LAS VEGAS — Strategic Storage Trust II (SST II) has purchased a 745-unit self storage facility in Las Vegas for an undisclosed sum. The facility is located at 590 E. Silverado Ranch Blvd. The property was built in 2002. The four-building facility sits on 3.4 acres. It offers climate-controlled units and drive-up units. The facility is 85 percent occupied. SSTII is sponsored by SmartStop Asset Management LLC.
ROSEMONT, ILL. – The goods distribution industry is in a state of controlled disruption, according to a mid-year update on North American ports and transportation published by Cushman & Wakefield’s ports/intermodal practice group. The report, titled Ship – Shore – To Your Front Door, outlines that sector’s ongoing transition and the resulting opportunities. Challenges and shifts, such as marine terminal closures, driver shortages, new ocean carrier alliances, Panama Canal issues and others have created an increasingly complex environment. Yet according to Cushman & Wakefield’s Kevin Turner, who leads the ports/intermodal practice group, across the supply chain there is light at the end of the tunnel. “Times are changing,” said Turner. “Stakeholders are charting a new way forward with automation, supply chain transparency, new port labor contracts, technological advances, congressional support and stabilizing fuel costs. Occupiers and landlords are positioning with logistics partners to increase delivery metrics, alleviating supply chain bottlenecks with scalable real estate solutions.” Inland Ports Inland ports are steaming ahead across the country. These logistics hubs combine containerized rail intermodal and trucking interchange with warehousing and distribution activity, offering virtually everything found at a seaport except for ships and salt water. The intermodal rail ramps — facilities to …
NEWARK, DEL. — Penguin Industries has completed the sale of a 151,000-square-foot warehouse building located at 701 Pencader within Pencader Industrial Park in Newark. Situated on 8.65 acres, the building has 24-foot clear heights and an ESFR sprinkler system. Wye Realty Advisors arranged the purchase of the property on behalf of the buyer, a Delaware-based private investor, for undisclosed price. AVIR Realty assisted the seller in the deal. Whitewoods Capital Advisors, along with Wye Realty Advisors, originated an acquisition loan for the buyer. At the time of sale, the building was fully leased to two tenants.
HOUSTON — Colliers International has negotiated two office/warehouse leases at 9777 W. Gulf Bank Road in Houston. Donald Fincher of TruCore Commercial represented Armadillo Photo Supply Inc., which leased 9,746 square feet. Stephen Kuper and Preston Yaggi of Lee & Associates represented Helios Digital Packaging Inc., which leased 16,081 square feet. Walter Menuet and Judd Harrison of Colliers International represented the landlord in the transaction.
NORTH LAS VEGAS — Fanatics has leased 400,000 square feet of distribution space at the Northgate Distribution Center in North Las Vegas, which is currently under construction. The 108-acre industrial property will be situated on Lamb Boulevard off Interstate 15. Phase I of the 2 million-square-foot industrial park will include the largest speculative industrial building ever constructed in Southern Nevada, according to the developer, VanTrust Real Estate LLC. This phase will include six buildings once completed this October. Phase II, which will add 600,000 square feet to the project, will commence this month. The sports merchandise retailer is the first tenant to sign at Northgate Distribution Center. The project’s general contractor is Martin Harris Contracting. HPA Architecture will design the center. Dan Doherty of Colliers International represented Fanatics in the deal. CBRE’s Kevin Higgins represented VanTrust in the lease transaction.
ITASCA, ILL. — A buyer in a 1031 exchange has acquired a 40,150-square-foot industrial facility in Itasca, approximately 25 miles northwest of Chicago, for $6.2 million. The building, sold by an undisclosed development firm, is situated within the Spring Lake Business Park. LabCorp of America occupies the facility, which is located on 3.3 acres at 150 Spring Lake Drive. The building underwent a $7.2 million renovation that included a new roof, HVAC units and a parking lot. The facility was also built out to meet the needs of LabCorp, which still has eight years remaining on its lease. Jason Caplan of SVN | Chicago Commercial represented the buyer in the transaction, and Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller.
FAIRFIELD AND FOREST PARK, OHIO — CBRE Group Inc. has brokered the sale of two office and warehouse buildings near Cincinnati for an undisclosed price. Fairfield Business Center totals 44,011 square feet, and Kemper Woods Business Center totals 98,248 square feet. Chicago-based Brennan Investment Group purchased the buildings from two separate undisclosed sellers. Keith Yearout, Jim Vondran, Doug Whitten, Mike Lowe, Tim Schenke and Jeremy Kraus of CBRE represented the two sellers in the transaction. The team will also market the properties for lease.
WAUKEGAN, ILL. — Transwestern has arranged a 48,370-square-foot industrial lease for Design Phase Inc. in Waukegan, approximately 40 miles north of Chicago. Design Phase will occupy space at Amhurst II, a 167,916-square-foot building within the Amhurst Lake Business Park. The company’s headquarters is also located in a separate building within the business park. The building features 24-foot ceilings, four exterior docks, one drive-in door and 1,300 square feet of office space. Located at 3540–3630 Amhurst Parkway, Amhurst Lake Business Park consists of six industrial buildings situated on 452 acres owned by Prudential Real Estate Investors. Tom Boyle and Jared Paff of Transwestern represented the tenant in the transaction.
NEWNAN, GA. — LRC Properties has purchased a 1.9 million-square-foot distribution facility located at 60 Herring Road in Newnan for an undisclosed price. The company also recently signed Variety Wholesalers to a long-term lease at the facility for 1.4 million square feet. LRC plans to upgrade the facility’s roof and parking lot and renovate the interior to accommodate multiple tenants. The former Kmart distribution center is LRC’s first purchase in Georgia. The company now manages roughly 5 million square feet of industrial space on the East Coast.
GOODLETTSVILLE, TENN. — Cohen Financial has closed a $19 million acquisition loan for two industrial parks totaling 13 buildings and 980,000 square feet in Goodlettsville, a suburb of Nashville. The properties, Space Park North and Old Stone Bridge, are situated a mile apart along I-65. The assets are currently leased to more than 50 tenants combined. Dan Rosenberg and Matt Terpstra of Cohen Financial arranged the fixed-rate, 10-year, CMBS loan through Morgan Stanley on behalf of the borrower, an affiliate of Chicago-based Kaufman Jacobs.
