Industrial

Taylor Street Advisors Sells North Central Apartments in Uptown Phoenix for $1.2M

by Amy Works October 28, 2020

PHOENIX — Taylor Street Advisors has arranged the sale of a multifamily property located in Uptown Phoenix. A Phoenix-based investment group acquired the asset from a private capital investor for $1.2 million, or $150,000 per unit. Located at 7265 N. 12th St., North Central Apartments features eight units in a mix of one- and two-bedroom layouts, averaging 841 square feet. Amenities include a private pool and picnic area. Brian Tranetzki, Anton Laakso and Thomas Beniamen of Taylor Street negotiated the transaction on behalf of the seller in the deal.

October 28, 2020

Acquisitions Industrial Southeast Tennessee

Plymouth Industrial, Madison to Acquire Industrial Portfolio in Metro Memphis for $86M as Part of New Joint Venture

by Alex Tostado October 27, 2020

MEMPHIS, TENN. — A new joint venture between Plymouth Industrial REIT Inc. and Madison International Realty has agreed to purchase a 28-property, 2.3 million-square-foot industrial portfolio in metro Memphis for $86 million. The buyers expect the sale to close by the end of the year. The acquisition will be funded through equity from the developers and debt financed at approximately 60 to 65 percent loan-to-value. Further details of the sale were not disclosed. This is the first acquisition for the $150 million Plymouth and Madison joint venture. Under the agreement, Plymouth will own a 20 percent interest and Madison will own an 80 percent interest. Plymouth will be responsible for day-to-day oversight of the joint venture, its subsidiaries and properties and will be entitled to an annual asset management fee equal to 1 percent of the total equity contributed to the joint venture by the partners. Additionally, Plymouth has options to purchase properties out of the joint venture over time.

October 27, 2020

Industrial Leasing Activity South Carolina Southeast

Robinson Weeks Signs Power Equipment Manufacturer to 310,128 SF Industrial Lease in Metro Charleston

by Alex Tostado October 27, 2020

LADSON, S.C. — Robinson Weeks Partners has signed Daye North America to a 310,128-square-foot industrial lease within Ladson Industrial Park in Ladson. Daye North America, which specializes in outdoor power equipment, is a subsidiary of Ningbo Daye Garden Machinery Co. Daye North America will occupy roughly 75 percent of Building 1, which was recently delivered. At full buildout, Ladson Industrial Park will span 102 acres and total 1.2 million square feet. The park is situated less than two miles from Interstate 26 and 20 miles northwest of the Port of Charleston. Peter Finley and Simons Johnson of Bridge Corporate Solutions represented the tenant in the lease negotiations. Lee Allen and Kevin Coats of JLL represented the Atlanta-based landlord.

October 27, 2020

Development Industrial Midwest Ohio

Ashley Furniture to Invest $70M for Distribution Center in Suburban Columbus

by Kristin Harlow October 27, 2020

ETNA, OHIO — Ashley Furniture Industries Inc. has unveiled plans to build a new facility in Etna near Columbus. The furniture manufacturer says it will invest $70 million and create 300 new jobs. Hiring will begin in late 2021, once the building is completed. TPA Group is the developer and FCL Builders is the general contractor for the project. The new 1 million-square-foot facility, located at 70 Global Parkway, will serve as a regional distribution hub for e-commerce fulfillment and store shipments. “Providing access to nearly 50 percent of the U.S. population within a day’s drive, Etna’s location in central Ohio is a strategic choice for Ashley,” says Todd Wanek, president and CEO of the Arcadia, Wis.-based retailer. Ashley sells furniture in more than 20,000 storefronts in 155 countries.

October 27, 2020

Indiana Industrial Leasing Activity Midwest

Midwest Truck and Auto Parts Leases 125,000 SF in Merrillville, Indiana

by Kristin Harlow October 27, 2020

MERRILLVILLE, IND. — Midwest Truck and Auto Parts has leased 125,000 square feet of industrial space at AmeriPlex at the Crossroads in Merrillville within Northwest Indiana. The 279,000-square-foot building is located at 9401 Georgia St. Crow Holdings Industrial is developing the speculative project, which is slated for completion in summer 2021. The building features a clear height of 32 feet, 30 exterior dock doors, 47 trailer stalls and 166 car parking stalls. The tenant, a truck and auto parts distributor with locations in five states, anticipates creating up to 150 new jobs at the Merrillville location by the end of 2024. Adam Haefner, Zeke Rowan and Marty Mikaitis of Avison Young represented the tenant in the lease transaction. Avison Young is the leasing agent for the remaining space at the building.

