Industrial

Joint Venture Breaks Ground on 93,000 SF Self-Storage Facility in Canton, Georgia

by Julia Sanders May 3, 2021

CANTON, GA. — A joint venture between Lumpkin Development, MacArthur Holdings and Live Oak Capital Partners has broken ground on a 93,000-square-foot self-storage facility located at 7222 Cumming Highway in Canton, close to the Northside Hospital Cherokee campus. The property is slated to be open to the public in the spring of 2022. The self-storage facility will be located on 9.2 acres and will comprise of drive-up, climate-controlled units. JM Williams Contractors will construct the facility, and Renasant Bank is providing the debt financing for the project. Max Design Group is the project’s architect, and Travis Pruitt & Associates is serving as the civil engineering. The facility is Lumpkin Development’s first Class A storage property in the area. Lumpkin Development builds and operates self-storage, retail and industrial real estate throughout the Southeast. MacArthur Holdings is a New York City-based real estate business, and Live Oak Capital Partners is a real estate developer based in Atlanta.

May 3, 2021

Development Industrial Michigan Midwest

Ford Unveils Plans for Battery Testing Center Near Detroit Named Ford Ion Park

by Kristin Harlow May 3, 2021

ALLEN PARK, MICH. — Ford Motor Co. has unveiled plans for a new battery testing center named Ford Ion Park in the Detroit-area town of Allen Park in effort to accelerate research and development of battery and battery cell technology. A team of 150 experts in battery technology development, research, manufacturing, planning, purchasing, quality and finance will assist Ford in more quickly developing and manufacturing battery cells and batteries. Plans call for a $185 million, 200,000-square-foot collaborative learning lab in Southeast Michigan that is dedicated to developing, testing and building vehicle battery cells opens late next year. Ford’s Battery Benchmarking and Test Laboratory, which spans 185,000 square feet, opened late last year in Allen Park.

May 3, 2021

Industrial Leasing Activity New Jersey Northeast

General Plumbing Supply Signs 300,000 SF Industrial Lease in Piscataway, New Jersey

by Taylor Williams May 3, 2021

PISCATAWAY, N.J. — General Plumbing Supply Inc. (GPS) has signed a 300,000-square-foot industrial lease at Piscataway Logistics Center in Northern New Jersey. The property, which is situated on a 16-acre site and features a clear height of 36 feet and ample car and trailer parking, will serve as GPS’ headquarters, showroom and distribution center. Tim Cadigan, Matthew Turse and Grant Otto of Avison Young represented the landlord, a partnership between Transwestern Development Co. and QuadReal Property Group, in the lease negotiations. Ed English and Ron Ganter of Avison Young, along with Michael Schipper of Blau & Berg, represented GPS.

May 3, 2021

Acquisitions California Industrial Western

Sentre Buys Industrial Campus in Los Angeles for $12.5M in Sale-Leaseback from Mortech Manufacturing

by Amy Works May 3, 2021

LOS ANGELES — San Diego-based Sentre has purchased Azusa Center, a two-building industrial property located at 301 and 411 N. Aerojet Drive in Los Angeles’ San Gabriel Valley. Mortech Manufacturing sold the asset for $12.5 million in an off-market, sale-leaseback transaction. Mortech occupies the 75,081-square-foot facility and, upon closing of the sale, the company executed a new 10-year lease for the entire property. Scott Peterson and Morgon Fraser of CBRE Capital Markets Debt & Structured Finance Placement team arranged a $7.5 million fixed-rate, five-year loan for the acquisition.

May 3, 2021

Industrial Loans Texas

NorthMarq Arranges $5M Acquisition Loan for Industrial Flex Property in Metro Austin

by Taylor Williams April 30, 2021

ROUND ROCK, TEXAS — NorthMarq has arranged a $5 million acquisition loan for a 38,024-square-foot industrial flex property in Round Rock, a northern suburb of Austin. The property was fully leased to two medical and diagnostic lab users at the time of the loan closing. Chase Johnson of NorthMarq arranged the loan through life company StanCorp on behalf of the undisclosed borrower. The seller was also undisclosed.

April 30, 2021

Hospitality Illinois Industrial Midwest Multifamily Office

Cresset Partners, Diversified Real Estate Capital Join Forces

by Kristin Harlow April 30, 2021

CHICAGO — Cresset Partners and Diversified Real Estate Capital have formed a partnership of their real estate groups, expanding Cresset’s real estate investment platform. The partnership formalizes and builds upon the existing relationship between the two companies, which have sourced, structured, capitalized and executed $1.6 billion in real estate projects since 2019. The combined entity, which is named Cresset Real Estate Partners, will target institutional-quality investment opportunities in a variety of asset types, including multifamily, office, industrial and hospitality.

April 30, 2021

Acquisitions Illinois Industrial Midwest

Venture One Acquires 62,940 SF Industrial Building in Gurnee, Illinois

by Kristin Harlow April 30, 2021

GURNEE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial V LP, has acquired a 62,940-square-foot industrial building in Gurnee, about 40 miles north of Chicago. The purchase price was undisclosed. Located at 905 Lakeside Drive, the property is 35 percent leased to three tenants. Constructed in 1989, the building features four docks, six drive-in doors and parking for 75 cars. Venture One plans to make improvements that will include office and warehouse renovations, parking lot resurfacing and new LED lighting. Donald Glyman of Tri-County Commercial Real Estate Inc. represented the undisclosed seller. Robert Elbrecht of Tri-State Realty represented Venture One and will be retained to market the property for lease. VK Industrial V LP is a partnership between Venture One and Kovitz Investment Group.

April 30, 2021

Development Industrial Northeast Pennsylvania

J.G. Petrucci, Cabot to Develop 318,440 SF Spec Industrial Project in Wind Gap, Pennsylvania

by Taylor Williams April 30, 2021

WIND GAP, PA. — A partnership between locally based developer J.G. Petrucci Co. Inc. and Boston-based Cabot Properties will develop a 318,440-square-foot speculative industrial project in the Lehigh Valley city of Wind Gap. The property will feature a clear height of 36 feet, 39 dock-high loading positions, two drive-in doors, 54 trailer positions and ESFR fire protection. Jon Mikula and John Plower of JLL arranged the partnership between the two firms. A construction timeline was not disclosed.

April 30, 2021

Acquisitions Industrial New York Northeast

Elion Partners Acquires 180,000 SF Industrial Building in Queens

by Taylor Williams April 30, 2021

NEW YORK CITY — Private equity real estate firm Elion Partners has acquired a 180,000-square-foot industrial building located approximately five miles from John F. Kennedy International Airport in the Jamaica neighborhood of Queens. The sales price was $58 million. According to commercialcafé.com, the Class B property was built on 5.3 acres in 1961. The seller was not disclosed.

April 30, 2021

Acquisitions Illinois Industrial Midwest

TIG Sells 2 MSF Michelin Distribution Center in Wilmington, Illinois

by Kristin Harlow April 29, 2021

WILMINGTON, ILL. — Transwestern Investment Group (TIG) has sold the Michelin Super Regional Distribution Center in Wilmington, about 60 miles southwest of downtown Chicago. The sales price was undisclosed. A build-to-suit for Michelin, the 2 million-square-foot property is situated within Elion Logistics Park 55. The 2,500-acre rail-served industrial park features access to 30 percent of the U.S. population with a one-day drive, according to TIG. Michelin continues to occupy a long-term lease at the property. Nick Murphy and Josh McArtor of Eastdil Secured represented TIG in the sale. Silver Creek was the buyer.

April 29, 2021

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