MOUNT PLEASANT, WIS. — Phoenix Investors has unveiled plans to convert its industrial facility located at 7505 Durand Ave. in Mount Pleasant into self-storage use. Phoenix plans to add up to 2,000 climate-controlled units at the 200,000-square-foot property. Store Here Self Storage will operate the facility.
MAGNOLIA, TEXAS — Bellomy & Co. has brokered the sale of Bear Branch Boat & RV Storage, a facility situated on 6.1 acres in Magnolia, about 45 miles northwest of Houston. The property, which was 98 percent occupied at the time of sale, features 256 enclosed and partially opened boat and RV units totaling 96,810 net rentable square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the buyer, Houston-based Copra Holdings LLC. Craig Rice of CSD Realty represented the locally based seller.
FORT WORTH, TEXAS — Holt Lunsford Commercial has negotiated an industrial lease at Meachum Crossing, a 183,832-square-foot industrial facility in Fort Worth. Meachum Crossing features 30- to 32-foot clear heights, 31 overhead dock doors, 22 trailer parking spaces and an ESFR sprinkler system. Donnie Rohde and Matt Carthey of Holt Lunsford represented the landlord, Mapletree, in the lease negotiations. Bob Scully of CBRE represented the tenant, ITW Food Equipment.
FORT WORTH, TEXAS — Team ProMark, a supplier of licensed sports merchandise, has relocated its headquarters from Colorado to Fort Worth, signing a 24,506-square foot office/warehouse lease at 5001 North Freeway. Nick Talley of Bradford Commercial Real Estate Services represented Team ProMark, which will occupy roughly half the space at the property for seven years, in the lease negotiations. Jeff Givens and Todd Hawpe of Transwestern represented the landlord, 5001 North Freeway LLC.
GREENSBORO, N.C. — Cushman & Wakefield has negotiated the sale of a 1.5 million-square-foot industrial building fully leased to Kmart Inc. in Greensboro. NFI Industries, a third-party logistics provider, subleases the asset. The facility is situated at 300 Penry Road, about four miles east of downtown Greensboro. Rob Cochran, Jared Londry, Nolan Ashton, Stewart Calhoun and Casey Masters of Cushman & Wakefield represented the seller, Greensboro Lease Management LLC, in the transaction. The buyer was a joint venture between Pacer Partners and Drake Real Estate Partners. The sales price was not disclosed.
CHICAGO — Black Creek Group has purchased three industrial buildings in metro Chicago for an undisclosed price. The properties include 2770 Alft Court in Elgin, 1881 Normantown Road in Romeoville and 351-355 Hastings Drive in Buffalo Grove. Each of the facilities is fully leased. Black Creek Group is a Denver-based real estate investment manager and development firm.
The Raleigh-Durham industrial/flex market, totaling approximately 135 million square feet, continues to be strong with overall positive absorption. Absorption for industrial totaled 1.6 million square feet and flex was over 3 million square feet for 2018. Vacancy is trending lower, helping make the region a landlord and seller’s market. With increasing construction costs, lower vacancy and solid demand, the rental rates and sales prices are now the highest of any region in North Carolina. Our rental rate for new industrial product is currently in the mid to high $5 per square foot range and trending higher. Some developers and brokers speculate the Triangle may become a $6 per square foot market for institutional-grade warehouse space in 2019. Ground zero for the region’s warehouse market is in the general vicinity of Raleigh-Durham International Airport (RDU). Most distributors that locate here are delivering to the local market and need the central location and access to Interstate 40. The historical barriers to entry near the airport have been high land costs and lack of land not encumbered with wetland or easements. Another barrier to entry that has crept into the picture are some local municipalities desiring a “higher end” product than warehouse and …
MOONACHIE, N.J. — Liberty Property Trust has acquired an industrial facility in Moonachie for $39.6 million. Located at 115 Moonachie Ave., the 168,800-square-foot property is fully leased and features 28-foot clear heights. Tom Monahan, Stephen D’Amato, Larry Schiffenhaus, Brian Fiumara of CBRE represented Liberty in the transaction. The seller was undisclosed.
REDMOND, ORE. — Compass Commercial Real Estate Services has arranged the sale of an industrial property in Redmond. Located at 2050 SW Deerhound Ave., the property features 13,602 square feet of industrial space. Bruce Churchill of Compass Commercial Real Estate Services represented the undisclosed buyer and seller in the deal.
ARLINGTON HEIGHTS, ILL. — Colliers International has brokered the sale of a 46,920-square-foot industrial facility in Arlington Heights for an undisclosed price. The sales price was not disclosed, but the asking price was $2.4 million. Situated on 1.1 acres at 2605 Clearbrook Drive, the property features a clear height of 16 feet, 3,000 square feet of office space, two interior docks and LED lighting. The buyer, Misa Imports, is a wine distributor. Misa currently operates two separate buildings in Elk Grove Village, but plans to consolidate both at the Arlington Heights property. Kelly Joyce and Suzanne Serino of Colliers represented the seller, a private investor. Karla Thomas and Lina Zoraikat of Urb & Burb Realty represented the buyer.