111,000 square feet. The majority of the units are located indoors and feature climate-controlled space, multiple loading bays and elevator access to the second floor. The remaining units are located outside and offer drive-up access.
By Tim With, Senior Vice President, Colliers The amount of empty space in New Mexico’s industrial market has shrunk to unforeseen levels. Albuquerque, the state’s largest MSA, reported a total of 41.5 million square feet of industrial space and only a 2.4 percent vacancy rate at the end of 2020. Absorption levels have increased through the first quarter of 2021, and available inventory is becoming difficult to find as the vacancy is down to 1.9 percent. Albuquerque has been on the brink of new construction for some time, with the need for new Class A space far outweighing the current availability. The nationwide industrial supply posted record deliveries in 2020 that totaled more than 300 million square feet. This represents about a 2 percent year-over-year increase in total inventory. In comparison, Albuquerque’s inventory grew by less than 1 percent over the past five years, while vacancy rates decreased by almost 550 basis points. Most new construction has been build-to-suit activity. Tenants, meanwhile, are challenged with a lack of choice as a considerable amount of the existing vacant space is functionally obsolete. The average overall asking lease rates for existing warehouse/distribution space was $6.58 per square foot, triple net, at the end of …
PASADENA AND DEER PARK, TEXAS — JLL has negotiated the sale of a three-building, 738,701-square-foot industrial portfolio near Port Houston. The properties were built in 2019 on a combined 44.6 acres and are located in Pasadena and Deer Park. Collectively, the buildings feature 30- to 36-foot clear heights, 175 dock-high doors, 10 drive-in-ramps, 262 trailer parking spaces and 399 car parking spaces. Trucking and logistics companies occupy the single-tenant buildings. Trent Agnew, Rusty Tamlyn, Charles Strauss and Katherine Miller of JLL represented the seller, Triten Real Estate Partners, in the transaction. Affiliates of Lexington Realty Trust purchased the portfolio for an undisclosed price.
MISSOURI AND OHIO — Box Equities has acquired two distribution centers in Missouri and Ohio. The first property is a 900,000-square-foot center anchored by Home Depot in Missouri. The second asset is a 150,000-square-foot Pepsi distribution center in Ohio. Seller information and sales prices were undisclosed. New York-based Box Equities, which launched only eight months ago, now owns and manages more than 1.8 million square feet of industrial real estate.
HIAWATHA, IOWA — BDC Group Inc. has moved into its newly constructed headquarters at 1525 Ketelsen Drive in Hiawatha, a northern suburb of Cedar Rapids. The 25,000-square-foot facility features a mix of office, warehouse and flex space. The property will enable BDC to consolidate its Iowa operations teams from multiple facilities in Cedar Rapids. Erica Seelman of GLD Commercial represented BDC throughout the site selection process and lease negotiations. BDC, otherwise known as Building Diverse Communications, is a solutions-based provider that specializes in outside plant construction, telecommunications site development, network infrastructure and maintenance.
LANCASTER AND WOODLAND, CALIF. — Westcore has acquired a two-property industrial portfolio, totaling more than 1.4 million square feet of space, located at 2801 West Ave. H in Lancaster and 1755 E. Beamer St. in Woodland. Kimco Realty Corp. sold the portfolio for $108 million. Rite Aid occupies both distribution warehouses on 20-year leases. The Lancaster facility features 926,860 square feet and the Woodland property offers 508,000 square feet. Darla Long, Barbara Emmons and Rebecca Perlmutter of CBRE represented the seller, while Westcore was self-represented in the transaction.
