CHICAGO, INDIANAPOLIS, COLUMBUS AND MILWAUKEE — Starwood Real Estate Income Trust Inc., a non-traded real estate investment trust managed by Starwood Capital Group, has acquired a 33-property industrial portfolio totaling 4.1 million square feet in the Midwest for approximately $319.6 million, excluding closing costs. The properties are located in Chicago, Indianapolis, Columbus and Milwaukee. The portfolio is 98 percent leased to 50 tenants. It is largely comprised of light industrial buildings of less than 250,000 square feet. Kurt Sarbaugh, Robin Stolberg, Michael Joseph and Dominic Espinosa of JLL represented the seller, Becknell Industrial and a joint venture partner. Becknell will retain its position in the portfolio. Ken Martin, Alex Witt, Troy Shiley and Nelson Almond of JLL arranged a 10-year, $210 million fixed-rate CMBS loan with a global investment bank on behalf of new ownership.
CHICAGO — Krusinski Construction Co. has completed a 90,000-square-foot buildout for 86 Food Service at 1400 W. 43rd St. in Chicago. The distributor of wholesale food and supplier of fresh produce, meat, poultry and dry goods to restaurants and grocery stores occupies the space within an existing 167,000-square-foot, speculative warehouse previously built by Krusinski. The buildout for 86 Food Service included the installation of cold storage refrigeration, freezers and a retail component to serve its customer base. Additional features include 7,500 square feet of office space, 50 new car parking stalls, one drive-in door and a clear height of 32 feet. Prologis served as developer with Cornerstone Architects Ltd. as architect and Grivas-Krause Associates Ltd. as structural engineer.
MANCHESTER, HUDSON AND NASHUA, N.H. — Cushman & Wakefield has brokered the $58.5 million sale of a four-building, 593,026-square-foot industrial portfolio in Manchester, located approximately 15 miles south of Concord. The portfolio includes Manchester Air Center, a 145,675-square-foot, single-story building; Brady Sullivan Airport Center, a two-story, 151,484-square-foot manufacturing property; 5 Wentworth Drive, a 139,000-square-foot warehouse and office building in Hudson; and Birch Pond Business Center, a 153,700-square-foot office complex at 22 Cotton Road in Nashua. The portfolio was 96.8 percent leased at the time of sale. Tom Farrelly, Denis Dancoes and Sue Ann Johnson of Cushman & Wakefield’s New Hampshire team partnered with Dave Pergola and Brian Doherty of Cushman & Wakefield’s Boston Capital Markets team to represent the seller, Brady Sullivan Properties, in the transaction. Boston-based Albany Road Real Estate Partners was the buyer.
NEW YORK CITY — Marcus & Millichap has arranged the $4.2 million sale of 17-27 Herkimer Place, a 12,825-square foot industrial property in Brooklyn. The property is located near the Nostrand Avenue Station and Flatbush Avenue Station Commuter Rails. Jakub Nowak and Jason Grunberg of Marcus & Millichap represented the seller, a limited liability company. The team also represented the buyer, a private investor.
CONWAY, ARK. — Structurlam Mass Timber Corp., a British Columbia-based mass timber manufacturer, has unveiled plans for a plant in Conway, approximately 30 miles from Little Rock. The mass timber manufacturer will spend $90 million to purchase, retrofit and equip a former steel plant. Set to open in mid-2021, the plant will create 130 new jobs and will source lumber from nearby Arkansas forestland. Conway is located near multiple transportation corridors, including Interstate 40, U.S. Routes 60 and 64 and Arkansas Highway 365. The Structurlam plant will produce mass timber building products and industrial matting products for the Southern, Central and Eastern United States, including providing building materials for Walmart’s new 350-acre Home Office campus in Bentonville.
FORT WORTH, TEXAS — FedEx Ground Packaging has signed a 110,880-square-foot industrial lease renewal at Crossroads 35/20, a distribution center in Fort Worth. According to the property website, Crossroads 35/20 spans 615,000 square feet and features 32-foot clear heights, 190-foot truck court depths, 35 trailer parking stalls and an ESFR sprinkler system. Donnie Rohde and Thomas Grafton of Holt Lunsford Commercial represented the landlord, Sealy Oak Grove LLC, in the lease negotiations.
INDIANAPOLIS — Plymouth Industrial REIT Inc. has purchased 10 industrial buildings totaling 2.1 million square feet in Indianapolis for $62 million. Included in the portfolio is Shadeland Commerce Center, a nine-building property totaling approximately 1.7 million square feet. It is 95 percent leased to 26 tenants, including Penske, ABC Supply Co., PPG Industries and Ryder. Plymouth also acquired 7901 W. 21st St., a 353,000-square-foot building that is fully leased to Iron Mountain and Venture Logistics. The seller information was not disclosed. Plymouth is a publicly traded REIT focused on the acquisition and operation of industrial properties located largely in secondary markets across the United States. John Huguenard, Sean Devaney, Brian Seitz and Brian Buschuk of JLL represented the seller of Shadeland Commerce Center.
MOUNT PLEASANT, WIS. — VK Industrial V LP, a partnership between Venture One Real Estate and Kovitz Investment Group, has acquired a 151,474-square-foot industrial building in Mount Pleasant for an undisclosed price. The facility, built in 2007, is located at 3535 Oakes Road. The building features a clear height of 21.5 feet, six exterior docks, two drive-in doors and 8,372 square feet of office space. A concrete parking lot can accommodate 301 cars and 112 trailers. The site can accommodate additional outdoor storage, parking or an industrial build-to-suit on an adjacent 25-acre parcel. Brian Bocci of Entre Commercial Realty represented Venture One in the transaction and will be retained to market the vacant property for lease. The seller was undisclosed.
CHICAGO — First Logistics, an Illinois-based third-party logistics company, has signed a 108,343-square-foot lease expansion at Marina Crossings in Chicago. The company now occupies 439,754 square feet of the 633,059-square-foot facility. Completed in the fourth quarter of 2018 and located at 2075 W. 43rd St., Marina Crossings is the city of Chicago’s largest speculative industrial building since 1905, according to Cushman & Wakefield. Larry Goldwasser, Jason West, Colin Green, Matt Cowie and Michelle Maguire of Cushman & Wakefield represented the landlord in the lease negotiations. Marina Crossings Owner LLC, a joint venture between MAT LP and institutional investors advised by JP Morgan Asset Management owns the property.
COUNCIL BLUFFS, IOWA — CyrusOne, a data center REIT, has broken ground on a data center at 4700 Gifford Road in Council Bluffs. The first phase of the facility is slated for occupancy in fall 2020. Upon full buildout, the site will feature 24 megawatts of total power available across the roughly 60,000-square-foot property.