Acquisitions

LPC Enters Utah Market with Purchase of 212,950 SF Access Park Industrial Portfolio

by Amy Works September 3, 2020

KAYSVILLE, UTAH — Lincoln Property Co. (LPC) has acquired Access Park, an industrial campus in Kaysville and the company’s first acquisition in Utah. Access Park LLC sold the property for an undisclosed price. Located at 505 N. Kays Drive within Kaysville Business Park, Access Park features a total of 212,950 square feet of Class A industrial space spread across three fully occupied buildings. The park includes two newly built, 69,101-square-foot distribution buildings and one 74,784-square-foot industrial and manufacturing building. The facilities offer clear heights ranging from 22 feet to 32 feet and a total of 74 dock-high and ground-level doors. LPC Desert West will manage Access Park as part of its more than 7 million-square-foot regional management portfolio. Kip Paul, Rhett Bue and Jorgi Paul of Cushman & Wakefield represented the seller in the transaction.

September 3, 2020

Acquisitions California Multifamily Western

TMG Negotiates $14.4M Sale of Spring Mountain Apartment Complex in Corning, California

by Amy Works September 3, 2020

CORNING, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Spring Mountain, a multifamily property located at 240 Edith Ave. in Corning. A Southern California-based private investment group sold the asset to an undisclosed buyer for $14.4 million. Alex Mogharebi and Otto Ozen of TMG represented the seller in the deal. Built in 1986, Spring Mountain features 184 apartments spread across 15 buildings, totaling 174,972 square feet of rentable space. The property offers a resort-style swimming pool, clubhouse with a full kitchen, outdoor barbecue and entertainment area, leasing center, business center, fitness center, and mix of covered and surface parking.

September 3, 2020

Acquisitions California Industrial Western

Sustainable Bag Producer Buys 47,744 SF Warehouse Near Los Angeles for $13.7M

by Amy Works September 3, 2020

VERNON, CALIF. — Crown Poly, a Southern California-based producer of sustainable bagging solutions, has purchased a warehouse building in Vernon, a suburb five miles south of Los Angeles. Katie K, a private manufacturer of apparel, sold the facility for $13.7 million. Located at 5601 Bickett St., the 47,744-square-foot, single-tenant property features 26-foot clear heights, five exterior docks, two drive-in doors and 9,000 square feet of office space. The property was constructed in 2002. Kevin Kim of Coldwell Banker Commercial JM Properties represented the seller in the transaction.

September 3, 2020

Acquisitions Development Industrial Northeast Pennsylvania Top Stories

Ball Corp. to Purchase Pennsylvania Plant, Retrofit into Beverage Packaging Facility for $360M

by Alex Tostado September 3, 2020

JENKINS TOWNSHIP, PA. — Ball Corp. plans to invest $360 million to acquire Interstate Distribution Center in Jenkins Township and retrofit the facility as an aluminum beverage packaging plant. The asset comprises nearly 1.1 million square feet and Ball will employ 230 employees at the plant when it begins production, which is slated for mid-2021. According to local newspaper Times Leader, the property is located at 140 Industrial Drive, between Interstates 81 and 476 and eight miles north of downtown Wilkes-Barre. Endurance Real Estate Group built the asset in 2019. The property features 40-foot clear heights, 108 loading docks, two drive-in doors, 421 car parking spaces and 129 trailer parking spaces. “Ball Corp. has a longstanding presence in the international marketplace, and Pennsylvania is pleased with the company’s commitment to expand its manufacturing facilities in the northeast,” says Pennsylvania Gov. Tom Wolf. The project will generate more than $16 million in new employment payroll annually, according to the governor’s office. The state’s Department of Community and Economic Development (DCED) offered up to $2 million in Redevelopment Assistance Capital Project (RACP) funding to be distributed upon the creation of the new jobs, as well as $400,000 in funding for workforce development …

