LAS VEGAS — Gantry has secured a $7 million permanent loan to retire construction financing for Epic Storage @ Ann Road, a self-storage facility in Las Vegas. Located at 10490 Hammer Lane, the property features 681 self-storage units and 46 RV parking spaces. The Class A property was delivered in third-quarter 2023. Chris Funai of Gantry’s Las Vegas office represented the borrower, a local real estate developer. The 10-year loan was procured from one of Gantry’s insurance company correspondents at a fixed rate and 30-year amortization period.
Industrial
Marcus & Millichap Brokers Sale of 4,800 SF Industrial Building in Redwood City, California
by Amy Works
REDWOOD CITY, CALIF. — Marcus & Millichap has arranged the sale of an industrial property located at 2549 Middlefield Road in Redwood City, located in the southern Bay Area. An individual sold the asset to an undisclosed buyer for $1.7 million. Built in 1975, the 4,800-square-foot building features two grade-level roll-up doors, office space and two bathrooms. The property is currently undergoing significant street improvements, which will add to traffic counts. Carlos Azucena and Joshua Johnson of Marcus & Millichap represented the seller in the deal.
FORT PIERCE, FLA. — Stonemont Financial Group has completed South Florida Logistics Center 95, a 1.3 million-square-foot industrial park in Fort Pierce, a city in Southeast Florida’s St. Lucie County. The complex is located at the intersection of South Kings Highway and Orange Avenue, near I-95 and the Florida Turnpike. At 1.1 million square feet, Building 1 at the complex is the largest speculative building in Southeast Florida, according to Stonemont, while Building 2 spans 245,000 square feet. The design-build team includes construction firm Evans General Contractors, architect Ware Malcomb and civil engineer Engineering Design & Construction Inc. Sky Groden of JLL’s Fort Lauderdale office is handling leasing at South Florida Logistics Center 95, both buildings of which are available for lease.
Madison Capital, BCDC Break Ground on Five-Story Self-Storage Property in Charlottesville, Virginia
by John Nelson
CHARLOTTESVILLE, VA. — A joint venture between Madison Capital Partners and Batson-Cook Development Co. (BCDC) has broken ground on Go Store It Self Storage Charlottesville, a five-story self-storage facility. The 704-unit property will be located at the intersection of Rio Road West and Seminole Trail, about three miles north of the University of Virginia. The 92,585-square-foot facility will feature climate-controlled units, interior loading areas and 24/7 security. Project partners include general contractor BenCo Construction, architect JMN Architecture and civil engineer Shimp Engineering. United Bank is providing construction financing to Madison Capital and BCDC, which expect to deliver Go Store It Self Storage Charlottesville in early 2025.
BRENHAM, TEXAS — Locally based brokerage firm Cypressbrook Co. has negotiated a 12,000-square-foot industrial lease at 3265 U.S. Highway 290 in Brenham, about 75 miles northwest of Houston. George Montes of Cypressbrook represented the tenant, construction equipment dealer Berry Cos., in the lease negotiations. Lindi Braddock of Coldwell Banker Properties Unlimited represented the undisclosed landlord.
MDC Realty Advisors, Mancal Properties Receive $12.5M Acquisition Loan for Warehouse in Phoenix
by Amy Works
PHOENIX — MDC Realty Advisors and Mancal Properties have received $12.5 million in acquisition financing for the purchase of 2632 E. Chambers St., an industrial warehouse in Phoenix. The 114,907-square-foot asset features 28-foot clear heights, six dock doors, six drive-in doors and 131 parking spaces. The current tenant inked a long-term lease as part of the transaction and will continue its longstanding history at the property, which is situated in the Sky Harbor Airport market. Will Haass and Eric Tupler of JLL Capital Markets secured the interest-only, fixed-rate loan from a correspondent insurance company for the borrower.
LOGAN TOWNSHIP, N.J. — Aramsco Inc., a distributor of disaster recovery supplies, has signed a 117,000-square-foot industrial lease in Logan Township, located just southwest of Philadelphia. The space is located within Logan North, a seven-building, 3.2 million-square-foot development by Greek Real Estate Partners and Advance Realty Investors. Dean Torosian, Nate Demetsky, Matt Kemery and Paul Torosian of JLL represented ownership in the lease negotiations. Ryan Bowie of ICON Commercial, along with Colin Flynn, David Ricci and Brando Casalicchio from Flynn Cos., represented the tenant.
— By Zach Middleton, senior associate, The Klabin Company/ CORFAC International — Last year brought significant change to the industrial sector across the country. Orange County was not immune to general market factors that were influenced by a sharp rise in interest rates, growing vacancy rates, shallowing tenant demand and increased supply. Fortunately, Orange County remains resilient heading into 2024 due to its prominent geography harbored by major distribution routes along the 5 and 91 freeways, as well as the county’s proximity to the ports. Orange County also proudly showcases one of Southern California’s most diverse tenant pools. This is spearheaded by key sectors like technology and innovation, research, healthcare and biotechnology, manufacturing and aerospace, consumer goods, ecommerce, wholesale and distribution, underscoring its economic versatility and potential for sustained growth. Market breakdown: vacancy rate uptick still below historical average Current vacancy rates across Orange County are as follows: • North County – 2.4% • West County – 4% • South County – 3.5% • Airport – 2.5% Vacancy rates have trended upward but remain below the historical average of 4 percent. A growing number of cheaper sublease options and the slight uptick in vacancy rates have influenced direct deal …
PHILADELPHIA — Philadelphia-based Equus Capital Partners has acquired an industrial portfolio in North Carolina totaling more than 1.4 million square feet. An Equus-sponsored value-added fund doing business as Equus Investment Partnership XII LP purchased the portfolio, which is situated in metro Charlotte and metro Greensboro, earlier this month for $124 million. The nine-building portfolio features buildings ranging from 38,480 to 382,668 square feet in size. The buildings were fully leased at the time of sale to tenants including FedEx, Lenovo and American Woodmark. Eight of the buildings are located in metro Charlotte and together total 1.2 million square feet, with the ninth building located in metro Greensboro spanning 241,050 square feet.
Crescent Communities Delivers 50,276 SF Industrial Facility in Metro Charlotte for Goodwill
by John Nelson
ROCK HILL, S.C. — Crescent Communities has completed the development of a 50,276-square-foot build-to-suit industrial facility located on Galleria Boulevard in Rock Hill, roughly 30 miles outside Charlotte. Goodwill Industries of the Southern Piedmont is the tenant. The warehouse, which is situated within the AXIAL Southgate 77 campus, features 32-foot clear heights, an ESFR sprinkler system, 53 dock-high loading doors, four pit levelers, two drive-in doors and 2,500 square feet of office space. AXIAL Southgate 77 totals 270,557 square feet, including a 220,281-square-foot warehouse that is scheduled for completion this May.