THEODORE, ALA. — Monmouth Real Estate Investment Corp. has acquired a newly constructed industrial building located at 6735 Trippel Road in Theodore, roughly 15 miles southwest of Mobile, for $33.7 million. The 362,942-square-foot facility, which opened in the second half of 2017, is net-leased to Amazon Fulfillment Service Inc. for 11 years. Johnson Development Associates Inc. developed the facility in partnership with Amazon. The property is situated on 31.3 acres, roughly 14 miles from the Port of Mobile. The acquisition marks Monmouth’s second property leased to Amazon.
DOWNERS GROVE, ILL. — PREMIER Design + Build Group LLC has broken ground on Bridge Point Downers Grove, a three-building, 678,858-square-foot speculative industrial development in suburban Chicago. Bridge Development Partners LLC is the developer. The 57-acre infill site is located at the intersection of I-88 and I-355. Buildings 1 and 2 will feature a clear height of 32 feet, 33 exterior truck docks and four drive-in doors. Building 3, totaling 291,345 square feet, will feature a clear height of 36 feet, 40 exterior truck docks and two drive-in doors. Cornerstone Architects Ltd. is providing architectural services and McCallum Associates is providing landscaping services. Swift Structural Design is the structural engineer while SPACECO is the civil engineer. Jason West, David Friedland, Sean Henrick, Michael Magliano and Doug Pilcher of Cushman & Wakefield will represent Bridge in lease-up of the property. The construction is scheduled to be completed in early 2019.
HSA Commercial Negotiates 49,977 SF Industrial Lease for Pelican BioThermal in Suburban Indianapolis
PLAINFIELD, IND. — HSA Commercial Real Estate has negotiated a 49,977-square-foot industrial lease for Pelican BioThermal at Gateway Business Park in Plainfield, a suburb of Indianapolis. The company provides thermal packaging solutions for the safe transportation of pharmaceutical and medical materials. Pelican BioThermal will begin occupying space at Gateway II, a 121,800-square-foot building, in July. HSA Commercial has developed five buildings totaling approximately 630,000 square feet at the 55-acre Gateway Business Park. Terry Busch and Jared Scaringe of CBRE represented ownership in the lease transaction with Pelican BioThermal. Bryan Augustin of Alliance Commercial Group represented the tenant.
SAN ANTONIO — Tampa-based SkyView Advisors has brokered the sale of a 784-unit Extra Space Storage facility in San Antonio. Situated on 3.3 acres, the property totals 88,875 net rentable square feet of climate-controlled space. Ryan Clark of Skyview Advisors represented the seller in the transaction. The buyer and seller were not disclosed.
BAYTOWN, TEXAS — New York-based Merit Hill Capital has acquired Safe-Keeping Self Storage, a 782-unit facility located in the eastern Houston metro of Baytown. The property totals 76,485 net rentable square feet and offers climate-controlled units, electronic access control and 24-hour surveillance. Steve Mellon and Brian Somoza of JLL represented the seller, Weiss Realty Group Inc., in the transaction. The property was 93 percent leased at the time of sale.
TEMPE, ARIZ. — El Segundo, Calif.-based Dunbar Real Estate Investment Management purchased Mill Avenue Business Park, located at 40 E. Baseline Road, 5030 S. Mill Ave. and 5005-5025 S. Ash Ave. in Tempe. San Juan Capistrano, Calif.-based Birtcher Anderson Realty sold the property for $14.2 million. Bob Buckley, Steve Lindley and Tracy Cartledge of Cushman & Wakefield Phoenix negotiated the transaction on behalf of the seller. Built in 1983, Mill Avenue Business Park features 134,886 square feet of office, industrial and retail space. The property recently underwent a $1.3 million renovation. At the time of sale, the asset was 87.7 percent occupied.
CHARLOTTE, N.C. — Avison Young has negotiated the sale of a 42.6-acre site near the Norfolk Southern intermodal facility in Charlotte. The buyer, The Silverman Group, plans to develop a 420,000-square-foot industrial facility at the site, which is located at Charlotte Douglas International Airport, less than a mile from the $96 million Charlotte Regional Intermodal Facility. Dubbed the Charlotte Intermodal Logistics Center, the new facility will feature 36-foot clear heights and cross-docking designed to suit a single tenant or multiple tenants. The intermodal facility at the airport is capable of handling up to 200,000 lifts annually and is part of the Southern Crescent project, Norfolk Southern’s capital improvement project for its rail transportation network. Chris Skibinski, Chris Loyd and Henry Lobb of Avison Young arranged the land sale on behalf of The Silverman Group. Avison Young will also handle the property’s leasing assignment. A construction timeline for the project was not disclosed.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a 9,700-square-foot, two-story warehouse located at 43-05 35th St. in Long Island City. The final closing price was $5.1 million, or $526 per square foot. Stephen R. Preuss, Andreas Efthymiou of Cushman & Wakefield represented seller, Ehrenbell Realty Corp., in the transaction. Greiner-Maltz represented the buyer, Skytron Holdings. The property is made up of warehouse, office and mezzanine space and features 19-foot ceiling heights as well as two roll up gates.
GARLAND, TEXAS — Fort Worth-based investment firm Fort Capital has acquired 4040 Forest Lane, a 603,795-square-foot industrial building in Garland, a northeastern suburb of Dallas. The Class B property was built in 1960 and is designed to house manufacturing tenants. The seller was not disclosed. With this acquisition, Fort Capital now owns and operates more than 1.1 million square feet of industrial space.
BROOKSHIRE, TEXAS — Houston-based Welcome Group has broken ground on a 137,434-square-foot industrial facility and new headquarters for multinational diesel engine manufacturer MAN Energy Solutions in Brookshire, about 40 miles west of Houston. The facility will be located within the new, 650-acre Twinwood Business Park and will be able to house more than 140 employees. Approximately a quarter of the square footage will be office space.