HUMBLE, TEXAS — General contractor Cadence McShane has broken ground on Parc Air 59, a 279,632-square-foot industrial project in Humble, a northern suburb of Houston. Jackson-Shaw is developing the two-building project, which will consist of an 83,436-square-foot building with 28-foot clear heights and a 196,196-square-foot building with 32-foot clear heights. The buildings will also feature 150 and 245 parking spaces, respectively. Completion is slated for April 2020.
HOUSTON — NAI Partners has negotiated a 49,911-square-foot industrial leased at 3401 Navigation Blvd. in Houston for CRI Inc., a locally based furniture installation company. Michael Keegan and John Ferruzzo of NAI Partners represented the tenant in the lease negotiations. Bob Berry and Grant Hortenstine of Avison Young represented the landlord, Stonelake Capital Partners LLC.
NEW YORK CITY — Seagis Property Group has acquired two industrial properties totaling 101,000 square feet in New York City. The first property, a 75,000-square-foot warehouse in Queens, features 25-foot ceiling heights and 19 exterior loading docks and has been re-tenanted. The second property, a 26,000-square-foot warehouse, features a 5,000-square-foot secured yard and is fully occupied. The sellers and sales prices were undisclosed.
CINCINNATI AND COLUMBUS, OHIO — Colliers International has brokered the $35 million sale of the Orange Point Portfolio, a six-property industrial portfolio within the Cincinnati and Columbus markets. The portfolio totals 591,695 square feet and has a combined occupancy level of 93.7 percent. The properties include: 2700-2758 Kemper Road and 2800-2888 Kemper Road in Sharonville; 6900-6918 Fairfield Business Drive in Fairfield; 4514-4548 Cornell Road in Blue Ash; and 7719 Graphics Way and 459 Orange Point Drive in Lewis Center. Boston-based Plymouth REIT purchased the portfolio from Orange Point SWS LLC. Steve Timmel, Jeff Johnston, Chris Prosser, Will Roberts, Matt Smyth and Jonathan Schuen of Colliers brokered the sale.
ELWOOD, ILL. — Premier Design + Build Group has delivered a new warehouse for Midwest Warehouse & Distribution System in Will County’s Elwood. This is the second project Premier has completed for Midwest Warehouse, a full-service logistics company based in Woodridge. Built on a 24-acre site, the new 407,338-square-foot warehouse features a clear height of 36 feet, 70 exterior truck docks, three drive-in doors, 104 trailer parking stalls and 95 car parking stalls. It also includes offices, a conference room, training room and lounge. The build-to-suit project is located at 21157 Walter Strawn Drive, south of Joliet. The project team included Cornerstone Architects Ltd., Manhard Consulting Ltd. and Structures Unlimited.
Continuing a trend that started approximately 10 years ago, the Central Maryland region remains an extremely attractive area for warehouse and industrial development with vacancy rates hovering in the 7 percent range, more than 3 million square feet currently underway and an additional 5 million square feet of space expected to break ground over the next 18 months. But new challenges are also starting to emerge in this marketplace, driven by barriers-to-entry such as land scarcity and increased government regulations. On the positive side, rental rates continue to inch upwards and end-user requirements in the 30,000- to 100,000-square-foot range, long the bread and butter of this region, have returned. Over the past decade, numerous local and national developers have been enjoying the high life in the Interstate 95 corridor spanning from Harford County north of Baltimore City, through Howard County and touching Prince George’s County, which is considered a suburb of Washington, D.C. A who’s who of retail royalty have signed substantial leases such as Amazon, Best Buy, FedEx, Floor & Décor, The Container Store, The Home Depot, Pier 1 Imports, Sephora Cosmetics, XPO Logistics and Under Armour. While many touched 1 million square feet of space, what previously was …
GULF SHORES, ALA. — Marcus & Millichap has arranged the sale of Gateway Storage, a 447-unit self-storage facility in Gulf Shores. The 47,925-square-foot property was delivered in April and sits on three acres. Gateway Storage is located at 21371 Coastal Gateway Blvd., 38 miles west of downtown Pensacola, Fla. Brett Hatcher, Gabriel Coe and Jonathan Fawley of Marcus & Millichap represented the buyer and seller, both undisclosed limited liability companies, in the transaction. The sales price was not disclosed.
WALLER, TEXAS — Sealy & Co., an investment firm headquartered in Dallas and Shreveport, La., has acquired a 479,806-square-foot distribution warehouse in Waller, a northwestern suburb of Houston. The cross-dock property is situated near several major thoroughfares, including U.S. Highway 290, Grand Parkway and Beltway 8. Tom Lynch and Mark Redlingshafer of CBRE worked with Scott Sealy Jr., Jason Gandy and Tom Herter of Sealy & Co. to acquire the asset. The seller was not disclosed.
STRATFORD, CONN. — Angel Commercial LLC has negotiated a 76,000-square-foot industrial lease in Stratford, located approximately 50 miles southwest of Hartford. The property features one drive-in door and three dock doors. The tenant, Unger Enterprises Inc., is a manufacturer of professional cleaning and maintenance tools. Brett Sherman of Angel Commercial represented Unger in the transaction. The landlord is Exeter Property Group.
INDIANAPOLIS — Meridian Design Build has broken ground on a 367,808-square-foot speculative industrial building on behalf of developer Exeter Property Group in Indianapolis. The new facility will be situated on a 31.7-acre site at 5325 Seerley Road. The development will feature a clear height of 36 feet, 80 dock positions, four drive-in doors, 304 car parking stalls and 41 exterior trailer stalls. This is Meridian’s fourth project in the Indianapolis market. The project team includes JRA Architecture and Banning Engineering.
