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Industrial

FreezPak-Logistics-Newark
DevelopmentIndustrialNew JerseyNortheast

Elberon, Fidelco to Develop 140,000 SF Cold Storage Facility in Northern New Jersey

by Taylor Williams

ELIZABETH AND NEWARK, N.J. — A partnership between two New Jersey-based firms, Elberon Development Group and Fidelco Realty Group, will develop a 140,000-square-foot cold storage facility in Northern New Jersey. The property will be located on a 7.8-acre site within the port submarket on the border of Newark and Elizabeth and will be a build-to-suit for FreezPak Logistics. Michael Klein, Jon Mikula and Max Custer of JLL arranged a $34 million construction loan through a correspondent insurance company on behalf of the development team. A construction timeline was not disclosed. The facility will be FreezPak’s fifth in New Jersey and will feature 10.5 million cubic feet of space, 18 docks and 30,000 pallet positions.

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AcquisitionsIndustrialNew JerseyNortheastSelf-Storage

Tulfra Real Estate Sells 816-Unit Self-Storage Facility in Rochelle Park, New Jersey

by Taylor Williams

ROCHELLE PARK, N.J. — Tulfra Real Estate, a locally based investment and development firm, has sold an 816-unit self-storage facility in the Northern New Jersey community of Rochelle Park. The four-story, 113,000-square-foot facility is located within the seven-acre Village Center of Rochelle Park mixed-use development. The buyer was Columbia Self Storage. Tulfra Real Estate acquired the property, a former AT&T data site, in late 2018.

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AcquisitionsFloridaIndustrialSoutheast

McCraney Acquires 40 Acres in Ocoee, Florida for Spec Industrial Park Development

by Julia Sanders

OCOEE, FLA. — McCraney Property Co., a private industrial real estate development and investment firm, has acquired 40 acres in an off-market assemblage of three parcels just south of East Fullers Cross Road in Ocoee. The purchase price was not disclosed. The company plans to develop Progress Commerce Park, a six-building, Class A speculative industrial park totaling 480,560 square feet. Currently, the proposed site plan is under review with the City of Ocoee, as well as a zoning change request. If approved, Progress Commerce Park will be developed in three phases. The sellers are Lawrence Levin, Patricia Donahue, Thomas West and West & West LLC, according to Orlando Business Journal. Neither the seller’s nor McCraney Property had brokers in the acquisition.

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IndustrialLeasing ActivityTexas

CBRE Negotiates 38,400 SF Industrial Lease for Logistics Company in El Paso

by Taylor Williams

EL PASO, TEXAS — CBRE has negotiated a 38,400-square-foot industrial lease at 9660 Joe Rodriguez Drive in El Paso. Arturo De la Mora and Andres Sandoval of CBRE represented the tenant, cross-border customers and logistics firm G-Global, in the lease negotiations. The duo also represented the landlord, a partnership between Boston-based Equity Industrial Partners and New York-based Raith Capital Partners. G-Global previously occupied 20,000 square feet at the building at 9600 Joe Rodriguez Drive, which the partnership also owns.

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LogistiCenter-at-Woolwich
DevelopmentIndustrialNew JerseyNortheast

Dermody Properties to Develop 154-Acre Industrial Project in Woolwich Township, New Jersey

by Taylor Williams

WOOLWICH TOWNSHIP, N.J. — Nevada-based Dermody Properties will begin construction later this year on LogistiCenter at Woolwich, a 154-acre industrial project in Woolwich Township, located in Gloucester County. The development will consist of three buildings spanning 262,200, 552,585 and 336,700 square feet of Class A space. Building features will include 36- to 40-foot clear heights, build-to-suit office spaces, ESFR fire protection systems, drive-in doors and ample trailer and car parking. CBRE is leasing the project. A completion date was not disclosed.

