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Industrial

Flemington-Junction-Business-Center
DevelopmentIndustrialNew JerseyNortheast

Larken Associates Underway on 150,000 SF Industrial Project in Flemington, New Jersey

by Taylor Williams

FLEMINGTON, N.J. — New Jersey-based developer Larken Associates is underway on preliminary site work for Flemington Junction Business Park, a 150,000-square-foot industrial project in Northern New Jersey. The project will comprise four buildings on a 29-acre site that is located just one mile from U.S. Route 31. Building features will include clear heights of 32 feet and LED lighting, while the entire complex will feature 270 car parking spaces. Larken Associates’ in-house construction management team, Core Enterprises, is overseeing development of the project, which is slated for a fourth-quarter 2022 delivery.

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IndustrialLoansNew JerseyNortheast

Ready Capital Closes $12.5M Acquisition Loan for Industrial Building in Ramsey, New Jersey

by Taylor Williams

RAMSEY, N.J. — New York City-based Ready Capital has closed a $12.5 million loan for the acquisition and renovation of an unnamed, 92,000-square-foot industrial building in the Northern New Jersey community of Ramsey. The nonrecourse, interest-only loan was structured with a floating interest rate, 36-month term, two extension options and a facility for funding future capital improvements. The undisclosed sponsor plans to implement a value-add program.

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AcquisitionsIllinoisIndustrialMidwestOffice

Chicago’s Bradley Business Center Trades Hands for Nearly $100M

by Kristin Harlow

CHICAGO — Bradley Business Center, an office and industrial complex on Chicago’s North Side, has traded hands. The sales price was nearly $100 million, according to Crain’s Chicago Business. The 23-acre property consists of four buildings totaling 466,871 square feet. The asset is 97 percent leased to 21 tenants. Cody Hundertmark, Tom Sitz, David Knapp, Mike Tenteris, Adam Tyler and Jim Carpenter of Cushman & Wakefield represented the seller, a private venture led by Hansen Realty Group. Hines Global Income Trust Inc. was the buyer.

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AcquisitionsIllinoisIndustrialMidwest

Cushman & Wakefield Brokers Sale of 355 Logistics Center in Lockport, Illinois

by Kristin Harlow

LOCKPORT, ILL. — Cushman & Wakefield has brokered the sale of 355 Logistics Center in Lockport, about 30 miles southwest of Chicago. The sales price was undisclosed. Constructed in 2018, the two-building industrial development spans 611,576 square feet. Both buildings feature a clear height of 32 feet. James Carpenter, Mike Tenteris and Adam Tyler of Cushman & Wakefield represented the seller, Boston-based High Street Logistics Properties. A fund managed by a subsidiary of Ares Management Corp. was the buyer.

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DevelopmentIndustrialIowaMidwest

VanTrust to Develop 496,800 SF Spec Warehouse in Altoona, Iowa

by Kristin Harlow

ALTOONA, IOWA — VanTrust Real Estate is developing a 496,800-square-foot speculative warehouse at Altus Commerce Center in Altoona. The facility is the largest speculative industrial project to be built in Iowa, according to JLL, which is marketing the development for lease. Completion is slated for January 2023. The building will feature a clear height of 36 feet as well as parking for up to 330 cars and 47 trailers. Marcus Pitts, Austin Hedstrom and Tanner Hedstrom of JLL are marketing both this building and VanTrust’s first building at Altus Commerce Center. The first building will span 265,200 square feet and is slated for completion in summer 2022.

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Building-9-Gilbert-Spectrum-Gilbert-AZ
ArizonaDevelopmentIndustrialWestern

