Industrial

RLN Acquires 184,270 SF Industrial Building in Richmond for $2.1M

by Amy Works October 10, 2018

RICHMOND, VA. — RLN Co. has purchased an industrial property located at 1500 Commerce Road in Richmond. Keck Realty sold the property to RLN for $2.1 million. The buyer plans to utilize a portion of the 184,270-square-foot facility, which is situated on 9.4 acres, as the new Rental Works headquarters while leasing out the remaining space. Rental Works is a tool rental service based in Virginia’s Henrico County. Isaac DeRegibus of Cushman & Wakefield | Thalhimer represented the seller in the deal.

October 10, 2018

Acquisitions Industrial Leasing Activity Texas

NAI Partners Arranges Sale-Leaseback of 48,765 SF Industrial Facility in Bryan

by Taylor Williams October 10, 2018

BRYAN, TEXAS — NAI Partners has arranged the sale-leaseback of a 48,765-square-foot industrial asset located at 7932 State Highway 21 W. in the Central Texas city of Bryan. Josh Lass-Sughrue, Jason Ridenbaugh and John Ferruzzo of NAI Partners represented the seller, Rod and Tubing Services, which services the oil industry. The buyer was PPL Properties LLC.

October 10, 2018

Acquisitions Industrial New Jersey Northeast

Goldstein Group Arranges $2.1M Sale of Industrial Building in Cranford, New Jersey

by David Cohen October 10, 2018

CRANFORD, N.J. — The Goldstein Group has arranged the $2.1 million sale of an industrial property in Cranford. The 1.8-acre property is located at 370 North Ave. E. and includes a vacant, 52,512-square-foot building that was built in 1955. Alan Goldstein of The Goldstein Group represented the buyer, Tulfra Real Estate, in the transaction. The seller was undisclosed.

October 10, 2018

Acquisitions Industrial Lee & Associates Texas

Lee & Associates Arranges Sale of 22,738 SF Industrial Property in Houston

by Taylor Williams October 9, 2018

HOUSTON — Lee & Associates has arranged the sale of a 22,738-square-foot industrial property located at 5999 W. 34th St. in Houston. Chase Cribbs and Justin Cole of Lee & Associates represented the undisclosed buyer in the transaction. Joshua Lass-Sughrue and Jason Ridenbaugh of NAI Partners represented the seller, 600 Southwest Military Ltd.

October 9, 2018

Acquisitions California Industrial Self-Storage Western

Levin Johnston Arranges $27.8M Sales of Two Self-Storage Facilities in Bay Area

by Amy Works October 9, 2018

SUNNYVALE AND FREMONT, CALIF. — Levin Johnston of Marcus & Millichap has brokered the sales of two self-storage facilities in Sunnyvale and Fremont, totaling $27.8 million. Adam Levin of Levin Johnston and Jacob Becher of Marcus & Millichap represented the seller and buyers in each transaction. In the first transaction, a multifamily investor acquired a 517-unit Lock It Up Self-Storage, located at 220 W. Ahwanee Ave. in Sunnyvale. Lock It Up Self-Storage sold the property for $15.5 million. Built in 1987, the property offers 44,781 net rentable square feet and was 97 percent occupied at the time of sale. In the second deal, a high-net-worth individual purchased a 637-unit Lock It Up Self-Storage property located at 38491 Fremont Blvd. in Fremont. Constructed in 1986, the property offers a total of 54,550 net rentable square feet and six RV parking spaces. At the time of sale, the property was 94 percent occupied.

October 9, 2018

Acquisitions California Industrial Retail Western

Carleton Management Sells Industrial Building in San Diego’s East Village for $7M

by Amy Works October 9, 2018

SAN DIEGO — Carleton Management has completed the sale of an industrial asset located in downtown San Diego’s East Village. A wholly owned subsidiary of Shapery Enterprises acquired the asset for $7 million. The transaction includes a vacant, 12,000-square-foot historical building at 1460 Island Ave. and an 11,000-square-foot light industrial building at 1490 Island Ave. The historic building dates backs to 1907 and was the former Electric Laundry Co. site. The buyer plans to restore the historic building and reposition it for a commercial tenant. The adjoining light industrial building is currently occupied by Crossfit Fortius and Urbana Design Build, a general contractor. Kevin Mulhern and Rachel Parsons of the CBRE Multifamily team represented the seller, while the buyer was self-represented in the transaction.

October 9, 2018

Acquisitions Industrial New York Northeast Self-Storage

Marcus & Millichap Negotiates $3.4M Sale of Self-Storage Facility in Newfield, New York

by David Cohen October 8, 2018

NEWFIELD, N.Y. — Marcus & Millichap has negotiated the $3.4 million sale of Sunny’s Self Storage, a 49,550-square-foot self-storage facility in Newfield, south of Ithaca in the Finger Lakes region. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a personal trust, in the transaction. The buyer was a limited liability company. Located at 1273 W. Danby Road, the property includes a mix of climate-controlled and non-climate-controlled units. The facility was built in 2008 and renovated in 2016.

October 8, 2018

Company News Industrial Texas

3M to Close 220,000 SF Manufacturing Plant in North Austin

by Taylor Williams October 8, 2018

AUSTIN, TEXAS — 3M, the Minnesota-based manufacturer best known for office products like Post-It notes and Scotch tape, will close its 220,000-square-foot plant in north Austin by the end of 2019. The property will be marketed for sale once it closes. According to the Minneapolis Star Tribune, the closing will impact approximately 120 jobs, though laid-off employees can apply for positions at 3M in other locations.

October 8, 2018

Development Industrial Texas

Logistics Firm to Open New Distribution Center in Fort Worth

by Taylor Williams October 8, 2018

FORT WORTH, TEXAS — Dematic, an Atlanta-based provider of technology and software for supply chain operators, will open a new, build-to-suit distribution center in Fort Worth. The center will be used to store, sequence and ship company equipment, modules and components. Colliers International provided site selection services, and TCRG Properties and Ironwood Realty Partners are developing the property. The opening is slated for the second quarter of 2019.

October 8, 2018

Industrial Loans Washington Western

iBorrow Provides $10.2M Loan for Industrial Building in Metro Seattle

by Amy Works October 8, 2018

ARLINGTON, WASH. — iBorrow, a nationwide private direct lender for commercial real estate, has funded a $10.2 million loan for an industrial building in Arlington, approximately 45 miles north of Seattle. The borrower group plans to use the proceeds to fund the value-add component of the property. The 244,590-square-foot property, which features 16,108 square feet of office space, was 84 percent leased at the time of financing.

October 8, 2018

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