Industrial

Joint Venture Purchases Historic Wells Building in Milwaukee for $7.2M

by Kristin Harlow October 12, 2020

MILWAUKEE — An affiliate of fifteenfortyseven Critical Systems Realty LLC, in partnership with Harrison Street, has acquired Milwaukee’s historic Wells Building. The purchase price was $7.25 million, according to the Milwaukee Business Journal. The 15-story, 165,000-square-foot building is located at 324 E. Wisconsin Ave. and dates back to 1901. The property has a long history as a communications center and once served as the Milwaukee headquarters for Western Union Telegraph Co. Today, the building serves as a carrier hotel and data center. A carrier hotel is a building in a downtown location that houses networks and cloud services. The buyer plans to make significant investments in the building’s power and cooling infrastructure. Ascendant Holdings LLC, a Wisconsin-based commercial real estate development and investment company, was the seller.

October 12, 2020

Industrial Kentucky Loans Southeast

NorthMarq Arranges $4.2M Refinancing of Industrial Property in Northern Kentucky

by Alex Tostado October 9, 2020

ERLANGER, KY. — NorthMarq has arranged a $4.2 million refinancing loan for Donaldson Road Center I, a two-building, 121,000-square-foot industrial property in Erlanger. An undisclosed life insurance company provided the 10-year loan, which features a 25-year amortization schedule. The facility is located at 1360-1390 Donaldson Road, three miles southeast of Cincinnati/Northern Kentucky International Airport and 11 miles southwest of downtown Cincinnati. The facilities were leased to tenants including Fry Fastening Systems, Trane Supply and Sherwin-Williams Commercial Paint Store at the time of the loan closing. The borrower was not disclosed.

October 9, 2020

Acquisitions Industrial Lee & Associates Midwest Wisconsin

Lee & Associates Brokers $1.1M Sale of Industrial Building Near Madison, Wisconsin

by Kristin Harlow October 9, 2020

DEFOREST, WIS. — Lee & Associates has brokered the $1.1 million sale of a 16,000-square-foot industrial building in DeForest, just north of Madison. The property is located at 4159 Reardon Road. Blake George of Lee & Associates represented the seller, CHEEE Holdings LLC. The buyer, CAH CO DeForest LLC, will use the property as a vehicle maintenance facility for Hooper Corp.

October 9, 2020

Acquisitions Arizona Industrial Western

Mack Real Estate Group Acquires 793,862 SF Hub at Goodyear Industrial Facility in Arizona

by Amy Works October 8, 2020

GOODYEAR, ARIZ. — An affiliate of Mack Real Estate Group (MREG) has purchased The Hub at Goodyear, a new industrial facility located at 305 S. Bullard Ave. in Goodyear. Terms of the transaction were not released. The 793,862-square-foot property features a cross-dock configuration, 40-foot clear heights, 144 dock-high doors, four grade-level doors and 190-foot full concrete truck doors. Additionally, the site provides parking for 192 trailers and 420 cars, and egress and ingress with access via Bullard and 143rd avenues. Pat Feeney, Dan Calihan, Rusty Kennedy and James Cohn of CBRE’s Phoenix office represented the buyer in the transaction. MREG has also retained the CBRE team to handle leasing of the property. Bruce Francis of CBRE Capital Markets Debt & Structured Finance arranged acquisition financing for the buyer.

October 8, 2020

Development Industrial Texas

Parent Company of T.J. Maxx, Marshalls to Open $150M Distribution Center in El Paso

by Taylor Williams October 8, 2020

EL PASO, TEXAS — TJX Cos., the Massachusetts-based corporation that owns major discount retailers such as T.J. Maxx and Marshalls, will open a $150 million distribution center in El Paso, a move that will bring about 1,000 full-time jobs to the borderplex region. The facility could ultimately feature as much as 2 million square feet of industrial space. According to The El Paso Times, the proposed site for the facility is a 200-acre tract at Global Reach Drive and George Perry Boulevard in East El Paso that is owned by the El Paso International Airport. The paper also reports that Marmaxx Operating Corp., the affiliate of TJX Cos. that operates T.J. Maxx and Marshalls, received $14.3 million in tax rebates and other incentives for the project.

