COLUMBIA, MO. — ThermAvant Technologies is set to open a 33,000-square-foot facility in Columbia in May. The facility will more than quadruple the thermal management company’s engineering and manufacturing space. Last year, ThermAvant received $400,000 in funding from Missouri Technology Corp. to promote entrepreneurship and foster the growth of new and emerging high-tech companies.
EAST DUNDEE AND CAROL STREAM, ILL. — Cawley Chicago has arranged two industrial property sales in Illinois. In the first transaction, High Street Realty purchased a two-building portfolio totaling nearly 80,000 square feet in East Dundee. In the second transaction, Venture One Real Estate acquired a 16,072-square-foot building. The facilities were fully leased at the time of sale. Jack Brennan and Daniel Cawley of Cawley represented the sellers, both of which were private investment entities.
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Rubenstein Properties Sells 28 Industrial Properties for $197M
LITTLE FALLS, N.J. — Rubenstein Properties has sold 28 industrial properties totaling more than 5 million square feet across six states for $197 million. Bernards Township, N.J.-based Silverman Group acquired 27 buildings for $183 million. Properties are located in New Jersey, Connecticut, Massachusetts, Iowa, Indiana and Alabama. The portfolio was 95.8 percent leased at the time of the sale. Locations include: New Jersey 10 Park Place, Butler; 20-21 Wagaraw Road, Fair Lawn; 39 Avenue C, Bayonne; 101 E. Main St., Little Falls; 114 Beach St., Rockaway; and 1578 Sussex Turnpike, Randolph, N.J. (units 2 through 5). Connecticut 20, 50 and 80 Utopia Road, Manchester; 118 Sanrico Drive, Manchester; 135 Sheldon Road, Manchester; 428 Hayden Station Road, Windsor; Alabama 207 Jacintoport Blvd., Saraland. Indiana 2190 Summit St., New Haven, Ind. Further details about the properties were not disclosed. In addition, a tenant occupying 1055 Crossroads Blvd. in Muhlenberg Township, Pa., acquired the asset for $14 million. “The properties are all strategically located within infill locations in order to take advantage of consistently improving industrial leasing fundamentals and increasing demand with extremely limited supply,” said Brian Fiumara, executive vice president of CBRE. “Rubenstein Properties’ portfolio provided the buyer with an exceptional opportunity …
As we begin 2019, there are several opposing market forces at work that are sure to influence each of us, and our respective firms and clients. These market dynamics will ultimately dictate who has a great year and why — or why not. This year, it seems the signals are more mixed than in the past several years, so making predictions about the local industrial real estate market is somewhat daunting. Nonetheless, here is what to look for in 2019. A tale of two halves Listen carefully: skip vacations, stay in town, hunker down and make as many deals as you can in 2019. Based on current supply and demand dynamics with several significant users already in play (build-to-suits, new leases, renewals, etc.), plus a recent wave of speculative deliveries, look for the first and second quarters to be fairly robust in terms of gross absorption. This should extend the growing record of 35 straight quarters of positive net absorption, dating back to the second quarter of 2009, with at least two to three more such quarters. But, like in sports, what happens in the first half can be overshadowed by a shift in momentum or other significant change in …
GARLAND, TEXAS — Colony Industrial, in partnership with Huntington Industrial Partners, has acquired 21 acres in the northeastern Dallas suburb of Garland for the development of a two-building, 355,071-square-foot light industrial project. The buildings will feature 32-foot clear heights, cross-dock configurations and ample on-site trailer storage. Construction is scheduled to begin in late April and wrap up by the end of the year.
AUBURN HILLS, MICH. — Colliers International has negotiated a 137,560-square-foot industrial lease at 50 Continental Drive in Auburn Hills for Samsung SDI America Inc. Magnum Industrial Building Co. will complete a $62.7 million high-volume battery pack manufacturing facility on behalf of the tenant. The facility will serve as the center of Samsung’s automotive battery operations, as well as its North American headquarters, research and development tech center and manufacturing operations. Samsung is expected to occupy the space this spring. Peter E. Kepic and Peter J. Kepic of Colliers International represented the landlord, Joel Nosanchuk, in the lease transaction.
REDMOND, ORE. — Compass Commercial Real Estate Services has arranged the sale of an industrial property located at 875 N.E. Kingwood Ave. in Redmond. Redmond Premium Properties sold the asset to an undisclosed buyer for $3.8 million. Situated on 4.5 acres, the property features 25,115 square feet of industrial space. Russell Huntamer and Dan Kemp of Compass Commercial Real Estate Services represented the seller in the deal.
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Alliant: Communication is a Commodity in Today’s Lending Environment
Communication and transparency are always top priorities for commercial lenders and borrowers. Paul Letourneau, manager of commercial lending at Alliant Credit Union, believes these are the true skills lenders should leverage in today’s market. Letourneau knows we’re long in this cycle — and he says that’s not a bad thing. There is still a great need for capital, but with that demand comes the competition among suppliers. This, Letourneau asserts, has caused lenders like credit unions to make sure their relationships with mortgage brokers and sponsors are as strong as possible. The ability to remain competitive while disciplined is no easy task. Letourneau believes this starts with strong communication between all parties. Watch the video for more insights from Letourneau. Alliant Credit Union is a content partner of REBusinessOnline. Click here to view articles written in conjunction with Alliant.
PHOENIX — Industrial Logistics Properties has agreed to acquire 18 industrial properties for a total of $625.3 million. Wholly owned subsidiaries of Cole Corporate Income Operating Partnership LP, of which Cole Office & Industrial REIT (CCIT II) is the sole general partner, have agreed to sell the assets for $568.3 million in cash and the assumption of a $57 million loan by the buyer. The 18 properties are 100 percent leased and encompass approximately 8.7 million gross rentable square feet across 12 states. Notable tenants include UPS, Procter & Gamble and Subaru. The transaction is anticipated to close within 60 days, subject to due diligence and the satisfaction of closing conditions. CCIT II plans to use sale proceeds for the repayment of debt and the acquisition of long-dated net-lease properties in furtherance of the company’s investment objectives. Eastdil Secured is represented CCIT II in the transaction.
CHANDLER, ARIZ. — Z Modular, a division of Zekelman Industries, has signed a 10-year lease for industrial space at 6205 S. Arizona Ave. in Chandler. The manufacturer of prefabricated steel structures for commercial buildings will occupy 222,000 square feet at the property. The modular structures are constructed in-house with final assembly occurring on-site, where the steel modules are stacked and connected together. The company plans to hire approximately 150 new employees to the region and will invest $17 million in tenant improvements and equipment, including a significant amount of robotic machinery. Stein Koss and Tom Louer of Lee & Associates, along with Kristina Hayes with KW Commercial, handled the deal.