Industrial

Robinson Weeks Breaks Ground on 635,328 SF Industrial Building in North Charleston

by John Nelson January 10, 2024

NORTH CHARLESTON, S.C. — Atlanta-based Robinson Weeks Partners has broken ground on Charleston Global Crossing, a 635,328-square-foot industrial building located at 4601 Franchise St. in North Charleston. Situated near Dorchester Road, the site is in close proximity to I-26 and I-526, as well as within six miles of Charleston International Airport and 14 miles from the Port of Charleston. Matt Davis with Robinson Weeks is handling the leasing assignment for Charleston Global Crossing along with Hagood Morrison, Hagood Morrison II and John Beam of Bridge Commercial. Upon completion, the cross-dock building will include 2,238 square feet of modern office space and high-quality warehouse lighting. The construction timeline was not disclosed.

January 10, 2024

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Brokers $55.6M Sale of Tampa Airport Logistics Industrial Park

by John Nelson January 9, 2024

TAMPA, FLA. — Cushman & Wakefield has brokered the $55.6 million sale of Tampa Airport Logistics, a newly constructed industrial park in Tampa’s Airport submarket spanning nearly 300,000 square feet. The two-building property is located at 5450 Johns Road and 5416 W. Sligh Ave., about six miles north of Tampa International Airport. Tampa Airport Logistics was fully leased at the time of sale and features 32- to 36-foot clear heights, 52- by 50-foot column spacing, ESFR fire protection and a 192-foot shared truck court. Clarion Partners purchased the property on behalf of a separate client from PCCP LLC. Rick Brugge, Mike Davis, Rick Colon, Dominic Montazemi, Ryan Jenkins and Chloe Strada of Cushman & Wakefield represented the seller in the transaction.

January 9, 2024

Acquisitions Company News Illinois Industrial Midwest Self-Storage

Inland Agrees to Acquire Majority Interest in Devon Self Storage

by Kristin Harlow January 9, 2024

OAK BROOK, ILL. — The Inland Real Estate Group of Cos. Inc. has agreed to acquire a majority interest in the business of Devon Self Storage Holdings LLC. Financial terms of the agreement were not disclosed. Devon manages 202 properties totaling roughly 109,000 units nationally. Founded in 1988 by Ken Nitzberg, Devon has owned, managed or developed more than 350 self-storage facilities in 27 states and three European countries throughout its history. Since entering the self-storage sector in 2016, Oak Brook-based Inland has amassed a $1.7 billion self-storage portfolio of both stabilized assets and development projects across 30 states. Inland plans to grow Devon’s third-party management and development platform.

January 9, 2024

Acquisitions Arizona Industrial Western

BKM Capital Partners Acquires Gateway University Industrial Parks in Tempe, Arizona for $48M

by Amy Works January 9, 2024

TEMPE, ARIZ. — BKM Capital Partners has purchased two multi-tenant industrial parks in Tempe for $48 million, or $178.80 per square foot, from Stockbridge Capital Group. The properties, Gateway University Park I & II, total 268,409 square feet of industrial space. At the time of sale, the asset was 99 percent leased to 77 tenants. Located at 1605-1635 and 1705-1797 W. University Drive, the assets consist of 16 tilt-up buildings offering 81 units that range in size from 1,712 square feet to 22,352 square feet. Built in 1982 and 1983, the properties feature two dock-high and 106 ground-level loading doors, 16-foot to 22-foot clear heights and a parking ratio of 3.73 per 1,000 square feet. BKM plans to implement a $2.4 million capital improvement plan to update the asset’s efficiency and bring the building up to the brand’s standards. Planned improvements include upgrades to the roofs, parking lots, landscaping, HVAC systems, signage and paint scheme. Will Strong, James Carpenter, Kirk Kuller, Robert Buckley, Tracey Cartledge, Michael Matchett and Molly Hunt of Cushman & Wakefield represented BKM in the transaction.

