LOS ANGELES AND LONG BEACH, CALIF. — Goodman Group has acquired two industrial estates totaling 127 acres in Southern California. The acquisitions are the 90-acre former Boeing C-17 manufacturing plant in Long Beach, which has been renamed Goodman Commerce Center Long Beach, and a 37-acre former distribution center in Los Angeles renamed Goodman Commerce Center Los Angeles. Brett Hardy, Todd Anderson and Jeff Read of Newmark Knight Frank represented Boeing in the Long Beach deal. David Norrie of CBRE brokered the transaction of the Los Angeles property. The prices were not disclosed.
SANTA TERESA, N.M. — JLL has arranged the sale of 150 Earhardt Way, a 92,325-square-foot, three-tenant industrial building located in Santa Teresa, 13 miles northeast of El Paso, Texas. JLL’s Zane Marcell and Dustin Volz led efforts on behalf of the seller, GBP Santa Teresa LLC. JLL retained Adin Brown of Sonny Brown Real Estate as a local market expert in the transaction. The asset is 100 percent leased to three tenants and was sold to investment group BRI Earhardt LP. The price was not disclosed. The property is located in the Santa Teresa Intermodal Park adjacent to the Doña Ana International Airport and the Union Pacific Intermodal Terminal.
NEW YORK CITY — W.P. Carey, a publicly traded REIT specializing in sale-leasebacks, build-to-suits and single-tenant net-leased properties, has completed the $70 million sale-leaseback of a food production and distribution plant in New York City. The seller and tenant was an undisclosed provider of ice cream and beverage products that has used the 400,000-square-foot property as its headquarters and primary production facility since it was founded. The tenant is under a triple-net lease with a term of 25 years.
MARLBOROUGH, TAUNTON AND FRANKLIN, MASS. — CBRE has arranged the $43.3 million sale of three industrial properties located throughout the Boston metro area. CBRE represented seller Calare Properties in the disposition of 417 South St., a 145,600-square-foot building in Marlborough that was 87 percent leased at the time of sale, for $14.2 million. CBRE also represented the seller, GFI Partners, in the sale of the 139,500-square-foot asset located at 385 Myles Standish Blvd. in Taunton and the 242,252-square-foot property located at 431 Washington St. in Franklin. The buyer in all three deals was San Francisco-based Berkeley Partners.
TOMBALL, TEXAS — Locally based investment and brokerage firm Finial Group has arranged the sale of an 11,200-square-foot industrial building in Tomball, a northern suburb of Houston. Doc Perrier and Gerald Leveritt of Finial Group represented the buyer, Reliant Pest Management, in the transaction. A.J. Williams and Travis Land of NAI Partners represented the seller, Nelson Protector Services LLC.
INDIANAPOLIS — U-Haul has transformed a former Kmart property located at 7425 E. Washington St. in Indianapolis into a self-storage facility. The 178,963-square-foot building now holds 598 climate-controlled units. Customers also have access to moving supplies and U-Box portable storage containers. U-Haul also plans to offer outdoor self-storage at the 12.5-acre site. Originally constructed in 1969, the building had stood vacant since 2014.
LAKE FOREST, CALIF. — Colliers International has negotiated the $9.4 million sale of a fully leased, 33,805-square-foot industrial building in the Orange County municipality of Lake Forest. Colliers’ Richard Schwartz and Joey Reaume represented the buyer, a private investment group based in Los Angeles. The building sold for $277 per square foot with a capitalization rate of 4.75 percent. Built in 1997 and located at 25871 Atlantic Ocean Drive, the concrete tilt-up structure spans just under two acres zoned for light industrial and manufacturing use.
BOTHELL, WASH. — Marcus & Millichap has brokered the $6 million sale of Affordable Self Storage, a 38,725-square-foot facility in Bothell. Christopher R. Secreto of Marcus & Millichap’s Seattle office marketed the 290-unit property on behalf of the seller, a partnership based in Washington, and secured the unnamed buyer. Affordable Self Storage is located at 1621 196th St. SE. The facility was built in 1983 on a two-acre lot.
The industrial market in Atlanta continues to surge, benefitting not only from its role as a key regional distribution hub, but also from the rapid growth in the metropolitan area itself. Atlanta is the economic engine of the Southeast, which also happens to be the fastest growing region in the country. The Atlanta industrial market recorded just over 18 million square feet of net absorption in 2018, the second highest total on record following the 21 million square feet absorbed in 2017. The market has experienced 30 consecutive quarters of positive net absorption resulting in an all-time low vacancy rate of 5.7 percent, even though the market delivered more than 13.4 million square feet in 2018. The first quarter of 2019 recorded net absorption of slightly over 1 million square feet, not as impressive as prior quarters over the last several years. So has the market peaked or demand stopped in Atlanta? Not by a long shot. According to research from JLL, there are 5.7 million square feet of signed deals that have yet to commence and companies have yet to move into their new space. This absorption will be picked up throughout 2019. Further, JLL is tracking an additional …
The Los Angeles County industrial market continues to see record low vacancy rates, which are hovering in the 1 percent range with a conservative forecast calling for rents to increase by 7.5 percent in 2019. Ecommerce companies and third-party logistics providers (3PLs) — many of which support ecommerce operations — will continue to be dominant market players, according to NKF’s Los Angeles industrial market report for Q1 2019. In North Los Angeles, we are seeing multiple submarkets, including those in the San Fernando Valley, Ventura County, Conejo Valley, Kern County, and the Santa Clarita areas, becoming more connected than ever before. These areas and projects are now “connecting the dots” between all the submarkets as the opportunities for industrial space in Los Angeles’ core markets become increasingly more competitive and scarce. For example, occupiers that have been in the 130 million-square-foot San Fernando Valley industrial market for decades are now needing more space. However, the opportunities for larger, modern product are just not there. The majority of industrial product is less than 100,000 square feet with 16- to 24-foot clear heights. This can work for users like cosmetics, entertainment and aerospace, but others need more modern features to streamline operations. …