Industrial

Marcus & Millichap Brokers Sale of 172-Unit Self-Storage Facility in California’s Inland Empire

by Amy Works October 11, 2019

HIGHLAND, CALIF. — Marcus & Millichap has arranged the acquisition of International Self Storage in Highland. A local investment company purchased the asset for an undisclosed price. The 17,905-square-foot International Self-Storage features 172 non-climate-controlled, drive-up units ranging in size from four feet by four feet to eight feet by 10 feet. Additionally, the property is fully fenced and equipped with security monitoring systems, including electronic gate access and individual alarms. The property also features an on-site manager’s office with residence. Keith Phillips of The LeClaire Group of Marcus & Millichap’s Encino, Calif., office procured the buyer, while the undisclosed seller was self-represented in the deal.

October 11, 2019

Acquisitions Florida Industrial Southeast

Birtcher Anderson Sells Industrial Property in Tampa for $15.8M

by Alex Tostado October 11, 2019

TAMPA, FLA. — Birtcher Anderson has sold Park 6, a 184,500-square-foot industrial property in Tampa, for $15.8 million. Park 6 was previously part of the 676,735-square-foot Tri County Business Park that Birtcher Anderson purchased for $40.4 million in December 2017. The property was subdivided for sale and includes six of Tri County Business Park’s 20 buildings. Park 6 was 93 percent leased at the time of the sale. Ryan Vaught and Robyn Hurrell of Colliers International represented the seller in the transaction. The buyer was not disclosed.

October 11, 2019

Industrial Leasing Activity Texas

Avison Young Negotiates 102,863 SF Industrial Lease Near Port Houston

by Taylor Williams October 11, 2019

PASADENA, TEXAS — Avison Young has negotiated a 102,863-square-foot industrial lease within Bayport North Logistics Center I, located near Port Houston in the eastern suburb of Pasadena. Bob Berry and Grant Hortenstine of Avison Young represented the tenant, American Cross-Dock & Storage, in the lease negotiations. CBRE’s Jason Dillee and Andrew Jewett represented the landlord, Triten Real Estate Partners.

October 11, 2019

Acquisitions Industrial Michigan Midwest

Innovative Industrial Properties Acquires 156,000 SF Property in Michigan for $19M

by Kristin Harlow October 11, 2019

WARREN, MICH. — Innovative Industrial Properties Inc. (IIP) has acquired a 156,000-square-foot industrial property in Warren, a northern suburb of Detroit. The purchase price was $19 million. Concurrent with the acquisition, IIP entered into a long-term, triple-net lease agreement with LivWell Michigan LLC, a licensee of LivWell Holdings Inc. The tenant intends to operate the property as a licensed cannabis cultivation and processing facility. LivWell is expected to complete tenant improvements at the property and IIP has agreed to provide reimbursement of up to $23 million.

October 11, 2019

Company News Industrial Office Oregon Western

SIOR to Host Fall World Conference in Portland Next Week

by Amy Works October 10, 2019

PORTLAND, ORE. — The Society of Industrial and Office Realtors (SIOR)’s Fall World Conference is set to take place Oct. 16 to 19 at the Hilton Portland in Portland. Starting in the afternoon on Oct. 16, attendees will be able to sit in on a wide variety of panels and discussions, including Industrial Occupiers: A View from the Inside; Smart Building Platforms; Global Cities – Challenges & Opportunities: Impact on Real Estate; Underwriting & Due Diligence of Investment CRE Deals; and Augmented Reality (AR): Real Estate’s New Reality. SIOR selected Portland for this year’s conference to highlight growth in the city’s commercial office and industrial sectors since 2018. According to CoStar’s Loopnet, office prices have risen by 9.2 percent and industrial has increased by 18.5 percent.

October 10, 2019

Acquisitions Industrial Northeast Pennsylvania

Panadyne Acquires Industrial Center Near Philadelphia for $1.3M

by Alex Patton October 10, 2019

MONTGOMERYVILLE, PA. — An affiliate of raw materials distributor Panadyne Inc. has acquired an industrial center in Montgomeryville, a northern suburb of Philadelphia. Panadyne will occupy approximately 50 percent of the 22,000-square-foot facility, which features 17-foot ceiling heights and 1,500 square feet of office space. Frank Roddy of Roddy Inc. represented Panadyne in the transaction.

