Industrial

Del Rey Avocado Co. Acquires 41,944 SF Industrial Property in San Diego County for $7.8M

by Amy Works February 5, 2019

VISTA, CALIF. — Del Rey Avocado Co. has purchased an industrial property located at 1390 Engineer St. in Vista. Vista Carlsbad LLC sold the asset for $7.8 million. Situated in the North County Industrial Park, the 41,944-square-foot property features 24-foot to 28-foot clear heights, nine grade doors, four dock doors and a high-quality truck loading/circulation area. Based in Fallbrook, Calif., the family-run business has packed California avocados from San Diego to San Luis Obispo since 1969. Roger Carlson, Adam Molnar and Greg Lewis of CBRE represented the seller, while Robert Gunness, also of CBRE, represented the buyer in the deal.

February 5, 2019

Hawaii Industrial Market Reports Western Western Market Reports

Low Vacancy, High Demand Define Hawaii’s Industrial Market

by Taylor Williams February 5, 2019

When we last reported on the health of Oahu’s industrial market in December 2017, we offered rationale for a then 1.88 percent industrial vacancy rate. This was fueled by demand from contractors building large residential condo developments, the construction of a nearly $10 billion light rail system (voter approved at less than $5 billion), booming tourism and military sectors and large public infrastructure improvements. Oahu’s small 40.4-million-square-foot industrial market was under further compression as industrial product was being taken by the state to support rail construction, or lost due to high rise residential construction and the expansion of our main Honolulu harbor. A prohibitive industrial construction cost scale, which generally exceeds $125 per square foot for metal skin shell warehouse, had also slowed spec and build-to-suit construction. Fast forward to late 2018, and our statistics reflect an industrial vacancy rate bouncing off the bottom at just 2.02 percent. The monthly industrial base rent average is $1.20 per square foot and monthly operating expenses are $0.40 per square foot. This vacancy rate average reflects a small increase over the previous quarter as tenants scrape the bottom of the inventory barrel looking for suitable space. LoopNet cites six industrial availabilities of more …

February 5, 2019

Industrial Loans New York Northeast

NorthMarq Arranges $4M Refinancing for Industrial Property in Hauppauge, New York

by David Cohen February 4, 2019

HAUPPAUGE, N.Y. — NorthMarq has arranged a $4 million loan to refinance an 82,835-square-foot industrial facility in Hauppauge. The property is located at 90 Nicon Court. NorthMarq arranged the 10-year, permanent loan for the borrower, 90 Nicon Realty LLC, through lender Lincoln Financial Group. The non-recourse loan features a fixed interest rate of 4.33 percent and a 25-year amortization schedule. The building is currently fully occupied by W.B. Mason.

February 4, 2019

Acquisitions Georgia Industrial Southeast

Americold Acquires PortFresh for $35M, Including Land in Savannah for New Cold Storage Warehouse

by Alex Tostado February 4, 2019

SAVANNAH, GA. — Americold, a global owner and operator of temperature-controlled warehouses, has acquired PortFresh Holdings for $35 million. PortFresh is a privately owned operator servicing produce mainly out of the Port of Savannah. Americold’s acquisition includes 163 acres of land adjacent to PortFresh’s Savannah site, on which, Americold plans to build an approximately 60,000-square-foot warehouse. The planned building is expected to feature 37,000 pallet positions, advanced blast freezing capabilities and space and infrastructure to support refrigerated-containerized trade. Atlanta-based Americold plans to open the facility in early 2020 and expects it to cost between $55 million and $65 million to develop.

February 4, 2019

Acquisitions Industrial Oklahoma Texas

CBRE Negotiates Sale of 21,000 SF Industrial Property in Oklahoma City

by John Nelson February 4, 2019

OKLAHOMA CITY — CBRE has negotiated the sale of a 21,000-square-foot industrial property located at 2740 Global Parkway in Oklahoma City. The property is situated just off Interstate 40 on the southeast side of the city. Randy Lacey and Austin Lacey of CBRE represented the buyer, BGI Investments LLC, in the transaction. The representative of the seller was, Genprop Operators LLC, was not disclosed.

