Industrial

Rockefeller Group Sells 135,623 SF Distribution Center in San Diego

by Amy Works July 23, 2021

SAN DIEGO — Rockefeller Group has completed the disposition of Airway Industrial Park, a distribution center located in San Diego’s Otay Mesa submarket. The buyer was a fund managed by Black Creek Group, which Ares Management acquired on July 1. The price was not disclosed. Situated on 7.8 acres at 8150 Airway Road, the property offers 135,623 square feet of industrial space. Airway Industrial Park features 32-foot clear heights, a 185-foot truck yard, truck trailer parking and an efficient office design, as well as 137 auto parking spaces. The project team included Ware Malcomb, Kimley-Horn & Associates and Dempsey Construction.

July 23, 2021

Acquisitions California Industrial Western

Sentre Buys Temecula Heights Industrial Facility in California for $40.7M

by Amy Works July 23, 2021

TEMECULA, CALIF. — Sentre has purchased Temecula Heights, an industrial property located at 42301 Zevo Drive in Temecula, for $40.7 million, or $178 per square foot. The name of the seller was not released. Constructed in 1998 on 11 acres, Temecula Heights features 229,000 square feet of industrial space, 26-foot clear heights, ESFR sprinklers and 27 dock doors. At the time of sale, the property was 84 percent leased to a Fortune 100 medical product company.

July 23, 2021

Acquisitions Industrial New Jersey Northeast

Wharton Industrial Acquires 153,400 SF Portfolio in Pennsauken, New Jersey

by Taylor Williams July 23, 2021

PENNSAUKEN, N.J. — Wharton Industrial, a division of New York City-based development and investment firm Wharton Equity Partners, has acquired a 153,400-square-foot portfolio in the Southern New Jersey community of Pennsauken. The portfolio consists of three buildings that are located within the 1.1 million-square-foot Twinbridge Industrial Park and that were 100 percent leased at the time of sale. Tom Palumbo and Bill Sitar of Sitar Realty brokered the deal.

July 23, 2021

Industrial Loans New Jersey Northeast

Denholtz Properties Refinances 90,000 SF Industrial Facility in Fairfield, New Jersey

by Taylor Williams July 23, 2021

FAIRFIELD, N.J. — New Jersey-based investment firm Denholtz Properties has received a loan of an undisclosed amount for the refinancing of a 90,000-square-foot industrial facility in the Northern New Jersey community of Fairfield. The two-building property was built on six acres in 1970 and features a clear height of 19 feet and 20,700 square feet of office space. Jon Mikula, Michael Klein and Gerard Quinn of JLL placed the 10-year, fixed-rate loan through Principal Real Estate Investors on behalf of Denholtz Properties.

July 23, 2021

Acquisitions Industrial Texas

Lee & Associates Arranges Sale of 458,810 SF Industrial Property in Wichita Falls, Texas

by Taylor Williams July 22, 2021

WICHITA FALLS, TEXAS — Lee & Associates has arranged the sale of a 458,810-square-foot industrial property located on a 97.1-acre site in Wichita Falls, about 115 miles northwest of Fort Worth. According to LoopNet Inc., the property was built in 1978 and features 21- to 45-foot clear heights and 12 dock-high doors. Nathan Denton, Reid Bassinger and Trey Fricke of Lee & Associates represented the seller, an entity doing business as 8600 Central Venture, in the transaction. Michelle Hudson and Tom Hudson of Hudson Peters Commercial represented the buyer, Panda High Plains.

July 22, 2021

Acquisitions Industrial Self-Storage Texas

Bellomy Brokers Sale of 463-Unit CubeSmart Self-Storage Facility in Austin

by Taylor Williams July 22, 2021

AUSTIN, TEXAS — Bellomy & Co. has brokered the sale of a 463-unit CubeSmart self-storage facility that is located approximately eight miles outside of downtown Austin. The property was built in 2019 and totals 57,707 net rentable square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, a Dallas-based entity doing business as I35 South LP, in the transaction. The duo also procured the buyer, a locally based entity doing business as PG Cactus Bulldog I LLC.

July 22, 2021

Acquisitions Industrial Southeast Tennessee

LRC Properties, Rialto Capital Purchase Industrial Portfolio in Memphis for $57M

by Julia Sanders July 22, 2021

MEMPHIS, TENN. — LRC Properties, in a joint venture with funds managed by Miami-based Rialto Capital Management, has purchased a 1.1 million-square-foot industrial portfolio in Memphis for $57 million. The seller was not disclosed. The portfolio is currently 100 percent occupied by tenants including Geodis Logistics and Dayco. The properties are located at 3530 East Raines Road, 5510 East Holmes Road and 5540 East Holmes Road. LRC Properties plans to do minor capital improvements to the portfolio. With this purchase, New York City-based LRC Properties owns approximately 6 million square feet of commercial properties in the Southeast. LRC has recently purchased the 640,000-square-foot Technicolor Building in Memphis; a 288,860-square-foot industrial property at 2 Dell Parkway in Nashville; and a 469,830-square-foot industrial property in Jacksonville.

July 22, 2021

Illinois Industrial Leasing Activity Midwest

Alliance Ground International Signs 253,000 SF Industrial Lease in Elk Grove Village

by Kristin Harlow July 22, 2021

ELK GROVE VILLAGE, ILL. — Alliance Ground International LLC has signed a 253,000-square-foot industrial lease at 1717 Busse Road in the Chicago suburb of Elk Grove Village near O’Hare. The airline cargo handling service will occupy the entire building, which features a clear height of 32 feet, 57 exterior docks, two drive-in doors, 25,000 square feet of office space and parking for 34 trailers and 186 cars. Jeffrey Provenza and Todd Hendricks of Darwin Realty/CORFAC International represented Alliance Ground in the lease transaction. Britt Casey and Al Caruana of Cushman & Wakefield represented the landlord, Duke Realty.

July 22, 2021

Acquisitions Industrial Net Lease Nevada Western

Newmark Arranges $16.6M Sale of Cold Storage, Ice Production Facility in Las Vegas

by Amy Works July 22, 2021

LAS VEGAS — Newmark has brokered the sale of a cold storage and ice production plant in Las Vegas. ZNZ Enterprises sold the asset to an undisclosed buyer for $16.6 million. Located at 1201 Searles Ave., the 100,991-square-foot property is fully triple-net leased to Reddy Ice Corp. The facility has operated as an ice production and cold storage facility since 1983. Reddy Ice has operated at the facility since 1999. Michael Zobrist, Lauren Tabeek and Jeffrey Price of Newmark represented the seller in the deal.

July 22, 2021

California Industrial Loans Western

Ready Capital Closes $7.5M Loan for Industrial Property in City of Industry, California

by Amy Works July 22, 2021

CITY OF INDUSTRY, CALIF. — Ready Capital has closed $7.5 million in financing for an industrial property located in the City of Industry that is currently. The undisclosed borrower will implement a strategy to sign new leases at market rents and extend the weighted average lease term across the 85,000-square-foot property. The borrower plans to achieve market rents through the completion of tenant improvements and minor capital upgrades to the property. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 48-month term, one extension option, flexible prepayment and a facility to provide future funding for capital expenditures.

July 22, 2021

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