MEDFORD, N.J. — NAI Mertz has brokered the sale of a 63,000-square-foot industrial complex located east of Philadelphia in New Jersey. The property was originally built in the 1970s and consists of five buildings on a 9.7-acre tract. Jonathan Klear of NAI Mertz represented the seller, Medford Industrial Park, which will lease back a portion of the space. An affiliate of Philadelphia-based investment firm Velocity Venture Partners purchased the property, which was fully leased at the time of sale, for an undisclosed price.
LOS ANGELES — Ametron, an audio and video equipment supplier, has purchased an industrial building located at 10919-10939 Vanowen St. in Los Angeles’ North Hollywood neighborhood. An undisclosed local investor sold the asset for $6.5 million. Fred Afamian and Ryan Lin of CBRE represented the buyer in the deal, and an outside broker represented the seller. The 28,400-square-foot property features concrete block construction with two ground-level loading doors and 15- to 16-foot clear heights. The property also includes a cell tower, which will generate additional revenue for the new owner.
HOUSTON — Investment and development firm Welcome Group LLC has acquired 23 acres in Cedar Port Industrial Park in Houston for future projects. Cedar Port is a 15,000-acre, rail-served industrial development on the southeast side of the city that offers access to the Grand Parkway, Interstate 10 and Port Houston. Specific plans for future development of the site were not released. Ryan Wassaff Sr. internally represented Welcome Group in the land sale.
GARLAND, TEXAS — Continental Office Group, a wholesaler of new and used office furniture, has signed a 22,374-square-foot industrial lease renewal at Gateway East Business Center in the northeastern Dallas suburb of Garland. Matt Dornak and Ryan Wolcott of Stream Realty Partners represented the landlord, Barings, in the lease negotiations. JLL represented the tenant.
HOUSTON — NAI Partners has negotiated an 11,900-square-foot industrial lease at 10425 Moers Road in south Houston. According to LoopNet Inc., the property was built in 1961 and consists of four buildings. Zane Carman and Clay Pritchett of NAI Partners represented the landlord in the lease negotiations. Barrett Gibson of Colliers International represented the tenant, Supreme Plant Services LLC, a provider of tank cleaning services.
Like most markets, regardless of sector, Jackson experienced a moment in time when deals were shelved due to the coronavirus pandemic. However, the industrial market in Jackson tells a different story in the early innings of COVID-19. While most deals were put on hold for several weeks in early April to mid-May, we saw activity pick up with users signing leases, contracting on vacant buildings and resuming due diligence timelines for land purchases, all without any repricing or discount. These trends, while hopefully permanent in nature, are all due to a lack of industrial supply and consistent demand in the Jackson market. If you have quality product in a good area, it will sell or lease, even during a pandemic. The Jackson industrial market spans around 40 million square feet if you include all specialty and manufacturing properties, as well as true warehouse and flex product. According to CoStar Group, the market’s vacancy rate is hovering around 7 percent, but it feels tighter since there’s a bulk of obsolescent product — either low ceiling heights or being in less desirable areas. Jackson is considered a minor industrial market and is well-suited for future growth. As Mississippi’s capital city, Jackson is …
AURORA, COLO. — Subaru of America has signed a long-term lease with Majestic Realty Co. for a 550,000-square-foot build-to-suit facility at Majestic Commercenter in Aurora. Located at the intersection of Interstate 70 and Tower Road, the master-planned park encompasses 1,600 acres. Subaru will relocate from a smaller existing location and expand into the new regional office, parts distribution and technical training center for its retail service technicians. Groundbreaking is scheduled for late 2020, with completion of Subaru’s full buildout and occupancy in late 2021. Constructed by Commerce Construction, Building 16 will feature 36-foot clear heights, 70-foot speed bays, 115 dock doors and signage fronting I-70. In addition to the Subaru development, Majestic Realty is developing a 32-acre retail complex at the park’s entrance. The retail component will offer space for up to 15 tenants, including at least one hotel. Earlier this year, Amazon signed a long-term lease agreement to occupy Building 15, a 702,000-square-foot facility, and Shamrock Foods purchased land at the park resulting in a 1.3 million-square-foot complex now under construction. Upon completion of these projects, Majestic Commercenter will feature more than 9 million square feet, valued at approximately $500 million.
MORGAN HILL, CALIF. — Trammell Crow Co. (TCC) and Los Angeles-based CBRE Global Investors have acquired a fully entitled, 24-acre land site within Morgan Hill Ranch Business Park in Morgan Hill. Terms of the transaction were not released. The buyers plan to develop up to 440,000 square feet of light industrial space across five Class A buildings at the site. Dallas-based TCC plans to submit a development application for the new project to the City of Morgan Hill during the third quarter. The intended project is consistent with the existing development agreement for the land.
ROCHESTER, N.Y. — Marcus & Millichap has arranged the sale of Central Storage, a 348-unit self-storage facility located in the Upstate New York city of Rochester. The property is situated on 1.5 acres and offers 51,209 net rentable square feet of non-climate-controlled space. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity, in the transaction. John Krueger of Marcus & Millichap assisted in closing the deal as the broker of record.
MANSFIELD, TEXAS — Locally based investment firm Lonejack II LLC has purchased Heritage Park, a 460,000-square-foot distribution center in the Fort Worth suburb of Mansfield that was previously occupied by Pier 1 Imports. The property is located near U.S. Highway 287, is adjacent to the Union Pacific Railroad and features 10,200 square feet of office space. Pier 1 Imports, which was founded in Fort Worth in 1962, announced in May that it would be closing all its retail stores and liquidating other assets. LanCarte Commercial is marketing the property for lease.