MARGATE, FLA. — Marcus & Millichap has arranged the $12.7 million sale of Life Storage, a 64,629-square-foot self-storage facility located at 5185 Coconut Creek Parkway in Margate, a city in Broward County. Brett Hatcher and Gabriel Coe of Marcus & Millichap arranged the transaction on behalf of the seller and procured the buyer. Both parties were undisclosed limited liability companies.
FARGO, N.D. — The Boulder Group has arranged the sale of a single-tenant property net leased to Insurance Auto Auctions Inc. in Fargo for $5.7 million. The property is situated on 19 acres next to Hector International Airport. There are over 17 years remaining on the lease, which expires in November 2035. Randy Blankstein and Jimmy Goodman of Boulder brokered the sale. An institutional investor purchased the asset from a Southwest-based private developer.
SAN DIEGO — Orange County, Calif.-based Sukut Real Properties has acquired Mira Mesa Distribution Center, a multi-building distribution park located in San Diego’s Sorrento Mesa submarket. The Sickels Group sold the property for an undisclosed price. The property resides on a ground lease, which has approximately 68 years remaining. Bryce Aberg, Jeff Chiate, Jeffrey Cole, Ed Hernandez, Dean Asaro and Brant Aberg of Cushman & Wakefield’s San Diego and Orange County offices represented the seller in the deal. Located at 5960 Pacific Mesa Court and 5985 and 5995 Pacific Center Blvd., Mira Mesa Distribution Center comprises three buildings totaling 293,800 square feet. Developed in 1989, the campus features flexible divisibility options, efficient warehouse and office layouts, dock and grade loading and ample parking. At the time of sale, the property was fully leased to 10 national and international tenants.
BALDWIN PARK AND SAN FRANCISCO, CALIF. — Ready Capital Structured Finance has arranged two loans totaling $8.1 million for properties in California. In the first transaction, Ready Capital secured a $5.8 million loan for the acquisition, renovation and stabilization of a 23,000-square-foot industrial property with 3.4 acres of exterior storage space. The property is located in Baldwin Park within the San Gabriel Valley industrial submarket. The non-recourse, interest-only, floating-rate loan features a 24-month term and flexible pre-payment options. Additionally, the financing includes a facility to provide future funding for capital expenditures, working capital and operating shortfalls during the renovation and lease up. In the second transaction, the company arranged $2.3 million for the refinance of a multifamily property located at 6-8 Nottingham Place on the border of San Francisco’s North Beach and Financial District. The undisclosed sponsor operates the 11-unit property as part of its co-living portfolio. The non-recourse, fixed-rate loan features a 60-month term with flexible pre-payment terms and partial-term interest-only payments.
HUMBLE, TEXAS — A partnership between Atlanta-based Ridgeline Property Group and Texas-based Archway Properties will develop Park Air 59, a 685,400-square-foot industrial project in Humble, a northeastern suburb of Houston. The cross-dock property will feature 40-foot clear heights, 153 dock-high doors, 180-foot truck court depths, 242 trailer parking spaces, 332 auto parking spaces and an ESFR sprinkler system. The groundbreaking of Park Air 59, which offers convenient access to Beltway 8, is scheduled for late September. Completion is slated for the second quarter of 2019.
HOUSTON — Houston-based Hines has sold a 447,605-square-foot manufacturing plant located within Greens Port Industrial Park in Houston. Situated on 41.5 acres, the property offers quick access to the Houston Ship Channel. The buyer was an undisclosed investor that acquired the property via a 1031 exchange. At the time of sale, the plant was fully leased to AFGlobal Corp., a Houston-based technology and manufacturing specialist. The sales price was also undisclosed.
PEARLAND, TEXAS — Grow Your Storage (GYS) Development, a builder of self-storage properties in Texas and the Western United States, has opened Blackhawk Self Storage, an 809-unit facility in Pearland, a southern suburb of Houston. The three-story property totals 107,000 square feet. GYS partnered with Colorado-based All Pro Capital Inc., which secured debt and equity for the project.
NEW YORK CITY — The American investment team of Bahrain-based Investcorp has acquired 56 industrial properties totaling approximately 4.5 million square feet across seven major American markets. The purchase price was roughly $300 million. The portfolio includes nine warehouses in Minneapolis; 16 warehouse/flex buildings in Dallas; 14 warehouse/manufacturing buildings in Chicago; nine warehouse and flex buildings in Philadelphia and Delaware; five warehouse/manufacturing buildings in Phoenix; two industrial properties in Houston; and one industrial asset in San Antonio. All of the infill properties offer last-mile proximity to major population centers. The seller was not disclosed. “This acquisition gives us the opportunity to expand our presence in this important and growing industrial/warehouse sector in the U.S.,” says Mohammed Alardhi, executive chairman of Investcorp. “This investment further reflects our commitment to growing Investcorp’s footprint in the U.S., which is a key driver of the firm’s overall growth strategy.” At the time of sale, the properties were collectively 90 percent occupied by tenants in the e-commerce, manufacturing, design, wholesaling and food services industries. The sale marks Investcorp’s ninth industrial portfolio acquisition in the last 36 months. Since 1996, Investcorp has purchased more than 550 properties with a total value in excess of $14 billion. …
KANSAS CITY, KAN. — Overstock.com, an online home goods and furniture retailer, has leased 517,000 square feet at a new distribution center in Kansas City. The building, owned by Los Angeles-based BH Properties, is located at 5300 Kansas Ave. Luke Burbank and Kyle Roberts of Newmark Grubb Acres led the national site search for Overstock.com. Mark Long and John Hassler of Newmark Grubb Zimmer worked with Burbank and Roberts to provide assistance with lease negotiations in the Kansas City region. Chris Guiterez with Kansas City Smartport assisted in the coordination of all state and local economic development experts that assisted in this project, including the State of Kansas Department of Commerce and the Wyandotte Economic Development Council. Overstock.com will begin operations at the facility in October and will employ up to 200 people. The Kansas city location enables Overstock.com to offer two-day shipping options for 99 percent of its U.S. customers, according to Carroll Morale, vice president of supply chain at Overstock.com.
NEWBURGH, N.Y. — Cronheim Mortgage has arranged a $27 million refinancing for a 504,875-square-foot industrial facility in Newburgh. The property is currently fully leased to wholesale grocery supply company C&S Corp. Features at the facility include ceiling heights of 40 feet, one drive-in dock and 89 tailgate loading docks. The building was constructed in 1990. The loan was placed with American General Life Insurance Co. and The United States Life Insurance Co. The borrower is an affiliate of Purchase, N.Y.-based National Realty & Development Corp.
