HOUSTON — Lee & Associates has brokered the sale of a 76,026-square-foot industrial facility located at 8130 McHard Road in Houston. The Class B, single-tenant property was built in 2013. Mike Spears and Thomas Leger of Lee & Associates represented the buyer, LHI LCC, in the transaction. Amy Silvey, also with Lee & Associates, represented the seller, Clay-McHard Road Partners LP.
PLANO, TEXAS — Atlanta-based Core5 Industrial Partners will develop Core5 Business Center at Plano, a 259,882-square-foot industrial facility situated on 22.9 acres in Plano. The project will deliver two buildings totaling 164,842 square feet that will feature 24- to 26-foot ceiling heights and parking for 383 cars. Core5 is reserving a third building totaling 95,040 square feet for a build-to-suit opportunity. Citadel Partners will handle the project’s leasing assignment.
HOUSTON — NAI Partners, through its Investment Fund II vehicle, has purchased Wells Fargo Business Park, a 104,212-square-foot flex office park in north Houston. The two-building property, which will undergo capital improvements, was 88 percent leased at the time of sale. San Francisco-based Berkeley Partners sold the asset and Green Bank provided debt for the acquisition. NAI Partners will handle leasing and management of the property.
MOONACHIE, N.J. — Sitex Group has acquired an 83,000-square-foot warehouse located at 131 W. Commercial Ave. in Moonachie. Sitex purchased the property from a private seller. The sales price was not disclosed. The property, which is located approximately ten miles from New York City, can accommodate one or two occupants and features ceiling heights of up to 20 feet. The building is currently 50 percent occupied by a logistics company. Sitex plans to renovate the interior and exterior of the property in order to appeal to corporate tenants.
MIAMI LAKES, FLA. — Walker & Dunlop has secured a $120 million loan for the refinancing of the Graham Portfolio, a 29-property portfolio in Miami Lakes, a master-planned community located less than 20 miles northwest of Miami. The 1.2 million-square-foot portfolio includes retail, office, industrial, flex, multifamily and ground lease assets. Al Rex, Marty McGrogan and Ariel Zucker of Walker & Dunlop arranged the 15-year, non-recourse loan on behalf of the borrower, the Graham Cos., which developed the properties within the portfolio. An unnamed life insurance company provided the loan. All of the properties included in the Graham Portfolio are located within a mile of downtown Miami Lakes and many are anchored by tenants such as CVS/pharmacy, Burger King and Publix.
Burton Property Group to Break Ground on New Headquarters for Aircraft Engine Manufacturer in Mobile
MOBILE, ALA. — Burton Property Group (BPG) will soon break ground on a new corporate headquarters and manufacturing facility for Continental Motors Group at the Mobile Aeroplex at Brookley, an industrial complex and airport in Mobile. The facility will consolidate the aircraft engine manufacturer’s operations from 11 buildings situated on 45 acres to two buildings on approximately 20 acres. The buildings will total 275,000 square feet, with the majority being dedicated to aircraft engine and parts manufacturing. BPG partnered with Atlanta-based investment firm Stonemont Financial Group to fund the development. Clayco Inc. is designing and building the project, which is expected to take 11 months to complete. Continental Motors Group employs approximately 450 people in Alabama’s Mobile and Baldwin counties.
HARTLAND, WIS. — Colliers International has brokered the $4.3 million sale of a 58,828-square-foot industrial building in Hartland, a western suburb of Milwaukee. Printing company JTS Direct LLC fully occupies the property, which is located at 1180 Walnut Ridge Drive. Tom Shepherd, Jennifer Huber-Bullock and Steve Sewart of Colliers represented the seller, SH 1180 Walnut Ridge LLC. Kashou Brothers LLC purchased the asset.
HOUSTON — Bellomy & Co. has arranged the sale of Sentry Self Storage, a 941-unit facility in Houston. Built in 2006, the property is situated on five acres and features climate-controlled units that total 104,025 net rentable square feet. Hugh Horne of Los Angeles-based Charmel Storage Capital, along with Bill Bellomy and Michael Johnson of Bellomy & Co., represented the seller in the transaction. The team also procured the buyer, Public Storage, a self-storage operator and REIT based in Glendale, Calif.
PHOENIX — Trammell Crow Co. (TCC) and an institutional investor have acquired a 38.5-acre site south of the southeast corner of 59th Avenue and Lower Buckeye Road in Phoenix’s Southwest submarket. The price was not disclosed. The partnership plans to develop West 202 Logistics Center, a 554,000-square-foot industrial building, on the site. The cross-docked building will feature 36-foot clear heights, signature office entries, all-concrete truck courts and circulation drives. Construction is slated to begin this quarter. Butler Design Group will serve as the project architect and Willmeng Construction as general contractor. Comerica Bank is providing construction financing. Pat Feeney, Dan Calihan, Rusty Kennedy and Bill Bayless of CBRE Phoenix are marketing the project on behalf of the joint venture.
ROCHESTER HILLS, MICH. — Marcus & Millichap has brokered the sale of Rochester Mini Storage in Rochester Hills, about 25 miles north of Detroit. The sales price was not disclosed. The 94,115-square-foot self-storage facility includes units that range in size from 25 to 400 square feet. Both climate-controlled and non-climate-controlled options are available. Brian Kelly, Brett Hatcher and Gabriel Coe of Marcus & Millichap brokered the transaction. An out-of-state buyer purchased the asset. The seller was a local owner.