MINNEAPOLIS — CBRE has arranged the sale and recapitalization of an 11-building industrial portfolio totaling nearly 1.4 million square feet in suburban Minneapolis for $143 million. The properties are located in Oakdale, Maplewood, New Hope, Bloomington, Brooklyn Park, Maple Grove, Minneapolis and Roseville. Michael Caprile, Judd Welliver, Ryan Bain, Zachary Graham and Bentley Smith of CBRE represented the seller, Onward Investors, which recapitalized the portfolio with a new capital partner.
NORTH HAVEN, CONN. — Berkshire Hathaway has brokered the sale of The Storage Depot, a 310-unit self-storage facility in North Haven, located north of Yale University. The property spans 33,260 net rentable square feet. Cameron Vale and Parker Sweet of Berkshire Hathaway represented the seller and secured the buyer, both of which were privately held companies that requested anonymity, in the transaction.
LEE’S SUMMIT, MO. — Kadean Construction has broken ground on Lee’s Summit Commerce Center, a three-building speculative industrial development totaling 781,000 square feet. Located in the Kansas City suburb of Lee’s Summit, the 75-acre project will feature clear heights ranging from 32 to 36 feet. Scannell Properties is the developer and Newmark Zimmer is marketing the project for lease. An undisclosed tenant has preleased 215,730 square feet of Building A, which will span 430,000 square feet and is slated for completion by the end of this year. Building B will total 238,000 square feet, while Building C will span 113,000 square feet. Completion of all buildings is scheduled for the first quarter of 2023.
CHICAGO — Avison Young has brokered the sale of a 21-property industrial portfolio totaling 704,270 square feet for an undisclosed price. The properties are located in markets such as Chicago, Atlanta, Memphis, Columbus, Long Island and Philadelphia. Erik Foster and Mike Wilson of Avison Young’s Chicago office represented the sellers, institutional investors advised by J.P. Morgan Global Alternatives and Realterm. Biynah Partners was the buyer.
WHEELING, ILL. — Lee & Associates has arranged the sale of a 119,115-square-foot industrial building in the Chicago suburb of Wheeling for $4.5 million. The property sits on 6.5 acres at 742 Glenn Ave. Tom Boyle of Lee & Associates represented the buyer, JV Global Services. David Haigh of NAI Hiffman and Tak O’Haru of White Cube LLC represented the seller, Tomoegawa, which maintains its U.S. headquarters in Wheeling and manufactures toner products.
SAN DIMAS, CALIF. — Newport Beach-based RanchHarbor and Los Angeles-based Manhattan West have partnered to purchase a multi-tenant industrial warehouse property located at 221-299 Allen Ave. and 906-924 Cataract Ave. in San Dimas. Terms of the transaction were not released. Situated on five acres, the value-add asset includes four individual buildings encompassing 91,000 rentable square feet across 44 individual suites. At the time of sale, the property was 98 percent occupied. The property’s four concrete tilt-up structures feature 14-foot to 18-foot clear heights and 44 ground-level doors. Unit sizes range from 1,232 square feet to 6,250 square feet. The property was originally built in 1979 and renovated in 2005. The buyers plan to perform deferred maintenance and capital improvements to the property. Jack Haley of Lee & Associates represented the buyer, while Todd Launchbaugh and Justin Leewood of Lee & Associates represented the undisclosed seller in the deal.
GEORGE WEST, TEXAS — Marcus & Millichap has brokered the sale of 281 Mini Storage, a 199-unit self-storage facility in George West, located roughly midway between San Antonio and Corpus Christi. The facility spans 37,440 net rentable square feet. Bryan Quaschnick, Brandon Karr and Danny Cunningham of Marcus & Millichap represented the seller, a private investor, in the transaction. The trio also procured a privately held, Texas-based investment group as the buyer. Both parties requested anonymity.
GRIMES, IOWA — Matthews Real Estate Investment Services has brokered the $17.5 million sale of an Amazon-occupied distribution center in Grimes, about 16 miles northwest of Des Moines. Built in 2019 and located at 1301 Southeast Gateway Drive, the property spans 109,786 square feet. Alexander Harrold of Matthews represented the buyer, a Los Angeles-based family office completing a 1031 exchange. The buyer was seeking an investment opportunity in the Midwest that would provide higher yields compared with California, according to Matthews. Matt Berres, Samer Khalil, Karick Brown and Jeffrey Miller of Newmark represented the seller, Briar Capital Management.
CHENEY AND SPOKANE, WASH. — Colliers has brokered the sales of two industrial buildings for a total consideration of $62 million. Bill Condon and Matt McGregor of Colliers oversaw the two separate transactions. In the first deal, Bridge Investment Group acquired a 306,000-square-foot building located at 9212 W. Hallet Road in Cheney for $40.4 million. The Class A industrial facility was fully leased to a long-term, high-credit tenant at the time of sale. In the second deal, Dogwood Industrial Properties purchased a 111,000-square-foot facility at 15909 E. Marietta Ave. in Spokane for $21.6 million. The Class A property is fully leased to four long-term tenants, including Keystone Automotive.
GILBERT, ARIZ. — San Diego-based Intersection has purchased KeyWest Plaza, a multi-tenant flex industrial property in Gilbert for $13.2 million. Golden Key Industrial Park LLC sold the asset in an off-market transaction. Leroy Breinholt, David Bean, Cory Sposi, Cory Breinhold and Kelli Jelinek of Commercial Properties’ Phoenix office represented the seller in the transaction. Located at 700-734 N. Golden Key St., the asset features 92,750 square feet of multi-tenant flex industrial space. Intersection plans to complete renovations at the property that will improve curb appeal and the overall tenant experience. Improvements will include new paint and upgrades to the parking lot and landscaping. The new owners will also implement a signage program providing tenants with greater visibility. Commercial Properties will continue to manage and lease the property for Intersection.
