SOUTH BRUNSWICK, N.J. — A partnership between Woodmont Industrial Properties and EverWest Real Estate Investors has acquired a 144,551-square-foot industrial facility in South Brunswick, located in between Trenton and Newark. The property offers proximity to the New Jersey Turnpike and State Route 130. Building features include 22-foot clear heights, 22 dock doors and 120-foot truck court depths. David Blitt of Bussel Realty represented the seller, which has leased back the space on a short-term basis, in the transaction. The new ownership plans to renovate the building.
FARMERS BRANCH, TEXAS — A partnership between North Texas-based M2G Ventures and Austin-based private equity firm Pennybacker Capital has purchased the 1.2 million-square-foot former distribution center of Tuesday Morning. The sale also included Tuesday Morning’s 105,000-square-foot headquarters office located at 6250 LBJ Freeway. The five-building industrial complex is situated on 46.7 acres in the northern Dallas metro of Farmers Branch. The Dallas-based retailer, which filed for Chapter 11 bankruptcy last May, had previously entered into an agreement to sell these assets to Miami-based Rialto Capital for $60 million. Stephen Williamson and Adam Graham of Lee & Associates represented the partnership in the transaction.
CARROLLTON, TEXAS — Boston-based Longpoint Realty Partners has broken ground on Point 35/190, a 178,000-square-foot industrial project located at the northwest corner of Interstate 35 and George Bush Freeway in the northern Dallas metro of Carrollton. The building is designed for one to four tenants and features 32-foot clear heights, 44 dock-high doors, two drive-in ramps and a 142-foot truck court. Additionally, the project has four acres of extra land that can provide trailer parking vehicle parking spaces for a tenant’s requirements. Completion is scheduled for June. Dallas-based Proterra Properties is leasing the project.
WAUKEGAN, ILL. — Venture One Real Estate has acquired a 17,900-square-foot industrial building located at 1161 S. Northpoint Blvd. in Waukegan for an undisclosed price. Constructed in 2000, the property was vacant at the time of acquisition. It features two exterior docks, one drive-in door, 2,476 square feet of office space and parking for 31 cars. Ralph Huszagh of JC Forney Realty Inc. represented the undisclosed seller and will be retained by Venture One to market the building for lease. Venture One acquired the asset via its acquisition fund VK Industrial V LP, which is a partnership between Venture One and Kovitz Investment Group.
By Richard Lee and J.C. Casillas, NAI Capital Commercial In the fourth quarter of 2020, the Inland Empire industrial market continued to battle the effects of an economy that has so far spent three-fourths of the year under a COVID-19 shutdown. After dipping for several quarters, the average asking rent held steady at $0.72 triple net, down 6.5 percent from the fourth quarter of 2019. The vacancy rate nudged up 10 basis points from the previous quarter’s record low, down 90 basis points from the fourth quarter of 2019 to 3.9 percent. Pointing to the market’s resilience this time around, vacancy remains 8.4 percentage points lower than the prior peak, which hit in the third quarter of 2009 during the Great Recession. There has been exponential growth in demand for ecommerce due to COVID-19 and related industries, such as packaging and third party logistics. This has resulted in a fast recovery for the Inland Empire industrial market. Soaring demand for warehouse and distribution space has created opportunities for developers. The vacancy rate has increased, due to the 1.9 million square feet of completed construction added to the market in the fourth quarter of 2020. Since the first quarter of this …
PORT ST. LUCIE, FLA. — Sansone Group and Argos Capital Partners will develop Legacy Park at Tradition in Port St. Lucie. The distribution park will comprise 375 acres that will house eight industrial buildings and span 3.2 million square feet upon full buildout, which is slated for 2023. In December, the developers acquired the first piece of land for the project. The first building in the park will be a 245,000-square-foot, build-to-suit distribution center for an undisclosed tenant. St. Louis-based Sansone Group expects to deliver the asset by the end of the year. Arco/Murray is the general contractor and architect for the park. Culpepper & Terpening Inc. is the civil engineer.
WYNNE, ARK. — Goldman Investment Advisors has brokered the $4.1 million sale of Handy Rentals, a 96,455-square-foot self-storage property in Wynne. The property spans nine acres and is located at 1306 S. Falls Blvd., 49 miles west of downtown Memphis. Milwaukee-based Bank Five Nine provided acquisition financing to the buyer, Wynne Properties Group. Larry Goldman of Goldman Investment Advisors represented the undisclosed seller in the transaction. Goldman Investment Advisors is an affiliate of Denver-based Argus Self Storage Advisors.
ViaWest Group Acquires Insight Enterprises Office Portfolio in Tempe, Plans Industrial Redevelopment
TEMPE, ARIZ. — A joint venture partnership led by Phoenix-based ViaWest Group has purchased three real estate properties in Tempe from Insight Enterprises for $26.8 million. Phil Breidenback and Kathy Foster of Colliers International Arizona represented the seller and handled the transaction. The portfolio includes a 102,000-square-foot office building at 6280 S. Harl Ave., a 130,270-square-foot industrial/back office property at 910 W. Carver Ave. and an adjacent 56,240-square-foot office building at 8123 S. Hardy Ave. ViaWest plans to demolish the South Harl Avenue building, which will house Insight’s headquarters through December of this year. ViaWest then plans to develop two Class A industrial buildings, totaling 358,114 square feet, on the 19-acre site. The facilities will feature 32-foot clear heights and a shared truck court. Each speculative building will be available for a single tenant or space divisible to 30,000 square feet. McCall & Associates is serving as architect and Wilmeng is serving as general contractor for the buildings, which are slated for completion in mid-2022. Rob Martensen of Colliers International Arizona will serve as leasing agent for the new buildings. The West Carver Avenue building offers 100,270 square feet of industrial/back office space and a 30,000-square-foot mezzanine area. Insight currently …
COLUMBUS, OHIO — Westmount Realty Capital LLC has sold a 289,491-square-foot industrial building occupied by FedEx Supply Chain Inc. in Columbus for an undisclosed price. The building is situated within the Rickenbacker Global Logistics Industrial Park. FedEx has occupied the property since September 2019. Westmount acquired the building in late 2018 as part of a 1.4 million-square-foot portfolio. Built in 1994, the industrial building sits on 14.3 acres along John Glenn Avenue. It features 46 loading docks, including five drive-in doors. Clear heights range from 24 to 28 feet. Jerry Hopkins of Newmark represented Westmount in the transaction. Buyer information was not disclosed.
GOODYEAR, ARIZ. — KKR has purchased a newly constructed 263,606-square-foot industrial distribution and warehouse property in Goodyear for $43.1 million. Principals of Minneapolis-based Provident Real Estate Ventures, along with Merit Partners and Sunbelt Holdings, sold the 263,606-square-foot facility. Situated on more than 15 acres, the property features three points of ingress and egress, a fully air-conditioned warehouse, 36-foot clear heights, ample loading with 100 percent truck courts and dedicated truck lanes, an ESFR sprinkler system and automatic truck court gates. One of the world’s leading manufacturers of large commercial vehicles fully occupies the property, which is located at 17017 W. Indian School Road. Will Strong, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the deal.