October 27, 2020

Development Industrial Northeast Pennsylvania

Hilco Reveals Redevelopment Plans for Former PES Refinery Site in Philadelphia

by Taylor Williams October 27, 2020

PHILADELPHIA — Hilco Redevelopment Partners, the real estate development unit of Hilco Global, has revealed plans for the remediation and repositioning of the 1,300-acre former refinery site of Philadelphia Energy Solutions (PES). The development will be known as The Bellwether District. The redevelopment plan includes the demolition of 105 onsite buildings, as well as hydrocarbon processing units, boiler rooms and wastewater treatment plants, to convert the site into a logistics hub that will house between 13 million and 15 million square feet of industrial space. The decommissioning and demolition plans also call for a significant amount of environmental cleanup work, including the removal of some 950 miles of pipeline and various pieces of infrastructure and equipment left behind at what was once the Northeast’s largest refinery.

October 27, 2020

Industrial Leasing Activity Texas

Stream Realty Negotiates 252,187 SF Industrial Lease Renewal in Metro Dallas

by Taylor Williams October 27, 2020

CARROLLTON, TEXAS — Stream Realty Partners has negotiated a 252,187-square-foot industrial lease renewal at 2051 McKenzie Drive in Carrollton. According to LoopNet Inc., the property was built in 1985 and renovated in 2008. Blake Kendrick and Eric Crutchfield of Stream Realty Partners represented the landlord, Link Industrial Properties, in the lease negotiations. Ross Longo with Longo Commercial Advisors represented the tenant, Lennox Industries, a locally based provider of HVAC systems.

October 27, 2020

Acquisitions California Industrial Western

Oaktree Capital, Intertex Cos. Sell Two-Building Industrial Park in Southern California for $22M

by Amy Works October 27, 2020

SYLMAR, CALIF. — Oaktree Capital Management and Intertex Cos., through managed funds, have completed the sale of a two-building industrial park located at 12744 San Fernando Road in Sylmar. Rexford Industrial Realty acquired the asset for $22 million. Situated on 6.5 acres, the property features 140,837 square feet of industrial space. At the time of sale, the asset was 56 percent occupied by two tenants. Kevin Shannon, Sean Fulp, Bret Hardy, Jim Linn and Ryan Plummer of Newmark represented the sellers, while the buyer was self-represented in the transaction.

October 27, 2020

Acquisitions California Industrial Western

Stos Partners Divests of Cold Storage Facility in San Diego for $8.3M

by Amy Works October 27, 2020

SAN DIEGO — Stos Partners has completed the disposition of a 56,300-square-foot cold storage facility located at 9925 Airway Road in San Diego’s Otay Mesa submarket. A private investor acquired the asset for $8.3 million. Stos Partners initially acquired the property for $6.1 million in 2019 and successfully brought the property to 100 percent occupancy. During its tenure, the company implemented a value-add program that resulted in a 35 percent value increase. Upgrades included a new roof and paint, mechanical enhancements, fresh landscaping and other general building improvements. Louay Alsadek, Hunter Rowe, Erik Parker and Matthew Pourcho of CBRE represented the seller in the deal.

October 27, 2020

Acquisitions Colorado Industrial Western

John Propp Commercial Brokers $5.8M Sale of Flex Industrial Property in Parker, Colorado

by Amy Works October 27, 2020

PARKER, COLO. — John Propp Commercial Group has arranged the acquisition of a two-building flex industrial property located at 10136 and 10140 Parkglenn Way in Parker. An undisclosed seller sold the asset to Parkglenn LLC, an investment group headed by John V. Propp, for $5.8 million. Built in 2016, the 27,611-square-foot property was fully leased to six tenants at the time of sale. John V. Propp of John Propp Commercial Group represented the buyer in the deal.

October 27, 2020

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