SPRINGFIELD, N.J. — Radiopharmaceutical firm Evergreen Theragnostics will open a new, 14,000-square-foot manufacturing facility in Springfield, about 20 miles west of New York City. The new facility will feature four fully equipped production suites, three additional customizable suites, research space and multiple sterility lines, as well as quality control, material storage and packaging space. Construction of the facility is underway, and completion is scheduled for 2021.
ROMULUS, MICH. — The Kroger Co. and grocery e-commerce technology company Ocado have selected Romulus as the latest location for a customer fulfillment center. The automated warehouse facility, equipped with digital and robotic capabilities, will serve customers across the Great Lakes region. Kroger will invest $95 million and create 250 new jobs in Romulus, according to Warren Evans, Wayne County chief executive. The 135,000-square-foot facility will be located at 15675 Wahrman Road. It is expected to become operational 18 months after construction begins.
CHICAGO — ShipBob, an e-commerce fulfillment company based in Chicago, has raised $68 million in Series D funding led by SoftBank Vision Fund 2, which has previously invested in companies such as Uber, Slack, Opendoor and Doordash. ShipBob says it has experienced a “tremendous acceleration” in new customers since the onset of the COVID-19 pandemic. The new capital will enhance the company’s capabilities to provide for more customers, hire more workers and expand its software platform. To support the influx in demand, ShipBob has opened six new fulfillment centers since April, including two international locations. The company has also hired hundreds of new fulfillment associates over the last few months and plans to hire hundreds more leading up to the holiday season. ShipBob expects to open two more U.S. centers this year and 10 facilities across North America, Europe, Asia and Australia in 2021. Dhruv Saxena and Divey Gulati formed ShipBob in May 2014. Series D funding refers to the fourth stage in the financing cycle of new business growth.
PRESCOTT, ARIZ. — Value Investment Group has completed the sale of Prescott Airpark NNN Flex Industrial, an industrial property located at 2286 Crosswind Drive in Prescott. A privately held, California-based 1031 exchange buyer acquired the asset for $3.1 million. Cory Gross of Marcus & Millichap’s Denver office represented the seller in the deal. Gross, along with Ryan Sarbinoff as Marcus & Millichap’s Arizona broker of record, secured and represented the buyer in the transaction. Built in 2000, the property features 30,020 square feet of warehouse and industrial space. At the time of sale, the facility was fully occupied by a mix of national and regional tenants all on triple-net leases.
JURUPA VALLEY, CALIF. — A joint venture between CT Realty and PGIM Real Estate has broken ground on Agua Mansa Commerce Park in Jurupa Valley, a city within greater Los Angeles’ Inland Empire West submarket. The logistics hub is fully entitled for 4.4 million square feet of industrial space. Newport Beach, Calif.-based CT Realty has undergone predevelopment on the 206-acre industrial park and plans to begin site work immediately. Newark, N.J.-based PGIM has invested in the development on behalf of institutional investors in its U.S. core plus equity fund. Agua Mansa Commerce Park will feature three buildings spanning over 1 million square feet each. The larger buildings will have a cross-dock design with 40-foot clear heights, which are ideally suited for e-commerce users. E-commerce sales have spiked during the coronavirus pandemic and are estimated to grow by 18 percent this year, the highest year-over-year increase on record, according to eMarketer. The Inland Empire’s network of rail systems and highways, as well as its proximity to the Port of Los Angeles and Port of Long Beach, provides tenants with access to 25 million people throughout Southern California. Agua Mansa will also feature two 200,000-square-foot buildings with 32-foot clear heights that are …
WEST COLUMBIA, S.C. — Colliers International has arranged a 150,000-square-foot lease within Midway Logistics IV, bringing the 200,000-square-foot speculative development in West Columbia to full occupancy. The tenant, TreeHouse Foods, will move into the space located at 828 Bistline Drive, eight miles south of downtown Columbia and two miles south of the Interstate 26-77 interchange. TreeHouse will use the space to support its current pasta plant located at 2000 American Italian Way, 11 miles east of Midway Logistics IV. TreeHouse is a manufacturer and distributor of foods and beverages. Chuck Salley, Dave Mathews, Thomas Beard and John Peebles of Colliers represented the landlord and developer, Magnus Development Partners, in the lease transaction. With the property now being fully leased, Magnus will begin development on Midway Logistics VI, a planned 192,780-square-foot spec industrial building on the West Columbia campus.
By Jeff Forsberg, Principal, NAI Puget Sound Properties It has been interesting, to say the least, since our governor issued the stay-at-home order on March 23 and we all started contemplating a future where we’d never have to get out of our pajamas. Though our market’s industrial sector isn’t immune to disruptions, the immediate fallout from the COVID-19 pandemic is not quite as dire as some might have projected. The Seattle industrial market comprises about 223 million square feet. This essentially covers the area between the two major ports (Seattle and Tacoma) in our region. Bolstered by large lease transactions with PCC Logistics (400,000 square feet), Darigold (284,067 square feet), Scotts (245,185 square feet), Ikea (200,000 square feet), Infinity Global Express (203,505 square feet) and Filson (126,028 square feet), our market posted respectable second-quarter lease stats. The current vacancy rate hovers at 5.05 percent, which is great for any market but slightly above average on what we have seen here over the past 10 years. The average monthly shell rate has remained flat at $0.659 per square foot, but apart from a few subleases, we haven’t seen a dramatic reduction in rent. Driving most of these trends is the rising …
LOVELAND AND WINDSOR, COLO. — Woodward Inc. has completed the disposition of its research and development campus located at 3800 Wilson Ave. in Loveland. Concurrently, the company purchased a facility located at 753 Champion Drive in Windsor. The new campus is adjacent to Woodward’s existing Rocky Mountain Technology and Innovation Center (RMTIC). Southgate One sold the Windsor property to Woodward and acquired the Loveland facility. Terms of the transactions were not released. Peter Kast of CBRE’s Fort Collins, Colo., office represented Woodward in the trade. Woodward originally purchased the Loveland campus in 1991. Situated on 39.7 acres, the campus features 209,000 square feet of space. The campus was home to Woodward’s Air Valves Engineering & Testing department, which will relocate to the Windsor facility. Woodward is an independent designer, manufacturer and service provider of equipment for the aerospace and industrial sectors.
GARDENDALE, TEXAS — Marcus & Millichap has brokered the sale of a 6,800-square-foot industrial building located at 12030 E. Highway 158 in Gardendale, located outside Midland in West Texas. The property was built on 2.2 acres in 2013. Adam Abushagur and Davis Cagle of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.
Hartford Investment Provides $25M Loan for Refinancing of 706,487 SF Distribution Center in Secaucus
SECAUCUS, N.J. — Hartford Investment Management Co. has provided a $25 million loan for the refinancing of a 706,487-square-foot distribution center located at 500 Meadowland Parkway in the New York City metro of Secaucus. Built in 1977 and renovated multiple times over the years, the property is situated within the 750-acre Harmon Cove development, about three miles from Manhattan and proximate to Newark Liberty International Airport. Building features include 24- to 26-foot clear heights, 200 loading docks and ample car and trucking parking spaces. Thomas Didio led a JLL team that placed the fixed-rated debt with Hartford on behalf of the borrower, 500 Meadowland Parkway LLC.