Industrial

Bridge Development Sells 2.2 MSF Industrial Complex in Phillipsburg, New Jersey

by Taylor Williams November 12, 2020

PHILLIPSBURG, N.J. — Bridge Development Partners has sold Phase I of Bridge Point 78, an industrial complex in Phillipsburg that consists of approximately 2.2 million square feet across four buildings. Phase I was completed in 2019 and is part of a larger, 3.8 million-square-foot development. Bridge Development secured Japanese clothing manufacturer and retailer UNIQLO as an anchor tenant in October 2019. Beverage distributor Mark Anthony Brands also signed a lease for 419,460 square feet in April of this year. PGIM Real Estate purchased the property for an undisclosed price. Brian Fiumara of CBRE brokered the deal.

November 12, 2020

Acquisitions California Industrial Western

Cohen Asset Management Buys 112,075 SF Industrial Facility Near Los Angeles

by Amy Works November 12, 2020

RANCHO DOMINGUEZ, CALIF. — Cohen Asset Management (CAM) has purchased a newly constructed logistics building located at 15100 S. San Pedro St. in Rancho Dominguez. Terms of the transaction were not released. A large credit tenant occupies the 112,075-square-foot building on a long-term lease. The building offers close proximity to the ports of Los Angeles and Long Beach in Los Angeles’ South Bay industrial submarket.

November 12, 2020

Acquisitions Georgia Industrial Southeast

JLL Arranges Sale of 1 MSF Industrial Facility Near Atlanta

by Alex Tostado November 11, 2020

NEWNAN, GA. — JLL has arranged the sale of Cubes at Bridgeport, a 1 million-square-foot industrial facility in Newnan. A joint venture between CRG, the investment arm of Chicago-based Clayco; U.S. Logistics Fund 1; and Pope & Land completed the shell of the asset on a speculative basis in 2019. The asset features 40-foot clear heights; a 620-foot, cross-loaded bay; and 60-foot speed bays. The property was fully preleased at the time of sale, though the tenant and move-in date were not disclosed. According to JLL, the tenant will bring 500 jobs to the area. The Cubes at Bridgeport is the first building to be delivered within a 500-acre site that will also feature up to 8.5 million square feet of industrial space. The property is situated at the Interstate 85 and Exit 41 interchange, 31 miles southwest of Hartsfield-Jackson Atlanta International Airport. John Huguenard, Britton Burdette, Matt Wirth and Dennis Mitchell of JLL represented the seller, CRG, in the transaction. Chris Tomasulo and Steve Grable of JLL led the leasing efforts for the project. KKR acquired the asset for an undisclosed price.

November 11, 2020

Acquisitions Florida Industrial Self-Storage Southeast

HPI Real Estate Purchases 752-Unit Self-Storage Facility in Palm Beach County

by Alex Tostado November 11, 2020

LANTANA, FLA. — HPI Real Estate Services & Investments has purchased a 752-unit, 72,910-square-foot CubeSmart self-storage facility in Lantana. CubeSmart manages the property, which is situated at 420 N. Fourth St., 11 miles south of downtown West Palm Beach. The asset was delivered in 2018 and offers 24-hour video surveillance, climate-controlled units and elevator access. The sales price was not disclosed, though Texas-based HPI says this is the first transaction of its new self-storage acquisition fund, which will acquire more than $125 million of assets over the next 12 months. According to Jon Erickson and Jonathan Vollinger of HPI, the all-cash deal closed in 37 days. Zack Urow and Richard Riddle of SkyView Advisors represented the seller, Florida-based Acorn Mini Storage, in the transaction.

November 11, 2020

Acquisitions Illinois Industrial Midwest

EverWest Sells Eight-Building Industrial Portfolio in Elk Grove Village, Illinois

by Kristin Harlow November 11, 2020

ELK GROVE VILLAGE, ILL. — Denver-based EverWest Real Estate Investors has sold an eight-building industrial portfolio in Elk Grove Village. The sales price was $74.3 million, according to Crain’s Chicago Business. The portfolio, situated near Chicago O’Hare International Airport, totals 955,460 square feet and consists of flex, light industrial and bulk distribution space. Mike Caprile of CBRE brokered the sale on behalf of EverWest. A joint venture between Investcorp and Brennan Investment Group purchased the portfolio. EverWest owned the assets since 2017.

