Industrial

Conor Commercial Completes Lease-Up of 151,000 SF Industrial Building in Suburban Chicago

by Kristin Harlow February 16, 2022

PROSPECT HEIGHTS, ILL. — Conor Commercial Real Estate has completed the lease-up of the 151,000-square-foot Executive Commerce Center in Prospect Heights, a northwest suburb of Chicago. Syncreon, a third-party logistics provider for Samsung, leased half of the building while Plitek, a manufacturer of precision die cut components, leased the other half. Completed in 2020, the development features a clear height of 32 feet, 35 truck docks and two drive-in doors. McShane Construction Co. was the general contractor and Ware Malcomb provided design services. Mike Sedjo and Ben Dickey of CBRE represented Conor in the lease transactions.

February 16, 2022

Development Industrial Massachusetts Northeast

NorthBridge Partners Breaks Ground on 396,375 SF Industrial Project in Boylston, Massachusetts

by Taylor Williams February 16, 2022

BOYLSTON, MASS. — Massachusetts-based developer NorthBridge Partners has broken ground on a 396,375-square-foot industrial project that will be situated on a 55.5-acre site at 80 Pine Hill Drive in Boylston, located northeast of Worcester. Slated for a fourth-quarter delivery, the building will feature a clear height of 36 feet, 92 dock-high doors, 45 trailer parking stalls and 492 car parking spaces. Jeff Black, Sean Burke and Bryan Koop of Colliers arranged $38.7 million in construction financing for the project through Cambridge Savings Bank on behalf of NorthBridge Partners. Colliers has also been retained to lease the property.

February 16, 2022

Acquisitions Industrial New Hampshire Northeast Self-Storage

Marcus & Millichap Brokers Sale of 451-Unit Self-Storage Facility in Goffstown, New Hampshire

by Taylor Williams February 16, 2022

GOFFSTOWN, N.H. — Marcus & Millichap has brokered the sale of Goffstown Back Road Self Storage, a 451-unit facility located on the western outskirts of Manchester. The property spans 65,700 net rentable square feet of space across 380 non-climate-controlled units and 71 climate-controlled units. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the undisclosed seller in the transaction. Thomas Shihadeh of Marcus & Millichap assisted in closing the deal as the broker of record. Additional terms of sale were not disclosed.

February 16, 2022

Acquisitions Industrial Washington Western

Kidder Mathews Brokers $33.5M Sale of Two Buildings at Woodinville West Business Park in Washington

by Amy Works February 16, 2022

WOODINVILLE, WASH. — Kidder Mathews has arranged the sale of Buildings C and D of Woodinville West Business Park, located at 16650 and 16750 Woodinville Redmond Road NE in Woodinville. A private investor acquired the assets from Woodinville West CD for $33.5 million. Buildings C and D are high-quality, concrete and steel-framed buildings totaling 122,750 square feet of industrial space. Zach Vall-Spinosa of Kidder Mathews represented the seller in the deal.

February 16, 2022

Industrial Loans New York Northeast

Clarion Partners Provides $415M Loan for Refinancing of National Industrial Portfolio

by Taylor Williams February 15, 2022

NEW YORK CITY — New York City-based investment management firm Clarion Partners has provided a $415 million mezzanine loan for the refinancing of a national portfolio of 110 industrial buildings totaling 15.7 million square feet. The portfolio consists of properties in 15 markets, including Dallas-Fort Worth, Phoenix, Baltimore and Atlanta. At the time of the loan closing, the portfolio was approximately 93 percent leased to a roster of 300-plus tenants. The borrower was Blackstone.

February 15, 2022

Acquisitions Industrial Iowa Midwest

Avison Young Brokers $325M Sale of Amazon Fulfillment Center Near Des Moines

by Kristin Harlow February 15, 2022

BONDURANT, IOWA — Avison Young’s capital markets group has brokered the sale of a 2.7 million-square-foot fulfillment center occupied by Amazon in Bondurant, a city northeast of Des Moines, for more than $325 million. The newly constructed, four-story property sits across the street from a 270,000-square-foot Amazon sortation facility. Jonathan Hipp, James Hanson and Richard Murphy of Avison Young represented the seller, Mesirow Realty Sale-Leaseback Inc. Earl Webb of 9th Green Advisors also advised Mesirow on the sale. Virginia-based Capital Square was the buyer.

