Property Type

DHL Supply Chain Underway on 1 MSF Industrial Project in Annville, Pennsylvania

by Taylor Williams February 3, 2023

ANNVILLE, PA. — DHL Supply Chain, a developer and third-party logistics firm based in Germany, is underway on construction of a 1 million-square-foot industrial project in Annville, about 100 miles west of Philadelphia. The building will be located within Clear Springs Logistics Park and will feature a clear height of 40 feet, 100 dock doors, four drive-in doors, 246 car parking spaces (expandable to 339) and 230 trailer parking stalls. Harris Architects is designing the project, and Peak Construction Corp. is the general contractor. Warehaus is the civil engineer. Completion is slated for late in the third quarter.

February 3, 2023

Development Loans Multifamily Washington Western

First Citizens Bank Arranges $65.7M in Development Financing for Sparks Apartments in Redmond, Washington

by Amy Works February 3, 2023

REDMOND, WASH. — First Citizens Bank’s real estate finance group has arranged $65.7 million in financing for MainStreet Property Group to develop The Spark Apartments, a Class A multifamily project in Redmond. The asset will feature 211 units spread across two buildings divided by a public urban forest and connected by a sky bridge. Apartments will feature quartz countertops, stainless steel appliances, washers/dryers, air conditioning, and patios or balconies on 50 percent of the units. Community amenities will include an automated package room with contactless delivery, communal kitchen, food garden, mediation room, artist studio and fitness center. The property is being constructed using low-carbon concrete and will feature a rooftop solar system and carsharing partnership that will offset the building’s carbon footprint.

February 3, 2023

Acquisitions California Retail Western

Red Mountain Group Buys 20 Former Big Lots Locations for $47.5M

by Amy Works February 3, 2023

SANTA ANA, CALIF. — Orange County-based Red Mountain Group has acquired 20 empty fee-simple former Big Lots stores from Big Lots for $47.5 million in an off-market transaction. The portfolio includes 463,427 square feet of retail space and 3.5 acres of land for future pad development. The empty big box properties are located throughout 20 cities and four states in the United States, with most of the sites in Northern and Southern California.

February 3, 2023

Acquisitions Retail Washington Western

Newmark Brokers Sales of Two Retail Properties in Washington Totaling 124,660 SF

by Amy Works February 3, 2023

KENT AND KENNEWICK, WASH. — Newmark has arranged the sales of two retail properties, totaling 124,660 square feet, in Kent and Kennewick. The assets sold for undisclosed amounts. One property is a 67,240-square-foot vacant former Tops Foods Grocer, located at 26000 100th Pl. SE in Kent. The asset is part of the Canyon Ridge Shopping Center, which is shadow-anchored by Target, Ross Dress for Less, Old Navy and Petco. Located at 6603 W. Canal Drive in Kennewick, the second building is a 57,420-square-foot, single-tenant property that is triple-net leased to Sportsman’s Warehouse. The property is within the Colonnade Shopping Center, which includes Ross Dress for Less, Best Buy, PetSmart and Michaels. Sportsman’s Warehouse has operated at this location for more than 20 years and recently extended its lease. Paul Sleeth and Billy Sleeth of Newmark represented the private sellers in both transactions. Kent is a suburb of Seattle, while Kennewick is located in the southeast quadrant of the state.

February 3, 2023

Acquisitions California Industrial Western

SENTRE Sells Two-Building Industrial Property in Azusa, California for $20.5M

by Amy Works February 3, 2023

AZUSA, CALIF. — SENTRE, a San Diego-based, vertically integrated real estate investment firm, has completed the disposition of Azusa Center, a two-building industrial property in Azusa. JAR Commercial Investments acquired the asset for $20.5 million. Situated on 3.6 acres at 301 and 411 N. Aerojet Ave., Azusa Center features 75,081 square feet of industrial space. The two buildings offer 22-foot to 26-foot clear heights, concrete tilt-up construction, ESFR fire systems, three dock-high doors and four ground-level doors. At the time of sale, the property was fully leased. Michael Longo, Barbara Perrier, Anthony DeLorenzo, Mark Shaffer, Darla Longo, Rebecca Perlmutter, Brett Hartzell, Joe Cesta, Paige Morgan, Eric Cox, Lynn Knox and Case Dahlen of CBRE represented the seller in the deal.

