Industrial

Speculative Industrial Construction is Making a Comeback in St. Louis Market

by Danielle Everson February 12, 2015

After a recession-induced lull, speculative construction is back in full swing in the St. Louis industrial sector. Record-setting absorption in 2014 drove vacancy rates to near record lows, and spurred speculative construction on both the Missouri and Illinois side of the Mississippi River. With activity on both fronts, it’s clear that the St. Louis industrial market is well past recovery mode and into growth mode. The St. Louis industrial market posted net absorption of 5.2 million square feet in 2014, passing the all-time record for annual absorption set back in 2005 by more than 20 percent. This is more than double the square feet absorbed in 2013, which itself was a banner year. The positive absorption figure has significantly affected the market’s overall industrial vacancy rate, dropping it to 6.3 percent — the lowest rate since 2005. The Class A vacancy dropped to an impressive 4.1 percent and modern bulk vacancy rate stands at 4.6 percent. Just as in 2006-2007 when nearly 5 million square feet of new construction was delivered, St. Louis is seeing a surge of new construction with these historic vacancy rates. The lack of available industrial space has drastically changed the landscape for tenants during the …

February 12, 2015

Illinois Industrial Midwest

Millennium Properties Brokers Sale of 61,700 SF Industrial Property in Gurnee, Ill.

by Danielle Everson February 11, 2015

GURNEE, ILL. — Millennium Properties R/E has brokered the $775,000 sale of a 61,700-square-foot industrial facility in Gurnee. The property is located at 3850 Clearview Court within the Hawthorne Industrial Center and is in close proximity to Skokie Highway and I-94. The research and development facility was a former generic drug manufacturing facility. The building includes labs and six loading docks. The bank-owned property was sold to an undisclosed investor that plans to use the facility to expand its presence in the Chicagoland area.

February 11, 2015

Industrial Midwest Wisconsin

The Dickman Co. Brokers Sale of 2,000 SF Industrial Building in Lisbon, Wis.

by Danielle Everson February 10, 2015

LISBON, WIS. — The Dickman Co./CORFAC International has brokered the sale of a 2,000-square-foot industrial building in Lisbon, approximately 25 miles west of Milwaukee. The property, situated on six acres of land, is located at W230 N9515 Colgate Road. Space4U LLC purchased the building and land from GRR8 Development LLC. Nick Keys and Zach Noble of The Dickman Co. were the brokers involved in the transaction representing the buyer and the seller.

February 10, 2015

Midwest Wisconsin

Ogden & Co. Arranges $2.6M Sale of Industrial Building in Waukasha, Wis.

by Danielle Everson February 6, 2015

WAUKASHA, WIS. — Ogden & Co. has arranged the sale of a 44,342-square-foot industrial building in Waukasha. The property is located at 1711 Paramount Court. Paramount Court Association LLC sold the property to 1711 Paramount Court LLC. Bob Gintoft and David Tighe of Ogden & Co. represented the seller in the transaction.

February 6, 2015

Industrial Michigan Midwest

Colliers Arranges Sale of 24,775 SF Industrial Building in Inkster, Mich.

by Danielle Everson February 4, 2015

INKSTER, MICH. — Colliers International has arranged the sale of a 24,775-square-foot industrial building in Inkster, approximataely 21 miles southwest of Detroit. The property is located at 2830 Beech Daly Road. Jim Roberts and Christian Hill from Colliers International represented the seller, Thomas A. Depres Inc., and the buyer, Gold Wind Logistics LLC, a trucking company.

February 4, 2015

Industrial Midwest Wisconsin

Meridian Completes Spec Building in Mount Pleasant, Wis.

by Danielle Everson February 3, 2015

MOUNT PLEASANT, WIS. — Meridian Design Build has completed construction on a 132,002-square-foot speculative industrial facility in Mount Pleasant. The building, constructed for Land and Lakes Development, includes 10 loading docks, two drive-in doors and 153 parking spaces. The facility, located about one mile east of I-94, is the first to be built in Land and Lakes’ new 60-acre Mount Pleasant Business Park, which has the potential to accommodate up to 800,000 square feet of new construction. Harris Architects provided architectural services and Pinnacle Engineering Group provided civil engineering work for the project.

