Industrial

CBRE Negotiates Two Industrial Leases Totaling 505,000 SF Near Port Houston

by Taylor Williams November 3, 2020

DEER PARK AND PASADENA, TEXAS — CBRE has negotiated two industrial leases totaling approximately 505,000 square feet near Port Houston on the city’s southeastern outskirts. In the first transaction, a global e-commerce firm leased 402,648 square feet within Underwood Port Logistics Center in Deer Park. In the second transaction, Frederick Trucking signed a deal to occupy 102,863 square feet at Bayport North Logistics Center I in Pasadena. Joseph Smith, Patrick Rollins, Jason Dillee and Andrew Jewett of CBRE represented the landlord, an affiliate of Triten Real Estate Partners, in both lease negotiations. Dedrik Pharis of CBRE represented the e-commerce user, and Chris Haro of NAI Partners represented Frederick Trucking.

November 3, 2020

Acquisitions Industrial Texas

CanTex Capital Buys 162,685 SF Industrial Building in Metro Dallas

by Taylor Williams November 3, 2020

GARLAND, TEXAS — An affiliate of Dallas-based investment firm CanTex Capital has purchased a 162,685-square-foot industrial building located at the corner of West Kingsley Road and Oakland Avenue in Garland, a northeastern suburb of Dallas. James Mantzuranis and Adam Jones of Stream Realty Partners represented the buyer in the transaction. Hal Penchan and Matt Troutt with Altschuler & Co. represented the seller, CCMP SPE 2 LLC.

November 3, 2020

Industrial Leasing Activity Northeast Pennsylvania

Lowe’s Home Centers Signs 1.1 MSF Industrial Lease in Shippensburg, Pennsylvania

by Taylor Williams November 3, 2020

SHIPPENSBURG, PA. — Lowe’s Home Centers LLC has signed a 1.1 million-square-foot industrial lease in Shippensburg, located in between Pittsburgh and Philadelphia in the southern-central region of the state. The home improvement retailer will occupy warehouse and distribution space at Shippensburg 81 Logistics Center, a newly developed property situated on a 100-acre site along Interstate 81. Building features include 36-foot clear heights, 189 dock doors, 185-foot truck court depths, 250 car parking spaces, 631 trailer parking spaces and an ESFR sprinkler system. Mike Hess and David Remington of CBRE represented the tenant in the lease negotiations. Mark Chubb and Mike Zerbe of Colliers International represented the landlord, Philadelphia-based Equus Capital Partners.

November 3, 2020

Acquisitions Industrial Northeast Rhode Island

Phoenix Investors Acquires 660,000 SF Industrial Property in Central Falls, Rhode Island

by Taylor Williams November 3, 2020

CENTRAL FALLS, R.I. — An affiliate of Milwaukee-based Phoenix Investors has acquired a 660,000-square-foot industrial property in Central Falls. The 12-acre property was originally built as a textile mill in 1900 and most recently served as a manufacturing plant for the seller, LEDVANCE, a provider of lighting fixtures. The new ownership will implement a capital improvement program that will include demolition of portions of the plant and expects to begin leasing space in late 2021.

November 3, 2020

Development Industrial New Jersey Northeast

Black Creek Group to Build 574,169 SF Industrial Park in East Windsor, New Jersey

by Taylor Williams November 3, 2020

EAST WINDSOR, N.J. — Denver-based Black Creek Group will develop Innovation Park, a two-building, 574,169-square-foot industrial park that will be located in the Trenton suburb of East Windsor. Building A will span 406,669 square feet and will feature 40-foot clear heights, 50 dock doors, 67 trailer spaces and 317 car parking stalls. Building B will total 167,500 square feet and will feature 36-foot clear heights, 30 dock doors and 161 car parking stalls. Preliminary site work is underway, and construction is expected to continue through January 2022. Peak Construction Corp. is teaming with Trammell Crow as the development manager. The development team also includes KSS Architects and civil engineering firm Maser Consulting.

