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Industrial

990-N-6550-West-Salt-Lake-City-UT
AcquisitionsIndustrialUtahWestern

Walmart Purchases 1 MSF Distribution Building in Salt Lake City

by Amy Works

SALT LAKE CITY — Walmart Inc. has acquired a 1 million-square-foot distribution building on nearly 60 acres in Salt Lake City. Terms of the transaction were not disclosed. Walmart Fulfillment Services was previously leasing the entire property located at 990 N. 6550 West on a long-term basis prior to the sale. Commonly known as the Salt Lake City Logistics Center, the property comprises a cross-dock industrial building with immediate freeway access, a clear height of 40 feet and immediate access to the Salt Lake City International Airport. The property was completed in 2022. Ed Lampitt, Will Strong, Jeff Chiate and Matt Leupold of Cushman & Wakefield’s National Industrial Advisory Group represented Walmart in the deal.

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Vallejo-Self-Storage-Vallejo-CA
AcquisitionsCaliforniaIndustrialSelf-StorageWestern

Joint Venture Buys 1,435-Unit Self-Storage Portfolio in San Francisco Bay Market for $44.2M

by Amy Works

VALLEJO AND SONOMA, CALIF. — Harvest Properties, in joint venture with New York Life Real Estate Investors (NYLREI), has acquired two self-storage facilities in Vallejo and Sonoma in separate transactions totaling $44.2 million. In total, the properties offer 1,435 self-storage units. The joint venture has engaged Extra Space to manage both properties. The partnership purchased Best Self Storage, an 80,000-square-foot drive-up facility with 516 units at 155 Fremont Drive and Mafei Road in Sonoma, and Vallejo Self Storage, a 76,000-square-foot property with 919 climate-controlled units at 384 Fairgrounds Drive in Vallejo. The JLL Storage Capital Markets team represented the seller in the Vallejo Self Storage transaction.

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28218-28230-Constellation-Rd-Valencia-CA
AcquisitionsCaliforniaIndustrialWestern

CBRE Negotiates $13.6M Sale of Industrial Building in Valencia, California

by Amy Works

VALENCIA, CALIF. — CBRE has negotiated the sale of an industrial property located at 28218-28230 Constellation Road in Valencia. Watercress Holdings acquired the asset from 28230 Constellation LLC for $13.6 million. At the time of sale, approximately 23,000 square feet of the 60,474-square-foot building was vacant, while the remaining space is occupied by long-term tenants SCP Pool and Scooter’s Jungle. Watercress Holdings plans to make significant investments in the property, including upgrades to the exterior, roof, common areas and a complete remodel of the vacant unit. Sam Glendon of CBRE represented the seller in the deal.

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AcquisitionsIndustrialTexas

Marcus & Millichap Brokers Sale of 145-Unit Self-Storage Facility Near Fort Worth

by Taylor Williams

NORTH RICHLAND HILLS, TEXAS — Marcus & Millichap has brokered the sale of FreeUp Storage, a 145-unit self-storage facility located outside of Fort Worth in North Richland Hills. The facility spans 21,910 net rentable square feet across four climate-controlled units, 101 non-climate units, 34 indoor units and six commercial warehouse units. Danny Cunningham and Brandon Karr of Marcus & Millichap represented the seller, Spartan Investment Group, in the transaction. The duo also procured the buyer, locally based storage investment group Hinze Capital.

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DevelopmentIllinoisIndustrialMidwest

Keeley Construction Underway on 132,000 SF Industrial Expansion for Helukabel USA in Illinois

by Kristin Harlow

WEST DUNDEE, ILL. — Keeley Construction is underway on a 132,000-square-foot industrial expansion for Helukabel USA at its facility at 1201 Wesman Drive in West Dundee, a far northwest suburb of Chicago. The project will introduce new warehouse, office and climate-controlled manufacturing space — marking the first time manufacturing will occur at the site. An expanded office will feature a gym, cable testing and assembly areas, new locker rooms, showers and a modern breakroom. The project team includes Skedio Architecture, J&H and Benchmark Developers, serving as the owner’s representative. Helukabel USA is a manufacturer and supplier of cables, wires and cable accessories.

