Industrial

Marcus & Millichap Brokers $12.7M Sale of Self-Storage Facility in Washington

by Amy Works October 21, 2019

NORTH BEND, WASH. — Marcus & Millichap has negotiated the sale of Eastside Self Storage, a 50,055-square-foot self-storage facility in North Bend. An out-of-state institutional buyer acquired the property for $12.7 million, or $253 per rentable square foot. Located at 1410 Boalch Ave. NW, the facility features 361 self-storage units spread across 6.1 acres. The asset was built in 2005. Christopher Secreto of Marcus & Millichap’s Seattle office represented the seller, a Washington-based limited liability company, and secured the buyer in the deal.

October 21, 2019

Development Illinois Industrial Midwest

Amazon to Open 1 MSF Fulfillment Center in Channahon, Illinois

by Kristin Harlow October 21, 2019

CHANNAHON, ILL. — Amazon has unveiled plans to open a fulfillment center in Channahon, southwest of Joliet. The facility will create more than 500 new full-time jobs. Employees at the more than 1 million-square-foot center will pick, pack and ship large items, such as sports equipment, patio furniture, fishing rods, pet food, kayaks, bicycles and household goods. Amazon currently employs more than 11,000 full-time associates throughout the state of Illinois.

October 21, 2019

Acquisitions Industrial Texas

Finial Investments Acquires 23,750 SF Industrial Building in Houston

by Alex Tostado October 18, 2019

HOUSTON — Finial Investments has acquired a 23,750-square-foot industrial building located at 203 Blue Bell Road in Houston. The property was fully leased at the time of sale to ACE Steel Supply. Doc Perrier of Finial Group represented the buyer in the transaction on an internal basis. The seller was not disclosed.

October 18, 2019

Acquisitions Florida Industrial Southeast

Stag Industrial Buys Warehouse, Distribution Facility in Jacksonville for $14.8M

by Alex Tostado October 18, 2019

JACKSONVILLE, FLA. — Stag Industrial has acquired a 232,488-square-foot warehouse and distribution facility in Jacksonville’s Westside submarket for $14.8 million. The seller, Johnson Development Associates Inc., built the property on a speculative basis. Boston-based Stag Industrial will name the property STAG Westlake. The 32-foot clear height warehouse features 42 truck doors, two drive-in doors, 159 regular parking spots and a large truck court. The property is located at 9779 Pritchard Road, 16 miles southwest of Jacksonville International Airport and 12 miles west of downtown Jacksonville. Tyler Newman and Jacob Horsley of Cushman & Wakefield represented the buyer in the transaction. The team will also oversee leasing of the facility.

October 18, 2019

Florida Industrial Leasing Activity Southeast

Cushman & Wakefield Negotiates 120,590 SF Lease Within Airport North Logistics Park in Northwest Miami

by Alex Tostado October 18, 2019

MIAMI — Cushman & Wakefield has arranged a 120,590-square-foot lease for Apollo Export within Airport North Logistics Park in Miami. Apollo Export Warehouse Inc. will begin occupying the space in early 2020 and will join tenants such as Nestlé Waters North America, Marine Harvest, Neutralogistics and ECO Window Systems in the now-90 percent leased industrial park. Apollo Export will occupy space in Building 2, located at 8503 NW 80th St., 15 miles northwest of downtown Miami. Airport North Logistics Park comprises four buildings totaling 900,000 square feet. Wayne Ramoski, Gian Rodriguez and Skylar Stein of Cushman & Wakefield represented the landlord, Dallas-based L&B Realty Advisors LLP, in the lease transaction. Chris Spear of ComReal Miami-Doral represented Apollo Export.

October 18, 2019

Development Industrial New Jersey Northeast Self-Storage

ARCO/Murray Completes 1,200-Unit Self-Storage Facility for CubeSmart in Hillside, New Jersey

by Alex Tostado October 18, 2019

HILLSIDE, N.J. — Dallas-based design-build firm ARCO/Murray has completed a 1,200-unit self-storage facility for CubeSmart in Hillside, located just west of Newark Liberty International Airport. The six-story facility spans 145,800 square feet, features climate-controlled space and includes a 1,200-square-foot office.

