NEW HAVEN, CONN. — California-based brokerage firm Matthews Real Estate Investment Services has negotiated the sale of a 133,650-square-foot industrial property located near the Port of New Haven. Ryan Rapoport and Kyler Bean of Matthews represented the undisclosed seller in the transaction. New York-based Criterion Group LLC purchased the asset for $21.4 million.
NEW YORK CITY — New York City-based Ready Capital has closed a $22 million loan for the acquisition, renovation and stabilization of a portfolio of six industrial properties that are located in various parts of New Jersey and Pennsylvania. The nonrecourse, interest-only loan carried a 48-month term and a floating interest rate, an extension option and a facility to fund capital improvements. The borrower was not disclosed.
PHOENIX — CapRock Partners has broken ground on CapRock West 202 Logistics, a 3.4 million-square-foot speculative infill industrial property in central Phoenix. Grading has commenced for the first phase of the 183-acre development. The first phase will include the development of approximately 140 acres, delivering 2.5 million square feet of modern industrial warehouse space across five Class A buildings with clear heights ranging from 36 feet to 40 feet. Completion of the first phase is slated for first-quarter 2023. Phase II will include an additional three buildings totaling 827,330 square feet on 43 acres. Timing of the second phase’s start will be announced at a later date. Willmeng Construction is serving as general contractor, Carlile Coatsworth Architects as architect and Kimley Horn as engineer.
CLEVELAND — Bloomfield Capital has provided a $4 million senior bridge loan for a 100,000-square-foot industrial property in Cleveland. The undisclosed borrower has owned the building for several years and plans to utilize the loan to finalize interior renovations and upgrades to the property, which is more than 90 percent leased to retail and food processing tenants. The borrower plans to refinance the bridge loan with a conventional loan in 12 months.
DALLAS — A joint venture between Dallas-based investment firm ATCAP Partners and global asset manager Brookfield has acquired a national portfolio of 51 industrial properties totaling approximately 3.5 million square feet. The exact locations of the properties were not disclosed, but the portfolio includes infill building in markets such as Dallas, Houston, Austin, Denver and Oklahoma City. The seller and sales price were also undisclosed. The portfolio was 94 percent leased at the time of sale. Eastdil Secured represented ATCAP in the deal.
BLAUVELT, N.Y. — Global logistics operator Realterm has acquired two warehouses totaling 307,275 square feet within Hudson Crossing Industrial Park in Blauvelt, about 30 miles north of Manhattan. The building at 200-400 Oritani Road sits on 21.8 acres and totals 175,775 square feet, and the building at 100 Oritani Road spans 131,500 square feet and is situated on 10.2 acres. Both warehouses feature a combination of drive-in and dock-high loading positions. Brian Fiumara of CBRE brokered the deal on behalf of the undisclosed seller. The sales price was also not disclosed.
NEW YORK CITY — Talonvest Capital Inc., a California-based boutique financial advisory firm, has arranged a $27.4 million loan for the refinancing of a self-storage facility located at 2727 Knapp St. in Brooklyn. Kim Bishop, Jim Davies, David DiRienzo, Tom Sherlock and Thalia Tovar of Talonvest Capital arranged the nonrecourse financing through an undisclosed investment management fund on behalf of the borrower, a partnership between Clark Investment Group, Metro Storage LLC and Goodfriend Self-Storage. The loan carried a three-year term, floating interest rate and two 12-month extension options.
By Joseph Woodbury, co-founder, CEO, Neighbor Over the past two years, millions of Americans have drastically altered their work styles and consumption behaviors, which has resulted in commercial landlords, property owners and real estate portfolio managers adjusting their operating strategies. Many businesses of many sizes are capitalizing on hybrid or remote work models by reducing their office footprints and reevaluating real estate needs moving forward. During the first quarter of 2021, U.S. office vacancy exceeded the amount of space that was leased by 34.8 million square feet, according to analysis from The Wall Street Journal. The residential side of the real estate industry has demonstrated that people’s relationship with space is changing. Whether they can’t find a home large enough to fit all of their belongings or they need room for a home office, people are running out of space. Likewise, retailers are continuing to respond to market shifts by growing their omnichannel sales platforms. While this typically involves investing more heavily in digital marketing and sales programs, some retailers that started exclusively as e-commerce brands, like Wayfair and Amazon, are also opening brick-and-mortar stores. As demand for commercial and office space is decreasing and the consumer desire for “flexible space” is …
ASHLAND, VA. — MacKenzie Investment Group LLC, the development and investment arm of Baltimore-based The MacKenzie Cos., has delivered a 202,000-square-foot warehouse and industrial building in Ashland, about 16.5 miles north of Richmond. The development is part of Phase I of the North Richmond Industrial Park, a 75-acre business park that can support up to 600,000 square feet of warehouse and industrial space. The building, which was constructed on a speculative basis, is fully leased to three tenants including The Home Depot; MS International Inc., an importer and distributor of natural stones and countertops; and Sentara Healthcare, a nonprofit healthcare organization serving Virginia and North Carolina. Each tenant expects to take occupancy over the next several months. The project features 32-foot clear heights, 46 dock doors, a surface parking lot that can accommodate nearly 160 cars and 46 trailers and freight service via CSX and Northern Southern rail lines. Located at 11060 Johnson Road, the property is situated near US Route 1 and Interstates 95, 64, 85 and 295. Additionally, the project is located 23.6 miles from the Richmond International Airport.
ROCKAWAY, N.J. — CBRE has negotiated the $19.6 million sale of a 121,038-square-foot industrial property in the Northern New Jersey community of Rockaway. The property sits on 13.7 acres and formerly served as an office building for Party City. Charles Berger, Mark Silverman, Elli Klapper and Thomas Mallaney of CBRE represented the undisclosed seller in the transaction. CBRE has also been tapped to market the complex for lease on behalf of the undisclosed buyer.