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.
CONCORD, N.C. — Griffin Industrial Realty Inc. has unveiled plans to expand its Carolina Tradeport industrial park in Concord, a city roughly 25 miles northeast of Charlotte. Griffin acquired 22 acres of land at the site in July for the development of a 147,000-square-foot speculative building — the second within the development. The building will be located directly across from the first building, a 277,252-square-foot warehouse. Site work is scheduled to begin on the second building this month, with completion slated for May 2019. The building will feature 210-foot depth, a 60-foot speed bay, 32-foot clear heights, an ESFR sprinkler system, 42 loading docks, two drive-in doors, trailer parking and 172 auto parking spaces. The third building, which will total 136,000 square feet, is available for prelease. William Maxwell and Terry Brennan of Trinity Partners are handling Carolina Tradeport’s leasing assignment and managing the park.
NEW YORK — New York-based Ready Capital Structured Finance has arranged four loans totaling $29 million for properties located in Florida and North Carolina. The first loan, totaling $8.8 million, was for the acquisition, renovation and stabilization of an 86-unit multifamily property in Largo, Fla. The 36-month, floating-rate loan features interest-only payments and one 24-month extension option. The undisclosed borrower will initially acquire 61 units at the community, and will acquire the rest of the units over the next three years. The second loan was for the acquisition, renovation and lease-up of a 38,000-square-foot retail center in Belleair Bluffs, Fla., roughly 26 miles west of Tampa. The $7.1 million loan, 60-month loan features both a fixed interest rate and a floating rate. The name of the borrower was not disclosed. The third loan was a $6.5 million, floating-rate loan with a 24-month term that was used to fund the acquisition, renovation and lease-up of a 60,000-square-foot industrial/flex property in Hollywood, Fla. The name of the borrower was not released. The final loan was used to fund the acquisition, renovation and lease-up of a 41,000-square-foot shopping center in Charlotte. The $6.7 million, non-recourse loan featured a 48-month term with interest-only payments …
SACRAMENTO — McClellan Business Park LLC has broken ground on McClellan Distribution Center, a speculative warehouse facility located at 2400 McClellan Park Drive in Sacramento. Slated for completion in mid-2019, the 417,214-square-foot Class A property will be divisible and able to accommodate up to 22,000 square feet of customizable office space. Additionally, the property will feature cross-dock loading with 135-foot truck courts, 95 dock doors, four grade-level doors, 36-foot clear heights, 50-foot by 54-foot column spacing, rail spur potential (Union Pacific Railroad and BNSF Railway) and ESFR sprinklers. The property is being constructed on 22.9 acres on McClellan Park’s west side industrial district. McClellan Park LLC has more than 500 acres of developable land in this specific district and is entitled to construct more than 5 million square feet of industrial space. Since the official closure of McClellan Air Force Base in 2001, the privatized McClellan Park has grown to include a mix of companies that span its 8.5 million square feet of leasable space and 500 acres of developable land. A total of $580 million has been invested across the project in infrastructure and building improvements. The project includes a mix of residential, office, warehouse, event venue, retail and …
IRVING, TEXAS — Lee & Associates has secured a 117,072-square-foot industrial lease at 8701 Sterling St. in Irving. Reid Bassinger and Trey Fricke of Lee & Associates represented the tenant, Builders First Source Inc., a Dallas-based provider of construction materials and supplies, in the lease negotiations. Brett Owens of Transwestern represented the landlord, Colony NorthStar.
ELGIN, ILL. — Conor Commercial Real Estate and Globe Corp. have sold Northwest Pointe II in Elgin for $29.8 million. Cabot Properties purchased the 385,372-square-foot industrial building. The property, which is fully leased to Box Partners, is situated on a 22-acre parcel within the Northwest Corporate Park. Construction on a third building at the park is expected to begin in spring 2019. John Huguenard and Ed Halaburt of JLL and Ken Franzese and John Cassidy of Lee & Associates represented the seller in the transaction.