February 3, 2023

California Industrial Leasing Activity Western

NFI Industries Renews 864,000 SF Industrial Lease in Perris, California

by Amy Works February 3, 2023

PERRIS, CALIF. — NFI Industries, a supply chain solutions provider, has renewed its 864,000-square-foot lease at Perris Distribution Center in Perris. Mark Kegans, Ron Washle and Dean Washle of Newmark represented the landlord, Ares Management (formerly known as Black Creek Group). Located at 657 Nance St., Perris Distribution Center is a two-story, cross-dock facility expandable to 1.1 million square feet. The buildings offer 7,000 square feet of office space, minimum 36-foot warehouse clearance, ESFR sprinkler systems, LED warehouse lighting, 112 dock-high loading doors and concrete truck courts. The 43-acre parcel offers 298 auto parking spaces and 224 trailer parking spaces, including an auxiliary parcel to accommodate up to 154 trailer parking spaces or 530 auto parking spaces.

February 3, 2023

Loans Northeast Office Vermont

Fantini & Gorga Arranges $12M Loan for Refinancing of Office Complex in Burlington, Vermont

by Taylor Williams February 3, 2023

BURLINGTON, VT. — Metro Boston-based mortgage banking firm Fantini & Gorga has arranged a $12 million loan for the refinancing of Gateway Square, a two-building office complex in Burlington, located in northwestern Vermont. The buildings are located at 30 and 40 Main St. and were both completed in 1999. Wayne Clough and Colin Monahan of Fantini & Gorga placed the loan with a regional bank on behalf of the borrower, Investors Corp. of Vermont Properties.

February 3, 2023

Development Industrial Massachusetts Northeast Office

Dacon Corp. Completes 135,000 SF Headquarters Facility in Haverhill, Massachusetts

by Taylor Williams February 3, 2023

HAVERHILL, MASS. — Locally based design-build firm Dacon Corp. has completed a 135,000-square-foot headquarters facility in Haverhill, located north of Boston. The project is a build-to-suit for Edwards Vacuum, which designs and produces advanced technology parts for a variety of industries. The two-story facility, which will be used for cryopump manufacturing, houses spaces for manufacturing, lab work, offices and warehousing and is LEED certified.

February 3, 2023

Acquisitions Industrial New Jersey Northeast

Colliers Brokers Sale of 48,000 SF Industrial Building in West Berlin, New Jersey

by Taylor Williams February 3, 2023

WEST BERLIN, N.J. — Colliers has brokered the sale of a 48,000-square-foot industrial building located in the Southern New Jersey community of West Berlin. The building, which sold for $4.2 million and was fully leased at the time of sale, features a clear height of 18 feet, five drive-in doors and six loading docks. Ian Richman, Ross Abramsohn and Marc Isdaner of Colliers represented the seller, metro Philadelphia-based Velocity Venture Partners, in the transaction. The buyer was not disclosed.

February 3, 2023

Development Midwest Office Top Stories Wisconsin

Northwestern Mutual Plans $500M Renovation of Downtown Milwaukee Headquarters Campus

by John Nelson February 3, 2023

MILWAUKEE — Northwestern Mutual, an American financial services and insurance organization, has announced plans to invest $500 million to improve its downtown Milwaukee headquarters. The principal part of the investment will go to the overhaul of its North Office Building, a 540,000-square-foot building located at 818 E. Mason St. overlooking Milwaukee Bay. As part of the company’s plans, employees will be relocated from Northwestern Mutual’s suburban campus in nearby Franklin over the next three to five years. Nearly 2,000 employees will transition to the reimagined downtown campus, which is designed to accommodate planned company growth. “We are doubling down on our Milwaukee campus by investing in the future of the workplace for Northwestern Mutual and a thriving downtown community,” says John Schlifske, chairman, president and CEO of Northwestern Mutual. “Our strategic investment will further our goal of creating an unparalleled campus experience, fostering connection and collaboration across employees, financial representatives and the community while attracting and retaining the next generation of talent right here in southeast Wisconsin.” Northwestern Mutual’s improvements include full interior and exterior renovations to mirror the company’s adjacent Tower and Commons building. The North Office Building was delivered in 1990 whereas Tower and Commons debuted in 2017. …

February 3, 2023

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