Industrial

456-Sullivan-Ave.-South-Windsor-Connecticut

Metropolitan Realty Associates Buys Connecticut Distribution Center for $50M

by Taylor Williams February 26, 2021

SOUTH WINDSOR, CONN. — Investment firm Metropolitan Realty Associates (MRA) has acquired a 304,249-square-foot distribution center at 456 Sullivan Ave. in South Windsor, located roughly midway between Boston and New York City, for $50 million. Originally constructed by SunCap Property Group in 2012 and expanded in 2015, the Class A property features a clear height of 31.5 feet, 72 trailer parking spaces, 75 long-trailer parking spaces and 99 dock bays specifically designed for heavy distribution uses. An undisclosed transportation company occupies the entirety of the property. Newmark brokered the transaction and arranged acquisition financing through a major institutional lender. Clarion Partners LLC provided equity for the venture through its Clarion Partners Real Estate Income Fund Inc.

February 26, 2021

Acquisitions Industrial New Jersey Northeast

Sheldon Gross Realty Brokers Sale of 102,000 SF Warehouse in Farmingdale, New Jersey

by Taylor Williams February 26, 2021

FARMINGDALE, N.J. — New Jersey-based Sheldon Gross Realty has brokered the sale of a 102,000-square-foot warehouse in Farmingdale, located in the western-central part of the state. The sale included an adjacent undeveloped parcel. An affiliate of Merola Tile, a wholesale distributor of specialty tiles and supplies, purchased the asset for an undisclosed price. Jonathan Glick of Sheldon Gross brokered the deal.

February 26, 2021

Acquisitions Colorado Industrial Western

EverWest Acquires Two-Building Industrial Portfolio in Aurora, Colorado for $66.4M

by Amy Works February 25, 2021

AURORA, COLO. — EverWest Real Estate Investors has purchased Tower Business Center, a 422,961-square-foot industrial portfolio in Aurora, from a joint venture between United Properties and Artis REIT for $66.4 million. Delivered in 2019, Tower Business Center features a 289,113-square-foot building and a 133,848-square-foot building located at 18701 and 18901 E. 38th Ave. The facilities offer 32-foot clear heights, a combined 73 dock-high and five drive-in doors, 130-foot truck courts with secured yards, LED lighting and ESFR sprinkler systems. In total, the campus offers parking for 417 cars and 73 trailers. The 18701 cross-dock building is fully leased to Tempur Sealy, and the 18901 building, with cooler, dry storage and riping capabilities, is fully occupied by Sprouts Farmers Market. Jim Bolt, Jeremy Ballenger, Tyler Carner and Jessica Ostermick of CBRE’s Denver office represented the seller in the transaction.

February 25, 2021

Development Industrial Texas

Gap to Open $140M Distribution Center in Longview, Texas, Create 500 Jobs

by Taylor Williams February 25, 2021

LONGVIEW, TEXAS — Gap Inc. (NYSE: GPS) will open a $140 million distribution center in Longview, located about 120 miles east of Dallas, to meet rising demand for its online shopping business. The new facility will span approximately 850,000 square feet. Construction is set to begin in April with plans for the center to be fully operational by August 2022. The San Francisco-based apparel retailer expects that the move will add about 500 new jobs to the local economy, a figure that could grow to more than 1,000 full-time jobs over the next five years. Additionally, Gap expects to create more than 1,000 part-time and seasonal jobs by 2026. According to local news station KLTV, this will be the first ground-up distribution center that Gap has built in 20 years.

February 25, 2021

Development Industrial New Jersey Northeast

J.G. Petrucci Underway on 1 MSF Spec Industrial Project in Logan Township, New Jersey

by Taylor Williams February 25, 2021

LOGAN TOWNSHIP, N.J. — J.G. Petrucci Co. is underway on construction of Building A at Port Logistics Center at Logan, in Logan Township, located outside of Philadelphia in Gloucester County. The 1 million-square-foot building is part of a larger speculative industrial project that will eventually consist of four buildings totaling 1.9 million square feet across 190 acres. The first and largest building is scheduled to be complete in late 2021. CBRE has been tapped to lease the development.

