MURFREESBORO, TENN. — SmartStop Self Storage REIT Inc. has expanded its presence in the Tennessee market after acquiring a storage facility at 1323 N.W. Broad St. in Murfreesboro, roughly 35 miles southeast of downtown Nashville. The seller and sales price were not disclosed. The newly acquired facility spans 62,100 rentable square feet and features 471 storage units, including 384 drive-up units and six RV units distributed across 12 single-story buildings. California-based SmartStop has an owned or managed a portfolio of 217 operating properties in 23 states, Washington, D.C., and Canada, comprising approximately 155,700 units and 17.5 million rentable square feet.
VALLEY COTTAGE, N.Y. — A partnership between Lincoln Equities Group and PCCP LLC has sold a portfolio of three light industrial properties totaling 261,950 square feet in Valley Cottage, about 30 miles north of New York City. The sales price was $62.7 million. The three properties range in size from 64,000 to 112,160 square feet, and the buildings within them range in size from 2,720 to 42,075 square feet and feature clear heights of 20 to 30 feet. The portfolio was 97 percent leased to 17 tenants at the time of sale. JLL represented the partnership in the transaction. The buyer was Invesco Real Estate.
GRAND PRAIRIE, TEXAS — PowerHouse Data Centers, a division of Virginia-based American Real Estate Partners, and the data center development arm of Dallas-based investment firm Provident Realty Advisors, have unveiled plans for a 768-acre campus in the central metroplex city of Grand Prairie. The hyperscale campus will be developed in three phases and will ultimately consist of 24 buildings with a power capacity of 1.8 gigawatts at full build-out. The joint venture has secured all necessary approvals and permits and is moving forward with design and engineering initiatives. Phase I facilities are slated to come on line in May 2026. The project represents the second development in the area for PowerHouse Data Centers, which announced a 50-acre project in Irving last spring.
DALLAS — A partnership between St. Louis-based general contractor Brinkmann Constructors and Asbury Automotive Group has broken ground on a build-to-suit industrial project in Dallas that will deliver a campus-style Porsche and Volvo dealership. The project’s initial phase will involve the demolition of a 600,000-square-foot manufacturing facility and the renovation of an existing Volvo dealership. A 30,000-square-foot addition to the Volvo dealership will feature a 29-bay service shop, parts department and technical facilities. The project also includes the construction of new 140,000-square-foot Porsche dealership with a 70-bay service shop, parts department, tech facilities, offices and a showroom. Praxis3 is the project architect. Completion is slated for early 2027.
SANDY SPRINGS, GA. — Atlanta-based Third & Urban has purchased Northridge Commons, a seven-building industrial flex campus in Sandy Springs, a northern suburb of Atlanta. The 470,000-square-foot property is located at 8601 Dunwoody Place near Ga. Highway 400. Dilweg sold the campus for an undisclosed price. Will Yowell of CBRE’s National Office Partners team in Atlanta represented the seller in the transaction. Mike Ryan, Brian Linnihan and J.P. Cordeiro of CBRE Capital Markets’ Debt & Structured Finance team arranged $48.5 million in acquisition financing for Third & Urban. Northridge Commons was 83 percent leased at the time of sale to a variety of office, flex and warehouse occupiers, including Inspire Brands and Invitation Homes, a subsidiary of Blackstone. Third & Urban says it will reposition some of the office spaces to attract more flex industrial users.
WESTON, FLA. — A joint venture between Dallas-based Lincoln Property Co. (LPC) and Chicago-based Walton Street Capital has acquired a 226,392-square-foot distribution center located at 1600 N. Park Drive in Weston, a city in South Florida’s Broward County. Munich-based Manova Partners sold the property for $43.8 million. José Lobón, Trey Barry, Frank Fallon, Royce Rose, George Fallon, Gabriel Braun and Daniel Sarmiento of CBRE represented the seller in the transaction. LPC will provide property management services and construction oversight for the distribution center, which was partially leased at the time of sale to Mondelēz International Inc., a global food-and-beverage distributor based in Chicago.
SUMNER, WASH. — New York-based Madison Capital has acquired four REI Co-op distribution centers in Sumner, Wash., Bedford, Penn., Goodyear, Ariz. and Lebanon, Tenn., for $230 million in a sale-leaseback transaction, which also includes the land associated with the properties. REI Co-op will continue to maintain and operate all buildings, as well as own all equipment and machinery inside each facility. The co-op’s network of distribution centers services its more than 190 stores across the country, as well as fulfills customers’ online orders. Heartland LLC, in cooperation with BRK Real Estate Advisors, JLL and Foundry Commercial, represented Sumner-based REI.
CLARK, N.J. — French cosmetics company L’Oréal Groupe has announced the completion of its new North America Research & Innovation (R&I) Center located in Clark, roughly 13 miles outside Newark, N.J. The $160 million, 250,000-square-foot scientific research center is L’Oréal’s largest outside of France and will complement existing L’Oréal R&I hubs in Brazil, South Africa, India, China and Japan. “New Jersey has served as our scientific hub here in the United States for over six decades, and we are excited to expand our footprint in the state and bring all our scientific teams together in a beautiful and modern new research facility,” says David Greenberg, president and CEO of L’Oréal USA. The North America R&I Center broke ground in 2022 and comprises a 26,000-square-foot modular laboratory, a consumer center for product testing and co-creation (which accommodates up to 400 patrons) and an onsite mini factory to scale final formulations before full-scale productions. Sustainability attributes of the center include 10,000 solar panels, which meet 70 percent of the facility’s energy needs, an eco-retention pond for stormwater management and employee-led gardening and composting initiatives that create a green workspace. According to company representatives, the North America R&I Center will play a “pivotal …
HOUSTON — ACMI Properties, the development arm of the American Center for Manufacturing & Innovation, will develop Exploration Park, a 1.5 million-square-foot build-to-suit industrial park in southeast Houston. The site spans 207 acres on NASA’s Johnson Space Center campus. Plans for Exploration Park currently call for as many as 22 buildings ranging in size from 15,000 to 500,000 square feet with 24- to 30-foot clear heights and rear- or side-load configurations. Construction is expected to begin in the second quarter and to be complete in late 2026. JLL has been tapped as the leasing agent.
GLENDALE, ARIZ. — Echo Real Estate Capital, in joint venture with Grandview Partners, has completed the sale of Echo Park 303 – Building A in Glendale to LBA Logistics for an undisclosed price. Will Strong, Molly Hunt, Michael Matchett, Madeline Warren and Jack Stamets of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the seller in the transaction. Located at 9701 N. 151st Ave., the freestanding building offers 220,240 square feet of industrial space on 13.7 acres. The asset is park of a larger 38.6-acre industrial business park that also includes a 455,936-square-foot building. Echo Park 303 was originally designed by LGE Design Build.