SAVANNAH, GA. — CenterPoint Properties plans to develop a 650,000-square-foot industrial facility near the Port of Savannah. The Oak Brook, Ill.-based company recently acquired 73 acres on the 2100-2200 block of Ga. Highway 307, which is three miles from the port and five miles from Savannah/Hilton Head International Airport. A timeline for construction was not disclosed.
COLUMBUS AND MACON, GA. — Trillium Capital Resources has provided three loans totaling $10.5 million for two multifamily properties and a self-storage facility in Georgia. In Macon, Trillium provided a $1.6 million refinancing loan to a Valdosta, Ga.-based developer for an undisclosed 50-unit multifamily property. In Columbus, the locally based lender provided a $3.65 million refinancing loan for an undisclosed 80-unit community to a Phenix City, Ala.-based investor. The 10-year term loans featured fixed interest rates ranging from 3.14 percent to 3.57 percent. Also in Columbus, an undisclosed developer is building a 100,000-square-foot self-storage facility that is expected to deliver in summer 2021. Trillium provided the developer, which will own and manage the property upon completion, with a $5.26 million construction loan, featuring a fixed 3.77 percent interest rate.
CRANBURY, N.J. — Kislak Commercial Real Estate Services Inc. has negotiated several industrial leases totaling 26,318 square feet at Campus 130, an 85,000-square-foot industrial flex property located in the Central New Jersey city of Cranbury. Summit Solar Co., Aquabella, Guardian Protection Services and GenZ Distribution are among the new tenants to commit to space at the building. Peter Wisniewski of Kislak handled the negotiations on behalf of the tenants.
WEST VALLEY CITY, UTAH — Sansone Group, in partnership with Argos Capital Partners, has acquired a 24.8-acre land parcel located in West Valley City for an undisclosed price. The partnership plans to develop a two-building, rear-load, Class A industrial property on the site. The development will offer a total of 404,800 square feet. This the first partnership between Sansone and Argos Capital Partners, a private investment management firm focused on serving ultra-affluent families.
TERRE HAUTE, IND. — Gladstone Commercial Corp. has acquired a 153,600-square-foot distribution facility in Terre Haute for $10.6 million. The property was constructed as a build-to-suit for Clabber Girl Corp. in 2010 and is fully leased to the tenant. Terre Haute-based Clabber Girl manufactures baking powder, baking soda and corn starch. Jeff Castell of Cushman & Wakefield represented the undisclosed seller. The building features a clear height of 32 feet, nine dock doors and one drive-in door.
COLTON, CALIF. — JLL Capital Markets has secured $23.7 million in acquisition financing for Pellisier Logistics Center, an industrial warehouse and distribution property located at 1901 W. Center St. in Colton. Marc Schillinger, Keith Rosso and Eric Boucher of JLL’s Debt & Structured Finance group in Century City, Calif., placed the two-year, fixed-rate loan with Thorofare Capital for the borrower, a privately owned apparel manufacturer. Loan proceeds were used to purchase the asset immediately upon completion by developer Hillwood Investment Properties, a Perot Co. The property was 100 percent leased simultaneously with closing for an initial lease term of 10 years, excluding two five-year extensions options at a fair-market, triple-net rate. Situated on 12.5 acres, the newly constructed, 232,588-square-foot Pellisier Logistics Center features 36- to 42-foot clear heights, 24 dock-high doors, 168 trailer parking spaces and 219 auto parking spaces.
CHANDLER, ARIZ. — NAI Horizon has arranged the sale of American Self Storage & Mail Center located at 12220 E. Riggs Road in Chandler. Lawhead Family LLC sold the property to Vault at Riggs Road LLC for $8.3 million. Denise Nunez and Victoria Filice of NAI Horizon represented the seller and secured the buyer in the deal.
WOODINVILLE, WASH. — Gantry has arranged a $5.6 million loan for Underwood Gartland 216 LLC. The funds will refinanc debt on UG216, an industrial property in Woodinville. Michael Wood and Colin Ceithaml of Gantry represented the borrower and secured the loan with a 10-year term and 30-year amortization through State Farm. Bio-Rad Laboratories, a life sciences research and clinical diagnostic products company, occupies the 71,750-square-foot building, which is located at 8415 216th St. SE. Built in 1999, the facility features 20 dock-high doors, four grade-level doors and 24-foot clear heights.
PHILLIPSBURG, N.J. — A joint venture between J.G. Petrucci Co. and PGIM Real Estate is set to break ground on a 511,200-square-foot industrial building in Phillipsburg, located just across the Delaware River from Allentown, Pennsylvania. The project — to be named the Phillipsburg Logistics Center at 78 — will be located on a 66-acre site less than three miles from Route 22 and Interstate 78, providing access to many of the Northeast’s major metropolitan areas. The property is less than 70 miles from both Philadelphia and New York City. “The site provides excellent connectivity between the Northern and Central New Jersey industrial markets and to the Lehigh Valley Market along the I-78 corridor,” says Peter Polt, executive vice president at J.G. Petrucci. The speculative industrial facility will feature 36-foot clear heights, LED Lighting, wide column spacing, two drive-in doors, and “ample” trailer parking stalls and loading positions, according to the developers. Jon Mikula and John Plower of JLL represented J.G. Petrucci Co. in the arrangement of the joint venture partnership. Jeff Lockard, also of JLL, will lead lease-up efforts at the site upon its completion, which is scheduled for summer 2021. J.G. Petrucci Co. is a privately held development firm specializing …
By Mark Russo, director of research, Newmark Knight Frank The industrial markets of Northern and Central New Jersey have held strong thus far in 2020 as heightened e-commerce activity has offset the disruption caused by COVID-19. Total e-commerce sales rose by 31.8 percent in the second quarter relative to that period in 2019, according to data from the U.S. Department of Commerce. While demand for retail and office space has been negatively impacted, steady rent growth and stable vacancy highlight the resilience of the industrial sector. Industrial tenants moving into new deliveries have helped generate 4.2 million square feet of positive net absorption year-to-date. Vacancy currently averages 4.3 percent, down from 4.5 percent a year ago. Meanwhile, the average asking rent grew by 2.1 percent over the past year to a record mark of $9.20 per square foot. Online Shopping Fuels Leasing Social distancing measures and store closures caused by the pandemic have accelerated the adoption of online shopping. This has led to increased demand for logistics and distribution space among e-commerce companies. In fact, e-commerce deals have accounted for 75 percent of industrial leasing activity in Northern and Central New Jersey since April, compared to a quarterly average of …
