WILDWOOD AND LADY LAKE, FLA. — Strategic Storage Growth Trust III Inc. has purchased two self-storage facilities in The Villages, a master-planned community in Central Florida spanning 5,600 acres. California-based Strategic Storage Growth Trust III is a private company that intends to qualify as a REIT sponsored by an affiliate of SmartStop Self Storage REIT. The self-storage assets include a 1,010-unit property at 5688 Florida Highway 44 in Wildwood and a 750-unit facility at 175 Rolling Acres Road in Lady Lake. The 187,400-square-foot portfolio represents the first acquisition for Strategic Storage Growth Trust III since it launched in May 2022. The seller and sales price were not disclosed.
ORLANDO, FLA. — Albany Road Real Estate Partners has purchased Challenger South I and II, a two-building office portfolio in Orlando totaling 147,000 square feet. Boston-based Taurus Investment Holdings LLC sold the buildings for an undisclosed price. Patterson Real Estate Advisory Group arranged an undisclosed amount of acquisition financing through Beach Bank for Boston-based Albany Road. Located on 15 acres within Central Florida Research Park, Challenger South I and II were 93 percent leased at the time of sale to eight tenants, including Vectrus, Microsemi Storage Solutions and Rockwell Collins. The buildings provide a real estate ratio of 80 percent offices and 20 percent high-bay warehouse space.
OGDEN, UTAH — Fort Worth, Texas-based MAG Capital Partners has acquired a cold storage facility located at 130 W. 28th St. in Ogden. Luis Ortega of Marcus & Millichap represented the seller, a private investor, in the deal. The sales price was not disclosed. Western Gateway Storage Corp. occupies the 62,881-square-foot property, which is situated on 1.3 acres. The tenant provides cold chain solutions, including cold and freezer storage warehousing, ambient and temperature-controlled fulfillment and refrigerated transportation services. The two-story facility features 22,000 square feet of both cooler and freezer spaces, a 16,550-square-foot warehouse and a roughly 1,800-square-foot office. The facility also features three loading docks and four drive-in doors with clear heights from 10 feet to 12 feet.
DALLAS — Locally based firm M2G Ventures will undertake a 112,741-square-foot industrial redevelopment project in Dallas. The project will convert Commonwealth Center, a six-building light industrial park located between the East Brookhollow area and the Dallas Design District, into a flexible space that can support traditional users, as well as tenants with distillery, brewery or roastery needs. Capital improvements will include storefront upgrades, enhanced landscaping and public art installations. M2G Ventures will also rebrand the site as The Archetype.
ARLINGTON, TEXAS — Incab America, a manufacturer of fiber optic cables, has signed a 40,000-square-foot industrial lease in Arlington. According to LoopNet Inc., the single-tenant building at 2821 E. Randol Mill Road was constructed in 1968. Reed Parker and Mark Graybill of Lee & Associates represented the landlord, Arden Logistics Management LLC, in the lease negotiations. Riley Maxwell and John Brewer of Transwestern represented Incab America.
NEW YORK CITY — Los Angeles-based lender PCCP LLC has provided a $43.5 million senior construction loan for a 58,950-square-foot industrial project in The Bronx. The facility at 1100 Leggett Ave. in the Hunts Point neighborhood will be a build-to-suit for a subsidiary of Brambles, an Australian manufacturer of pallets, crates and containers. Chris Peck and Pete Rotchford of JLL placed the loan with PCCP on behalf of the borrower, Innovo Property Group.
BAY SHORE, N.Y. — Cushman & Wakefield has negotiated a 115,184-square-foot industrial lease at 158 Candlewood Road in the Long Island community of Bay Shore. Sean Duffy and Nicholas Gallipoli of Cushman & Wakefield represented the tenant, paper and packaging products supplier Lindenmeyr Munroe, which is expanding its Long Island presence, in the lease negotiations. Leslie Lanne, Doug Omstrom and Max Omstrom of JLL represented the landlord, Rockefeller Group.
FREDERICKSON, WASH. — A joint venture between a real estate fund advised by Crow Holdings Capital and Panattoni will develop four warehouse/distribution buildings totaling more than 2.3 million square feet in Frederickson. Located at Canyon Road East and E. 176th Street, the 310-acre FRED310 site has received its State Environmental Policy Act approval. Delivery of the new buildings is slated for no later than first-quarter 2024. The project’s Phase I will consist of four Class A buildings of 753,199 square feet, 437,360 square feet, 549,320 square feet and 614,020 square feet. The buildings will offer ample dock-high and grade loading, 36- to 40-foot clear heights, auto/trailer parking and large modern truck courts. The development team has executed a lease for 1.1 million square feet in the project’s Building C to a leading specialty retailer. Scott Alan, Patrick Mullin and Connor Cree of Cushman & Wakefield are marketing the properties for lease. Upon complete buildout, FRED310 will offer as much as 4 million square feet of Class A industrial product.
GOLETA, CALIF. — PSRS has secured an undisclosed borrower with $18 million in construction take-out financing for Cabrillo Business Park, a 232,143-square-foot, three-building flex campus in Goleta. PSRS arranged a non-recourse, 12-year fixed-term loan through one of its correspondent life insurance companies.
MINNEAPOLIS — Westmount Realty Capital has acquired the West Tech Industrial Portfolio in metro Minneapolis for an undisclosed price. The portfolio’s five buildings total 316,752 square feet and are located within the Twin Cities Medical Alley and Golden Triangle. The Plymouth buildings total 126,936 square feet and were constructed in 2001. The Eden Woods buildings were constructed in 1985 in Eden Prairie. Lastly, the Cedar building is a flex industrial facility spanning 65,484 square feet. The portfolio is 90 percent leased to 13 tenants across multiple industries such as aeronautics, defense, life sciences and technology. Westmount plans to make upgrades to the roofs and HVAC systems.