Industrial

Stream Realty Partners to Break Ground on 66-Acre Industrial Project in Fort Worth

by Taylor Williams January 30, 2019

FORT WORTH, TEXAS — Stream Realty Partners will break ground in February on Northwest Commerce Park, a 66-acre industrial project in north Fort Worth. The development will ultimately span three buildings totaling 1.1 million square feet and offer convenient access to Interstate 35 and State Highway 114, as well as Fort Worth Alliance Airport and nearby hubs for UPS and FedEx. Completion of the project, which was capitalized through a joint venture with an undisclosed global institutional investor, is slated for December.

January 30, 2019

Acquisitions Industrial Texas

Marcus & Millichap Arranges Sale of 42,768 SF Industrial Property in Metro Dallas

by Taylor Williams January 30, 2019

GARLAND, TEXAS — Marcus & Millichap has arranged the sale of a three-building, 42,768-square-foot industrial property in Garland, a northeastern suburb of Dallas. The buildings were constructed in 1968 on 2.8 acres. Adam Abushagur and Sam Martin of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity.

January 30, 2019

Development Illinois Industrial Midwest

LPC Acquires Infill Site in Chicago, Plans 137,000 SF Industrial Building

by Kristin Harlow January 30, 2019

CHICAGO — Logistics Property Co. LLC has acquired 3711 S. Ashland Ave., a 6.4-acre infill site in Chicago. The company plans to build a 137,000-square-foot industrial building on the site, which is located one mile from I-55 and two miles from I-94. Construction is expected to begin this summer with completion slated for the first quarter of 2020. Tim McCahill and Terry Grapenthin of Lee & Associates are marketing the property for lease.

January 30, 2019

Illinois Industrial Leasing Activity Midwest

Schnidt Cartage Renews 68,208 SF Industrial Lease in Hanover Park, Illinois

by Kristin Harlow January 30, 2019

HANOVER PARK, ILL. — Schnidt Cartage, a warehouse and distribution company, has renewed its 68,208-square-foot industrial lease in Hanover Park, a western suburb of Chicago. The property is located at 1625 Hunter Road. Mike Plumb and Andrew Block of Lee & Associates represented the owner, Prologis. Jeff Janda of Lee & Associates represented the tenant.

January 30, 2019

Industrial Leasing Activity Western

Atisa Industrial Signs Dynasty Golf to Occupy 28,690 SF Manufacturing Plant in Tijuana, Mexico

by Amy Works January 30, 2019

TIJUANA, MEXICO — Atisa Industrial has signed a lease with Dynasty Golf to occupy the Coral Building at Pacifico Industrial Park in Tijuana. Dynasty Golf will utilize the 28,690-square-foot property to house golfing equipment manufacturing. This is the company’s first operation in Mexico. Octavio McFarland of NAI represented Atisa Industrial in the transaction.

January 30, 2019

Industrial Maine Market Reports Northeast Northeast Market Reports

Why Southern Maine’s Industrial Market is Headed for Rockier 2019

by David Cohen January 30, 2019

My mind wandered recently on a long drive, as it often does. I had the music going and, in typical Maine fashion, cell phone coverage was spotty. It was nice to effortlessly jump from thoughts of the upcoming holiday season with my young kids, to my 20-year high school reunion and old friends, to the promise of another long playoff run by my beloved Patriots. But as I passed commercial buildings and warehouses, my attention drifted to the bricks and mortar of the metro Portland industrial market. Here is what I thought as I hummed along to the hits: The Times They Are a-Changin’ Bob Dylan said it simply, and the statistics in our market suggest the same. The nearly eight-year run of a clear landlord’s market has finally shown indicators (albeit slight) that the pendulum is swinging the other way. While the year-end numbers are not yet complete, I am predicting vacancy rates will increase 200 to 300 basis points from our historically low 2017 rate of 1.25 percent. Let’s say, conservatively, our market increases to 3 percent overall vacancy. That is still what I would call a landlord’s market. However, what concerns me is that our added industrial …

