MODESTO, CALIF. — Loeffler Self-Storage Group has brokered the sale of EZ Store It, a self-storage facility located at 1522 Crows Landing and 1601 Jim Way in Modesto. Faith Realty & Development Co. sold the property to a Sacramento-based investor for $3.6 million, or $66.47 per square foot. Built in 1983, the property features 54,533 net rentable square feet. At the time of sale, 94 percent of the 571 units were occupied. Bobby Loeffler and Tyler Skelly of Loeffler Self-Storage Group represented the seller and buyer in the deal.
Industrial space throughout the Houston continues to be absorbed at an astonishing clip, pushing vacancy levels to some of their lowest points this cycle. According to Stream’s data, the overall industrial vacancy rate in Houston closed the third quarter at 4.9 percent. Vacancy rates in the six major Houston submarkets are all below 7 percent for the first time since Stream entered the Houston market in 2006. The low vacancy rate across the market has triggered waves of new development. Stream estimates that across Houston, there is approximately 14 million square feet of institutional-quality space under construction, with another 25 million square feet already having delivered since 2014. To put that in perspective, Stream tracked the overall market at 260 million square feet in 2014 compared to 285 million square feet today – a 9% market growth over that four-year period. If you layer in the product under construction today, that takes that growth to over 13 percent. Despite a hefty volume of development hitting the Houston market, leasing velocity continues to outpace new deliveries, keeping market fundamentals in check. This strength is attributable to many macro-economic factors but strong population growth, e-commerce, Hurricane Harvey recovery and the boom in …
BLUM, TEXAS — MYCON General Contractors has completed a 57,000-square-foot manufacturing facility in Blum, about 50 miles south of Fort Worth, for DynaEnergetics, which services the oil and gas industry. The facility includes a second story with office and administrative space, as well as employee and customer training areas, a commercial kitchen and dining spaces and employee locker rooms. Arch11 served as design architect, and BWG Architecture is the architect of record for the project.
DELRAN, N.J. — LBA Logistics has acquired 400 Delran Parkway, a 174,000-square-foot, industrial building in Delran. The sales price was $10.7 million. Located inside the Swedes Run Business Park, the property is situated on more than 16 acres. The building, which is currently vacant, was previously home to a Fortune 500 company. John Plower, Larry Maister, Dean Torosian and Nate Demetsky of JLL Capital Markets represented the undisclosed seller in the transaction.
PENNSAUKEN TOWNSHIP, N.J. — Colliers International has negotiated the $3.1 million sale of two industrial properties inside the 2 million-square-foot Airport Industrial Park in Pennsauken Township. The two-buildings total 55,037 square feet and are located at 7203 and 7239 Browning Road. At the time of sale, the industrial park was fully leased. Ian Richman and Marc Isdaner of Colliers represented the seller, The Bloom Organization, in the transaction. The buyer was undisclosed.
ROMEOVILLE, ILL. — IDI Logistics has acquired 57 acres of industrial land in Romeoville with plans to deliver a 351,870-square-foot speculative facility. The building will feature a clear height of 36 feet, 40 docks and 65 trailer spaces. Joshua Hearne and Daniel Cawley of Cawley Chicago will represent IDI Logistics in lease-up of the building. The project, known as Romeoville Gateway, is slated for completion in 2019.
PORTLAND, ORE. — Dermody Properties has purchased an industrial manufacturing and warehouse building, located at 19730 N.E. Sandy Blvd. in Portland’s Northeast Columbia Corridor submarket, for an undisclosed price. The 296,361-square-foot facility features 22-foot to 30-foot interior clear heights, 21 dock-high doors, three grade-level doors, ample car parking and space for trailer loading and maneuvering. Additionally, the property has 12.1 acres of adjacent developable land. Dermody Properties’ Northwest Region office, led by Phillip Wood, will manage the asset, which will be available for a new tenant as of first-quarter 2019. Buzz Ellis, Paige Morgan, Craig Reinhart and Kevin Kriesien of JLL brought the opportunity to Dermody, and JLL will handle leasing for the property.
LITTLE ROCK, ARK. — Investment Grade Loans has sold a 554,416-square-foot industrial building in Little Rock. The property sits on 27.6 acres and sold to New York City-based Eliken Property Management for an undisclosed price. The single-story facility has 29-foot, 9-inch ceiling heights, 5-inch reinforced concrete floors, 40 dock doors and 5,616 square feet of office space. Holmes Davis of Binswanger’s Dallas office represented the seller in the transaction.
LONG ISLAND CITY, N.Y. — Metropolitan Realty Associates has sold a 246,000-square-foot industrial building in Long Island City for $72 million. Located at 48-49 35th St., the property was originally constructed in 1949. Tenants at the building include international shipping company AirSea Packing as well as Housing Works Thrift Shop. The buyer was North River Co. Metropolitan Realty Associates acquired the property with equity partner TH Real Estate in 2017 for $55 million.
EDDYSTONE, PA. — HFF has secured $23.5 million in acquisition financing for Eddystone Industrial Park, a four-building industrial park in the Philadelphia suburb of Eddystone. Located at 1001 Industrial Highway, the park totals 465,680 square feet and is spread across more than 43 acres. The property features clear heights ranging from 18 to 60 feet as well as 52 dock doors and 16 drive-in doors. Michael Pagniucci and Ryan Ade of HFF worked on behalf of the borrower, Foxfield Industrial, to secure financing through a regional commercial bank. Terms of the financing were not disclosed.