Industrial

Burle-Business-Park-Lancaster-Pennsylvania

CBRE Negotiates Sale of 1.2 MSF Burle Business Park in Lancaster, Pennsylvania

by Taylor Williams May 19, 2021

LANCASTER, PA. — CBRE has negotiated the sale of Burle Business Park, a 1.2 million-square-foot office and industrial campus located in the eastern Pennsylvania city of Lancaster. The sales price was $30.2 million. The 75-acre property comprises 16 buildings that were 90 percent leased at the time of sale to more than 40 tenants across a variety of industries. Amenities include a cafeteria, café, a conference room and catering service. Bill Tourtellotte of CBRE represented the seller, BURLE Business Park LP, in the transaction. The buyer was Jersey Holdings.

May 19, 2021

Acquisitions Industrial Midwest Ohio

W. P. Carey Acquires Manufacturing Facility in Columbus for $27M

by Kristin Harlow May 19, 2021

COLUMBUS, OHIO — W. P. Carey Inc. has acquired a 567,000-square-foot light manufacturing facility in Columbus for $27 million. The Class A facility is net leased to a U.S. wholly owned subsidiary of Knowlton Development Corp. Inc., a global provider specializing in package design and manufacturing solutions for beauty, personal care and home care brands. The building features a clear height of 30 feet and offers convenient access to I-270 and the Rickenbacker International Airport. The seller was undisclosed.

May 19, 2021

Development Industrial Midwest Missouri

BCB Development to Build 167,000 SF Cold Storage Facility in Metro Kansas City

by Kristin Harlow May 19, 2021

LIBERTY, MO. — BCB Development is building a 167,000-square-foot cold storage facility in Liberty, a suburb of Kansas City. The Class A property will be located in the Heartland Meadows Industrial Park. Construction is set to begin in July and wrap up in the second quarter of 2022. Plans call for a fully insulated building and specialized floor slabs to maintain refrigeration and freezer temperatures. John Stafford, Chris Cummins and Turner Wisehart of Colliers International will market the project for lease. The facility will be the first cold storage building in the Kansas City market, according to Colliers.

May 19, 2021

Industrial Market Reports Texas Texas Market Reports

Large-Scale Industrial Development Ramps Up Throughout El Paso

by Taylor Williams May 19, 2021

By Doug Derrick, SIOR, managing broker, NAI El Paso The remarkable pace and volume of industrial growth that has defined the major markets of Texas over the past decade is making its way to El Paso, as evidenced by larger projects for marquee tenants and elevated levels of institutional capital targeting the market. The COVID-19 pandemic has boosted the appeal of industrial assets of all varieties, crowding the space with capital sources, driving up prices and creating lower yields on new investments. This holds especially true in high-growth markets like Dallas and Austin, which is why institutional investors are beginning to target secondary markets like El Paso, where assets can be acquired at lower prices. El Paso is experiencing the same growth in e-commerce and online shopping as the rest of the country. This market also continues to benefit from international trade and manufacturing across the border, adding another unique form of demand for developers and owners in our border town. Over the past decade, the volume of El Paso’s exports has doubled, with much of those goods flowing to Mexico. We expect to see manufacturers continue to locate operations in markets other than China, which should increase demand for …

May 19, 2021

Development Industrial Iowa Midwest

VanTrust to Build 75-Acre Industrial Development in Altoona, Iowa

by Kristin Harlow May 18, 2021

ALTOONA, IOWA — VanTrust Real Estate is developing Altus Commerce Center on 75 acres in Altoona. The project represents VanTrust’s first in Iowa. Construction on the first building is expected to commence within the next few weeks with completion slated for the second quarter of 2022. Building A will span 265,200 square feet with 148 parking spaces, unit heaters and LED interior lighting. Marcus Pitts, Austin Hedstrom and Tanner Hedstrom of JLL will lead leasing efforts.

