Industrial

Bedrock Acquires Former Sakthi Automotive Portfolio in Detroit for $38.5M

by Kristin Harlow September 15, 2020

DETROIT — Bedrock, the real estate arm of Quicken Loans Founder Dan Gilbert, has acquired the former Sakthi Automotive Group USA real estate portfolio in southwest Detroit for $38.5 million. The office and industrial campus was in receivership. Huntington National Bank filed a lawsuit last year against Sakthi after the auto supplier defaulted on its debts. Friedman Real Estate brokered the sale of the 620,000-square-foot portfolio, which spans five buildings and also includes developable land. Kevin George and Jared Friedman of Friedman facilitated the deal in partnership with court-appointed receiver Kevin English of Lark Advisors LLC. Dragich Law Firm served as counsel for the receiver. The facilities primarily served as Sakthi’s manufacturing operations, housing machining equipment, robotics assembly and warehousing space. The campus is currently home to one tenant, MOBIS, which is an automotive parts supplier for Fiat Chrysler Automotive and Hyundai.

September 15, 2020

Illinois Industrial Leasing Activity Midwest

Second City Prints Signs 86,251 SF Industrial Lease in Batavia, Illinois

by Kristin Harlow September 15, 2020

BATAVIA, ILL. — Second City Prints has signed an 86,251-square-foot industrial lease at 1020 Olympic Drive in Batavia. Midwest Industrial Funds purchased the 121,321-square-foot building in 2019 and renovated it to create more efficient space for multiple tenants. There is currently 35,000 square feet of space available for lease. Tom Curtis, John Moysey and Fort Richardson of Avison Young represented Midwest Industrial Funds in the lease transaction with Second City Prints. Brendan Sheahan of Darwin Realty represented the tenant. Second City Prints, which is moving from another Batavia facility, provides merchandise printing, webstore management and tour merchandise fulfillment services for the music industry. The company produced concert merchandise prior to COVID-19 but now supports the concert, entertainment and gaming industries through e-commerce.

September 15, 2020

Acquisitions Industrial Oregon Western

CRG Sells The Cubes at Troutdale Industrial Facility Near Portland to KKR

by Amy Works September 15, 2020

TROUTDALE, ORE. — CRG has completed the sale of The Cubes at Troutdale, a 350,000-square-foot speculative industrial facility located at 2503 NW Sundial Road in Troutdale, a suburb on the east side of Portland. KKR acquired the asset for an undisclosed price. Situated within Troutdale Reynolds Industrial Park, the facility includes a 76,000-square-foot cooler space. At the time of sale, the property was fully leased to C&S Wholesale Grocers, the largest wholesale grocery supplier in the United States. CRG led the development of the facility and formed a joint venture partnership with U.S. Logistics Fund 1 to invest in the project. Vertical construction started in February 2019. The developers claim the property will create 300 new jobs for C&S.

September 15, 2020

Company News Industrial Retail Washington Western

Amazon to Hire 100,000 Workers Across U.S., Canada to Meet Continued E-Commerce Demands

by Amy Works September 14, 2020

SEATTLE — Amazon (NASDAQ: AMZN) has announced plans to hire an additional 100,000 full- and part-time employees throughout the United States and Canada. This plan is in addition to the 33,000 new corporate and technology jobs announced last week. The roles offer a starting wage of at least $15 per hour, and in select cities, Amazon is offering sign-on bonuses up to $1,000 to new hires. The new employees will staff the 100 new operations buildings that Amazon is opening this month across its fulfillment centers, delivery stations and other sites. States with the most available jobs include Arizona, California, Colorado, Illinois, Indiana, Kentucky, Maryland, Michigan, New Jersey, Ohio, Oregon, Pennsylvania, Utah, Washington and Wisconsin. This year-to-date, the company has opened more than 75 new fulfillment centers, sortation centers, regional air hubs and delivery stations in the United States and Canada.