September 3, 2020

Acquisitions Industrial New Jersey New York Northeast

Sitex Group Acquires Two Industrial Properties Totaling 65,670 SF in The Bronx, Hackensack

by Taylor Williams September 2, 2020

NEW YORK CITY AND HACKENSACK, N.J. — Locally based investment firm Sitex Group has acquired two industrial properties totaling 65,670 square feet in the New York City area. The first property is a 25,670-square-foot warehouse located at 1155 Commerce Ave. in The Bronx that is occupied by the New York City Department of Sanitation. The second building is a 40,000-square-foot maintenance facility located at 600 S. River St. in Hackensack, New Jersey, that was formerly occupied by truck repair company Deluxe International Trucks. Greiner Maltz’s Atanu Bhattacharjee, Waterstreet Capital’s Carl Bronstein and Douglas Elliman Commercial’s Rick Dana arranged the transaction.

September 2, 2020

Acquisitions Industrial Texas

Mohr Capital Sells 400,000 SF Warehouse in Grand Prairie to TA Realty

by Taylor Williams September 2, 2020

GRAND PRAIRIE, TEXAS — Dallas-based Mohr Capital has sold a 400,000-square-foot warehouse in the central metroplex city of Grand Prairie to Boston-based investment firm TA Realty. The sale is Mohr Capital’s seventh transaction in 2020 and comes after more than 13 years of ownership of the property. Jonathan Bryan of CBRE represented Mohr Capital in the transaction. TA Realty was self-represented.

September 2, 2020

Acquisitions Industrial Lee & Associates Texas

Lee & Associates Brokers Sale of 158,700 SF Industrial Campus in Northwest Houston

by Taylor Williams September 2, 2020

HOUSTON — Lee & Associates has brokered the sale of a 158,700-square-foot industrial campus located at 6500 Brittmoore Road in northwest Houston. The campus consists of eight buildings on 13 acres. Robert McGee, Thomas Leger and Chase Cribbs of Lee & Associates represented the buyer, privately held development firm Adkisson Group, in the transaction. The seller and sales price were not disclosed. Lee & Associates will also be marketing the property for lease.

September 2, 2020

Acquisitions Midwest Ohio Retail

Thompson Thrift Retail Group Sells Bank of America-Leased Property in Suburban Columbus

by Kristin Harlow September 2, 2020

GAHANNA, OHIO — Thompson Thrift Retail Group (TTRG), a wholly owned subsidiary of Indianapolis-based Thompson Thrift, has sold a freestanding retail property in the Columbus suburb of Gahanna for an undisclosed price. Bank of America and Merrill Lynch are scheduled to open at the two-story, 8,830-square-foot property later this year. The one-acre parcel is located at the northeast corner of Hamilton and Blendon Place roads. Dylan Mallory of Hanley Investment Group Real Estate Advisors represented TTRG in the sale. The buyer was undisclosed.

September 2, 2020

Acquisitions Indiana Midwest Office

Sturges Property Group Brokers Sale of 4,296 SF Office Building in Fort Wayne

by Kristin Harlow September 2, 2020

FORT WAYNE, IND. — Sturges Property Group has brokered the sale of a 4,296-square-foot office building located at 608 Union Chapel Road in Fort Wayne. The sales price was undisclosed. Neal Bowman and Phil Hagee of Sturges represented the seller, Nolan Commercial Property, as well as the buyer, Professional Emergency Physicians.

September 2, 2020

Acquisitions Multifamily Southeast Virginia

CIM Group Purchases Southern Towers Multifamily Campus in Northern Virginia for $506M

by Alex Tostado September 2, 2020

ALEXANDRIA, VA. — CIM Group has purchased Southern Towers, a 2,346-unit multifamily campus in Alexandria, for $506 million. The acquisition comprises Monticello, The Graham, Ashlawn, The Sherwood and The Stratford, each standing 16 stories. The combined properties span 41 acres at 4901-5055 Seminary Road, eight miles southwest of downtown Washington, D.C. Each community offers studio to three-bedroom floor plans. The combined campus features two pools, tennis courts, a playground, fitness center, community room and a business center. Snell Properties and Caruthers Properties sold the portfolio, which was built between 1961 and 1965 and renovated in 2015.

September 2, 2020

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