NATICK, MASS. — Empire Management has purchased a 25,000-square-foot industrial building in the western Boston suburb of Natick for $6.4 million. According to LoopNet Inc., the building at 197 W. Central St. was originally constructed on three acres in 1955. Bernard Gibbons of regional brokerage firm ABG Commercial Realty represented Empire Management in the transaction. The seller was not disclosed.
DENVER — BKM Capital Partners has purchased West 6th Center, a light industrial property at 1780 W. 6th Ave. in Denver, for $10.7 million. BKM acquired the asset through a joint venture partnership with TerraCore Capital. Built in 1995, the facility features a 69,575-square-foot unit, a 29,745-square-foot unit and a 23,463-square-foot unit. The asset offers 16- to 20-foot clear heights, a small office component, 50,000 square feet of secured yard space, two oversized grade-level loading doors, 26 dock-high doors and five mobile metal ramps to convert select dock-high doors to drive-in doors. At the time of sale, three occupants fully occupied the 122,783-square-foot small-bay industrial building. BKM plans to invest $7 million into a value-add repositioning plan to modernize the asset. Plans include upgrades to the property’s roof, parking lots, HVAC systems, paint scheme, landscaping, signage and storefronts, as well as capital for speculative tenant improvements. The buyer plans to divide the 69,575-square-foot property and convert it into four smaller units to create six total units ranging from 20,464 square feet to 40,928 square feet. Alec Rhodes, Aaron Valdez and Raymond Trevisan of Cushman & Wakefield represented the undisclosed seller, while BKM represented itself in the deal.
While there has been a discernible dip in the volume of industrial leasing activity occurring in the greater Baltimore metropolitan area this past year, optimism remains high among owners and investors of this asset class given the diminishing volume of new product under construction, the still low 7.4 percent overall vacancy rate, record high — yet stabilizing — average asking rents of $10.54 per square foot net and the fact that 10 million people are not likely to soon move away from the Baltimore-Washington, D.C. corridor, the fourth-largest combined metropolitan statistical area in the country. Oh yes, spirits remain high following the Baltimore Orioles’ underdog ride to the top of the American East standings this summer. Never underestimate the power of a professional sports franchise to energize an entire region. The metro Baltimore industrial market consists of more than 3,600 buildings, totaling more than 266 million square feet of space that includes flex and industrial Class A, B and C buildings. Year-to-date, the market has yielded negative absorption of approximately 1 million square feet of space, including nearly 300,000 square feet this past quarter. The bad news of GXO Logistics shuttering a 571,000-square-foot distribution center in Harford County and laying …
GOODLETTSVILLE, TENN. — OSB Holdings LLC, an entity controlled by Nashville-based Gorney Realty Co., has acquired the Old Stone Bridge Industrial Portfolio at 300 Old Stone Bridge Road in Goodlettsville. Situated about 14 miles south of Nashville via I-65, the property comprises two shallow-bay service centers totaling 45,000 square feet. The buildings were 96 percent leased to 14 tenants at the time of sale. Steve Preston, Jack Armstrong and Will Goodman of CBRE represented the undisclosed seller in the transaction, and Gorney was self-represented. The sales price was not disclosed.
FORT WORTH, TEXAS — CHEP USA, a provider of pallets and containers for a variety of industries, has signed a 155,200-square-foot industrial lease renewal at 5301 Alliance Gateway Freeway in North Fort Worth. The site spans 11.4 acres, and the facility, which was built in 1996, features 26-foot clear heights, 122- to 125-foot truck court depths and parking for 102 cars and 93 trailers. Canon Shoults and Maddy Canty of Holt Lunsford Commercial represented the landlord, Brookfield Properties, in the lease negotiations. Greg Lance of Cushman & Wakefield represented the tenant.
GRAND JUNCTION, COLO. — DXD Capital has purchased a seven-property self-storage facility portfolio in Grand Junction, located in the western part of the state near the Utah border. DXD acquired the assets through DXD Self Storage Fund II, which launched in 2022. The price and sellers were not disclosed. Totaling 135,588 net rentable square feet, the portfolio offers 923 units. DXD hired StoragePro as third-party manager for the seven facilities. The buyer plans several capital improvements for the properties, including increased security measures and ADA paving projects at some facilities. The properties will continue to operate under the Hill and Home Storage brand. Adam Schlosser and Thomas Parsons of Marcus & Millichap represented DXD Capital in the deal.
WAUKEGAN, ILL. — PREMIER Design + Build Group has completed the redevelopment of an aging, 225-acre business park in the Chicago suburb of Waukegan into a modern campus for high-tech manufacturing, logistics and life sciences users. PREMIER’s work to reinvent the former McGraw Park Campus began 10 years ago. The original development was named for Foster McGraw, who founded the American Hospital Supply Corp. (AHSC). The company occupied the campus before being acquired by Baxter Travenol Laboratories in 1985. The property is located on Waukegan Road near I-94. PREMIER completed the redevelopment project in three phases, ultimately demolishing 1.2 million square feet of obsolete space. The last remaining building on the campus was a 1970s-era concrete warehouse. PREMIER tore down the building and replaced it with a state-of-the-art distribution facility for The Visual Pak Cos., a contract packaging company. The new building features a cross-dock configuration with more than 50 loading docks. Overall, the new business park totals 11 buildings and 3.4 million square feet of Class A space. Tenants include Medline, Amazon, Jelly Belly and Peloton. Throughout the project, PREMIER worked with Cornerstone Architects Ltd., Swift Structural Design, LJB Inc. and Manhard Consulting Ltd.
AUBURN HILLS, MICH. — Colliers has brokered the sale of a 66,000-square-foot industrial building located at 1227 Centre Road in Auburn Hills. The sales price was undisclosed. Joseph Gatliff of Colliers represented the private buyer and structured a short-term leaseback with the seller, a global supplier in the thermal solutions and fluid systems industry. The new owner is working with prospective tenants with the goal of finding a long-term user.
INDIANAPOLIS — Time Equities Inc. (TEI) has acquired a 55,000-square-foot warehouse in Indianapolis for $3.3 million. Located at 1840 Midwest Blvd., the property was developed in phases from 1995 until 2004. The building, which features a clear height of 30 feet, three loading docks and 21 drive-in doors, is situated about 11 miles from the Indianapolis International Airport and five miles from the Indianapolis Motor Speedway. Anchored by R&R Plumbing, an affiliate of Berkshire Hathaway, the property is 94 percent leased. Max Pastor and Brian Soto led the transaction on behalf of TEI. Brian Dell of Colliers represented the undisclosed seller, while Tony Hupp and Ryan Kelly of Colliers represented TEI. Hupp and Kelly will also handle leasing of the property on behalf of TEI.
CHEROKEE, ALA. — An affiliate of AE Industrial Partners (AEI), a private equity firm specializing in aerospace investments, has purchased a vacant industrial facility in Cherokee spanning nearly 2.3 million square feet. The Retirement Systems of Alabama sold the facility to AEI for an undisclosed price. The property sits on a 638-acre site at 1200 Haley Drive in northwest Alabama’s Shoals area and was previously home to tenants including National Steel Car, Navistar and FreightCar America. AEI plans to renovate the facility to serve as an aerospace center and house the headquarters of aerospace suppliers, manufacturers and innovators. The company will also be partnering with Poarch Band of Creek Indians, a federally recognized tribe of Native Americans with reservation lands in lower Alabama, on the project. The facility sits roughly 75 miles west of NASA Marshall Space Flight Center and the U.S. Space and Rocket Center in Huntsville, Ala.