BEREA, OHIO — Tempus Realty Partners has purchased a 57,948-square-foot industrial facility located at 140 Blaze Industrial Parkway in Berea, a western suburb of Cleveland. The purchase price was $4.4 million. Tempus acquired the property from TMG Performance Products LLC.
LAS VEGAS — Gantry has secured a $17 million fixed-rate refinancing for the first phase of Silverado Commerce Center, an industrial property in southwest Las Vegas. The borrower is a private real estate investor, which developed the property. Proceeds of the loan will pay off the developer’s construction loan. Chris Funai of Gantry arranged the 10-year loan, which features a fixed rate and a 30-year amortization schedule. One of Gantry’s correspondent life company lenders provided the funds. The property features two industrial buildings totaling 141,000 square feet. At time of financing, the asset was fully occupied by multiple tenants.
FORT WORTH, TEXAS — North Texas Amusement, a provider of coin-operated jukeboxes, has signed a 16,000-square-foot industrial lease renewal at Riverbend Business Park in Fort Worth. The 32-building, 1.4 million-square-foot development is located on the city’s northeast side. William Wilson and George Jennings of Holt Lunsford Commercial represented the landlord, Riverbend Properties, in the lease negotiations. The tenant was self-represented.
CAROL STREAM, ILL. — Mainfreight has signed a build-to-suit lease for a 57,100-square-foot freight terminal in the Chicago suburb of Carol Stream. Chicago-based Timber Hill Group owns the property in a joint venture with Champion Realty Advisors. TH LLC, a special purpose entity managed by Timber Hill and Champion, acquired the site in May. Mainfreight’s new terminal will feature 81 dock doors and parking for 92 cars, 88 trailers and 44 tractors. There will also be a 70-foot-wide dock area and a 20,000-square-foot, two-story office space complete with a kitchen and locker rooms. The facility will serve as Mainfreight’s North American headquarters. Construction is scheduled to begin in November with completion slated for early 2025. Mainfreight is a New Zealand-based logistics company providing end-to-end freight service solutions, including warehousing, domestic distribution and international air and ocean services. The company operates in 26 countries with more than 11,000 employees. Mainfreight currently has an office in Franklin Park, Ill. The project in Carol Stream is the first of two terminal build-to-suits that Timber Hill and Champion are developing on behalf of Mainfreight.
NEW YORK CITY — JLL has negotiated the $27.5 million sale of flex property located at 185 Van Dyke St. in Brooklyn’s Red Hook neighborhood that was originally built in the mid-1800s. According to LoopNet Inc., the property totals 100,697 square feet and can support office, retail and light industrial uses. Michael Mazzara, Bob Knakal, Stephen Palmese, Brendan Maddigan, Hall Oster, Jonathan Hageman, Ethan Stanton, Winfield Clifford and Connor McCullough of JLL represented the seller, locally based investment firm Lande Alexander Properties, in the transaction. Dan Morici, also with JLL, represented the buyer, San Francisco-based Terreno Realty Corp.
FAIRFIELD, N.J. — Chicago-based investment firm Venture One Real Estate has acquired a 103,008-square-foot industrial property in the Northern New Jersey community of Fairfield. According to LoopNet Inc., the property at 25 Commerce Road, which was roughly 68 percent leased at the time of sale, was built in 1982 and features a clear height of 24 feet. Leo Joseph and Josh Meisner of Leo Joseph and Co. represented Venture One in the transaction. The new ownership has hired Cushman & Wakefield to market the property for lease. The seller was not disclosed.
ROCK HILL, S.C. — Selwyn Property Group and CIP Real Estate have broken ground on Waterford Business Park, a 240,000-square-foot speculative industrial development in Rock Hill, approximately 30 miles southwest of Charlotte in South Carolina. Upon completion, which is scheduled for the fourth quarter of 2024, the property will comprise two 120,000-square-foot facilities situated on 25 acres at 656 Red River Road. Designed for single-tenant use, the buildings will also have the ability to be subdivided for multi-tenant use. Patrick Gildea, Rob Hardway, Matt Smith, Grayson Hawkins, Trey Barry and Frank Fallon of CBRE secured an $11.1 million limited partnership equity placement for the development of the property.
NASHVILLE, TENN. — Dallas-based MYCON General Contractors is underway on the first phase of construction for Airpark Commerce Pointe, an industrial development situated on 73 acres near Nashville International Airport. The first phase will feature two multi-tenant industrial buildings — 801 and 900 Airpark Commerce Drive — totaling 204,500 square feet. The first building will comprise 94,500 square feet with 14 dock doors and two drive-in doors. The second building will feature 110,000 square feet with 16 dock doors and two drive-in doors. MYCON is constructing the property on behalf of the developer, Hamilton Creek Partners, and Development & Construction Insight will provide construction management services. Delivery is scheduled for late 2024. Melissa Alexander, W.B. Scoggin and Casey Flannery of Foundry Commercial will handle leasing at the development.
ALLENDALE AND MAHWAH, N.J. — Regional investment firm Faropoint has purchased a two-property industrial portfolio in Northern New Jersey for $144.5 million. The portfolio consists of 10 buildings totaling 770,064 square feet across a combined 68 acres. Built in phases in the 1970s and 1980s, Allendale Shallow-Bay Industrial Park consists of seven industrial buildings totaling 370,064 square feet on a 35.1-acre site. The development, which offers dedicated dock-high loading for each unit and 985 total parking spaces, was fully leased at the time of sale to a roster of 19 tenants. Built in the 1960s, Mahwah Industrial Center comprises three buildings totaling 400,000 square feet across 33.2 acres. The complex features a total of 23 drive-in doors, as well as clear heights of 16 feet and parking for 1,463 cars. Mahwah Industrial Center was 91 percent leased to seven tenants at the time of sale. Gary Gabriel, Kyle Schmidt, Ryan Larkin and Seth Zuidema of Cushman & Wakefield represented the seller, a joint venture between Camber Real Estate Partners and Advance Realty, in the transaction. “North Bergen County is one of the tightest industrial submarkets in the state and continues to demonstrate positive market rent growth, leasing velocity and compelling …
GREER, S.C. — Red Rock Developments has signed a 304,884-square-foot lease at the developer’s speculative warehouse in Greer, about 12 miles from Greenville, S.C. Delivered in August, the property is situated within the second phase of Smith Farms Industrial Park, an industrial park that Red Rock owns with capital partner LXP Industrial Trust. Dunlop Sports Americas will fully occupy the building, which features 36-foot clear heights, shipping/receiving offices and dock packages with 40,000-pound hydraulic levelers, seals, dock fans and lights. Marcus Cornelius, Trey Pennington and Jeff Benedict of CBRE represented Red Rock in the lease negotiations. Jeff Head and Tommy Turner of Newmark represented the tenant.