November 11, 2020

Development Industrial Midwest Ohio

Opus Completes Two-Building Winchester Logistics Park Near Columbus, Ohio

by Kristin Harlow November 11, 2020

CANAL WINCHESTER, OHIO — The Opus Group has completed Winchester Logistics Park, a two-building speculative industrial project in Canal Winchester, about 15 miles southeast of Columbus. The first building spans 258,000 square feet while the other is 556,000 square feet. Kenco Logistics Group is the first tenant and will occupy 197,465 square feet of the smaller building. Opus served as developer, design-builder, architect and engineer. First National Bank of Omaha provided project financing. Brian Marsh and Dan Wendorf of JLL are marketing the remaining square footage for lease.

November 11, 2020

Acquisitions Company News Industrial New Jersey Northeast

Cold Storage REIT Americold Acquires New Jersey-Based Hall’s Warehouse Corp. for $480M

by Taylor Williams November 11, 2020

SOUTH PLAINFIELD, N.J. — Americold Realty Trust (NYSE: COLD), an Atlanta-based cold storage REIT, has acquired Hall’s Warehouse Corp. of South Plainfield, New Jersey, in a transaction valued at $480 million. The Hall’s Warehouse portfolio consists of eight cold storage facilities totaling 58 million cubic feet and 200,000 pallet positions that are located throughout Northern New Jersey. The portfolio was approximately 95 percent leased at the time of sale. Americold, which also announced the development of an $84 million facility in Arkansas, now owns and operates 185 temperature-controlled warehouses with over 1 billion refrigerated cubic feet of storage throughout five countries.

November 11, 2020

Acquisitions Industrial Nevada Self-Storage Western

Local Ownership Group Sells 235-Unit Lockwood Landing Self Storage & Industrial Facility in Nevada

by Amy Works November 11, 2020

SPARKS, NEV. — A local ownership group has completed the disposition of Landing Self Storage & Industrial, a self-storage facility located along Interstate 80 in Sparks. A Northern California-based owner-operator acquired the asset for $5.5 million. Lockwood Landing comprises 49,100 net rentable square feet of self-storage space and 28,865 net rentable square feet of industrial space on 8.7 acres. The property features six steel-frame storage buildings and three steel-frame industrial buildings with asphalt drive aisles, plus a manager’s office and living quarters. At the time of sale, the storage buildings were approximately 84 percent occupied and the industrial buildings were 100 percent occupied. Bobby Loeffler and Tyler Skelly of The Loeffer Self-Storage Group represented the seller in the deal.

November 11, 2020

Acquisitions Florida Industrial Leasing Activity Southeast

Logistics Firm Completes $16.2M Sale-Leaseback of Warehouse in Metro Miami

by Alex Tostado November 10, 2020

DORAL, FLA. — Logistics firm Clover Systems has sold a 113,891-square-foot warehouse in Doral for $16.2 million. The family-owned company signed a short-term lease to remain at 1910 NW 97th Ave., which is situated nine miles east of Miami International Airport and 15 miles east of downtown Miami. The buyer was Los Angeles-based 1910 NW 97th Ave Owner LLC, an institutional investor registered in Delaware. The warehouse was originally built in 1979 and was most recently traded in 1996 for $4.7 million. Jose Sasson-Lerner of Axiom Capital Advisors represented the buyer in the transaction. Stephen DiGiacomo, Roger Zuniga and Patty Marquez of DiGiacomo Group represented the seller.

November 10, 2020

Acquisitions Industrial Texas

Westmount Realty, DRA Advisors Sell 1.1 MSF Cold Storage Facility in Metro Dallas

by Taylor Williams November 10, 2020

GARLAND, TEXAS — A partnership between Dallas-based Westmount Realty Capital LLC and a fund managed by New York-based DRA Advisors has sold Dallas Food Center. The 1.1 million-square-foot cold storage facility is located in the northeastern Dallas metro of Garland. The property was originally built as a distribution center for grocer Safeway and has been renovated a number of times in subsequent decades. Westmount implemented a capital improvement program that raised the ceiling heights by 15 feet and added 90,000 square feet of freezer space. The property was 92 percent leased at the time of sale to a mix of tenants that includes Kraft Heinz. The tenants carry a weighted average of 8.75 years remaining on their leases. Jonathan Bryan and Randy Baird of CBRE represented the undisclosed seller in the transaction.

November 10, 2020

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