TEWKSBURY AND HAVERHILL, MASS. — JLL has arranged $10.1 million in acquisition financing across two loans for two industrial assets totaling 64,460 square feet in metro Boston. The buildings include a 34,100-square-foot cold storage facility in Tewksbury and a 30,360-square-foot facility in Haverhill, both of which are located north of the state capital. The buildings were completed in 2000 and 1982, respectively. Max Custer, Amy Lousararian, Thomas Didio Jr., Chris Barry and Christian Badalamenti of JLL arranged the financing. Both loans carried fixed interest rates and were provided by local banks. The borrower was B&D Holdings.
HAMILTON, N.J. — FRP Holdings (NASDAQ: FRPH), an investment firm with offices in Baltimore and Jacksonville, has purchased a 170,800-square-foot warehouse in the Northern New Jersey community of Hamilton. FRP Holdings acquired the asset, which is formerly known as Logistics Center at Hamilton, as part of a larger portfolio deal encompassing the entire development pipeline of South Florida-based developer Altman Logistics Properties. The sales price was not disclosed.
NEW YORK CITY — Rudin has extended an existing $425 million CMBS loan backed by 32 Avenue of the Americas, a 27-story office tower in Manhattan’s Tribeca neighborhood. The New York City-based owner-operator has also announced plans for a $100 million capital improvement program at the 1.2 million-square-foot Art Deco property, which also features a prominent data center/carrier hotel component. Rudin will introduce a prebuilt program of new work environments at 32 Avenue of the Americas that will range in size from 5,000 to 10,000 square feet. The company will also upgrade the building’s lobby and renovate its street-level retail space. Lastly, Rudin will create a new leasing/marketing center spanning the entire 25th floor, which also features two outdoor terraces that offer views of the Manhattan skyline. The tower’s mortgage will now mature in November 2029 should Rudin exercise both of its one-year renewal options in 2027 and 2028. Iron Hound Management Co. advised Rudin, which acquired the property in 1999 from AT&T, on the loan modification. The direct lender was not named. Rudin requested that its loan be transferred to an unnamed special servicer two months ahead of its November maturity in order to begin discussions on the loan modification. …
SHAWNEE, OKLA. — GF Central Plastics has opened a 150,000-square-foot metals manufacturing facility in Shawnee, an eastern suburb of Oklahoma City. The facility will complement GF Central’s existing 500,000-square-foot plastic and metals manufacturing plant in Shawnee. Project partners included TAP Architecture, Entegrity Energy Partners, Coalign Group, Cedar Creek Inc. and Evans General Contractors. A grand opening ceremony took place in mid-October, and the facility is expected to be fully operational by next April.
HOUSTON — Colliers has negotiated a 12,192-square-foot industrial lease in East Houston. According to LoopNet Inc., the single-tenant building at 1401 Boyles St. was originally constructed in 1965. Christopher Klein and Judy Garza Beebe of Colliers represented the undisclosed landlord in the lease negotiations. The name and representative of the tenant were also not disclosed.
STAFFORD COUNTY, VA. — Vantage Data Centers will invest $2 billion to develop a 929,000-square-foot data center campus in Stafford County, which is situated near Fredericksburg, Va., and approximately 40 miles south of Washington, D.C. The new 192-megawatt (MW) campus, dubbed VA4, is situated just roughly 54 miles from Vantage’s three existing Virginia campuses in Northern Virginia’s “Data Center Alley” and brings the company’s statewide capacity to 782 MW with a combined investment of approximately $8 billion. Development of the new campus is expected to create 1,100 construction jobs and at least 50 permanent operations jobs. The first building at VA4 is scheduled to open in late 2027. VA4 will be built to achieve LEED Silver certification, in alignment with Vantage’s “sustainable by design” blueprint. The center will also utilize a closed-loop chilled water system that minimizes the need for large volumes of water. Additionally, VA4 will feature liquid-to-liquid cooling with coolant distribution unit (CDU) equipment, which can handle 100 percent of critical IT workloads.
PARSIPPANY, N.J. — FRP Holdings (NASDAQ: FRPH), an investment firm with offices in Baltimore and Jacksonville, has purchased a 140,031-square-foot warehouse in the Northern New Jersey community of Parsippany. Logistics Center at Parsippany is a newly built facility that sits on a 10.5-acre site. Altman Logistics Properties, a South Florida-based investment firm formerly known as BBX Capital, developed the property, and FRP Holdings acquired the asset as part of a larger portfolio deal encompassing Altman’s entire development pipeline. The sales price was not disclosed.
SALEM, N.H. — JLL has brokered the $7.7 million sale of three industrial buildings totaling roughly 55,000 square feet in Salem, located near the Massachusetts-New Hampshire border. The shallow-bay buildings, which were all fully leased at the time of sale, feature clear heights of 17 to 20 feet, tailboard and drive-in loading doors and approximately 15 percent office space in each building. Tommy Hovey, Michael Restivo and David Coffman of JLL represented the undisclosed seller in the transaction. The buyer was an entity doing business as JBCM LLC.
EDISON, N.J. — Lee & Associates has negotiated an 88,620-square-foot industrial lease in the Central New Jersey community of Edison. The space is located within the Raritan Center business park and features 32-foot clear ceilings, 17 loading docks and an ESFR sprinkler system. Claudia Ganas, Monica Franco and Ana Carolina DeAraujo of Lee & Associates represented the tenant, an undisclosed freight forwarding company, in the lease negotiations. Vincent Visceglia internally represented the landlord, Summit Associates.
ELK GROVE VILLAGE, ILL. — Entre Commercial Realty has brokered the sale of a 42,780-square-foot industrial facility at 2375 Estes Ave. in Elk Grove Village within the O’Hare submarket. The freestanding property features three docks, two drive-in doors, heavy power, a clear height of 22 feet and ample car parking. The buyer, Excel Restoration, will use the building as its headquarters. Cory Kay, Mike DeSerto and Elisabeth Lazzara of Entre represented the undisclosed seller, while colleague Kevin Kaplan represented the buyer.