HOUSTON — Locally based brokerage firm Oxford Partners has arranged the sale of a 50,130-square-foot industrial building in West Houston. According to LoopNet Inc., the property at 5919 Bonhomme Road was built on 2.7 acres in 2002 and features 30-foot clear heights and five dock-high doors. Jacob Summers & Dylan Stiteler of Oxford Partners represented the buyer, Unishow Inc., in the transaction. Martin Tijmes of eXp Realty represented the undisclosed seller.
WEST CALDWELL, N.J. — Chicago-based investment firm Venture One Real Estate has acquired a 94,739-square-foot industrial building in West Caldwell, about 25 miles west of Manhattan. The multi-tenant building was fully leased at the time of sale and features a clear height of 21 feet, eight docks, two drive-in doors and 164 car parking spaces. Alex Previdi of Lee & Associates represented the undisclosed seller in the transaction.
PHOENIX — Cushman & Wakefield has arranged the sale of a last-mile industrial portfolio, totaling 491,152 square feet in Phoenix. The two-building portfolio consists of Canal Crossing, a single-tenant building totaling 155,144 square feet on 10 acres, and Riverside @ 51st, a 336,038-square-foot multi-tenant building on 19.4 acres. At the time of sale, the properties were fully occupied. LaSalle Investment Management acquired Canal Crossing, and Link Logistics purchased Riverside @ 51st. The seller was a joint venture between a privately held national real estate company and a global investment management firm. The prices were not disclosed. Located at 5670 S. 32nd St., Canal Crossing is fully occupied by a leading distributor of aftermarket automotive and RV equipment and accessories in North America. Built in 2015, the facility features 30-foot clear heights, a 130-foot truck court, 37 dock-high doors, two ground-level doors and ESFR sprinklers. Located at 2300 S. 51st Ave., Riverside @ 51st is fully leased to five tenants. Built in 2007, the property features 30-foot clear heights, 135- to 185-foot truck courts, 91 dock-high doors, six ground-level doors and ESFR sprinklers. Will Strong, Kirk Kuller, Michael Matchett and Molly Hunt of Cushman & Wakefield’s National Industrial Advisory Group brokered the …
HENDERSON, COLO. — BridgeCore has provided $12.8 million in expedited refinancing for a single-tenant industrial building in Henderson. This is the first financing provided under BridgeCore’s new Middle Market Loan Program, which launched in fall 2023 as an alternative to traditional life insurance company financing. BridgeCore structured a three-year loan with 18 months of yield maintenance for the undisclosed borrower. The borrower required an expedited transaction, which closed prior to year-end 2023, due to a bank loan that matured at the end of September 2023. The borrower also required cash-out proceeds for repatriation of capital, which was available with the 64 percent loan-to-value refinance.
SAN ANTONIO — Marcus & Millichap has brokered the sale of a 3.2-acre self-storage development site located at 5361 Pearsall Road in southwest San Antonio. Jon Danklefs of Marcus & Millichap represented the seller, an undisclosed limited liability company, in the transaction. Danklefs also procured the buyer, DD&B Construction, which did not disclose specific development plans for the site.
HOUSTON — ChipTech, a manufacturer of low-voltage cables for the communications industry, has signed a 14,350-square-foot industrial lease in northwest Houston. The space is located within Pine Timbers Distribution Center and includes 1,655 square feet of office space. Andrew Bischoff and Tyler Holt of Finial Group represented ChipTech in the lease negotiations. Bridge Commercial Real Estate represented the undisclosed landlord.
PHOENIX — Minneapolis-based The Meritex Co. has acquired a flex industrial building, located at 3930 E. Watkins St. in Phoenix. Simone Charitable Foundation sold the asset for $20.3 million. Built in 1999 on 7.9 acres, the 101,932-square-foot building was fully occupied at the time of sale. The property is located near Sky Harbor International Airport. Brian Ackerman of Colliers handled the sale transaction and assisted in structuring the financing for the seller.
ALLENTOWN AND BETHLEHEM, PA. — New Jersey-based investment firm Denholtz Properties has acquired a portfolio of 18 industrial buildings totaling 723,734 square feet in the Lehigh Valley. Denholtz acquired the buildings, which are located in Allentown and Bethlehem, in a joint venture with an undisclosed partner. Brad Ruppel and Tristan Cade of CBRE represented the seller, PennCap Properties, in the transaction. The sales price was not disclosed.
By John Faur, Newmark Zimmer The Kansas City industrial real estate market has been on a historical run since 2020 with over 40 million square feet of inventory added in that time frame. This run of new construction has catapulted Kansas City to the 15th largest industrial market in the country by square footage, despite only being the 31st largest MSA by population. During most of this period, the strong market dynamics which exist in Kansas City, such as strategic highway infrastructure, a centralized location, four Class-1 railroads, availability of bulk land sites and an active development community, were further amplified by the low-interest rate climate and record levels of tenant activity. The continued high pace of speculative industrial construction starts in 2022 positioned 2023 to experience a healthy amount of new deliveries, with almost 8 million square feet of speculative industrial space delivering to the market. While the financial markets presented opportunity during this run of growth, continuous rate hikes in 2023 created challenges that resulted in a significant decrease in year-over-year speculative construction starts (3.5 million square feet of speculative construction has occurred year to date in 2023 as compared with more than 13 million square feet in …
OLD BRIDGE, N.J. — Paragon Packaging has signed a 192,000-square-foot industrial lease in Old Bridge, about 40 miles south of Manhattan. The packaging firm is taking space at Building 2 at the 4.2 million-square-foot Central 9 Logistics Park, which is under construction and expected to be complete in the second quarter. Mindy Lissner, Bill Waxman, Christine Eberle, David Gheriani, Jeff Volpi and Morgan Nitti of Cushman & Wakefield represented the landlord, 2020 Acquisitions, in the lease negotiations. Kyle Eaton of Newmark represented Paragon Packaging.