PHILADELPHIA — Binswanger has negotiated the $1.2 million sale of a 91,000-square-foot industrial facility in Philadelphia’s Fairhill neighborhood. Located at 3000 C St., the five-story property features two loading doors, a dry sprinkler system and also includes 2,000 square feet of office space. Mike Torsiello and Chris Pennington of Binswanger’s Philadelphia, office represented the seller, 3 S Properties, in the transaction. When Opportunity Knocks LP purchased the property.
SAN DIEGO — Dempsey Construction, on behalf of owner LBA Realty, has completed the redevelopment of a five-building project, located at 4400 Ruffin Road in San Diego’s Kearny Mesa submarket. Formerly occupied by Pratt & Whitney, the office and aerospace complex has been converted to a modern office and warehouse property. The project involved the demolition of a 102,000-square-foot building and the renovation of the adjacent two-story, 130,000-square-foot office buildings to include showcase lobbies and entrances, as well as structural enhancements. Additionally, a 106,000-square-foot tilt-up warehouse was constructed to feature 33-foot clear heights and 28 truck docks with roll-up doors.
CARLSBAD, CALIF. — Institutional, private and foreign investors all continue to pour capital into the industrial sector in the Midwest and nationwide, confirming there is still “plenty of runway left,” according to the 2018 Industrial Investor Sentiment Report from Real Capital Markets (RCM) and SIOR. The steady flow of capital and positive momentum within the sector comes despite looming threats from rising interest rates, tariffs and a diminishing supply of quality assets. “The industrial market and those who invest in it have enjoyed an incredible, long run because of its ability to adapt to the needs of specific users and subsectors, and embrace the ongoing evolution of the global economy,” says Tina Lichens, COO of Carlsbad, Calif.-based RCM. “Given this performance and consistency, we have every reason to believe there is plenty of runway left.” RCM and SIOR compiled the study through a survey of RCM principals, SIOR members and subsequent interviews with key industry leaders. Year-over-year comparisons Questions in the survey tracked participants’ perceptions of investment activity, pricing and cap rates. Notably, more than 48 percent of respondents believe that industrial activity will remain at or about the current level. One year ago, that figure was 43 percent. More …
EL PASO, TEXAS — Pilot Freight Services, a transportation and logistics firm, has signed an 87,726-square-foot industrial lease at 445 Pan American Drive in El Paso. The company will occupy 100 percent of the property, which represents the first speculative industrial space built in El Paso during this cycle. Arturo de La Mora and Christian Perez Giese of CBRE represented the landlord and developer, Hanson Asset Management LP, in the lease negotiations. Chad McCleskey of CBRE represented the tenant.
DALLAS — TIG Real Estate Services has negotiated the sale of a 35,478-square-foot industrial building located at 9886 Chartwell Drive in Dallas. Matthew Hickey and Kristin Grammar of TIG represented the seller in the transaction. Beam Real Estate represented the buyer. Other terms of sale were not disclosed.
TRENTON, N.J. — Monmouth Real Estate Investment Corp. has acquired a 347,145-square-foot industrial facility in Trenton for $85.2 million. Located at 584 U.S. Highway 130, the 62-acre property is currently net-leased to FedEx Ground Packaging System Inc. with 14 years remaining on the term. The seller was undisclosed.
ANDOVER, MASS. — HFF has negotiated the $15 million sale of a 92,700-square-foot data center in Andover, approximately 24 miles north of Boston. Located at 15 Shattuck Road, the property was 100 percent leased at the time of the sale to Tierpoint, a national provider of information technology and data center services. Coleman Benedict, Ben Sayles and Kerry Hawkins of HFF represented the seller, Carter Validus Mission Critical REIT I, in the transaction. The buyer was Menlo Equities. Additionally, Jennifer Keller of HFF arranged $9 million in financing for the buyer through Berkshire Bank.
MANALAPAN, N.J. — CBRE has arranged the $8.6 million sale of Manalapan Tech Park, an 84,000-square-foot, 10-acre industrial flex facility in Manalapan. Located at 122-250 Park Ave., the property was built in 2005 and consists of nine buildings and 54 separate units. Each building includes both office and warehouse space. Charles Berger, Elli Klapper and Mark Silverman of CBRE represented the undisclosed seller in the transaction. The buyer was 120 Park SD LLC.
NORTH AURORA, ILL. — Marcus & Millichap has brokered the sale of Randall Road Self Storage, a 640-unit self-storage facility in North Aurora. The sales price was not disclosed. The facility, located at 1051 Kettle Ave., encompasses a total of 76,696 rentable square feet. Sean Delaney and Michael Mele of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured the buyer, Merit Hill Capital.
SAN DIEGO — CIT Group’s Real Estate Finance division has arranged $50 million in financing for the acquisition of a six-property industrial portfolio in San Diego’s Otay Mesa submarket. BKM Capital Partners purchased the assets, which total 14 buildings and 703,215 square feet, from Stockbridge Capital Group for an undisclosed price. Cushman & Wakefield represented the seller in the transaction. The light industrial multi-tenant properties offer access to major transportation routes and the border crossing to Mexico. At the time of sale, the portfolio was 97 percent occupied by a diverse range of 44 tenants. The properties are: Border Point Business Park at 6754, 6744 and 6794 Calle De Linea San Diego International Center at 883 Siempre Viva Road Faraday Industrial Park at 2325, 2345, 2365, 2375 Michael Faraday Drive and 2350 Marconi Place Otay Business Center at 6987 and 6995 Calle De Linea Frontera Business Center at 2695 Customhouse Court Otay Crossing Business Park at 2340 Enrico Fermi Drive and 10025 Siempre Viva Road