October 10, 2019

Acquisitions Industrial Leasing Activity New Jersey Northeast

CBRE Arranges Sale-Leaseback of 100,000 SF Industrial Facility in Fairfield, New Jersey

by Alex Patton October 10, 2019

FAIRFIELD, N.J. — CBRE has arranged the sale-leaseback of a 100,000-square-foot industrial facility in Fairfield, located approximately 20 miles west of New York City. EverWest Real Estate Investors LLC acquired the property from Unifoil Corp., which will continue to occupy the industrial property via a long-term lease. Built in 1988, the property at 12 Daniel Road features 27,000 square feet of office space and parking for 188 cars. William Waxman, Kevin Dudley, David Gheriani and Gil Medina of CBRE represented EverWest in the lease negotiations. The sales price was undisclosed.

October 10, 2019

Industrial Leasing Activity Northeast Pennsylvania

NAI Mertz Negotiates 11,250 SF Industrial Lease in Philadelphia

by Alex Patton October 10, 2019

PHILADELPHIA — NAI Mertz has negotiated an 11,250-square-foot industrial lease in Philadelphia. The tenant, Rodan Enterprises LLC, will use the facility to house its company, SureShade, a designer and manufacturer of innovative marine sunshade systems. The space is located within a 75,000-square foot industrial building with 25-foot ceiling heights, one drive-in door and one tailgate door. Joe Sternberg of NAI Mertz represented the landlord, Onyx Partners, in the lease negotiations.

October 10, 2019

Illinois Industrial Leasing Activity Midwest

Five Tenants Sign Industrial Leases Totaling 860,296 SF at Duke Realty-Owned Properties in Metro Chicago

by Kristin Harlow October 10, 2019

CHICAGO — Duke Realty Corp. has signed five leases with industrial tenants for four of its properties within metro Chicago. The leases total 860,296 square feet. Susan Bergdoll and Casey Grant of Duke represented the company in all the lease transactions. At Airport Logistics Center in Romeoville, RJW Logistics leased the entire 543,780-square-foot speculative building that delivered in August. Dominic Carbonari and Frank Griffin of JLL represented the tenant and Jason West and Sean Henrick of Cushman & Wakefield marketed the property for lease. Coda Resources leased all of the 183,296-square-foot speculative building known as 990 North Avenue in Glendale Heights. Frank Melchert of Cawley Chicago represented the tenant, while Kelly Disser, Eric Tresslar and Michael Freitag of NAI Hiffman served as listing brokers. At 375 W. South Frontage Road in Bolingbrook, Battery Systems signed a new lease for 17,850 square feet and Corrosion Materials renewed its 17,850-square-foot lease. Brian Kling and John Bolster of Colliers International represented Battery Systems. Ryan Earley and Terry Grapenthin of Lee & Associates were the listing brokers. Lastly, Black Horse Carriers signed a 97,520-square-foot lease at 1835 West Jefferson in Naperville. George Pappas of Hartford Associates represented the tenant and Brian Kling and David …

October 10, 2019

LogistiCenter-at-Park-Meridian-Riverside-CA

California Development Industrial Western

Dermody Properties Completes 262,260 SF LogistiCenter at Park Meridian in Riverside, California

by Amy Works October 9, 2019

RIVERSIDE, CALIF. — Dermody Properties has completed construction of LogistiCenter at Park Meridian, located at 21822 Opportunity Way within Meridian Business Center in Riverside. Situated on 13.5 acres in the heart of Inland Empire East, the 262,260-square-foot facility features 32-foot clear heights, 56 dock-high doors, an ESFR sprinkler system and LED warehouse lighting. Additionally, the building has 2,493 square feet of built-out office space within the total square footage available for lease. Phil Lombardo, Chuck Belden and Andrew Starnes of Cushman & Wakefield have been retained to handle leasing for the project.

October 9, 2019

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