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DevelopmentIndustrialNew JerseyNortheastSelf-Storage

Hampshire Completes 697-Unit Extra Space Self-Storage Facility in Perth Amboy, New Jersey

by Taylor Williams

PERTH AMBOY, N.J. — The Hampshire Cos. has completed a 697-unit self-storage facility at 900 State St. in the Northern New Jersey city of Perth Amboy that will be operated under the Extra Space Storage brand. The 94,600-square-foot facility offers full climate control for interior units and represents the 46th project that Hampshire has developed for Extra Space Storage.

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AcquisitionsConnecticutIndustrialNortheast

Marcus & Millichap Brokers Sale of 103,084 SF Industrial Property in Killingly, Connecticut

by Taylor Williams

KILLINGLY, CONN. — Marcus & Millichap has brokered the sale of a 103,084-square-foot industrial building in Killingly, located in the north part of the state along the Rhode Island border. The property was net-leased to steel fabricator Siri Wire, which has occupied the building since 1994, at the time of sale. Harrison Klein, Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer, a private investor.

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AcquisitionsColoradoIndustrialWestern

Cress Capital Sells Two Industrial Properties in Fort Collins for $30.6M

by Amy Works

FORT COLLINS, COLO. — An affiliate of Cress Capital has completed the disposition of two single-story R&D buildings in Fort Collins. An undisclosed buyer acquired the properties for $30.6 million. Located at 1625 Sharp Point Drive and 24224 Midpoint Drive, the assets offer a total of 115,627 square feet of industrial space. At the time of sale, Advanced Energy Industries fully occupied both facilities on a long-term basis. Cress originally acquired the properties in May 2017 as part of a 23-buliding portfolio in the Prospect East Business Park. Jeremy Ballenger, Jim Bolt, Tyler Carner, Will Pike and Pete Kelly of CBRE represented Cress Capital in the transaction.

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AcquisitionsCaliforniaIndustrialWestern

RPG, CenterSquare Acquire 203,000 SF Value-Add Industrial Property Near San Diego

by Amy Works

VISTA, CALIF. — A joint venture between RPG and CenterSquare has purchased an industrial property located at 1 Viper Way in Vista. San Francisco-based Stockbridge sold the asset for an undisclosed price. The buyers plan to implement a comprehensive repositioning plan to modernize the 203,000-square-foot property to appeal to industrial tenants throughout the region. Planned improvements include the addition of nine dock-high doors and five grade-level doors, as well as a reduction of office and mezzanine space, to appeal to last-mile industrial users. The property features 28-foot clear heights, heavy power and dock loading options. At the time of purchase, the property was vacant, having previously served as headquarters for an automotive technology company for 20 years. Aric Starck and Bill Cavanagh of Cushman & Wakefield represented the seller in the transaction.

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CapRock-Riley-St-Hacienda-Ave-Las-Vegas-NV
IndustrialMarket ReportsNevadaWesternWestern Market Reports

Online Shopping Keeps Vegas’ Industrial Market Humming

by Jeff Shaw

By Amy Ogden, Logic Commercial Real Estate This was an unprecedented year in a multitude of ways. Though the pandemic brought economic hardships — along with the world’s worst health crisis — it also opened our eyes to how quickly life can change overnight. Businesses reacted to the crisis as best and swiftly as they could to comply with state stay at home orders, capacity reductions, and the fear and panic that ensued. Little did we know that we would be desperately seeking toilet paper, cleaning supplies, and embracing online grocery shopping and food delivery with such intensity by early March.  The aforementioned, in turn, created a domino effect as the pandemic became the catalyst for a boom in the industrial real estate sector. Ecommerce has grown more over the past year than it ever has. These occupiers have seen their five-year trajectory of forecasted retail sales occur in just six months. The rise of ecommerce has forever altered consumer buying behavior and expectations. With consumers now anticipating fast shipping and deliveries, there is now a strain on the traditional logistics and supply chain models. This has subsequently resulted in a heightened need for warehouse, fulfillment and distribution properties as …

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