HILLSIDE, N.J. — NAI James Hanson has negotiated the sale of a 28,000-square-foot vacant industrial building in the Northern New Jersey community of Hillside. The building sits on a 1.4-acre site that provides access to Interstate 78, Route 9 and the Garden State Parkway. Eric Demmers and Russel Verducci of NAI James Hanson represented the seller, Certified Processing, in the transaction. The buyer, an investor who owns nearby properties, plans to demolish the existing structure and add more parking space for an existing business.
PISCATAWAY, N.J. — New York City-based Ready Capital has closed a $3.7 million loan for the acquisition, renovation and stabilization of a 100,000-square-foot industrial property in the Northern New Jersey community of Piscataway. The nonrecourse, interest-only loan was structured with a 48-year term, floating interest rate and one extension option. The borrower was not disclosed.
GARDENA, CALIF. — The Klabin Co./CORFAC International has brokered the sale of an industrial asset located at 301 E. Alondra Blvd. in Gardena. Illinois-based CenterPoint Properties purchased the property for $24 million. Matt Stringfellow, Courtney Bell and Tyler Rollema of Klabin Co. represented the private seller in the transaction. Situated on four acres, the 91,342-square-foot property features dock-high and grade-level loading, a large private yard and is ideal for future redevelopment as a logistics/last-mile facility.
ATLANTA — Atlanta-based Space Shop Self Storage has sold two self-storage portfolios for $137 million to Salt Lake City-based Extra Space Storage, a national self-storage REIT. The nine properties are situated across Georgia, South Carolina and North Carolina. The first portfolio sale included five properties such as a 75,000-square-foot facility in Covington, Ga.; three properties throughout Charleston totaling 175,000 square feet; and a 75,000-square-foot facility in Cary, N.C. The first portfolio sold for $55 million, or an average of $183 per square foot. The second portfolio included four facilities in metro Atlanta totaling 300,250 square feet. The facilities are located in downtown Atlanta, the Buckhead district, Chamblee and Cumming. The portfolio traded for $82 million.
FLEMINGTON, N.J. — New Jersey-based developer Larken Associates has broken ground on a four-building, 150,000-square-foot industrial project in Flemington, about 60 miles west of New York City. Flemington Junction Business Center will be situated on a 29-acre site and will be able to accommodate tenants with requirements from 1,250 to 40,000 square feet. Building features will include clear heights of 32 feet, LED warehouse lighting and a total of 270 parking spaces. The project is 27 percent preleased, and the development team expects the complex to be available for occupancy in the fourth quarter.
LOCKPORT, ILL. — ML Realty Partners has completed the lease-up of Heritage Crossing in Lockport, about 30 miles southwest of Chicago. The 2.5 million-square-foot industrial business park is comprised of eight buildings with clear heights ranging from 30 to 40 feet. LG Electronics expanded within the park, signing a new lease for 542,806 square feet at 14532 S. Gougar Road. Pitney Bowes Global Logistics signed a new lease for 363,224 square feet at 14746 S. Gougar Road. James Frank and Jason West of Cushman & Wakefield represented LG Electronics, while Mike Cook and David Prell of CBRE represented Pitney Bowes. Dan Leahy, Mark Moran and John Whitehead of NAI Hiffman represented ML Realty Partners.
GROVEPORT, OHIO — Associated Bank has provided a $27.5 million loan for the construction of a 640,640-square-foot speculative industrial project in Groveport, a southern suburb of Columbus. The 47-acre site is located adjacent to Rickenbacker International Airport. The building will feature a clear height of 36 feet, 60 exterior docks, four drive-in doors, 185-foot truck courts and 154 trailer parking stalls. Completion is slated for this summer. The borrower, Groveport Venture LLC, is a partnership between CA Industrial Properties LLC, Stotan Industrial LLC and LaSalle Investment Management. Elizabeth Hozian, Evelyn Turner and Paul Henning of Associated Bank originated the loan, terms of which were not provided.
WAUSAU, WIS. — Marcus & Millichap has arranged the $17.5 million sale of a 500,000-square-foot industrial property in the central Wisconsin city of Wausau. Located at 500 N. 72nd Ave., the building has served as a Midwest distribution center for Footlocker since its construction in 2001. Christian Hlavinka and Jon Rauh of Marcus & Millichap represented the seller, a partnership. The duo also secured the buyer, a private investor.
AUBURN HILLS, MICH. — Signature Associates has brokered the sale of a 443,340-square-foot industrial building in Auburn Hills for an undisclosed price. Located at 3600 Giddings Road, the property features a clear height of 30 feet and 375 car parking spaces. Joe Hamway and Greg Hudas of Signature Associates represented the buyer, a partnership between Foundation Capital Partners LLC and Wheelock Street Capital LLC. The duo is now marketing the property for lease. Occupancy will be available in May.
CHARLOTTE, N.C. — Charlotte-based Crescent Communities has broken ground on three industrial properties totaling 1.7 million square feet. The company plans to build eight buildings across three markets known as AXIAL Crosspoint in Greenville, S.C.; AXIAL Bonds Farm in Concord, N.C.; and AXIAL 301 Manatee in Bradenton, Fla. The firm bought the project land for an undisclosed price, and the seller of the land was not disclosed. Along with the three land transactions, Crescent Communities announced a new brand name for its industrial platform, AXIAL Industrial. The brand will first be executed through the AXIAL Bonds Farm, AXIAL Crosspoint and AXIAL 301 Manatee projects, which are all set to begin construction soon this year and are slated for completion in 2023. “With the debut of AXIAL Industrial, we will provide our clients with a one-stop platform featuring a thoughtful and diligent process for each industrial development, from land acquisition to product development for each specific location and every stage in between,” says Bryan Blythe, managing director of AXIAL Industrial at Crescent Communities’ Commercial business unit. AXIAL Bonds Farm will feature three rear-load buildings totaling 809,720 square feet. The property will also offer various-sized buildings with ample employee parking. The property …