ALLENTOWN, PA. — Colliers International has brokered the $1.5 million sale of a 15,200-square-foot industrial property in Allentown, about 65 miles north of Philadelphia. Located at 1633 Airport Road, the property was constructed in 1970 and offers convenient access to the Lehigh Valley International Airport. The property was vacant at the time of sale. Seth Lacey and Derek Zerfass of Colliers represented the seller, Calumet Properties, in the transaction. Greg Bianchi of U.S. Realty represented the buyer, Victory Development.
SAN DIEGO — Murphy Development Co. has completed the construction of the final building at The Campus at San Diego Business Park, a more than 670,000-square-foot industrial park in San Diego’s Otay Mesa submarket. Building 3 offers 137,000 square feet of speculative industrial space. Located at 2065 Sanyo Ave., the concrete tilt-up building features a 32-foot minimum clear height, 4,000 amps of 277/480 volt power, manufacturing sewer and water capacity, ESFR sprinklers, concrete truck courts and wide column spacing. Additionally, the facility has 33 dock-high doors and 10 short-yard expansion docks. The business park is a fully fenced, secure site with on-site security and C-TPAT qualification. An on-site café is currently under construction and will be open for breakfast and lunch for all employees in June. The development team includes Pacific Cornerstone Architects, Teshima Landscape Design, K&S Engineering and Lusardi Construction. Murphy Development purchased the site from Panasonic Corp. of North America in early 2017 and renamed it The Campus at San Diego Business Park. The 542,197-square-foot, two-building campus was originally built in 1986 for The Sanyo Corp. of America. The campus was subsequently sold to The Panasonic Corp. Following reacquisition, Murphy Development completed $15 million in upgrades that included …
MACON, GA. — Ultimate Realty will redevelop the former Westgate Shopping Mall in Macon into a $12 million, 395,000-square-foot industrial park dubbed Middle Georgia Industrial Park. The six buildings will range in size from 19,000 to 106,000 square feet. The New York City-based developer expects to complete the park this summer. The new campus will include interior upgrades such as new electrical systems, bathrooms, new loading docks and drive-in doors, office pod additions and repainting of the facades. The renovation plan will also include upgrading the signage, major landscaping work, new LED lighting, upgraded sprinklers and expansive truck parking. Courtney Oldenburg and Chris Copenhaver of Cushman & Wakefield have been retained to lease the asset.
ATHOL, MASS. — Innovative Industrial Properties Inc. (IIP), a California-based REIT specializing in the regulated cannabis industry, has acquired a 199,000-square-foot industrial property in Athol, located approximately 40 miles northwest of Worcester. The sales price was $26.8 million. Concurrent with the transaction, IIP entered a long-term, triple-net lease agreement with a subsidiary of Ascend Wellness Holdings LLC (AWH) for continued operation as a licensed cannabis cultivation and processing facility. AWH is expected to complete tenant improvements for the property, for which IIP has agreed to provide reimbursement of up to approximately $22.2 million. The Massachusetts Cannabis Control Commission deemed medical marijuana treatment centers and health care providers as essential services that will remain open during the COVID-19 crisis.
PHOENIX — Newport Beach, Calif.-based CapRock Partners has purchased a newly constructed distribution center located at 7200 W. Roosevelt St. in Phoenix. An undisclosed seller sold the asset in an off-market transaction. The acquisition price was not released. Payson MacWilliam and Don MacWilliam of Colliers International represented CapRock in the deal. Situated on 12 acres, the 216,880-square-foot, Class A property features 32-foot clear heights, 30 dock-high doors, two grade-level doors, 48 trailer stalls, a fully secured concrete truck court, 52-foot-by-55-foot column spacing and 3,600 amps, 277/480V power. Additionally, the property was designed to accommodate up to two tenants. CapRock Partners currently owns or is in escrow to purchase in excess of 1 million square feet of industrial space in Phoenix, including a long-term lease of a 110,710-square-foot property in the Sky Harbor submarket.
CECIL COUNTY, MD. — Lidl has opened a 700,000-square-foot regional distribution center in Cecil County. The German-based grocer invested $100 million in the project, which is expected to create more than 200 full-time jobs. Cecil County is situated in northeast Maryland, 53 miles from Baltimore and 60 miles from Philadelphia. Lidl officials said the center will service stores in five states. The discount grocer operates more than 85 stores in nine states on the East Coast. This is the second distribution center Lidl is developing in 2020, having broken ground on a facility in Covington, Ga. in early February.
CHARLOTTE, N.C. — Seefried Properties and Clarion Partners LLC have acquired 50 acres in Charlotte to construct a five-building, 590,000-square-foot industrial campus. The property will be able to accommodate users seeking 20,000 to 180,000 square feet. Buildings will feature 32- to 36-foot clear heights, 130- to 210-foot truck courts, 50 trailer parks, a total of 686 parking spaces and an ESFR sprinkler system. The property is situated at the southeast corner of Beam Road and Pine Oaks Drive, six miles south of Charlotte Douglas International Airport and seven miles southwest of downtown Charlotte. The developers expect to complete the shells by the second quarter of 2021. Merriman Schmitt Architects is the architect, and Burton Engineering is the civil engineer. Spencer Yorke and Jordan Quinn of JLL will lead the leasing efforts for the new project.
Content PartnerFeaturesIndustrialLee & AssociatesNortheast Feature ArchiveRetailWestern Feature Archive
Free Returns: How Reverse Logistics Impacts Industrial Real Estate
The industrial sector has been the preferred asset class of commercial real estate in recent years. “The rate of return for industrial real estate has been higher than that of any other class for nearly half a decade,” says Jeff Rinkov, CEO of Lee & Associates. These rates of return are the result of permanent changes in consumer behavior and preferences — and recent events are driving more rapid changes in consumers’ e-commerce shopping. Though it remains to be seen how the economic impact of the coronavirus will influence various sectors of real estate, the pandemic has meant a sudden uptick in reliance upon industrial real estate as consumers turn to online shopping in the face of in-store shortages and shelter-at-home orders or social distancing practices. As brick-and-mortar stores close temporarily, retail companies and logistics professionals grapple with the increased volume of both online orders and e-commerce returns. What do facilities for e-commerce look like as customer expectations for e-commerce grow? How do companies process returns in an efficient and cost-effective manner, a critical element of success for e-commerce companies? Consumers increasingly prefer to shop online instead of going to brick and mortar stores. E-commerce sales accounted for more than …
HOUSTON — Newmark Knight Frank (NKF) has negotiated a 46,800-square-foot industrial lease extension for Fleenor Co., a manufacturer of paper and packaging products, at Cole Creek Business Park in Houston. Griffin Rich and Andy Iversen of NKF represented the tenant in the lease negotiations. CBRE represented the landlord, LIT Industrial Texas LP.
TWINSBURG TOWNSHIP, OHIO — NAI Pleasant Valley has arranged the sale of 1550 Enterprise Parkway in Twinsburg Township, about 28 miles southeast of Cleveland. The sales price was not disclosed. The industrial building totals 31,480 square feet. Jeffrey Calig and David Hexter of NAI Pleasant Valley brokered the transaction. Innovation Food Service, a wholesale producer of contract meals for schools and senior programs, purchased the property from an undisclosed seller.