ST. PAUL, MINN. — Americold Realty Trust (NYSE: COLD) has acquired Newport-St. Paul Cold Storage, a 6.1 million-cubic-foot cold storage facility in St. Paul for $56 million. The temperature-controlled property is located on I-494. The site offers three acres of adjoining land available for expansion. Separately, Americold has closed on its previously announced acquisition of Nova Cold Logistics, an owner and operator of three facilities in Canada.
INDIANAPOLIS — Avison Young has brokered the sale of a 353,000-square-foot industrial building in Indianapolis. Located at 7901 W. 21st St., the facility is fully leased to Venture Logistics LLC and Iron Mountain Inc. Built in 1985 and renovated in 1994, the property features 31 dock doors and three drive-in doors. Venture Logistics, a privately owned transportation company, occupies 85 percent of the building. Erik Foster, Mike Wilson, Sean McHale and Steve Schaub of Avison Young represented the seller, an institutional owner. Plymouth Industrial REIT purchased the asset for $12.1 million.
HACKENSACK, N.J. — NAI James Hanson has brokered the sale of a 20,000-square-foot industrial building in Hackensack, a northwestern suburb of New York City. Located at 143 Leuning St., the property offers 17,500-square-feet of industrial space, 2,500-square-feet of office space and close proximity to the New Jersey Turnpike. The buyer, City Knickerbocker, provides reproductions of contemporary lighting fixtures for use in television, theater, and private businesses and homes. Russell Verducci and Eric Demmers of NAI James Hanson represented City Knickerbocker in the transaction. Schmidt Realty Company LLC was the seller. The sales price was undisclosed.
Phoenix’s industrial inventory is undergoing a period of growth due to the delivery of 2.2 million square feet of new product in the third quarter of 2019 and more than 4.7 million year to date (as of late November). In fact, the market has seen the highest amount of total industrial development year to date since 2007. While these deliveries have increased the industrial vacancy rate slightly, the overall vacancy rate for the area remains low at less than 7 percent. Absorption has been strong and is expected to remain so for the near future. Rental rates also continue to rise, though they are still at a considerable discount to many other West Coast markets. A high amount of development activity is still occurring, particularly in the southern portion of Phoenix. Much of this development is speculative rather than build-to-suit, which indicates developers are confident in the demand for industrial space in this market. Major factors for our growth have been significant job creation and in-migration of both residents and businesses, which have led to growth in industrial and construction jobs in the region. In fact, Greater Phoenix remains one of the top five metros for job creation in the …
NEW YORK CITY — Newmark Knight Frank (NKF) has brokered the $21.5 million sale of 24 Woodward Avenue, a 110,000-square-foot distribution and warehouse facility in the Ridgewood neighborhood of Queens. The two-story property offers close proximity LaGuardia and Kennedy airports. Brian Ezratty and Scott Ellard of NKF represented the seller, Willowen Management Corp., in the transaction. The team also represented the buyer, Prologis.
HOUSTON — JLL and NAI Partners have arranged the sale of Harms Road Business Park, a 124,000-square-foot industrial park located at 7204-7214 Harms Road in Houston’s Northwest submarket. The five single-tenant buildings were constructed between 2014 and 2018 and feature clear heights ranging from 28 to 30 feet, 22 overhead doors, office space and overhead cranes with capacities ranging between 10 and 20 tons. Trent Agnew, Charlie Strauss and Ethan Goldberg of JLL and Travis Land of NAI Partners represented the seller, United Equities Inc., in the transaction. A partnership between Finial Group and Senterra LLC purchased the industrial park for an undisclosed price.
HOUSTON — Levey Group has signed Victory Wine Group to a 23,000-square-foot lease at Northwest Place Industrial Park, Levey’s seven-acre business park in Houston’s Northwest submarket. Victory Wine is a wholesale wine distributor with locations in Houston, Dallas and Austin. The company’s newest location at Northwest Place features a storefront entrance and an air-conditioned warehouse. David Lester of Lester & Lester Realty Advisors represented Victory Wine Group in the lease transaction, and Carlton Anderson and Joseph Smith of CBRE represented Levey Group.
COLUMBUS, OHIO — CT Realty has purchased 382 acres in Columbus for the development of a 5.7 million-square-foot logistics park. The eight-building project will be situated in immediate proximity to a Norfolk Southern intermodal yard as well as the Rickenbacker International Airport. The first phase of development comprises two buildings totaling 1.4 million square feet. The two buildings are slated for completion in early 2021. CT acquired the 382-acre property in a joint venture with Walton Street Capital. Brian Marsh and Dan Wendorf of JLL brokered the land sale and will market the project for lease. Bank of America is providing construction financing. Premier Design + Build Group will serve as general contractor for the infrastructure and Phase I of the development.
KANSAS CITY, MO. — Kadean Construction has broken ground on a new $13 million warehouse and distribution facility at KCI Intermodal Business Centre in Kansas City. Known as Logistics Centre VI, the 349,440-square-foot building will feature a clear height of 32 feet, up to 67 dock positions and parking for 91 trailers and 390 cars. Completion is scheduled for June 2020. M+H Architects and Stock & Associates make up the project team. Trammell Crow Co. is the developer. Kadean previously built Logistics Centre II, III and IV and is in the process of completing Logistics Centre V.
CHICAGO — Hot dog maker Vienna Beef has leased a 42,000-square-foot distribution center located at 2501 W. Fulton in Chicago’s Kinzie Corridor for its new headquarters. The company will relocate from 2501 N. Damen Ave. this quarter. All office and warehouse employees will make the move to the new building while manufacturing will remain at the company’s Southside facility. The new headquarters features a clear height of 16 feet, two loading docks, one drive-in door, parking for 50 cars and 8,000 square feet of office space. Dayton Street Partners acquired the property in September 2018 and recently completed several upgrades, including warehouse updates, a newly paved parking lot and LED lighting. Scott Duerkop and Dominic Carbonari of JLL represented Dayton Street in the lease with Vienna Beef. Chris Gary of NAI Hiffman represented the tenant. Vienna Beef was founded in Chicago in 1893.