Industrial

KENOSHA, WIS. — Panattoni Development Co. has purchased a 13.7-acre site in Kenosha with plans to build a 270,000-square-foot speculative distribution center. Located at 10200 55th St., the project will feature a clear height of 32 feet, two drive-in doors and LED lighting. Ned Frank, Fred Regnery, Jeff Devine, Steve Disse and Jack Rosenberg of Colliers International Chicago represented the seller, Kenall Manufacturing. Colliers also represented Panattoni in the acquisition and will handle lease-up of the facility.

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ALLENTOWN, PA. — Locally based investment and development firm J.G. Petrucci Co. Inc. has acquired the Iron Run Lehigh Portfolio, two industrial buildings totaling 135,082 square feet in Allentown. The portfolio consists of a 99,782-square-foot building that is situated on 10.6 acres at 6980 Snowdrift Road and a 41,390-square-foot building that sits on four acres at 7020 Snowdrift Road. Michael Hines, Brad Ruppel, Brian Fiumara, Bo Cashman, Jonathan Board and Lauren Dawicki of CBRE represented the seller, Penwood Real Estate Management, in the transaction.

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LANSDALE, PA. — Newmark has negotiated a 128,000-square-foot industrial lease at 1180 Church Road in Lansdale, about 30 miles north of Philadelphia. According to LoopNet Inc., the property spans 452,323 square feet, sits on 37.2 acres and features clear heights of 20 to 24 feet. Justin Bell of Newmark represented the tenant, logistics firm Hughes Relocation Services, in the lease negotiations. Velocity Venture Partners owns the building.

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18750-Orange-St-Bloomington-CA

BLOOMINGTON, CALIF. — Kwangwon USA Inc. and YS & Son Co. have purchased an industrial property at 18750 Orange St. in Bloomington, located in the Inland Empire. An undisclosed seller sold the asset for $30.8 million. The newly built property features 184,770 square feet of manufacturing and warehouse space in proximity to Interstates 10 and 215. The property was initially slated for leasing at the end of 2019, and the United States Post Office briefly occupied the building before the sale. James Min of Colliers, along with the Colliers Korean Corporate Solutions Desk, facilitated the transaction and represented the buyers in the deal.

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By Joe Mahoney, Opus Development Co. Despite a confluence of major events in 2020 that shook our world — the pandemic, social unrest, historically high rates of unemployment — the industrial real estate market in the Twin Cities fared very well. While positive net absorption was limited in the second quarter of 2020, the rate accelerated to 1.1 million square feet during the fourth quarter and ended the year at 3.2 million square feet, according to CBRE Minneapolis-St. Paul. Active users also increased. In the beginning of 2020, there were 6.4 million square feet of users. At the end of the third quarter, that number had increased to 10 million, and by the end of the year, there were close to 12 million square feet of users, almost doubling over the course of the year. We see user demand continuing to trend up and accelerate this year. To support growth plans, users are looking for highly functional manufacturing, warehousing and distribution facilities. Many businesses are increasing efficiency and productivity by consolidating several obsolete buildings into one new highly functional, build-to-suit space. COVID-19 supply chain disruption has prompted some businesses to increase their footprint for storing more inventory and reducing reliance …

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AUSTIN, TEXAS — Developer Brookwood Properties LLC has completed a 1,500-unit self-storage facility at 4500 S. Congress Ave. in Austin. Buffalo, N.Y.-based LifeStorage is managing and operating the three-story, Class A facility, which spans approximately 146,500 net rentable square feet. Kansas-based Kaufman Design served as the project architect, and Louisiana-based Rosehill Construction served as the general contractor. The facility is Brookwood’s fifth in the Austin area and 11th in Texas.  

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FORT WORTH, TEXAS — Flannery Trim, a manufacturer of aluminum and drywall products for residential and commercial buildings, has signed a 39,405-square-foot industrial lease in Fort Worth. The tenant will relocate its corporate headquarters from California to the 87,640-square-foot Building A within Carter Industrial Park. Nick Talley of Bradford Commercial Real Estate Services represented Flannery Trim in its site selection and lease negotiations. Scott Moore, Bob Scully and Brice Wells of CBRE represented the undisclosed landlord.

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9342-Telge-Road-Houston

HOUSTON — NAI Partners has brokered the sale of a 30,000-square-foot industrial building located at 9342 Telge Road in northwest Houston. The building is located within Aberdeen Business Park and is leased to aquatic engineering firm Oceaneering International Inc. Travis Land of NAI Partners represented the buyer, United Equities, in the transaction. Jason English of Colliers International represented the undisclosed seller.

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EDISON, N.J. — CBRE has negotiated a 346,858-square-foot industrial lease for international logistics firm JW Fulfillment Inc. in the Northern New Jersey city of Edison. The 699,000-square-foot facility at 300 Cedar Lane sits on 50 acres and features 40-foot clear heights, 123 loading docks, 161 trailer parking spaces and 389 car parking spaces. Bill Waxman, Mindy Lissner and Chris Griffith, along with Jimo Liu of Realmart Realty, represented the tenant in its site selection and lease negotiations. Chuck Fern of Cushman & Wakefield represented the landlord.

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VALLEY COTTAGE, N.Y. — A joint venture between Los Angeles-based investment firm PCCP LLC and New Jersey-based Lincoln Equities Group has acquired a portfolio of three industrial buildings totaling 260,855 square feet in Valley Cottage, located north of New York City. The sale included a 23-acre neighboring parcel for future development. The properties were built between 2001 and 2007 and were fully leased to 21 tenants at the time of sale. The seller was not disclosed.

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