January 30, 2019

Hawaii Industrial Loans Top Stories Western

Industrial Logistics Properties Trust Secures $650M Refinancing for Hawaiian Portfolio

by David Cohen January 30, 2019

OAHU, HAWAII — Industrial Logistics Properties Trust (NASDAQ: ILPT) has secured a $650 million mortgage loan secured by an industrial portfolio in Oahu. The portfolio includes 186 properties, which total approximately 9.6 million square feet. The 10-year loan applies to approximately 57 percent of ILPT’s total owned square footage in Hawaii. As of Dec. 31, 2018, the average remaining lease term for these properties was more than 14 years and the occupancy was nearly 100 percent. “We are pleased to term out our floating rate debt with attractive, long-term, fixed-rate debt and to demonstrate the tremendous value of these unique Hawaiian assets,” says John Murray, CEO of Industrial Logistics Properties Trust. “While the underlying assets had a net book value of less than $500 million at year end 2018, this loan provides us with $650 million of capital to fund value-enhancing external growth opportunities.” Terms of the non-amortizing financing included a fixed interest rate of 4.3 percent. Morgan Stanley, Citi, UBS and J.P. Morgan provided the capital. Sullivan & Worcester LLP provided legal counsel to Industrial Logistics Properties Trust in the transaction. ILPT stock closed at $20.79 per share on Tuesday, Jan. 29, down from $22.47 one year ago. — David …

January 30, 2019

Industrial Leasing Activity South Carolina Southeast

Domino’s Pizza Signs 68,000 SF Lease for New Industrial Facility in West Columbia, South Carolina

by Alex Tostado January 29, 2019

WEST COLUMBIA, S.C. — Domino’s Pizza has signed a 68,000-square-foot lease for a new processing and distribution facility in West Columbia. Construction is expected to begin in the first quarter of this year. Domino’s plans to add 75 jobs to the area. Hiring is scheduled to start in the fourth quarter of this year, with the facility being delivered in the second quarter of 2020. Ken Ashley, John Wilkinson and Whitney Hembree of Cushman & Wakefield, along with Lee Warfield of Cushman & Wakefield | Thalhimer, represented the tenant in the lease negotiations. The developer and landlord were not disclosed.

January 29, 2019

Acquisitions Industrial Northeast Pennsylvania

Markward Group Orchestrates $1.4M Sale of Industrial Facility in Allentown

by David Cohen January 29, 2019

ALLENTOWN, PA. — Markward Group has arranged the $1.4 million sale of a 29,200-square-foot industrial property in Allentown. Located at 2811 Emmaus Ave., the building is currently partly occupied by Jack Williams Tire & Auto Service Center. Ann E. Kline of Markward Group represented the seller, Keller Moving and Storage, in the transaction. The buyer was S.J. Williams Family Partnership.

January 29, 2019

Acquisitions Industrial Northeast Pennsylvania

Endurance Real Estate Acquires Distribution Facility in Pennsylvania for $23.7M

by David Cohen January 28, 2019

BENSALEM, PA. — Endurance Real Estate Group has acquired 450 Winks Lane, a 430,373-square-foot warehouse and distribution center in Bensalem for $23.7 million. The property is currently 97 percent leased to three tenants, National Refrigeration Inc., Rolled Metal Products Inc. and Brenner Aerostructures LLC. Gerry Blinebury, Gary Gabriel, Kyle Schmidt and Jonas Skovdal of Cushman & Wakefield represented the seller, Ivy Realty LLC, in the transaction. Built in 1973 and renovated in 2018, the property includes clear heights of up to 40 feet, LED lighting, 38 dock-high loading doors and six drive-in doors. National Refrigeration, Rolled Metal Products and Brenner Aerostructures utilize the facility for manufacturing, warehousing and distribution.

January 28, 2019

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