FAIRBURN AND CONLEY, GA — Industrial Outdoor Ventures (IOV) has acquired two trucking facilities in the metro Atlanta area. The assets included a truck and trailer parking facility located at 7200 Graham Road in Fairburn, 20 miles south of Atlanta and near the CSX Intermodal station. The developer leased the entirety of the property to Store My Truck, a tractor-trailer parking company headquartered in Atlanta. In addition, IOV bought 3987 Moreland Ave., an 11-acre truck and trailer repair shop and storage yard in Conley. IOV also signed a deal with Store My Truck for 1,750 square feet of office space and six acres of storage. The site contains a 14,750-square-foot office/repair shop and seven truck bays. Trailco Group occupies the remaining office space and four acres of ground storage at the site. Conley is situated 10 miles south of Atlanta, near Hartsfield-Jackson Atlanta International Airport and Interstates 675 and 285. Private investors sold both facilities to Chicago-based IOV for an undisclosed price.
BRISTOL, PA. — Colliers International has brokered the $6.8 million sale of 220 Rittenhouse Circle, a 100,800-square-foot industrial facility in Bristol, a southern suburb of Trenton. The property is located within Keystone Industrial Park, which offers immediate access to I-95 and also houses tenants including FedEx, L3 Communications and Office Depot. Jim Scott of Colliers represented the buyer, Penwood Real Estate Investment Management. The seller was undisclosed.
PLEASANT PRAIRIE, WIS. — The Kroger Co. and online grocery retailer Ocado have selected Pleasant Prairie for their sixth customer fulfillment center. The facility will span 350,000 square feet and is expected to create up to 400 new jobs. The project is slated to take two years to construct. The facility will serve customers in Wisconsin, northern Illinois and northwest Indiana. In June, Kroger broke ground on its first customer fulfillment center in Monroe, Ohio, and has since announced additional locations in Florida, Georgia, Texas and the Mid-Atlantic region.
SAN DIEGO — JLL has arranged the sale of Scripps Ranch Business Park, a fully leased R&D/industrial park in San Diego’s Scripps Ranch submarket. A partnership between San Diego-based Hill Properties and RGA ReCap Inc. (ReCap Real Estate Investments), on behalf of Reinsurance Group of America, sold the asset to Dollinger Properties for $23.2 million. Totaling 94,309 square feet, Scripps Ranch Business Park comprises five freestanding buildings that are fully leased to five tenants, including Siemens, USPS and Apria Healthcare. The business park is situated on 7.5 acres at 10060, 10070, 10080, 10090 and 10100 Willow Creek Road. Sach Kirpalani, Lynn LaChapelle and Bob Prendergast of JLL Capital Markets represented the seller in the transaction.
NORTH LAS VEGAS — Oatey Co., a plumbing manufacturer since 1916, has opened a new distribution center in North Las Vegas. The 148,000-square-foot facility features high efficiency LED lighting and HVLS fans, and meets LEED Silver requirements. The distribution center will stock thousands of residential and commercial plumbing products across the company’s 23 categories and sold under the Oatey family of brands. The new facility will further enhance Oatey’s ability to service its customers in the West.
In 2018, Louisville saw a record year with more than 10 million square feet of net absorption in its industrial sector. This is a huge absorption number for any of the Midwest markets and represents more than three times Louisville’s previous record. Louisville was second only behind Chicago out of the Midwest markets tracked by CBRE. The absorption follows a record year for speculative construction as well, as close to 4 million square feet was delivered in 2018. User demand came from all sectors, including automotive, e-commerce, third-party logistics firms (3PLs), manufacturing and medical. Automotive and manufacturing were particularly strong performers. The more notable automotive and manufacturing transactions in 2018 were three Ford Motor Co. leases totaling more than 1 million square feet, as well as New Flyer’s 315,000-square-foot, $30 million transit bus and motorcoach parts fabrication facility in Bullitt County. Additionally, Denso leased 311,000 square feet in Southern Indiana and KCC opened another 224,000-square-foot plant to expand production capacity of its HVAC equipment line. Distribution remains strong in Louisville due to its central location and available workforce. According to a recent report from CBRE’s Labor Analytics Group, Louisville has the highest distribution labor score among the Midwest markets. As …
Northern Nevada’s industrial market remains strong with more than 3.2 million square feet of new speculative space under construction and slated for delivery in 2020. These new projects will push the market well above the 90-million-square-footmark. The vacancy rate is a low 5.56 percent and continues to trend slightly upward. There have been some significant lease transactions in the market. Prologis is building a 598,901-square-foot facility for Makita Tools; Scannell just finished a 200,200-square-foot built-to-suit facility for OnTrac; and 1A Auto recently leased 149,196 square feet at 9175 Moya Blvd. All of these transactions occurred in the North Valleys submarket. The new 270,975-square-foot Longley Commerce Center by Panattoni leased up a majority of its space in the third quarter. This project is a mix of flex and bulk spaces, and is the last viable industrial development in the South Meadows submarket. Polaris completed its 514,555-square-foot BTS in Fernley in the second quarter, while a confidential user just leased 266,000 square feet in the I-80 East submarket. There have also been some significant portfolio sales to institutional buyers. The 1.4-million-square-foot Lear Industrial Center is slated to trade hands in the fourth quarter. Northwestern Mutual sold its 1,776,805-square-foot portfolio to Link Industrial …
NAI James Hanson Brokers Sale of 130,000-Square-Foot Industrial Property in North Bergen, New Jersey
NORTH BERGEN, N.J. — NAI James Hanson has brokered the sale of a 130,000-square-foot industrial building in North Bergen, an eastern suburb of New York City. Located at 7300 West Side Ave., the property features 22-foot ceiling heights. Scott Perkins, Greg James and Chris Todd of NAI James Hanson represented the buyer, a partnership between Blackstone and Roman Real Estate Holdings Inc. Bonnie Heller of Cushman & Wakefield represented the seller, which was undisclosed. The sales price was also undisclosed.
CANAL WINCHESTER, OHIO — The Opus Group (Opus) has broken ground on Winchester Logistics Park, a two-building speculative industrial development in Canal Winchester, Ohio, near Columbus. Construction on a mid-size, 258,000-square-foot and a larger, 556,000-square-foot cross-dock building is scheduled for completion in the summer of 2020. Near U.S. Highway 33, the I-270 beltway and I-70, Winchester Logistics Park will contain build-to-suit office space, 32 to 36-foot clear heights, LED lighting and auto and trailer parking, intended for industrial users. Opus is the developer, design-builder, architect and engineer of record. The development is a joint venture with New York-based AIG Global Real Estate, the real estate equity investment arm of insurer American International Group Inc. (AIG). First National Bank of Omaha provided financing for the project. Brian Marsh and Dan Wendorf of JLL will market the project for lease.
All the recent talk in the Houston industrial market has focused on the amount of distribution space that is under construction or proposed for development. As a result, many industrial real estate professionals are worried about certain submarkets becoming overbuilt. This is a reasonable thought, given that Houston has more distribution space under construction than ever before — roughly 18 million square feet is under construction citywide, compared to the previous high in 2015 of 15 million square feet. However, there is also an exceptionally high level of demand in the market that could easily allow more than half of that space to be quickly absorbed once delivered. What is most promising about Houston’s industrial market — and what has also partially defined the evolution of this space — is the sheer volume of larger requirements. There are currently more than a dozen deals across the city involving users that are seeking anywhere from 400,000 to 1.5 million square feet. This certainly bodes well for Houston’s industrial distribution market, which continues to attract large-scale developers and tenants due to the growing local and regional population. Access to the Port of Houston — which is great for retailers looking for another …