SHIRLEY, N.Y. — Colliers International has negotiated the $9.2 million sale of a 61,916-square-foot industrial building in the Long Island community of Shirley. The sales price equates to $149 per square foot. The building is leased to rubber products supplier Frank Lowe for the next five years. Jordan Baruch and Matthew Kucker of Colliers represented the buyer, Port Washington, N.Y.-based BEB Capital, in the transaction. Jason Maietta, Tommy Rosati and Brandon Lichtenstein, also with Colliers, represented the seller, Warco LLC, a real estate entity affiliated with Frank Lowe.
GARFIELD, N.J. — New York City-based Ready Capital has closed a $5 million loan for the acquisition and stabilization of an 11-bay industrial property in Garfield, located in Bergen County. The nonrecourse, interest-only loan was structured with a floating interest rate, 36-month term and two extension options. The undisclosed sponsor plans to implement a capital improvement program at the property.
HENDERSON, NEV. — RDS Investments & Developments has acquired an industrial building located within Gibson Business Plaza at 149 and 145 N. Gibson Road in Henderson. Gibson BP LLC sold the asset for an undisclosed price. The property offers 33,430 square feet of industrial space. Brian Riffel and Tyler Jones of The Riffel Jones Industrial team at Colliers International represented the seller in the deal.
DEKALB, ILL. — Multinational conglomerate 3M has signed a 12-year lease renewal for its 410,000-square-foot distribution hub in DeKalb, about 65 miles west of Chicago. The property is located at 1211 Fairview Drive. Jenny Aust Turner of Cresa represented 3M in the lease. Modiv Inc., a California-based REIT, is the building landlord.
CHICAGO — Amazon is building a new delivery station in Chicago’s West Humboldt Park neighborhood. The 141,360-square-foot development will expand the e-commerce giant’s delivery infrastructure for customers in the Chicago area. A delivery station is the last stop an Amazon package makes prior to reaching the customer. The project site is located near the intersection of Kostner Avenue and Division Street. The building is slated for completion by 2023. Venture One Real Estate LLC is the developer and PREMIER Design + Build Group is the general contractor.
DOWNERS GROVE, ILL. — Brown Commercial Group has brokered the sale of a 74,146-square-foot industrial building in the Chicago suburb of Downers Grove for an undisclosed price. The property is located on Thatcher Road. Mike Antonelli and Trinity Scurto of Brown represented the seller, Premium Investment Properties Inc. Antonelli represented the buyer, Beco Management Inc. The building is partially leased and the new owner plans to bring it to full occupancy.
Columbus has been the shining star of the industrial real estate market over the last five years, and for the eighth straight quarter, it has more than 5 million square feet under construction. This year is on track for more than 10 million square feet, with half of that already absorbed in the first part of the year. A question I always get is, “Why Columbus?” The answer (and the sell) is quite simple — location and population. Columbus is a 10-hour drive within 46 percent of the country’s population and manufacturing base. Incentives play a large role in the process as well, which enables developers to be competitive and drives tenants to the markets. Labor is always a factor in site selection, but now more than ever it tops the list as one of the most vital components of the decision-making process of choosing a site. With the Columbus region ranking No. 1 in the Midwest for population, jobs and GDP growth, it’s natural for developers to be highly attracted to the area. Columbus has three major industrial submarkets: West Jefferson, Rickenbacker and Etna Township. The West Jefferson submarket is home to Amazon, Target, Restoration Hardware and JoAnn Fabric. …
KANSAS CITY, MO. — Ascendas REIT has purchased a 2.1 million-square-foot industrial portfolio spanning 13 buildings in metro Kansas City for $156 million. The acquisition marks the first entry into the U.S. logistics market for Singapore-based Ascendas. The infill properties are situated across the submarkets of South Johnson County, North Johnson County, Eastern Jackson County and Northland. The portfolio is 92.6 percent occupied by 27 tenants. Two entities doing business as ColFin 2017-11 Industrial Owner LLC and ColFin Cobalt I-II LLC were the sellers. Mark Long, John Hassler, Jim Linn and Andrew Briner of Newmark Zimmer brokered the transaction. Ascendas, an industrial REIT, is listed on the Singapore Exchange Securities Trading Limited. Its portfolio comprises 210 properties across the globe.
COLUMBUS, OHIO — KKR has acquired two industrial buildings within Rickenbacker Logistics Park in Columbus for an undisclosed price. Completed this year, the warehouses total 1.1 million square feet and feature a clear height of 36 feet. Both single-tenant buildings are fully leased. CBRE represented the seller, a joint venture between CT Realty and Walton Street Capital.
SAN JOSE, CALIF. — Empire Square Group has completed the disposition of a two-building advanced manufacturing and office campus located at 5300-5350 Hellyer Ave. in South San Jose. J&J Properties acquired the asset for $64.3 million. Joe Moriarty, Scott Prosser and Jack DePuy of CBRE Capital Markets brokered the sale. Brad Zampa and Michael Walker of CBRE Capital Markets’ Debt & Structured Finance group arranged $44 million in acquisition financing for J&J Properties. The 10-year, fixed-rate, non-recourse loan was arranged through a multinational investment bank. CAES, formerly Cobham, has occupied the 160,000-square-foot asset since it was originally built in 1999, and the company has invested significant capital into facility improvements over the years. The property features specialized infrastructure including 21 kV of power and more than 1,000 tons of HVAC. CAES is a provider of analog and radiation-hardened technology for the U.S. aerospace and defense industry. The company makes off-the-shelf and customized radio frequency, microwave and high-reliability microelectronic products and subsystems.