September 14, 2020

Industrial Leasing Activity Texas

Kratos Building Products Signs 28,080 SF Industrial Lease in Metro Houston

by Taylor Williams September 14, 2020

HUMBLE, TEXAS — Metro Dallas-based Kratos Building Products has signed a 28,080-square-foot industrial lease at Building 2 at Parc Air 59, a 320,000-square-foot development in the northern Houston suburb of Humble. North Texas-based Jackson-Shaw is the owner and developer of the property, which is 91 percent leased following this transaction.

September 14, 2020

Acquisitions Illinois Industrial Lee & Associates Midwest

Lee & Associates Brokers Sale of 80,000 SF Industrial Building in Chicago’s Fulton Market

by Kristin Harlow September 14, 2020

CHICAGO — Lee & Associates of Illinois has brokered the sale of an 80,000-square-foot, loft-style industrial building located at 325 N. Ashland Ave. in Chicago’s Fulton Market for an undisclosed price. The two-story property will undergo renovations, including a new roof, LED lighting, remodeled office space and a new 45-space car parking lot. It was originally built in 1950. Tom Condon and Sean Austin of Lee & Associates brokered the sale. Rickard Binding sold the asset to Tradelane Properties, which has retained Lee & Associates to market the building for lease.

September 14, 2020

Illinois Industrial Leasing Activity Midwest

Chicago Electric Signs 46,559 SF Industrial Lease in Hanover Park, Illinois

by Kristin Harlow September 14, 2020

HANOVER PARK, ILL. — Chicago Electric has signed a 46,559-square-foot industrial lease at Turnberry Lakes Business Center in Hanover Park. The company, which offers products, systems and machine solutions for automation in industries with an emphasis on corrugated containers, plastic processing and building materials, is expanding from a 14,000-square-foot location in Carol Stream. The new building, located at 865 Muirfield Drive, features an office and showroom. Michael Marconi, Joe Karmin and Justin Lerner of Transwestern Real Estate Services represented Chicago Electric.

September 14, 2020

Acquisitions Connecticut Industrial Northeast

Pearce Commercial Arranges Sale of 26,000 SF Industrial Facility in Branford, Connecticut

by Taylor Williams September 11, 2020

BRANFORD, CONN. — Locally based brokerage firm Pearce Commercial Real Estate has arranged the sale of a 26,000-square-foot industrial facility in Branford for $1.4 million. Carl Russell of Pearce Commercial represented the seller, IBE LLC, in the transaction. Michael Richetelli of Colonial Properties represented the buyer, MAMSCO Construction Supply LLC.

September 11, 2020

Industrial Leasing Activity Northeast Pennsylvania

Colliers Negotiates 17,000 SF Industrial Lease in Levittown, Pennsylvania

by Taylor Williams September 11, 2020

LEVITTOWN, PA. — Colliers International has negotiated a 17,000-square-foot industrial lease at 61 Runway Road in Levittown, located in Bucks County. The property was built in 2012 and features 17- to 19-foot clear heights and both tailgate and drive-in loading doors. Jim Scott of Colliers represented the landlord in the lease negotiations. The tenant was HIAB Crane, a provider of hydraulic load handling equipment.

September 11, 2020

Rocky-Mountain-Rail-Park-Adams-County-CO

Colorado Development Industrial Western

Rocky Mountain Industrials Receives Final Approval for 620-Acre, Rail-Served Industrial Park in Colorado

by Amy Works September 11, 2020

ADAMS COUNTY, COLO. — The Adams County Board of Commissioners has unanimously approved the final development plan for Rocky Mountain Industrials’ Rocky Mountain Rail Park. Situated in unincorporated Adams County, Rocky Mountain Rail Park is planned as a 620-acre, rail-served industrial park at Manila Road and Interstate 70, adjacent to the Colorado Air and Space Port. Construction is slated to start in fourth-quarter 2020 with the ability for buyers to start building in spring 2021.

September 11, 2020

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