CHARLOTTE, N.C. — Seefried Properties and Clarion Partners LLC have acquired 50 acres in Charlotte to construct a five-building, 590,000-square-foot industrial campus. The property will be able to accommodate users seeking 20,000 to 180,000 square feet. Buildings will feature 32- to 36-foot clear heights, 130- to 210-foot truck courts, 50 trailer parks, a total of 686 parking spaces and an ESFR sprinkler system. The property is situated at the southeast corner of Beam Road and Pine Oaks Drive, six miles south of Charlotte Douglas International Airport and seven miles southwest of downtown Charlotte. The developers expect to complete the shells by the second quarter of 2021. Merriman Schmitt Architects is the architect, and Burton Engineering is the civil engineer. Spencer Yorke and Jordan Quinn of JLL will lead the leasing efforts for the new project.
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Free Returns: How Reverse Logistics Impacts Industrial Real Estate
The industrial sector has been the preferred asset class of commercial real estate in recent years. “The rate of return for industrial real estate has been higher than that of any other class for nearly half a decade,” says Jeff Rinkov, CEO of Lee & Associates. These rates of return are the result of permanent changes in consumer behavior and preferences — and recent events are driving more rapid changes in consumers’ e-commerce shopping. Though it remains to be seen how the economic impact of the coronavirus will influence various sectors of real estate, the pandemic has meant a sudden uptick in reliance upon industrial real estate as consumers turn to online shopping in the face of in-store shortages and shelter-at-home orders or social distancing practices. As brick-and-mortar stores close temporarily, retail companies and logistics professionals grapple with the increased volume of both online orders and e-commerce returns. What do facilities for e-commerce look like as customer expectations for e-commerce grow? How do companies process returns in an efficient and cost-effective manner, a critical element of success for e-commerce companies? Consumers increasingly prefer to shop online instead of going to brick and mortar stores. E-commerce sales accounted for more than …
HOUSTON — Newmark Knight Frank (NKF) has negotiated a 46,800-square-foot industrial lease extension for Fleenor Co., a manufacturer of paper and packaging products, at Cole Creek Business Park in Houston. Griffin Rich and Andy Iversen of NKF represented the tenant in the lease negotiations. CBRE represented the landlord, LIT Industrial Texas LP.
TWINSBURG TOWNSHIP, OHIO — NAI Pleasant Valley has arranged the sale of 1550 Enterprise Parkway in Twinsburg Township, about 28 miles southeast of Cleveland. The sales price was not disclosed. The industrial building totals 31,480 square feet. Jeffrey Calig and David Hexter of NAI Pleasant Valley brokered the transaction. Innovation Food Service, a wholesale producer of contract meals for schools and senior programs, purchased the property from an undisclosed seller.
WEST MIFFLIN, PA. — An affiliate of Wisconsin-based developer Phoenix Investors has acquired a 625,000-square-foot industrial facility in West Mifflin, a southwestern suburb of Pittsburgh. The property is situated on 53 acres at 1200 Lebanon Road and includes approximately 15 acres of unused developable land. Originally built for Continental Can Co., the property features 24-foot clear heights and 57 loading doors. The property was approximately 70 percent leased by more than 20 tenants at the time of sale. John Jackson and Evan Cicirello of Grant Street Associates Inc., an affiliate of Cushman & Wakefield, represented the undisclosed seller in the transaction. The team also procured Phoenix Investors as the buyer. The sales price was undisclosed.
NEW YORK CITY — Innovo Property Group (IPG) and equity partner Square Mile Capital Management LLC have received $305 million in financing for the development of a 1 million-square-foot, two-story industrial facility in New York City’s Bronx borough. The joint venture acquired the land in 2017. Construction is underway with completion slated for first-quarter 2022. The last-mile distribution property is situated on 20 acres at 2505 Bruckner Blvd., nine miles from LaGuardia Airport, 15 miles north of John F. Kennedy International Airport and at the intersection of Interstates 95, 278 and 295. Additionally, the facility is located within 30 miles of 9.4 million people. The facility will feature 133 exterior parking spaces for trailers and box trucks as well as 664 interior parking spaces for cars and sprinter vans. The building will offer direct loading on the first and second floors, each with a 130-foot truck court. The first floor will feature 32-foot clear heights, 40-foot-by-40-foot column spacing and cross-docked loading with 74 dock doors and two drive-in doors. The second floor will be accessible to 53-foot tractor-trailers via two double-wide ramps and will feature 28-foot clear heights, 80-foot-by-80-foot column spacing, 37 loading dock doors and two drive-in doors. “As in …
PHOENIX AND TUCSON, ARIZ. — Commercial Properties has brokered the sales of two less-than-truckload (LTL), cross-dock trucking facilities in Tucson and Phoenix. In Tucson, Thomasville, N.C.-based Old Dominion Freight Line has completed the disposition of a 22-acre property that consists of a 31-door truck terminal located at 2202 N. Dragoon St. A Northern California-based buyer acquired the asset for $1.4 million. Jeff Hays of Commercial Properties represented the seller in the transaction. Additionally, John and Stacy Pifer completed the sale of a 36-door cross-dock LTL terminal located on six acres at 1412 S. 51st Ave. in Phoenix. Two Brothers Property purchased the asset for $1.8 million. Hays represented the buyer in the deal.
NATIONAL CITY, CALIF. — Colliers International San Diego Region has arranged the sale of a retail and warehouse property located in National City. WestPro Plumbing acquired the asset from Gary R Kitagawa Family Trust for $1.6 million, or $256 per square foot. Built in 1986, the 6,200-square-foot building is situated on a 13,500-square-foot parcel at 712 E. 18th St. The property features 15-foot roll-up doors, 14 parking spaces and a fenced loading and storage area. Chris Holder, Will Holder and Mark Lewkowitz of Colliers represented the seller, while Ron Bement of Newmark Knight Frank represented the buyer.
VERNON, CONN. — Chozick Realty Inc. has negotiated the $5 million sale of a portfolio of commercial properties in Vernon, a northeastern suburb of Hartford. The portfolio included the 65-unit Westar Apartments, an 8,600-square-foot warehouse, a 2,400-square-foot office building, a 1,700-square-foot retail property and an eight-unit apartment building. Tom Boyle of Chozick Realty represented the undisclosed seller in the transaction. Boyle also procured the buyer, a regional multifamily investor.
HACKENSACK, N.J. — Audiovisual technology company MetroMultimedia has signed an 18,000-square-foot industrial lease at 211 S. Newman St. in Hackensack, a northwestern suburb of New York City. The landlord, The Stro Companies, acquired the property in June 2019 and implemented a capital improvement plan that included upgrades to the roof, parking area, truck court, windows and façade, and also expanded the building’s loading capabilities. Andrew Somple, Scott Perkins and Justin Allessio of NAI James Hanson represented the landlord in the lease negotiations. MetroMultimedia was represented internally.