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.
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.
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.
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.
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 …
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.
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.
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.
UNION CITY, GA. — Crow Holdings Industrial (CHI) has sold South Fulton Logistics Center, a 234,000-square-foot industrial facility in Union City. CHI delivered the asset in April 2019. The facility features 32-foot clear heights and was 68 percent leased at the time of sale to Greenball Corp., a manufacturer and wholesaler of tires. South Fulton Logistics Center is situated at the intersection of Hunter and Mason roads, six miles west of Hartsfield-Jackson Atlanta International Airport. TA Realty acquired the property for an undisclosed price.
FAIRFIELD, N.J. — The Stro Companies, a New Jersey-based investment firm, has acquired a 78,000-square-foot industrial building in Fairfield, about 25 miles west of New York City. The property was fully leased at the time of sale and features 21-foot ceiling heights, proximity to several interstates and additional land for trailer parking. Robert Nathin of Sheldon Gross Realty represented the undisclosed seller in the transaction.