Industrial

Duke Realty to Develop 299,520 SF Spec Industrial Project in Bellwood, Illinois

by Kristin Harlow May 6, 2021

BELLWOOD, ILL. — Duke Realty has unveiled plans to develop a 299,520-square-foot speculative industrial project in Bellwood, about 13 miles west of downtown Chicago. The development will sit on 19 acres at 110 N. 25th Ave. near Chicago O’Hare International Airport and adjacent to a Union Pacific rail line. Plans call for a clear height of 36 feet, 30 dock doors, two drive-in doors, 85 trailer spaces and 345 car parking spaces. Completion is slated for December. Jason Lev and John Suerth of CBRE will market the project for lease.

May 6, 2021

Acquisitions Industrial Northeast Pennsylvania

Venture One, Kovitz Acquire 17-Acre Industrial Outdoor Storage Facility in Philadelphia

by Taylor Williams May 6, 2021

PHILADELPHIA — A partnership between Chicago-based investment firm Venture One Real Estate and investment advisory firm Kovitz Investment Group has acquired a 17-acre industrial outdoor storage facility at 6501 Essington Ave. in Philadelphia. The property, which was fully leased at the time of sale, consists of a 6,575-square-foot freestanding office building and a 34,520–square-foot repair/maintenance facility equipped with 15 drive-in repair bays and floor drains. The site can accommodate more than 475 trailers, 1,050 sprinter vans, fleet maintenance and outdoor storage. Chris Pennington of Binswanger represented the undisclosed seller in the transaction.

May 6, 2021

773-Cranbury-South-River-Road-South-Brunswick

Industrial Leasing Activity New Jersey Northeast

Vandale Industries Signs 207,021 SF Industrial Lease in South Brunswick, New Jersey

by Taylor Williams May 6, 2021

SOUTH BRUNSWICK, N.J. — Apparel importer Vandale Industries has signed a 207,021-square-foot industrial lease at 773 Cranbury South River Road in South Brunswick, located in the central part of the Garden State. The cross-dock property spans 488,884 square feet and is now fully leased. Chuck Fern and Jason Barton with Cushman & Wakefield represented the tenant in the lease negotiations. Michael Kimmel, Jason Goldman, Marc Petrella and Andrew Siemsen, also with Cushman & Wakefield, represented the landlord, Duke Realty.

May 6, 2021

Acquisitions Development Industrial Northeast Pennsylvania Retail Self-Storage

WMG Partners Buys Former Department Store in York, Pennsylvania, Plans Self-Storage Conversion

by Taylor Williams May 5, 2021

YORK, PA. — WMG Partners, a subsidiary of Miami-based MCSS Self-Storage Development & Investment, has purchased a 126,000-square-foot department store at 2899 Whiteford Road in York. The company plans to convert the shuttered property, which sits on a 7.5-acre site and was previously occupied by Bon-Ton, into a 900-unit self-storage facility that will be managed by Life Storage. Construction is scheduled to begin in August.

May 5, 2021

Acquisitions Industrial Massachusetts Northeast

Stubblebine Brokers Sale of 60,000 SF Industrial Property in Brockton, Massachusetts

by Taylor Williams May 5, 2021

BROCKTON, MASS. — The Stubblebine Co. has brokered the $5.1 million sale of a 60,000-square-foot industrial building in Brockton, a southern suburb of Boston. The property offers clear heights of 24 to 28 feet and a fully built-out retail showroom. David Skinner, David Stubblebine and James Stubblebine of The Stubblebine Co. represented the seller, FW Webb Co., in the transaction. Mark Donahue of M. Donahue Associates represented the buyer, WB Mason.

May 5, 2021

Development Industrial North Carolina Southeast

Doosan Bobcat to Invest $70M for Expansion of Manufacturing Facility in Statesville, North Carolina

by Julia Sanders May 5, 2021

STATESVILLE, N.C. — Heavy equipment manufacturer Doosan Bobcat North America plans to build a $70 million expansion of its manufacturing facility in Statesville. The company’s acquisition of 68 acres adjacent to its existing 92-acre campus will allow for the addition of 500,000 square feet of attached manufacturing space and 80,000 square feet of attached warehouse and distribution space. The project will create 250 full-time jobs over the next five years in Iredell County. Construction is expected to begin in July, with full project completion expected for May 2022.The company previously completed an $11 million facility upgrade at Statesville in January. Doosan Bobcat’s latest expansion will grow the floorplan from nearly 500,000 square feet to more than 1 million square feet when complete. With the expansion, the company plans to hire more people, including positions in production, manufacturing, engineering and operations. Doosan Bobcat North America is based in West Fargo, North Dakota, and is a global manufacturer of construction, agriculture, landscaping and grounds maintenance equipment, attachments and services. Doosan Bobcat employs approximately 4,500 people at 13 facilities across seven states.