February 4, 2019

Industrial Loans Midwest Nebraska

NorthMarq Arranges $1.6M Acquisition Loan for Industrial Property in Omaha

by Kristin Harlow February 4, 2019

OMAHA, NEB. — NorthMarq Capital has arranged a $1.6 million loan for the acquisition of the Johnstone Supply building, a 27,915-square-foot industrial property in Omaha. The building is located at 4444 S. 108th St. Johnstone is a specialty wholesaler providing HVAC and refrigeration parts, supplies and equipment. Supply Steve Ruff of NorthMarq arranged the 10-year loan, which features a 20-year amortization schedule. A life insurance company provided the loan.

February 4, 2019

Acquisitions Industrial Self-Storage Utah Western

Marcus & Millichap Arranges Sale of 119-Unit Self-Storage Facility in Tremonton, Utah

by Amy Works February 4, 2019

TREMONTON, UTAH — Marcus & Millichap has brokered the sale of Secure Storage Tremonton, a self-storage facility located in Tremonton, north of Salt Lake City near the Idaho border. A local family sold the property for an undisclosed price. The 119-unit facility features a fully fenced yard with electronic gate, paved driveways, drive-up access to each unit, steel sloped roofs, roll-up doors and concrete floors. At the time of sale, the property was 100 percent occupied. Jordan Farrer of Marcus & Millichap’s Salt Lake City office, along with Adam Schlosser of Marcus & Millichap’s Denver office represented the seller in the deal. The name of the buyer was not released.

February 4, 2019

Acquisitions California Industrial Western

BB Properties Sells 35,400 SF Industrial Asset in California for $3.5M

by Amy Works February 4, 2019

FONTANA, CALIF. — BB Properties has completed the sale of an industrial property located at 14978 Ceres Ave. in Fontana. Descansando Partners acquired the multi-tenant asset for $3.5 million. The asset features two metal buildings and two parcels totaling more than 3.9 acres of industrial-zoned land. Eight tenants occupy the 35,400-square-foot property. Larry Kliger of Lawrence Allen & Associates represented the seller, while David Brackman of Ashwill Associates represented the buyer in the deal.

February 4, 2019

Development Georgia Industrial Southeast

North Signal Capital, Westport Capital Break Ground on 450,000 SF Industrial Park in Savannah

by Alex Tostado February 1, 2019

SAVANNAH, GA. — North Signal Capital and Westport Capital have broken ground on Dean Forest Commerce, a 450,000-square-foot industrial park in Savannah. The development will consist of two sites: Site I will span 355,000 square feet when complete, and Site II will span 88,000 square feet when complete. Anticipated completion for both sites is slated for December, and both sites are being built to accommodate multiple tenants. The development will be situated about seven miles from Port of Savannah. The development team includes North Signal, Evans General Contractors, Thomas & Hutton and LS3P.

February 1, 2019

Acquisitions Industrial New Jersey Northeast

JLL Arranges $61M Sale of Former Ballantine Brewery in Newark, New Jersey

by David Cohen February 1, 2019

NEWARK, N.J. — JLL has arranged the $61 million sale of the former Ballantine Brewery in Newark. Located at 424 E. Ferry St., the 1.1 million-square-foot industrial property includes five buildings across 22 acres in the Ironbound section of Newark. The property was originally owned and operated by P. Ballantine & Sons. Currently, the property is approximately 85 percent leased to 30 tenants ranging in size from 2,500 to 159,287 square feet. Thomas Walsh, Joseph Garibaldi and Katelyn Borovsky of JLL represented the seller, RAR Development Associates, in the transaction. The buyer was a joint venture between Turnbridge Equities and institutional investors advised by J.P. Morgan Asset Management.

February 1, 2019

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