News
WHITE HOT
July 5, 2011
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| Our headline refers to how Cushman & Wakefield's Cris Abramson described the B-W Corridor industrial market this morning. Last week, his team arranged the sale of the Corridor Industrial Park in Savage to Terreno Realty Corp from an undisclosed REIT for $7.5M. "Not much product is available for sale," Cris tells us, so when something comes to market, it gets bid up. That's why he thinks prices north of $100/SF for well-located industrial product are becoming the new norm: "When you factor in replacement and re-tenanting costs, more people are willing to pay to get well-leased and located industrial properties," he says. As for Corridor Industrial Park, Cris tells us the 99k SF project is 100% leased to Maines Paper and Food Service. Its lease expires in two years. |