October 18, 2019

Acquisitions Industrial Kansas Midwest

NGZ Arranges Sale of 517,391 SF Industrial Building in Kansas City

by Kristin Harlow October 18, 2019

KANSAS CITY, KAN. — Newmark Grubb Zimmer has arranged the sale of a 517,391-square-foot industrial building in Kansas City for an undisclosed price. Overstock.com, an online furniture and home goods retailer, and Riverside Transport fully occupy the property, which is located at 5300 Kansas Ave. Mark Long and John Hassler of NGZ brokered the transaction. Sealy & Co. purchased the asset from BH Properties.

October 18, 2019

Acquisitions Illinois Industrial Midwest Missouri Office

NAI Hiffman Negotiates $17.1M Sale-Leaseback of Young Innovations Properties in Illinois, Missouri

by Kristin Harlow October 18, 2019

ALGONQUIN, ILL. AND EARTH CITY, MO. — NAI Hiffman has negotiated the sale-leaseback of several properties occupied by Young Innovations Inc. for $17.1 million. Young Innovations is a manufacturer and distributor of consumable dental supplies and equipment. The assets include the company’s 95,000-square-foot headquarters at 2260 Wendt St. in Algonquin as well as the firm’s three manufacturing facilities totaling 117,400 square feet in Earth City, a suburb of St. Louis. Young Innovations will maintain operations at all properties under a 20-year lease with the buyer, New York-based New Mountain Net Lease. Pat Sullivan and Ryan Chambers of NAI Hiffman brokered the sale.

October 18, 2019

Development Florida Industrial Southeast Top Stories

Bridge Development Partners to Build 1 MSF Spec Industrial Project Near Miami

by Alex Tostado October 18, 2019

HIALEAH, FLA. — Bridge Development Partners, an industrial development and investment firm with six offices across the country, has acquired land in Miami-Dade County’s Hialeah submarket for the construction of a 1 million-square-foot speculative industrial project. The new development will consist of four buildings ranging in size from 109,000 to 500,000 square feet. Construction is scheduled to begin during the first quarter of 2020 and to be complete by the first quarter of 2021. The property will be located within the AVE Aviation and Commerce Center, a master-planned development located about 10 miles from Miami International Airport and 30 miles from Fort Lauderdale-Hollywood International Airport. In addition, the property offers proximity to The Palmetto Expressway and Gratigny Parkway, which serve as connections to Interstates 95 and 75. Wayne Schuchts, Tom Viscount and Bobby Benton of Avison Young have been tapped to lease the project. Avison Young also represented the seller, AVE LLC, in the land acquisition. “Healthy economic growth, bustling port activity and positive demand continue to drive industrial investment and development activity in Miami’s land-constrained market,” said Benton. “We anticipate strong interest from a variety of large industrial users from logistics to e-commerce who will benefit from the location …

October 18, 2019

Industrial Market Reports Oregon Western Western Market Reports

Portland Industrial’s Market Experiences Steady Growth

by Taylor Williams October 18, 2019

The Portland industrial market continues to be strong despite softening from a few leading indicators. The overall market vacancy rate is 4.3 percent, which is up from 3.4 percent in the third quarter of 2018, while absorption during this period was 832,000 square feet. Historical absorption during the current cycle has averaged 3.8 million square feet. Almost 5 million square feet came on line in 2018, 2 million of which was speculative space that was 85 percent available in July 2019. This impressive amount of growth expanded the existing overall market size by 2.2 percent. Top tenants have been Amazon’s fulfillment centers, which occupy 918,000 square feet in the Rivergate Industrial Park in North Portland and 857,000 square feet in Troutdale. Both facilities were developed by Trammell Crow. Amazon also signed a lease in Hillsboro in 2016 for 303,000 square feet of space that was developed by Majestic. A United States Postal Service processing and distribution facility moved from a confined, central city location into 818,000 square feet in the Airport Way industrial area in Northeast Portland. Other large users include third party logistics, retailers/wholesalers and local market distributors. Intel announced an additional 1.5-million-square-foot expansion of its existing 2.2 million …

October 18, 2019

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