LAS VEGAS – A 1,040-unit self-storage facility in Las Vegas has sold to Strategic Storage Growth Trust (SSGT) for $6.1 million. The facility is located at 4349 South Jones Blvd. The site is 55 percent occupied. The 92,000-square-foot property is located about nine miles from SSGT’s recent acquisition on Russell Road. It will be re-branded under the SmartStop Self Storage trade name.
PHOENIX – A 20,040-square-foot industrial building in Phoenix has sold to Air Services International for $2.3 million. The building is located at 1025 E. Salter Drive within Turner Spectrum Ridge. The seller, Turner Real Estate Investments, was represented by Eric Bell and Mike Ciosek of Voit Real Estate Services’ Phoenix office.
HOUSTON — NAI Houston represented Profill Holdings LLC in the renewal of the company’s lease of 57,098 square feet at 7200 Gateway Drive in Houston. John Ferruzzo and Darren O’Conor of NAI Houston represented the tenant, Profill Holdings LLC. Jude Fillipone of Transwestern represented the landlord, Teachers Insurance and Annuity Association of America (TIAA-CREF).
TYLER, TEXAS — Monmouth Real Estate Investment Corp. has acquired a 163,378-square-foot industrial building located at 800 Lindale Industrial Parkway in Lindale, a suburb of Tyler, for $10.3 million. The property is net leased for 10 years to FedEx Ground Package System Inc. and sits on 18 acres near I-20 and the Union Pacific rail hub.
BRIDGETON, MO. — Hilliker Corp. has arranged the $890,000 sale of a 37,000-square-foot industrial building located in Bridgeton. Merged companies Tri-State Equipment Co. and Ergonomic Partners will move to the property located at 4000 Fee Fee Road. Powell Kalish of Hilliker Corp. represented the buyer, Tri-State Equipment. Andy Port and Pat Reilly of Gateway Commercial Real Estate represented the seller, Justus Holdings LLC. The combined company, which supplies lifting devices, currently has 19 employees. Tri-State Equipment plans to add three to five employees within the upcoming six months due to the new building’s increased production capacity.
The trends in Louisville are typical of a market rebounding. According to CBRE Research, the Louisville market is experiencing rent growth, vacancy declines, construction increases and more speculative product hitting the city. Leasing volume is increasing steadily, and investment sales are peaking as well. The Louisville industrial market remains tight even with several recent construction completions. With more than 100 million square feet of industrial space in the area, Louisville is a major player in the Eastern United States distribution market. Despite several lease and sale transactions consummating in the second quarter of 2014, market vacancy increased slightly to 4 percent, which reflects the fact that several large speculative buildings came on line during the period offsetting otherwise net positive absorption. As expected, with existing industrial inventory levels at an all-time low and new building deliveries coming on line and more on the horizon, market vacancies rose to 3.9 percent in the first quarter of 2014, ending a streak of 13 consecutive quarters of declining vacancy. Louisville remains an extremely tight market, even considering the increase in the vacancy rate. In addition, compared to the percentage of total market size in neighboring cities like Columbus, Cincinnati, Indianapolis, Nashville and Memphis, …
FULLERTON, CHINO AND SANTA ANA, CALIF. — Yokohama Tire Corp. has sold its 439,567-square-foot warehouse facility in Fullerton for $42.7 million. The facility, located at 601 South Acacia Ave., served as the company’s U.S. headquarters. KTR DC III LLC acquired Yokohama’s former facility. CBRE’s Michael Kendall, Darla Longo, Barbara Emmons, Ben Seybold and Andrew Morrow represented Yokohama in the transaction. The tire company has signed a new 15-year lease for a 658,756-square-foot distribution center in Chino. That space is located at 16388 Fern Ave. The landlord is Invesco. Morrow and Seybold once again represented Yokohama, along with David Consani and Joey Sugar of CBRE. Yokohama has also signed a 10-year lease for 57,624 square feet in Santa Ana that will serve as the company’s U.S. headquarters. That space is located at 1 MacArthur Blvd. in Santa Ana. CBRE’s Dean Chandler and John Weiner represented the landlord, Equity Office. Morrow and Seybold, along with Scott Kenny and Garrett Ellis of CBRE, represented Yokohama.
CAMARILLO, CALIF. — Marcus Adams Properties has acquired an eight-property industrial portfolio in Camarillo for $23.4 million. The portfolio contains a total of 205,669 square feet within the Flynn Road Industrial Park. The transaction includes six multi-tenant and two single-tenant industrial buildings. The portfolio is 96 percent leased to 28 tenants. The properties were all built between 1986 and 1999 by a local developer. The same family had owned and managed the properties since completion. Sam Wagner of Told Partners represented the family, and Mitch Conlee of Daum Commercial represented Marcus Adams Properties.
LA MIRADA, CALIF. — All-Ways Pacific LLC has leased a Class A, 254,718-square-foot industrial building located at 15300 Desman Road in the Los Angeles submarket of La Mirada. The warehouse and distribution building has direct access to Interstate 5 and the 91 Freeway. It is 30 minutes from the ports of Los Angeles and Long Beach. Daum Commercial represented the third-party logistics firm in the lease transaction. JLL’s Luke McDaniel and Cameron Driscoll represented the landlord, TA Associates Realty.
LAVERGNE, TENN. — Binswanger has brokered the sale of a single-story, 865,000-square-foot industrial facility located on a 53-acre site at 1714 Heil Quaker Blvd. in Lavergne. The property is located near I-24 and 12.5 miles away from Nashville International Airport. Ashley Capital purchased the asset from Whirlpool Corp. and plans to retrofit it. Ashley Capital has tapped Binswanger to sell the asset once the retrofit is complete. Michael Reid of Binswanger’s Atlanta office represented Ashley Capital in the transaction.