May 18, 2021

Acquisitions Development Industrial North Carolina Southeast

Merritt Buys Land Near Raleigh for $2.5M, Plans to Build Industrial Business Park

by Julia Sanders May 18, 2021

KNIGHTDALE, N.C. — Merritt Properties plans to build a light industrial business park in Knightdale, a metro Raleigh market near Interstates 540 and 87. The company bought 35 acres off Hinton Oaks Boulevard in the East Wake County town for $2.5 million. The development, known as Merritt Midway Business Park, will include up to five flex and light industrial buildings totaling 271,450 square feet. Properties will range from 28,800 to 84,700 square feet and feature 18-foot clear heights, with leasable bays starting at approximately 3,300 square feet. Merritt expects to deliver the park during the fourth quarter of 2021. Merritt Midway Business Park should help satisfy pent-up demand for industrial space as the northeast Wake County submarket is 95 percent occupied and has seen 4.4 percent rent growth over the past 12 months. Barry Bowling of CBRE represented Merritt in the land transaction, and Jimmy Barnes of NAI Tri Properties represented the undisclosed seller. Barnes, Ed Brown and Michael Wallace of NAI Tri Properties will help oversee leasing for Merritt Midway Business Park. Baltimore-based Merritt owns 736,740 square feet of flex/light industrial product across two developments in the Raleigh-Durham area. The company’s first project, Merritt TW Crossing in Durham, delivered …

May 18, 2021

Acquisitions Industrial Texas

DRA Advisors Buys 210,000 SF Refrigerated Industrial Facility in McAllen, Texas

by Taylor Williams May 18, 2021

MCALLEN, TEXAS — DRA Advisors, a New York City-based investment firm, has purchased a 210,000-square-foot industrial facility in the Rio Grande Valley city of McAllen. The property sits on 12 acres and features 27-foot clear heights and 120-foot truck court depths. More than 60 percent of the space is utilized for cold storage. Tom Duke and Donald Flynn of Elegran Capital & Advisory represented DRA Advisors and the seller in the off-market transaction.

May 18, 2021

Industrial Leasing Activity Texas

Newmark Negotiates 28,576 SF Industrial Lease Expansion in Metro Dallas

by Taylor Williams May 18, 2021

CARROLLTON, TEXAS — Newmark has negotiated a 28,576-square-foot industrial lease expansion at 1125 Hayden Drive in the northern Dallas suburb of Carrollton. According to LoopNet Inc., the property was built in 1981 and totals 77,486 square feet. Garrett Gibbons Jr., Trace Elrod, Reggie Beavan III, Andy Iversen, Chris Mason, John Beach and Jack Brewer of Newmark represented the tenant, Packaging Solutions Inc., in the lease negotiations. Holt Lunsford Commercial represented the landlord, an entity doing business as MP Acquiport Industrial LLC.

May 18, 2021

Broadrange-Logistics-Gouldsboro-Pennsylvania

Acquisitions Industrial Northeast Pennsylvania

MDH Partners Acquires 390,000 SF Industrial Property Near Scranton, Pennsylvania

by Taylor Williams May 18, 2021

GOULDSBORO, PA. — Atlanta-based investment firm MDH Partners has acquired a 390,000-square-foot industrial property in Gouldsboro, located outside of Scranton. Built in 2002, the property was fully leased to Broadrange Logistics at the time of sale. Building features include a clear height of 30 feet, 42 dock doors, 130-foot truck court depths and an ESFR sprinkler system. The new ownership plans to expand the property by 160,000 square feet, with construction set to begin in the first quarter of next year. The seller was Exeter Property Group. Nick Murphy of Eastdil Secured brokered the deal.

May 18, 2021

Valley-Tool-&-Manufacturing-Milford-Connecticut

Connecticut Development Industrial Northeast

Valley Tool & Manufacturing to Open 100,000 SF Industrial Facility in Milford, Connecticut

by Taylor Williams May 18, 2021

MILFORD, CONN. — Valley Tool & Manufacturing LLC has acquired 8.1 acres in Milford, located in the southern coastal part of the state, for the development of a 100,000-square-foot industrial facility. Jon Angel of Angel Commercial LLC represented Valley Tool & Manufacturing in its site selection and acquisition of the land assemblage, which consists of seven parcels that were purchased in two separate transactions. Construction is underway, and the facility is expected to open by the end of the year.

May 18, 2021

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