February 25, 2021

Development Industrial New Jersey Northeast

Elberon, Fidelco to Develop 140,000 SF Cold Storage Facility in Northern New Jersey

by Taylor Williams February 25, 2021

ELIZABETH AND NEWARK, N.J. — A partnership between two New Jersey-based firms, Elberon Development Group and Fidelco Realty Group, will develop a 140,000-square-foot cold storage facility in Northern New Jersey. The property will be located on a 7.8-acre site within the port submarket on the border of Newark and Elizabeth and will be a build-to-suit for FreezPak Logistics. Michael Klein, Jon Mikula and Max Custer of JLL arranged a $34 million construction loan through a correspondent insurance company on behalf of the development team. A construction timeline was not disclosed. The facility will be FreezPak’s fifth in New Jersey and will feature 10.5 million cubic feet of space, 18 docks and 30,000 pallet positions.

February 25, 2021

Acquisitions Industrial New Jersey Northeast Self-Storage

Tulfra Real Estate Sells 816-Unit Self-Storage Facility in Rochelle Park, New Jersey

by Taylor Williams February 25, 2021

ROCHELLE PARK, N.J. — Tulfra Real Estate, a locally based investment and development firm, has sold an 816-unit self-storage facility in the Northern New Jersey community of Rochelle Park. The four-story, 113,000-square-foot facility is located within the seven-acre Village Center of Rochelle Park mixed-use development. The buyer was Columbia Self Storage. Tulfra Real Estate acquired the property, a former AT&T data site, in late 2018.

February 25, 2021

Acquisitions Florida Industrial Southeast

McCraney Acquires 40 Acres in Ocoee, Florida for Spec Industrial Park Development

by Julia Sanders February 24, 2021

OCOEE, FLA. — McCraney Property Co., a private industrial real estate development and investment firm, has acquired 40 acres in an off-market assemblage of three parcels just south of East Fullers Cross Road in Ocoee. The purchase price was not disclosed. The company plans to develop Progress Commerce Park, a six-building, Class A speculative industrial park totaling 480,560 square feet. Currently, the proposed site plan is under review with the City of Ocoee, as well as a zoning change request. If approved, Progress Commerce Park will be developed in three phases. The sellers are Lawrence Levin, Patricia Donahue, Thomas West and West & West LLC, according to Orlando Business Journal. Neither the seller’s nor McCraney Property had brokers in the acquisition.

February 24, 2021

Industrial Leasing Activity Texas

CBRE Negotiates 38,400 SF Industrial Lease for Logistics Company in El Paso

by Taylor Williams February 24, 2021

EL PASO, TEXAS — CBRE has negotiated a 38,400-square-foot industrial lease at 9660 Joe Rodriguez Drive in El Paso. Arturo De la Mora and Andres Sandoval of CBRE represented the tenant, cross-border customers and logistics firm G-Global, in the lease negotiations. The duo also represented the landlord, a partnership between Boston-based Equity Industrial Partners and New York-based Raith Capital Partners. G-Global previously occupied 20,000 square feet at the building at 9600 Joe Rodriguez Drive, which the partnership also owns.

February 24, 2021

Development Industrial New Jersey Northeast

Dermody Properties to Develop 154-Acre Industrial Project in Woolwich Township, New Jersey

by Taylor Williams February 24, 2021

WOOLWICH TOWNSHIP, N.J. — Nevada-based Dermody Properties will begin construction later this year on LogistiCenter at Woolwich, a 154-acre industrial project in Woolwich Township, located in Gloucester County. The development will consist of three buildings spanning 262,200, 552,585 and 336,700 square feet of Class A space. Building features will include 36- to 40-foot clear heights, build-to-suit office spaces, ESFR fire protection systems, drive-in doors and ample trailer and car parking. CBRE is leasing the project. A completion date was not disclosed.

February 24, 2021

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