ATLANTA — Weaver Capital Partners and the Seng Co., in conjunction with their joint venture equity partner SilverCap Partners, has acquired a 515,000-square-foot industrial portfolio located along Seaboard Industrial Boulevard in Atlanta’s West Midtown district. Patterson Real Estate Advisory Group served as the joint venture’s capital advisor and arranged acquisition financing through CIBC Bank USA. The sales price and terms of the financing were not disclosed. The joint venture acquired the nine-building portfolio from Zep Inc., which formerly owned and occupied the entire property. Zep, a manufacturer of maintenance and cleaning solutions, will lease back 58,000 square feet in one of the buildings in order to consolidate its operations in Adairsville, Ga., roughly 60 miles northwest of Atlanta. The new ownership will continue to operate the portfolio as industrial space.
HOUSTON — Trammell Crow Co. has broken ground on Phase II of Fallbrook Pines Business Park, a 127-acre industrial development located in northwest Houston. Phase II, which is being developed on a speculative basis, will deliver two Class A buildings totaling 660,073 square feet. Designed by Powers Brown Architecture, the buildings will feature cross-dock configurations, 32-foot clear heights, 52-foot wide column spacing, ESFR sprinkler systems and extra trailer parking and outside storage space. Delivery is slated for November. Phase I of the project, which delivered roughly 709,000 square feet, was completed in October 2015 and is fully leased to seven tenants.
Dickman/CORFAC International Brokers Sale of 187,000 SF Industrial Building in Sturtevant, Wisconsin
STURTEVANT, WIS. — The Dickman Company Inc./CORFAC International has brokered the sale of a 187,000-square-foot industrial building in Sturtevant, about 28 miles south of Milwaukee. The sales price was not disclosed. The property is located at 2620 90th St. Gallo Business Center Investments LLC purchased the building from 90th Street Industrial LLC. Samuel M. Dickman Jr., Samuel D. Dickman and Zach Noble of Dickman brokered the transaction.
WATERFORD, MICH. — Marcus & Millichap has arranged the sale of Secured Self Storage in Waterford, about 35 miles northwest of Detroit. The sales price was not disclosed. The 72,125-square-foot self-storage facility is located at 4303 Highland Road. Built in 1982, the property consists of 20 climate-controlled units and 535 standard units. Brett Hatcher and Gabriel Coe of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured and represented the out-of-state buyer.
LINCOLN, R.I. — CBRE New England has negotiated the sale of Albion Crossing, a 280,982-square-foot flex building in Lincoln. The sales price was not disclosed. CBRE represented the seller in the transaction, Albion Crossing LLC. The buyer was an affiliate of FoxRock Properties LLC. Located at One Albion Road in Lincoln, the property was originally developed as the global headquarters for A.T. Cross Co., a manufacturer of high-quality ballpoint and fountain pens. In 2007, Cross sold the building and it was converted to a mixed-use flex office building. Current tenants include United Natural Foods, Zebra Technologies, Granite Telecommunications and Vicor Technologies Inc.
PHARR, TEXAS — Private developer and investor Carlos Canales has begun work on Pharr Bridge Business Park, a 330,000-square-foot warehousing development located near the Pharr-Reynosa International Bridge in the Rio Grande Valley (RGV) metro of Pharr. The property will include three 100,000-square-foot facilities and one 30,000-square-foot facility, all of which will be designed as build-to-suits for firms specializing in storage of dry and frozen goods, according to local newspaper Rio Grande Guardian. Local media sources also report that the project is expected to create about 130 new jobs, and that Canales has provided about $25 million in development financing while the Pharr Economic Development Corp. has provided about $1.3 million.
AURORA, ILL. — Principle Construction Corp. has completed tenant improvements for Magick Woods in Aurora, located about 40 miles west of Chicago. The manufacturer and distributor of bathroom vanities, sinks and vessels occupies a 375,000-square-foot industrial space at 1600 Sequoia Drive. Improvements included the addition of a new 3,501-square-foot office space, a 94,276-square-foot racking area, a 7,800-square-foot assembly area, 58 trailer storage spaces, battery charging stations and LED lighting. Magick Woods also plans to expand its warehouse into the remaining 161,301 square feet of the building. Seefried Properties and LIT Industrial Limited Partnership own the building, which Principle constructed in 2016. Darrin Dehmlow and Tom Sterbenz of Principle oversaw the project. Harris Architects provided design services.
BARTLETT, ILL. — Newmark Knight Frank (NKF) has negotiated the sale of a 186,000-square-foot industrial facility in Bartlett for an undisclosed price. The speculative building is located at 1365-1395 Brewster Creek Blvd. within the Brewster Creek Business Park. The property features a clear height of 32 feet, 35 exterior docks, two grade-level doors and parking for 224 cars. Adam Marshall of NKF represented the seller and developer, Ridge Development. Elise Couston and Mark Deady of NKF represented the buyer, Barings Real Estate, which was acting on behalf of an institutional investor.
CHASKA, MINN. — StorageMart has opened a self-storage facility in the Minneapolis suburb of Chaska. The property contains 544 units and more than 89,000 square feet of rentable space. A variety of storage options include climate-controlled units and drive-through loading bays. Based in Columbia, Mo., StorageMart is privately owned and family operated.
The positive momentum for the Memphis industrial market continues. For the previous three years, the market has had positive absorption every quarter. This momentum continued through 2017, where we saw an annual net gain of 6.6 million square feet of positive absorption. Memphis has not seen this type of multi-year, record-breaking performance since the early 2000s. Achieving year-over-year absorption volume at this level proves Memphis can continue to attract both new developers and investors. Given ideal geographical positioning, Memphis is known as America’s Distribution Center, boasting unparalleled expertise in distribution and logistics. The Memphis International Airport houses the second-busiest cargo airport in the world. Companies recognize that the Memphis MSA offers reliable, cost-effective distribution, with the ability to reach 70 percent of the U.S. population within 24 hours. Moreover, Memphis is one of only three cities with five Class I Rail Systems, and has the fifth-largest inland port, as well as 10 major trucking companies utilizing Interstates 40 and 55. It’s no wonder that FedEx World Hub makes Memphis its home, and UPS chose it to house a major hub. Southeast Submarket The Memphis market continues to see nearly all of its growth to the southeast into Fayette County, Tennessee, …