May 5, 2021

Development Illinois Industrial Midwest

Peak Construction to Build 351,870 SF Spec Industrial Building in Romeoville, Illinois

by Kristin Harlow May 5, 2021

ROMEOVILLE, ILL. — IDI Logistics has selected Peak Construction Corp. to build Gateway Romeoville Building A, a 351,870-square-foot speculative industrial building in Romeoville. The project will be situated on 19 acres between Route 53 and Joliet Road. Plans call for a clear height of 36 feet, 41 dock doors, two drive-in doors, 96 trailer stalls and 285 car stalls. Completion is slated for January 2022. The project team includes Macgregor Associates Architects and civil engineer Jacob & Hefner Associates.

May 5, 2021

Acquisitions California Industrial Western

Thor Equities Acquires 196,300 SF Industrial Facility in Southern California in a Sale-Leaseback Deal

by Amy Works May 5, 2021

CARSON, CALIF. — New York-based Thor Equities Group has purchased a last-mile warehouse facility located at 2575 El Presidio in Carson. An undisclosed seller sold the asset in an off-market, sale-leaseback transaction. Marc Schillinger and Keith Rosso of JLL Capital Markets arranged $15.9 million in acquisition financing for the buyer. National Life Group provided the seven-year, fixed-rate, interest-only loan. Built in 1972 on six acres, the 196,300-square-foot building features 22-foot clear heights, nine loading positions, office and mezzanine space and ample parking. The seller/tenant fully occupies the property.

May 5, 2021

Acquisitions Illinois Industrial Midwest New Jersey Northeast Top Stories

REIT Merger: Equity Commonwealth to Acquire Monmouth Real Estate for $3.4B

by Kristin Harlow May 5, 2021

CHICAGO AND HOLMDEL, N.J. — Equity Commonwealth (NYSE: EQC) and Monmouth Real Estate Investment Corp. (NYSE: MNR) have agreed to merge, signaling their intent to build a leading industrial real estate business and participate in the long-term growth of the sector. Based on the structure of the deal, Equity Commonwealth would acquire Monmouth in an all-stock transaction valued at approximately $3.4 billion, including the assumption of debt. The combined company is expected to have a pro forma equity market capitalization of approximately $5.5 billion. Under the terms of the agreement, Monmouth shareholders will receive 0.67 shares of Equity Commonwealth stock for every share of Monmouth stock they own. Equity Commonwealth and Monmouth shareholders are expected to own approximately 65 percent and 35 percent, respectively, of the pro forma company following the close of the transaction. Monmouth’s portfolio comprises 120 industrial properties totaling 24.5 million square feet. The Holmdel-based company is also under contract to purchase six properties totaling 1.8 million square feet, with the deals expected to close later this year or early next. Equity Commonwealth is a Chicago-based office REIT with a portfolio of four properties totaling 1.5 million square feet. “The transaction provides Equity Commonwealth with a high-quality, …

May 5, 2021

Industrial Market Reports Texas Texas Market Reports

Industrial Landlords in Texas Should Beware of Higher Property Tax Assessments

by Taylor Williams May 5, 2021

By Darlene Sullivan, partner, and Justin Raes, tax cunsultant, Popp Hutcheson PLLC While some commercial property types struggled to stay relevant in 2020, industrial real estate seemed supercharged by the pandemic. This year, tax assessors are likely to use strong investor and occupier demand for some industrial properties to support significantly higher assessments for all industrial real estate. They may see this as a solution to make up for value losses in the hospitality, retail and office sectors. That means industrial property owners should prepare for major assessment increases and begin building arguments to establish their properties’ true taxable value. E-commerce in Perspective If e-commerce was rising before 2020, it skyrocketed after the initial shock of the pandemic. The e-commerce share of total retail sales jumped to 16.1 percent at the end of the second quarter of 2020 from 11.8 percent in the first quarter and 10.8 percent a year earlier, according to the Census Bureau. As e-commerce grew, so too did industrial leasing demand, as online retailers secured spaces to process incoming goods and fulfill orders for shipment to consumers. The e-commerce operations driving the surge in demand brought with them a list of demands to serve their logistical …

May 5, 2021

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