Industrial

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

Industrial Leasing Activity Lee & Associates Texas

Lee & Associates Negotiates 70,200 SF Industrial Lease in Dallas

by Taylor Williams November 2, 2020

DALLAS — Lee & Associates has negotiated a 70,200-square-foot industrial lease at 8401 John W. Carpenter Freeway in Dallas. According to LoopNet Inc., the property was built in 1956 and totals 84,400 square feet. Stephen Williamson and Adam Graham of Lee & Associates represented the landlord, Stonelake Capital Partners, in the lease negotiations. The representative of the tenant, TDU Tires, was not disclosed.

November 2, 2020

Starlite-Distribution-Center-Lakewood-WA

Acquisitions Industrial Washington Western

Davis Property Divests of Starlite Distribution Center Near Seattle for $39.5M

by Amy Works November 2, 2020

LAKEWOOD, WASH. — Davis Property & Investment (DPI) has completed the disposition of Starlite Distribution Center, an industrial property located at 3451 84th St. in Lakewood. An undisclosed buyer acquired the facility for $39.5 million. DPI acquired, entitled and developed the site into a 246,000-square-foot distribution center with 32-foot clear heights, ample trailer and vehicle parking, and freeway access. Currently, DPI has five industrial and professional buildings at various stages of design and construction with a value of approximately $100.2 million. The company closed more than $15.5 million in transactions over the last year and owns/manages nearly 5 million square feet of commercial real estate assets from Seattle to Portland, Ore.

November 2, 2020

Development Industrial Northeast Pennsylvania

Endurance, Blue Vista Sell 1 MSF Distribution Center in Pittston, Pennsylvania for $96M

by Taylor Williams October 30, 2020

PITTSON, PA. — A partnership between Endurance Real Estate Group LLC and Blue Vista Capital has sold the 1 million-square-foot Interstate Distribution Center in Pittston, located south of Scranton, for $96 million. The partnership purchased the 225-acre former Techneglas manufacturing site in 2012 and redeveloped the property into a modern bulk warehouse/distribution asset. The new cross-dock building features 40-foot clear heights, 193 dock doors, 421 car parking spaces and 129 truck parking spaces. Gerry Blinebury and Dan Walsh of Cushman & Wakefield represented the partnership in the sale. Jason Webb and Kris Bjorson of JLL represented the undisclosed buyer.

October 30, 2020

Development Industrial New York Northeast

Simone Unveils Plans for Repositioning of 60,000 SF Industrial Asset in Carle Place, New York

by Taylor Williams October 30, 2020

CARLE PLACE, N.Y. — Simone Development Cos. has unveiled plans for the repositioning of a 60,000-square-foot industrial property in Carle Place, located on Long Island. Simone Development acquired the vacant light industrial/warehouse property this summer from Ansaco Properties LLC. The building was constructed in 1962 and served as the longtime home of Johnson & Hoffman, a metal stamping operation. Simone will renovate the property to suit a single tenant, adding additional loading docks and developing 2.7 acres of additional paved parking area to accommodate tractor trailer, delivery truck and additional vehicular parking.

October 30, 2020

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