ELIZABETH, N.J. — Refrigerated warehouse user Superior Cold Storage & Logistics LLC has renewed its 30,000-square-foot industrial lease in Elizabeth, a western suburb of New York City. The property, located at 1161 E Broad St., offers 20-foot clear heights, three dock-high doors and three drive-in doors. Ed English, Ron Ganter, Tom Giannone and Paul Errigo of Avison Young represented Superior Cold Storage in the lease negotiations. Jason Crimmons of The Blau & Berg Co. represented the landlord, Linden Realty.
JOLIET, ILL. — Target Corp. has leased the entire 1.2 million-square-foot Rock Creek Logistics Center in Joliet, a southwestern suburb of Chicago. The Minneapolis-based retailer expects to fully occupy the building this month. Located at 3300 Channahon Road, the facility features a clear height of 36 feet, 350 trailer positions, four drive-in doors, 92 exterior dock doors and more than 400 car parking stalls. The building is less than one mile from I-80 and will provide easy access to the interstate via the Houbolt Road interchange. Traci Payette and Paige Rickert of CBRE represented Target in the lease transaction. Steve Connolly and Eric Tresslar of NAI Hiffman represented the landlord, The Opus Group. Opus served as the developer, design-builder, architect and structural engineer of record. The project was a joint venture partnership with AEW Capital Management LP.
STRATFORD, CONN. — Video game and prop rental company Arcade Specialties LLC has signed a 9,120-square-foot industrial sublease in Stratford, located approximately 15 miles southwest of New Haven. The company is moving its headquarters from 955 Connecticut Ave. in Bridgeport to 40 Mead St. in Stratford. Jon Angel of Angel Commercial LLC represented Arcade Specialties in the sublease negotiations. Hodson Realty represented the tenant. Arcade Specialties supplies retro arcade games, pinball machines, foosball tables and Chexx hockey tables for corporate and residential parties, prop rentals and photo shoots.
AUSTIN, TEXAS — CIM Group, an investment firm with eight offices across the country, has acquired a portfolio of three commercial properties totaling approximately 270,000 square feet in Austin. The company purchased two office buildings, 618 Tillery St. and 507 Calles St., as well as a warehouse building located at 1300 E. 5th St. The seller and sales price were not disclosed.
Denver’s industrial real estate market continues to fire on all cylinders with 37 consecutive quarters of positive net absorption, record amounts of new supply and record-low cap rates for investment properties. The region’s industrial product has benefitted greatly from a strong and diversified economy, significant population growth both locally and regionally and the continued trend by companies to modify their supply chain to accommodate same-day deliveries. Demand has come from existing businesses that have grown organically and are now serving a larger market and carrying increased inventories. It has also come from new companies that hadn’t previously had distribution centers here but now need to serve the Colorado Front Range and the Rocky Mountain region. A new phenomenon that impacted the market recently is increased demand by tenants and users seeking build-to-suits rather than leasing or purchasing speculative buildings. One reason has been affordability, as some new developers and their capital partners have accepted significantly lower yields on cost in order to “build into” the market, compared to existing local developers that have historically commanded higher yields for speculative product. An example of this was a project built by Becknell/UBS that contained a 541,000-square-foot, cross-dock building. Haier (GE) Appliances pre-leased …
ODESSA, TEXAS — Marcus & Millichap has brokered the sale of More Space Storage Center, a 611-unit self-storage facility in the West Texas city of Odessa. The property sits on approximately five acres, spans 92,562 net rentable square feet and was 53 percent occupied at the time of sale. Brandon Karr of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a limited liability company.
FRISCO, TEXAS — PowerSecure Lighting, a provider of LED lighting products, has signed a 75,000-square-foot industrial lease at the 216-acre Star Corporate Center development in Frisco. PowerSecure Lighting will serve as the anchor tenant at a 160,000-square-foot, rear-load building that will also function as the company’s new corporate headquarters. Cabot Properties and Stream Realty Partners originally broke ground on the building, which is now fully occupied, in January 2018.
DANVILLE, VA. — Morgan Olson LLC, a manufacturer of all-aluminum walk-in step vans, will invest $57.8 million in an existing 925,000-square-foot industrial facility owned by IKEA. In July, IKEA announced it would close the plant, resulting in 300 lost jobs by December of this year. Morgan Olson announced it will create 703 jobs and give priority consideration to current IKEA employees. The plant is located at 100 Ikea Drive, five miles from downtown Danville and seven miles from the Virginia-North Carolina state border.
WILDWOOD, FLA. — Marcus & Millichap has arranged the $7.9 million sale of My Garage | Self-Storage & Flex Warehouses, a 98,350-square-foot self-storage facility in Wildwood. The property is located at 5626 C Thomas Road, 50 miles northwest of downtown Orlando. David Vaughan and Ray Turchi of Marcus & Millichap represented the undisclosed private seller in the transaction. The buyer was also not disclosed.
EAST GREENWICH, N.J. — A joint venture between Pacific Coast Capital Partners LLC (PCCP) and CRG is underway on development of The Cubes at East Greenwich, a two-building, Class A industrial warehouse project totaling 535,790 square feet in East Greenwich, a southern suburb of Philadelphia. The first building, located at 100 Huff Road, will comprise a 283,040-square-foot structure with 36-foot clear heights, 43 exterior docks, two drive-in doors, 60 trailer parking spaces and a 130-foot truck court. The second building, located at 191 Harmony Road, will consist of a 252,750-square-foot structure with 36-foot clear heights, 38 exterior docks, two drive-in doors, 79 trailer parking spaces and a 130-foot truck court. Construction of both buildings, which are being developed on a speculative basis, is slated for completion in the third quarter of 2020.