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IndustrialLeasing ActivityMidwestMinnesota

Transwestern Negotiates 45,024 SF Flex Industrial Lease for Waggle in Blaine, Minnesota

by Kristin Harlow

BLAINE, MINN. — Transwestern Real Estate Services has negotiated a 45,024-square-foot lease for Waggle, a golf and apparel brand, at Radisson Road Business Center in the Minneapolis suburb of Blaine. The new 58,080-square-foot development is zoned for light industrial use and is slated for completion in October. Waggle expects to be in its space by year’s end and will utilize 2,300 square feet for retail space, 10,000 square feet for office space and 27,000 square feet for warehouse space. The lease marks a significant expansion for Waggle and will serve as the company’s headquarters. Chris Weirens of Transwestern represented the tenant throughout the site selection and lease negotiation process. Jon Raush and Luke Appert of Cushman & Wakefield represented the undisclosed landlord.

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400-Atrium-Drive-Franklin-Township
DevelopmentIndustrialNew JerseyNortheastOffice

Woodmont Begins Office-to-Industrial Conversion Project in Franklin Township, New Jersey

by Taylor Williams

FRANKLIN TOWNSHIP, N.J. — Woodmont Industrial Partners, which is a joint venture between New Jersey-based Woodmont Properties and Romark Logistics, has begun an office-to-industrial conversion project in Franklin Township, about 40 miles south of New York City. Woodmont plans to convert the 30.6-acre site at 400 Atrium Drive, which according to LoopNet Inc. currently houses a 395,000-square-foot office building, into a two-building, 370,000-square-foot industrial complex. Building 1 will be approximately 255,000 square feet and will offer a clear height of 40 feet, 44 loading docks and two drive-in doors. The second, 115,000-square-foot building will feature a clear height of 36 feet, 34 loading docks and two drive-in doors. Woodmont has partnered with an undisclosed life insurance company on the redevelopment and secured construction debt from New York Life that was arranged by John Alascio and Chuck Kohaut of Cushman & Wakefield.

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AcquisitionsConnecticutIndustrialNortheast

JLL Brokers $12M Sale of Distribution Center in Manchester, Connecticut

by Taylor Williams

MANCHESTER, CONN. — JLL has brokered the $12 million sale of a 190,646-square-foot distribution center in Manchester, an eastern suburb of Hartford. The site at 100 Sanrico Drive spans 10 acres within Manchester Industrial Park, and the property, which was fully leased at the time of sale, features a clear height of 45 feet and 24 loading positions. Michael Restivo, David Coffman and Ali Howard of JLL represented the seller, regional investment firm SkyREM, in the transaction. Sentry Commercial and Silver Edge Real Estate represented the buyer, B&D Holdings. Max Custer, Amy Lousararian, Thomas Didio Jr. and Christian Badalamenti, also with JLL, arranged a five-year, fixed-rate acquisition loan for the deal through life insurance company Ameritas.

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TGS-Cedar-Port-DC2-Baytown
IndustrialLeasing ActivityTexas

Partners Real Estate Negotiates 496,421 SF Industrial Lease in Baytown, Texas

by Taylor Williams

BAYTOWN, TEXAS — Partners Real Estate has negotiated a 496,421-square-foot industrial lease in the eastern Houston suburb of Baytown. An unnamed tenant will occupy the entirety of TGS Cedar Port DC2, a rail-served distribution center located within the 15,000-acre TGS Cedar Port Industrial Park master-planned development. The building is situated on 27 acres and features 36-foot clear heights, LED warehouse lighting, an ESFR sprinkler system, oversized truck court and ample car and trailer parking. John Simons, Gray Gilbert and Chris Haro of Partners represented the landlord, TGS Cedar Port Partners LP, in the lease negotiations.

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AcquisitionsIndustrialSelf-StorageTexas

Versal Arranges Sale of 204-Unit Automotive Storage Facility in Corpus Christi

by Taylor Williams

CORPUS CHRISTI, TEXAS — Self-storage brokerage firm Versal has arranged the sale of Overflow Garage, a 204-unit automotive storage facility in Corpus Christi. The facility is located about 15 miles south of the downtown area and totals 16,880 net rentable square feet. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented the seller, Plano-based Cumbia Real Estate Holding LLC, in the transaction. The team also procured the undisclosed, Corpus Christi-based buyer.

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