October 8, 2020

Acquisitions Industrial Texas

Spicy World of USA Sells 32,554 SF Industrial Facility in Houston

by Taylor Williams October 8, 2020

HOUSTON — Spicy World of USA Inc., a family-owned distributor of ethnic foods, has sold its 32,554-square-foot industrial facility located at 10421 SW Plaza Drive in Houston. According to LoopNet Inc., the property was built in 2004 and features 26-foot clear heights. Sam Chang of Henry S. Miller Brokerage represented Spicy World, which will relocate to a 68,000-square-foot distribution center in Stafford, in the deal. Bryan Tran with BHW Capital represented the buyer, Red Sea Properties LLC.

October 8, 2020

Industrial Market Reports Midwest Midwest Market Reports Missouri

Demand Drives Bulk Industrial Construction in St. Louis Region’s I-70 Corridor

by Kristin Harlow October 8, 2020

By Allison Gray, Steadfast City Economic & Community Partners The growing demand for distribution space and the related importance of freight logistics and a healthy supply chain have remained steady even though the COVID-19 pandemic continues to shake up markets across the U.S. and around the globe. This demand is evident in the bi-state St. Louis region, where more inventory of bulk distribution space has been added in the five-year period between 2015 and 2019 than at any other point in St. Louis history, totaling more than 18 million square feet of top-of-the-line modern bulk space. Recent construction and development trends in the bi-state St. Louis area reveal that bulk distribution buildings — those that top 250,000 square feet — have been the highest growing sector for the regional inventory. Since 2016, 94 percent of all bulk construction has been focused along the vital I-70 corridor, while 90 percent of the new major industrial parks with significant construction are located within 10 minutes of the I-70 corridor. This corridor, which includes portions of I-170, I-270 and I-370, is a development hotspot that links Illinois and Missouri. It has emerged as a major logistics corridor supported with more than $600 million …

October 8, 2020

Acquisitions Industrial Northeast Pennsylvania

Binswanger Brokers Sale of Two Industrial Properties Near Philadelphia for $18M

by Taylor Williams October 7, 2020

PENNSAUKEN, N.J. — Binswanger Commercial Real Estate Services has brokered the sale of two industrial properties in the Philadelphia suburb of Pennsauken, New Jersey, for $18 million. The first property is a 189,498-square-foot facility located at 9130 Griffith Morgan Lane that includes 16,000 square feet of office space and sold for $7.4 million. The second property was built on 13.5 acres in 1997, totals 201,000 square feet and features 28- to 32-foot clear heights. That property sold for roughly $10.6 million. Simmons Pet Food formerly owned both assets. Kenover Marketing and KB Furniture respectively purchased the first and second properties. Chris Pennington of Binswanger brokered the deals.

October 7, 2020

Acquisitions Industrial New Jersey Northeast

Venture One, Kovitz Acquire 17,290 SF Industrial Building in Camden, New Jersey

by Taylor Williams October 7, 2020

CAMDEN, N.J. — A partnership between Chicago-based Venture One Real Estate and Kovitz Investment Group has acquired a 17,290-square-foot vacant industrial building in Camden, located outside of Philadelphia in New Jersey. The 9.4-acre property serves as a repair/maintenance facility, offers proximity to Interstate 295 and downtown Philadelphia and features 2,800 square feet of office space and parking for 236 trailers. Jim Scott of Colliers International represented the undisclosed seller in the transaction. Scott Mertz of NAI Mertz represented the buyer and will market the property for lease.

October 7, 2020

Acquisitions Industrial Southeast Tennessee

Phoenix Investors Acquires Industrial Portfolio in Tennessee Totaling 1.6 MSF

by Alex Tostado October 6, 2020

MILWAUKEE — Affiliates of Milwaukee-based Phoenix Investments have acquired a three-property industrial portfolio in Dresden, Church Hill and Kingsport, Tenn., spanning nearly 1.6 million square feet. Church Hill-based Frog Properties LLC sold the portfolio for an undisclosed price. The property located at 2073 Evergreen St. in Dresden features 30 truck doors, 20- to 35-foot clear heights and rail access with a 1,500-foot rail platform. Champion Homes anchors the 611,556-square-foot facility. The property in Church Hill spans 857,056 square feet. The asset is situated at 121 Kingsport Press Road and features a 300-foot rail spur with access to Norfolk Southern Rail. The Kingsport facility is located on six acres at 2497 Sherwood Road. The 130,751-square-foot property features 20-foot clear heights and 8- to 12-inch thick concrete flooring. Quebecor World, a Canadian-based publishing company, used to occupy the properties in Church Hill and Dresden. Michael Reid of Newmark Knight Frank represented both the buyer and seller, Frog Properties, in the transaction. The sales price was not disclosed.

October 6, 2020

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