January 9, 2024

Heritage-Industrial-Center-Chula-Vista-CA

Acquisitions California Industrial Western

Rockefeller Group Divests of 202,760 SF Heritage Industrial Center in Chula Vista, California

by Amy Works January 9, 2024

CHULA VISTA, CALIF. — Rockefeller Group has sold Heritage Industrial Center, a three-building, 202,760-square-foot industrial project in Chula Vista, just south of San Diego. EQT Exeter purchased the complex for an undisclosed price. Situated on 11.5 acres, the project features a 105,550-square-foot building, a 56,470-square-foot building and a 40,740-square-foot building. Each building was developed on a separate land parcel and was vacant at the time of sale. Construction on Heritage begin in June 2022 and was completed in September 2023. Rockefeller Group acquired the land from Carlsbad-based HomeFed Corp. EQT Exeter’s San Diego office, led by Caitlin Little, will handle leasing and asset management for Heritage. Michael Mossmer and Patrick Connors of Voit Real Estate Services represented Rockefeller Group on the leasing efforts and the sale of the project. Jeffrey Cole, Jeff Chiate, Bryce Aberg, Brad Brandenburg, Zachary Harman and Mike Adey of Cushman & Wakefield’s National Industrial Advisory Group represented Rockefeller Group on the investment sale element of the project. The development team included SCA Architects, Kimley-Horn and TFW Construction.

January 9, 2024

Acquisitions Industrial New York Northeast

Houlihan Lawrence Arranges $18.5M Sale of Two Warehouses in Brewster, New York

by Taylor Williams January 9, 2024

BREWSTER, N.Y. — New York-based brokerage firm Houlihan Lawrence Commercial has arranged the $18.5 million sale of two warehouses in Brewster, about 55 miles north of Manhattan. The steel-frame buildings span a combined 99,900 square feet across 15 acres near Exit 8 of I-684. John Ravetto of Houlihan Lawrence represented the seller, locally based contractor Alfredo Site Development Co., in the transaction. Stan Putko of Orenda Estates LLC represented the undisclosed buyer.

January 9, 2024

Development Florida Self-Storage Southeast

Go Store It Opens 530-Unit Self-Storage Facility in Pensacola, Florida

by John Nelson January 8, 2024

PENSACOLA, FLA. — Go Store It Self Storage, an affiliate of Madison Capital Group, has opened a new, 530-unit self-storage facility at 3670 N. L St. in Pensacola. Totaling 530 units, the property features climate control, as well as recorded video surveillance and keypad access for security. BenCo Construction completed the project, an adaptive reuse of a former office building, on behalf of Go Store It. Monthly rental rates at the property begin at $36, according to the facility website.

January 8, 2024

Acquisitions Industrial Southeast Tennessee

Urban Story Ventures Acquires 169,000 SF Manufacturing Facility in Chattanooga

by John Nelson January 8, 2024

CHATTANOOGA, TENN. — Urban Story Ventures has acquired a 169,000-square-foot manufacturing facility located at 3800 Amnicola Highway in Chattanooga. New York City-based Arcade Beauty sold the property, which includes two buildings comprising 130,000 and 39,000 square feet, respectively. The larger building features climate-controlled areas and fire suppression, and the second building offers office and industrial flex space. Additionally, the site includes 9.8 acres of undeveloped land zoned for manufacturing. Urban Story will serve as the landlord and property manager for the site as Arcade Beauty transitions to a new location in Chattanooga. The sales price was not disclosed.

January 8, 2024

Acquisitions Industrial Texas

Partners Negotiates Sale of 14,800 SF Industrial Building in Cleveland, Texas

by Taylor Williams January 8, 2024

CLEVELAND, TEXAS — Partners Real Estate has negotiated the sale of a 14,800-square-foot industrial building in Cleveland, located about 50 miles northeast of Houston. The site at 699 US Highway 59 S. spans 17.7 acres. The building was constructed in 2007 and features 24-foot clear heights, according to LoopNet Inc. Wyatt Huff and Hunter Stockard of Partners represented the seller and occupant, farm equipment provider Rakesales, in the transaction. Paul Compton of JLA Realty represented the buyer, American Friction Inc.

January 8, 2024

California Industrial Loans Western

PSRS Arranges $25M Refinancing for Industrial Property in Paramount, California

by Amy Works January 8, 2024

PARAMOUNT, CALIF. — PSRS has arranged $25 million in cash-out refinancing for an industrial property in the Los Angeles suburb of Paramount. Built in 1979, the property is a concrete tilt-up, 282,000-square-foot facility with 270 parking spaces. David Semmer of PSRS provided the undisclosed borrower with a nonrecourse loan with an eight-year term and 25-year amortization schedule. The loan was financed with a life insurance company.

January 8, 2024

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