Industrial

JLL Arranges $23.7M Acquisition Loan for Pellisier Logistics Center in Colton, California

by Amy Works September 4, 2020

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.

September 4, 2020

Acquisitions Arizona Industrial NAI Self-Storage Western

NAI Horizon Negotiates $8.3M Sale of American Self Storage & Mail Center in Chandler, Arizona

by Amy Works September 4, 2020

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.

September 4, 2020

Industrial Loans Washington Western

Gantry Secures $5.6M Refinancing for Industrial Property in Suburban Seattle

by Amy Works September 4, 2020

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.

September 4, 2020

Development Industrial New Jersey Northeast Top Stories

Joint Venture to Break Ground on 511,200 SF Industrial Project in Phillipsburg, New Jersey

by Katie Sloan September 4, 2020

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 …

September 4, 2020

Industrial Market Reports New Jersey Northeast Northeast Market Reports

New Jersey Industrial Market Displays Remarkable Resiliency Amid Pandemic

by Taylor Williams September 4, 2020

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 …

September 4, 2020

Acquisitions Industrial North Carolina Southeast

CIP Real Estate Acquires Industrial Property in South Charlotte for $28M

by Alex Tostado September 3, 2020

CHARLOTTE, N.C. — CIP Real Estate has acquired Whitehall Tech Center in Charlotte for $28 million. The property comprises two buildings totaling 205,000 square feet. The acquisition also includes a 7.5-acre parcel for the development of up to 75,000 square feet of warehouse space. At the time of sale, one of the two buildings was fully leased to an undisclosed tenant while the other building was nearly vacant. CIP plans to implement a $3.2 million renovation of the nearly vacant building from a call center to a multi-tenant industrial space. Further details and the timeline of the renovation were not disclosed. Whitehall Tech Center is located within the Whitehall master-planned community, nine miles south of downtown Charlotte and Charlotte Douglas International Airport. CIP acquired the property from a joint venture between CrossHarbor Capital Partners and a separate CIP Real Estate entity.

September 3, 2020

Industrial Leasing Activity Texas

Swiss American CDMO Signs 131,670 SF Industrial Lease in Carrollton, Texas

by Taylor Williams September 3, 2020

CARROLLTON, TEXAS — Swiss American Contract Development & Manufacturing Organization (CDMO), a locally based provider of first aid products, has signed an industrial lease in the northern Dallas suburb of Carrollton. The firm is effectively doubling its footprint in North Texas by occupying 131,670 square feet of warehouse and distribution space located at 1540 Luna Road, within a half-mile from its headquarters.

September 3, 2020

Acquisitions Industrial Texas

Blue Road Investments Acquires 51,160 SF Warehouse in El Paso

by Taylor Williams September 3, 2020

EL PASO, TEXAS — Dallas-based Blue Road Investments LLC has acquired a 51,160-square-foot warehouse and distribution building located at 9555 Plaza Circle in El Paso. The property was fully leased at the time of sale to three tenants in the logistics and transportation industry. Will Brown of locally based brokerage firm Sonny Brown & Associates brokered the deal.

September 3, 2020

Industrial Leasing Activity NAI Northeast Pennsylvania

NAI Summit Negotiates 8,400 SF Industrial Flex Lease in Allentown

by Taylor Williams September 3, 2020

ALLENTOWN, PA. — NAI Summit has negotiated an 8,400-square-foot, long-term industrial lease at 1032-1036 N. Irving St. in Allentown. The property recently received more than $100,000 in capital improvements and now houses an office and a showroom in addition to warehouse space. Jay Haines of NAI Summit represented the tenant, JJC Flooring LLC, and the undisclosed landlord in the lease negotiations.

September 3, 2020

Acquisitions Industrial Utah Western

LPC Enters Utah Market with Purchase of 212,950 SF Access Park Industrial Portfolio

by Amy Works September 3, 2020

KAYSVILLE, UTAH — Lincoln Property Co. (LPC) has acquired Access Park, an industrial campus in Kaysville and the company’s first acquisition in Utah. Access Park LLC sold the property for an undisclosed price. Located at 505 N. Kays Drive within Kaysville Business Park, Access Park features a total of 212,950 square feet of Class A industrial space spread across three fully occupied buildings. The park includes two newly built, 69,101-square-foot distribution buildings and one 74,784-square-foot industrial and manufacturing building. The facilities offer clear heights ranging from 22 feet to 32 feet and a total of 74 dock-high and ground-level doors. LPC Desert West will manage Access Park as part of its more than 7 million-square-foot regional management portfolio. Kip Paul, Rhett Bue and Jorgi Paul of Cushman & Wakefield represented the seller in the transaction.

September 3, 2020

Newer Posts

Older Posts