Industrial real estate sales in Sedgwick County in 2012 saw their biggest gains in sales volume and square footage since 2007, according to a report released Tuesday by the Martens Cos.
The report, which is based on all industrial real estate transactions in the county, said $53.7 million in industrial real estate totaling 2.05 million square feet was sold in 2012.
That compares with $51.8 million totaling 1.73 million square feet in 2007, the report said.
The report shows that sales volume and square footage have been steadily increasing since 2010, when the dollar volume was $23.3 million and square footage was 930,000 square feet.
Carter Girrens, an industrial appraiser for Martens Appraisal, said Tuesday that much of the square footage sold in 2012 was old, industrial buildings.
“A lot of what was absorbed was non-aircraft related,” Girrens said.
Among the older industrial properties included in the 2012 sales were Straub International’s acquisition of a 54,000-square-foot building at 3200 May St., near K-42, and a Box 4 U’s acquisition of a 72,000-square-foot former Boeing surplus building at 401 W. 47th St. South, Girrens said.
Scott Salome, an industrial specialist with NAI Martens, thinks the increase in 2012 sales was the result of several factors, including pent-up demand and a lack of newer industrial space on the market.
“They can buy (the older, vacant industrial buildings) at a reasonable value and put some money into renovations,” Salome said.
Girrens added that many of the industrial buildings that sold last year were for a lower price, which he said was a reflection of the condition of those properties rather than overall value of industrial space in the county.