February 15, 2022

Development Industrial Midwest Wisconsin

Ashley Capital to Begin Construction of Two Spec Industrial Buildings in Mount Pleasant, Wisconsin

by Kristin Harlow February 15, 2022

MOUNT PLEASANT, WIS. — In April, Ashley Capital is scheduled to break ground on Buildings V and VI at Enterprise Business Park in Mount Pleasant. Both speculative industrial buildings will span 390,000 square feet each and are scheduled for completion in the fourth quarter. The developer has already completed three buildings totaling more than 1.2 million square feet at the business park, which is situated near I-94 and about 30 miles south of Milwaukee. Terry McMahon and Cody Ziegler of Cushman & Wakefield/Boerke and John Sharpe and Tom Boyle of Lee & Associates are the leasing agents for Enterprise Business Park.

February 15, 2022

Industrial Loans Midwest Minnesota

JLL Arranges $12.8M Loan for Refinancing of Two Industrial Buildings in Fridley, Minnesota

by Kristin Harlow February 15, 2022

FRIDLEY, MINN. — JLL Capital Markets has arranged a $12.8 million loan for the refinancing of Northern Stacks VIII and The Boiler Room, two buildings within the 122-acre Northern Stacks industrial park in the Minneapolis suburb of Fridley. Northern Stacks VIII is a 178,763-square-foot distribution and warehouse facility, while The Boiler Room is a 13,186-square-foot brewery. Northern Stacks VIII and The Boiler Room were renovated in 2020 and 2019, respectively, and are fully leased to five tenants. The Boiler Room is home to Forgotten Star Brewery and Northern Stacks Event Center. Brock Yaffe and Britta Lund of JLL arranged the loan behalf of the borrower, a joint venture between Minneapolis-based Hyde Development and Mortenson Properties Inc. A regional bank provided the seven-year, fixed-rate loan, proceeds of which will be used to take out two acquisition and redevelopment loans.

February 15, 2022

Acquisitions Industrial Midwest NAI Wisconsin

NAI Greywolf Brokers Sale of 36,154 SF Industrial Building in Grafton, Wisconsin

by Kristin Harlow February 15, 2022

GRAFTON, WIS. — NAI Greywolf has brokered the sale of a 36,154-square-foot industrial building in Grafton, about 20 miles north of Milwaukee. The sales price was undisclosed. The property, which features both manufacturing and office space, is located at 1000 Hickory St. and features a clear height of 14 feet. David Hodge of NAI Greywolf represented the buyer, World Emblem, which plans to hire about 75 employees to work out of the facility.

February 15, 2022

Acquisitions Development Florida Industrial Southeast

Easton Group, LBA Logistics Acquire Land for $29.4M, Plan for Distribution Development in Metro Miami

by Julia Sanders February 15, 2022

HIALEAH, FLA. — Doral, Fla.-based The Easton Group and Irvine, Calif.-based LBA Logistics have acquired a 26.4-acre development site in Hialeah, about 11.6 miles from Miami. The joint venture purchased the land for $29.4 million with plans to build two speculative warehouse and distribution facilities on the site. The two buildings will total 462,954 square feet. Building features will include 36-foot clear heights, 124 trailer stalls and 407 parking spaces. Construction is expected to start towards the end of the year and take about 18 months to complete. Located at 4220 West 91st Place, the project is located about 17 miles from Miami Beach and 10 miles from the Miami International Airport. Easton Group and LBA Logistics are also partnering on a 266,760-square-foot warehouse development in nearby Hialeah Gardens, which is slated for completion by the second quarter of this year. Easton Group is scheduled to deliver 393,910 square feet of industrial space in Miami-Dade County over the next six months.

February 15, 2022

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