February 3, 2015

Terreno Realty Buys Washington, D.C., Industrial Property for $115.5M

by Nellie Day January 30, 2015

WASHINGTON, D.C. – Terreno Realty Corporation (NYSE:TRNO) has acquired an 820,000-square-foot industrial property in Washington, D.C., for $115.5 million. The 28.2-acre property is located at 3015-3535 V Street. The facility is situated one block from New York Avenue/Route 50, in the northeastern section of the District of Columbia. It is also near the Amtrak Northeast Corridor, the U.S. National Arboretum and the Anacostia River. Notable tenants in the area include Anchor Construction Corp. and Premium Distributors. The industrial facility includes 102 dock-high and eight grade-level loading positions, as well as parking for 470 cars. It is currently 87 percent leased to 22 tenants. The seller was not named. Terreno was represented by James Cassidy of DTZ. The firm also recently acquired a 107,000-square-foot industrial property in Doral, Fla., for $9.9 million. That property is located at 10100 NW 25th Street, in Miami’s Airport West market. San Francisco-based Terreno Realty Corporation acquires, owns and operates industrial real estate in six major U.S. coastal markets. The markets include Los Angeles, Northern New Jersey/New York City, the San Francisco Bay Area, Seattle, Miami and Washington, D.C./Baltimore. Terreno’s stock price closed at $23.36 per share on Thursday, Jan. 29, up from $22.90 per share …

January 30, 2015

Illinois Industrial Midwest

Sitex Group Acquires 128,000 SF Warehouse in Chicago

by Danielle Everson January 29, 2015

CHICAGO — Sitex Group has acquired a 128,000-square-foot vacant warehouse located at 5000 S. Homan in Chicago for an undisclosed sales price. Situated on nearly 16 acres, the property is located in the city’s 14th ward near the I-55/Pulaski Avenue interchange. The former CN Railroad distribution facility features 30-foot clear heights, 30 exterior loading docks, grade level access and office space. Sitex Group will soon begin renovations, which will include façade enhancements, parking lot improvements, upgrades to the office space and the addition of modern lighting.

January 29, 2015

Industrial Midwest Ohio

Meridian to Build 303,888 SF Distribution Facility in Twinsburg, Ohio

by Danielle Everson January 28, 2015

TWINSBURG, OHIO — Developer Scannell Properties has selected Meridian Design Build to provide design-build construction services for a 303,888-square-foot package and sortation distribution center in Twinsburg. The new facility will be located at CornerStone Business Park, with access to I-480 and I-271. The building will include 99 loading docks, 236 interior van-loading positions, 509 exterior trailer stalls and 15,434 square feet of office/administrative space. Additional construction will include a freestanding 5,180-square-foot maintenance garage as well as a 3,135-square-foot gateway building, which will serve as a secure entry point into the facility. The architect is Precept Design LLC. Weber Engineering Services will serve as the civil engineer for the project.

January 28, 2015

Illinois Industrial Midwest

Entre Arranges 30,000 SF Lease in Buffalo Grove, Ill.

by Danielle Everson January 26, 2015

BUFFALO GROVE, ILL. — Entre Commercial Realty has arranged the lease of a 30,000-square-foot industrial building in Buffalo Grove, approximately 33 miles northwest of Chicago. Illinois Masonry Corp. will occupy space located at 1051 Commerce Court. The masonry company is relocating from its current Lake Zurich location to the Northern Builders Buffalo Grove property. The freestanding building features 3,765 square feet of office, a 26.5-foot clear ceiling height, three exterior docks, one drive-in door, and a fenced and secured truck parking lot. In addition to providing a more optimal location for its employees, the site is closer to the interstates. David Bercu and Brendan Green of Colliers International represented the building owner, Northern Builders. Brian Bocci of the firm represented Illinois Masonry Corp.

January 26, 2015

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