MIAMI — Digiacomo Group and JLL have negotiated the $25.8 million sale-leaseback of a cold storage facility located at 2323 N.W. 72nd Ave. in Miami. The seller, produce distributor Sun Belle LLC, will lease back the 82,261-square-foot property from the new owner, locally based Iconic Equities LLC, which specializes in industrial outdoor storage (IOS) and traditional industrial development. Built in 1978 and renovated in 2019, the cold storage facility sits on a 3.3-acre lot near Milam Dairy Road on the outskirts of the Miami International Airport campus. The property features 30.5-foot clear heights in the warehouse space, 24-foot clear heights in the cooler space, 11 dock-high doors and one grade-level door. Roger Zuniga of Digiacomo Group, along with Cody Brais, Luis Castillo and Taylor Osborne of JLL, represented Sun Belle in the sale-leaseback transaction. Additionally, Christopher Drew, Michael DiCosimo and Jovi Rodriguez of JLL arranged an undisclosed amount of acquisition financing for Iconic Equities.
ARLINGTON, VA. — Cresa has secured the sale of the Portsmouth Building, a vacant 30,000-square-foot office building located at 3138 10th St. N in Arlington. BRB Development Group paid approximately $200 per square foot for the property, with plans to demolish the building to make way for a new self-storage development. Gene Sachs, Jonathan Harms and Natalie Gosnell of Cresa represented the seller, America’s Credit Unions (ACU), in the transaction. ACU is a merger of the Credit Union National Association (CUNA) with National Association of Federally-Insured Credit Unions (NAFCU). ACU consolidated the two companies into new office space at 99 M St. SE in the metro’s Navy Yard submarket.
HOUSTON — The James Campbell Co., a Hawaii-based investment firm, has acquired Beltway Crossing Northwest, a 663,882-square-foot industrial park in northwest Houston. The development comprises three buildings that were fully leased at the time of sale, as well as a 7.4-acre parcel that can support about 150,000 square feet of additional development. Buildings range in size from 67,200 to 441,000 square feet and feature 24- to 32-foot clear heights. The seller and sales price were not disclosed.
LAREDO, TEXAS — A partnership between industrial investment firm Axis and Silicon Valley-based Menlo Equities has broken ground on a 213,781-square-foot project in the Rio Grande Valley city of Laredo. The building will feature 32-foot clear heights, 87 dock-high doors, two drive-in ramps, 130-foot truck court depths and 354 truck trailer stalls. The site also houses 12 acres of undeveloped land for additional trailer parking or outdoor storage. Lee & Associates is leasing the project, which is slated for a third-quarter completion.
MARANA, ARIZ. — FJM Merced Associates LP has acquired 26,400 square feet of industrial space at 6898-6910 N. Camino Martin in Marana, a suburb of Tucson. An entity doing business as Acorn Ventures LLC sold the asset for $2.5 million. Alex Demeroutis and Andrew Keim of Cushman & Wakefield | PICOR represented the buyer, while Max Fisher of BRD Realty represented the seller in the transaction.
BUFFALO GROVE, VERNON HILLS AND ELGIN, ILL. — Westmount Realty Capital has sold a light industrial portfolio in metro Chicago comprising 17 buildings and 925,391 square feet. The portfolio is located within the Lake County and Northern Fox Valley submarkets. Westmount owned and managed the assets for over five years. There are 13 assets in Buffalo Grove and Vernon Hills as well as four properties in Elgin. At the time of sale, the portfolio was 94 percent leased to 154 tenants. New leases with notable tenants included Volkswagen, Subaru of America, Blackjack Lighting, Nexus Pharmaceuticals and American Molecular. Constructed between the late 1980s and early 2000s, the buildings feature an average office finish of approximately 50 percent. Over $6.5 million in total building improvements were completed during the hold period, including modification to reduce office area to meet the demand of the market. The buyer and sales price were undisclosed. Westmount owns and manages 51 buildings totaling nearly 5 million square feet throughout the Chicago market.
MARYSVILLE, MICH. AND MILWAUKEE — An affiliate of Phoenix Investors has acquired two industrial properties totaling roughly 2.3 million square feet and 145 acres in Michigan and Wisconsin for an undisclosed price. The facilities are located at 840 Huron Blvd. in Marysville, Mich., and 3280 S. Clement Ave. in Milwaukee. Both were previously owned by FCA US LLC, a wholly owned subsidiary of global automaker Stellantis, which leases both buildings. Phoenix’s portfolio now exceeds 80 million square feet nationwide. Tony Avendt and Jeff Hoffman of Cushman & Wakefield brokered the sale.
ITASCA, ILL. — Entre Commercial Realty has brokered the sale of a 17,541-square-foot industrial building in Itasca for an undisclosed price. Located at 1211 W. Norwood Ave., the freestanding manufacturing facility offers heavy power and ample parking with immediate highway access. John Joyce and Sam Deihs of Entre represented the buyer, Sea Converting Inc., a custom converter that provides custom-made covers, protectors and cases.
ORLANDO, FLA. — CBRE has arranged the $20 million sale of Chancellor Square, an industrial complex spanning 142,069 square feet in Orlando. Boca Raton, Fla.-based Basis Industrial purchased the property from Miami-based B Group Capital Management. Ronald Rogg of CBRE represented the seller in the transaction, along with Sebastian Barbagallo and Franco Barbagallo of B Group Capital. Anthony Scavo and Ahmad Elayyan represented Basis Industrial internally. Situated on 23 acres in Orlando’s Central Park area, Chancellor Square comprises three single-story freestanding buildings that feature light industrial, flex and showroom space. The property was fully leased at the time of sale to government and publicly traded companies, according to CBRE.
HEBRON, KY. — Brennan Investment Group has purchased a 100,000-square-foot industrial facility located at 1102 Aviation Blvd. near the Cincinnati & Northern Kentucky International Airport (CVG) in Hebron. The property is located on 18 acres off I-275 near Amazon Prime Air Hub. The seller and sales price were not disclosed, though Brennan says it purchased the infill facility at below replacement cost. The Chicago-based investment firm plans to renovate and update the facility over the course of its ownership.