GID, SunCap Start Construction on Three Spec Industrial Buildings at Gilbert Spectrum in Arizona

by Amy Works

GILBERT, ARIZ. — GID and SunCap Properties, along with Graycor Construction Co., have broken ground for the development of three speculative industrial buildings, totaling 309,547 square feet, at Gilbert Spectrum, a 64-acre industrial park in Gilbert. The buildings will range in size from 66,446 square feet to 142,200 square feet, with divisibility to 20,000 square feet. Totaling 100,000 square feet, Building 9 will feature 32-foot clear heights and a mix of 38 dock-high and drive-in doors. The 142,200-square-foot Building 10 will offer 32-foot clear heights and a mix of 50 dock-high and drive-in doors. Totaling 66,400 square feet, Building 11 will feature 28-foot clear heights and a mix of 25 dock-high and drive-in doors. The three buildings will share a 190-foot loading court and each building will feature generous power and ESFR sprinklers. Completion is slated for May 2022. Graycor serves as the design-build general contractor and Balmer Architectural Group is the project architect. Ken McQueen and Chris McClurg of Lee & Associates Arizona are the project’s leasing brokers.

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7770 Palmetto
AcquisitionsIndustrialSouth CarolinaSoutheast

JLL Arranges Sale of 196,540 SF Industrial Property in Charleston

by Julia Sanders

CHARLESTON, S.C. — JLL Capital Markets has arranged the sale of 7770 Palmetto Commerce Parkway, a 196,540-square-foot industrial facility in Charleston. Pete Pittroff, Dave Andrews, Patrick Nally, Josh McArdle, Michael Scarnato and Zach Lloyd of JLL represented the seller, a joint venture between Charleston-based The Beach Co. and Greensboro, S.C.-based Samet Corp. New York-based Indus Realty Trust Inc. acquired the property for an undisclosed amount. 7770 Palmetto Commerce Parkway is a Class, A rear-load warehouse that is partially leased to Cummins Inc., an Indiana-based diesel and alternative fuel engines and generators retailer. The infill property is situated adjacent to Interstate 26, eight miles from Charleston International Airport and 16.2 miles from Port of Charleston.

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TGS-Cedar-Port-Baytown
DevelopmentIndustrialTexas

TGS Cedar Port Begins Work on Two Industrial Buildings Totaling 646,421 SF Near Port Houston

by Taylor Williams

BAYTOWN, TEXAS — TGS Cedar Port Partners, an affiliate of Trans-Global Solutions, has begun construction on two industrial buildings in Baytown totaling 646,421 square feet. The properties will be situated within TGS GS Cedar Port Industrial Park, a master-planned, rail-and-barge-served development near Port Houston. The buildings, which are being developed on a speculative basis, will total 496,421 square feet and 150,000 square feet. The larger of the two buildings will be expandable to 917,172 square feet and will feature 40-foot clear heights, 185-foot truck court depths and an ESFR sprinkler system. The second facility will be expandable to 600,000 square feet and will feature 36-foot clear heights. Powers Brown Architecture is designing the project, and E.E. Reed Construction is the general contractor. NAI Partners is the leasing agent. Completion is slated for the second and third quarters of next year, respectively.

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AcquisitionsIndianaIndustrialMidwest

Avison Young Brokers Sale of Three Industrial Buildings Totaling 878,410 SF Near Indianapolis

by Kristin Harlow

WHITELAND, IND. — Avison Young has brokered the sale of three industrial buildings totaling 878,410 square feet in Whiteland, a southern suburb of Indianapolis. The sales price was undisclosed. All the buildings are situated within the 2.4 million-square-foot Whiteland Exchange Business Park. The properties are fully leased to e-commerce and packing companies. Erik Foster and Mike Wilson of Avison Young’s Chicago office represented the seller, Jones Development. The duo worked in conjunction with Sean McHale and Peter Seoane of Avison Young’s Indianapolis office. Lexington Realty Trust was the buyer.

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AcquisitionsIllinoisIndustrialMidwest

Colliers Arranges Sale of 169,250 SF Jefferson Business Center in Naperville, Illinois

by Kristin Harlow

NAPERVILLE, ILL. — Colliers has arranged the sale of Jefferson Business Center in Naperville for an undisclosed price. The 169,250-square-foot distribution center is located at 1748 Jefferson Ave. Completed in 2019, the Class A facility features a clear height of 32 feet, 21 loading docks, 203 car parking stalls and 23 trailer stalls. The building was fully leased to four tenants at the time of sale. Jeff Devine and Steve Disse of Colliers Chicago represented the seller, TA Realty. Black Creek Group was the buyer.

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