November 3, 2020

Acquisitions Arizona Industrial Western

CapRock Sells 110,710 SF Industrial Property in Phoenix

by Amy Works November 3, 2020

PHOENIX — CapRock Partners has completed the disposition of an industrial property located at 225 S. 51st St. in Phoenix’s Sky Harbor submarket. A global real estate investment advisor acquired the asset for an undisclosed price. Greif, a global leader in industrial packaging products and services, currently occupies the 110,710-square-foot building. CapRock acquired the property in 2017 in an off-market transaction as part of its value-add strategy. The company enhanced the property’s functionality and curb appeal with a new storefront, windows and landscaping and upgraded the 30-foot clear dock-high building with new ESFR sprinklers. Additionally, CapRock reconfigured the yard area to create a fully secured truck court and added trailer parking stalling. The renovated building features 2,000 square feet of high-image office space with Loop 202 freeway frontage, 22 dock-high doors and LED warehouse lights. Will Strong of Cushman & Wakefield represented the seller, while the buyer was self-represented in the deal.

November 3, 2020

Development Georgia Industrial Southeast

Ken’s Foods to Invest $103M for Industrial Expansion Near Atlanta

by John Nelson November 2, 2020

MCDONOUGH, GA. — Ken’s Foods, a producer of salad dressings, sauces and marinades, will invest $103 million to expand its distribution and manufacturing facility in McDonough. Ken’s Foods will occupy a 343,625-square-foot space within Midland Industrial Park, which is situated at 220 Midland Court, 25 miles southeast of Hartsfield-Jackson Atlanta International Airport. The new space will house 70 employees, bringing the company’s total at the site to 570 workers. WXGA reports that Ken’s Foods plans to complete the project in early 2022. The landlord was not disclosed.

November 2, 2020

Acquisitions Industrial New Jersey Northeast

HGI, Turnbridge Sell 550,000 SF Warehouse in Parsippany, New Jersey, for $85.2M

by Taylor Williams November 2, 2020

PARSIPPANY, N.J. — A partnership between Harbor Group International (HGI) and Turnbridge Equities has sold a 550,000-square-foot warehouse located at 100 Jefferson Road in the Northern New Jersey city of Parsippany for $85.2 million. The building’s primary tenants are electronics manufacturer PNY Technologies and dietary supplement provider Vitaquest. The partnership acquired the property from PNY Technologies in 2018 in a $60.3 million sale-leaseback deal and implemented a value-add program that brought the occupancy rate from 28 percent to its current mark of 64 percent. The buyer was not disclosed.

November 2, 2020

Industrial Leasing Activity NAI New Jersey Northeast

NAI James Hanson Negotiates 28,900 SF Industrial Lease in Elizabeth, New Jersey

by Taylor Williams November 2, 2020

ELIZABETH, N.J. — NAI James Hanson has negotiated a 28,900-square-foot industrial lease at 475 Division St. in Elizabeth, located just south of Newark. The 175,000-square-foot building features 18-foot ceiling heights, five loading docks, 10 trailer parking spaces and 2,000 square feet of office space. Barry Cohorsky and John Koch of NAI James Hanson represented the landlord, Tree Realty, in the lease negotiations. Robin Ritter-Ceriello of Cushman & Wakefield represented the tenant, locally owned trucking company Motion Express.

November 2, 2020

Content Partner Features Industrial New York Northeast Northeast Feature Archive Walker & Dunlop

New York Industrial Innovation Spreads Nationwide

by Sarah Daniels November 2, 2020

Despite the negative impact of the pandemic on many areas within commercial real estate, industrial assets continue to attract interest as a favored sector of many lenders and investors. The industrial market is outperforming others throughout this period of disruption. E-commerce growth has resulted in growth in the industrial sector as the need for last-mile delivery and third-party logistics space increases. Similarly, urban infill demand has grown in supply-constrained markets. Finally, the supercharging the industrial sector has created a need for new construction in this asset class, and construction lenders are finding new opportunities to earn higher returns. View higher resolution version of chart above here. Industrial Market Trends In major urban markets — New York City included — residents increasingly expect two-day delivery, next-day delivery and even same-day delivery. As a result of these shrinking delivery windows, the need for local distribution centers and last-mile facilities has increased significantly. The way people purchase and receive products has changed drastically, and the industrial sector must adjust to meet the demand. The nation-wide stay-at-home orders implemented at the outset of the pandemic caused e-commerce to experience exponential growth. People who had never shopped online began adapting to this trend. This created …

November 2, 2020

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