NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $4.3 million sale of a 26,787-square-foot commercial building at 1414-1424 Cromwell Ave. in the Mount Eden neighborhood of The Bronx. The property is currently leased to a parking operator but is also zoned for warehouse use. Jason Gold, Michael Tortorici and Daniel Mahfar of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.
WHITEHOUSE STATION, N.J. — Locally based brokerage firm Kislak Commercial Real Estate Services Inc. has arranged the $3.9 million sale of a 44,300-square-foot industrial property in the Northern New Jersey community of Whitehouse Station. Peter Wisniewski of Kislak represented the seller, Palumbo Realty LLC, in the transaction. Wisniewski also procured the buyer, 27 Ridge Road LLC
“When you’re hot, you’re hot.” These old lyrics from Jerry Reed ring loud and clear these days for industrial real estate in Nashville and Middle Tennessee. Over the past five years, Nashville has been on a tear with industrial activity. At the start of 2021, Nashville appears to be pushing the fast forward button, even with COVID-19. There is a growing list of buyers, developers and users looking to enter the Nashville industrial market at unprecedented levels. With that said, can the supply of industrial product and land keep up with the demand? Where will the product be built? And what will it look like? Historically, Nashville has never seen a large supply of speculative big boxes built in comparison to our neighbors such as Memphis and Atlanta. Unless a build-to-suit, larger buildings have had a longer lease-up time in comparison to our neighboring cities. Nashville is a meat and potato market with the vast majority of our deals in the 75,000- to 150,000-square-oot range. Sure, like any market today we have seen our large third-party logistics deals with the likes of Amazon, Geodis and FedEx leading the way. Typically, our market may see one or two of these larger …
LAKE MARY, FLA. — Ten Capital Management, a privately held real estate investment management firm, has acquired five buildings in Technology Park, a business park located at 100, 200, 250, 255 and 525 Technology Parkway in Lake Mary. Somerset Properties is Ten Capital’s partner on the transaction. The seller and sales price were not disclosed. The Technology Park property is a 297,386-square-foot, five-building flex-office and light industrial campus. Recent leasing activity at the property has resulted in more than 91,000 square feet of new tenants over the last 12 months, and it was 87 percent leased to 16 tenants at the time of sale. The business park offers access to Interstate 4 and Lake Mary Boulevard.
MIDDLETOWN, OHIO — The Opus Group has completed 75 Logistics Center, a 612,589-square-foot speculative warehouse in Middletown, about 32 miles north of Cincinnati. Corporate apparel brand Cintas and global logistics company DHL have fully leased the building. In addition to convenient access to I-75, the project features a clear height of 36 feet, 40 dock doors and 79 trailer positions. Opus served as developer, design-builder, architect and structural engineer. Opus also served as interior designer for the tenant improvements. The project was a joint venture with Founders Properties.
CEDAR RAPIDS, IOWA — CellSite Solutions has purchased a 190,000-square-foot industrial flex building in Cedar Rapids for its new headquarters. The property, situated on 22 acres at 4150 C. St., features a mix of office, light manufacturing, warehouse and distribution space. CellSite, a provider of telecommunications equipment and services for secondary markets, began operations in 2010 in West Des Moines. Angie Glick-Martin of GLD Commercial represented CellSite in the acquisition. The seller and sales price were undisclosed.
INVER GROVE HEIGHTS, MINN. — STAG Industrial Inc. has acquired an 80,000-square-foot industrial building in Inver Grove Heights, about 20 miles southeast of Minneapolis. The property was recently completed as a build-to-suit for Simpson Strong-Tie, a provider of structural products for the construction of homes and buildings. Known as InverPoint Business Park I, the building features a clear height of 24 feet, a training center and roughly 7,200 square feet of office space. Judd Welliver, Ryan Watts, Sonja Dusil, Bentley Smith and Tom Holtz of CBRE Minneapolis represented the developer and seller, United Properties. The property is the first of five planned projects to be completed in the InverPoint Business Park.
FARMERS BRANCH, TEXAS — Saltbox, a purpose-built, flexible co-warehousing space for entrepreneurs and startups, has opened its second location in Farmers Branch. The 66,000-square-foot facility offers 100 private co-warehousing suites and 15 office spaces, in addition to an array of modern office amenities and conveniences. Saltbox opened its first 27,000-square-foot facility in Atlanta in 2019.
ROUND ROCK, TEXAS — NAI Partners has negotiated a 23,172-square-foot industrial lease for Westwinds Wholesale Doors in the northern Austin suburb of Round Rock. The company will occupy space within Settlers Crossing, which is a four-building industrial park spanning approximately 330,000 square feet, according to the Austin Chamber of Commerce. NAI Partners’ Troy Martin represented the tenant in the lease negotiations. Adam Green with Stream Realty represented the landlord.
LAS VEGAS — Nigro Construction has started construction of Mountain West Industrial Park in southwest Las Vegas. The 252,900-square-foot warehouse project is located at 7210 W. Post Road. The first phase consists of three industrial shell buildings on 16.5 acres, with completion slated for third-quarter 2021. The first phase will offer units ranging from 6,400 square feet to 71,500 square feet with 30-foot minimum clearance heights in the warehouse areas, 10-foot glass storefront office entries and metal canopies. The second phase includes an additional 45,000 square feet of industrial space on the remaining acres of the property.