LOS ANGELES — Avison Young and Newmark Knight Frank (NKF) have arranged the sale of an industrial building with excess land located at 2133 and 2143 Pontius Ave. in West Los Angeles. A California-based private investor sold the property to a West Los Angeles-based private investor for $5 million. Built in 1948 on a 0.3-acre land parcel, the 6,500-square-foot building features a high-clear-span, bow truss design with sufficient loading and power, warehouse skylights and 14-foot minimum ceiling height. Patrick Barnes, Chris Maling and David Maling of Avison Young, along with John DeGrinis of Newmark Knight Frank, represented the seller, while David Kamran of Diva Real Estate Group represented the buyer in the deal. According to the brokers, the transaction was record-setting for the West Los Angeles submarket with the highest price per square foot of $590 paid for an industrial building under 10,000 square feet and $300 per square foot for the land, per CoStar records.
HARRISBURG, N.C. — JLL has negotiated the sale-leaseback of a 126,363-square-foot industrial building in Harrisburg fully leased to Wilbert Plastic Services. The single-story building is situated on 16 acres at 7301 Caldwell Road, 13 miles northeast of downtown Charlotte. The buyer, AIC Ventures, executed a new long-term lease with Wilbert Plastic Services upon completion of the sale. Wilbert Plastic Services is headquartered in Belmont on the other side of Charlotte and specializes in thermoforming and injection molding. Pete Pittroff, Patrick Nally, Val Derrick and Dave Andrews of JLL represented the seller in the transaction. The sales price was not disclosed.
CHICAGO — Brennan Investment Group, a Chicago-based developer, has acquired a three-building industrial portfolio totaling 380,274 square feet in Pennsylvania. The portfolio is located in the Lehigh Valley submarket, which is situated north of Philadelphia and west of New York City and includes the cities of Allentown, Bethlehem and Easton. The properties offer convenient access to Interstates 78 and 81, as well as the Lehigh Valley International Airport. The seller and sales price were undisclosed.
NORTH BRANFORD, CONN. — G&G Investments has acquired a 50,576-square-foot industrial and office asset in North Branford, an eastern suburb of New Haven, for $1.7 million. Located at 32 Commerce Drive, the property features 24,000 square feet of warehouse space, 10,000 square feet of office space and a 16,576-square-foot covered loading and parking area. Bill Clark of The Geenty Group represented G&G Investments LLC in the transaction. The seller, Frontier Communications, has leased back the building for six months as part of the terms of the sale.
WOODRIDGE, ILL. — Brown Commercial Group has negotiated a 36,612-square-foot industrial lease on behalf of American Cleaning & Restoration South at 10440 Woodward Ave. in Woodridge, a western suburb of Chicago. The tenant, which restores structures that experience fire and water damage or are in need of mold remediation, is expanding and moving from a facility in Romeoville. Mike Antonelli of Brown represented the tenant. Jeff Galante of Lee & Associates represented the landlord, Prologis. The multi-tenant building spans 159,258 square feet and features a clear height of 30 feet.
WILSONVILLE, ORE. — ScanlanKemperBard (SKB) has completed the disposition of Parkway Woods Business Park, a suburban industrial/office campus situated on more than 70 acres at 26600 SW Parkway Ave. in Wilsonville. Reinsurance Group of America (RGA) acquired the property from Parkway Woods Business Center LLC, a joint venture between SKB and Oaktree Capital, for an undisclosed price. The 378,300-square-foot asset is currently a mixed-use business park featuring amenities such as on-site public transportation, a lounge, fitness facility, newly renovated lobby, on-site snack shop, rotating food trucks, disc golf course, basketball court and outdoor space. Nick Kucha, James Childress, Jeff Hodson, Kevin Shannon and James Ikeguchi of Newmark Knight Frank represented the seller, while the buyer was self-represented in the deal. SKB will stay as a partner in the investment to help execute the repositioning of the property. RGA and SKB plan to reposition the three-building property’s large floor plates to meet the needs and size requirements of a variety of light industrial, manufacturing and R&D tenants. The site also includes more than 4.5 acres of developable land that could accommodate 85,000 square feet of industrial space.
PHOENIX AND TEMPE, ARIZ. — DAUM Commercial has arranged the acquisition of three industrial properties totaling nearly 60,000 square feet in Phoenix and Tempe. In the first deal, Crockett’s Honey, a family-owned raw honey manufacturer, acquired an 18,000-square-foot industrial building in Tempe. The asset is situated on 1.2 acres at 1060 W. Alameda Drive. Crockett’s Honey, which operates 6,500 beehives along the Colorado River in Parker, Ariz., plans to expand its bottling and distribution capabilities at the Tempe location. In the second transaction, a California-based private investor purchased a three-building business park in Phoenix for $2 million. Located at 3615-3635 S. 16th St., the 25,870-square-foot asset features five grade-level doors, a fenced lot and convenient access to multiple modes of transportation, including the Phoenix Sky Harbor International Airport and Union Pacific railroad. Carl Johnson, also of DAUM’s Phoenix office, represented the undisclosed seller in the deal. In the third transaction, a private investor acquired a manufacturing building located at 2840 E. Mohawk Lane in Phoenix for $2.2 million. The name of the seller was not released. The buyer plans to implement value-add exterior upgrades to the 16,056-square-foot property, which was recently vacated, including new paint, roof and asphalt. The building features …
KATY, TEXAS — National Property Holdings (NPH), a Houston-based industrial developer and owner, is underway with Katy Prairie Business Park, an 87-acre industrial project located in the western Houston suburb of Katy. At full buildout, the project will span approximately 1.1 million square feet across three tilt-wall buildings. The development’s first facility has been underway for a few months. Dallas-based design-build firm ARCO Design/Build Inc. broke ground last December on a 59,000-square-foot warehouse and distribution center within the park for Domino’s Pizza, progress of which can be seen here. The facility is expected to be complete in the fourth quarter and support more than 300 Domino’s Pizza restaurants across South Texas. “We are delighted Domino’s selected National Property Holdings to develop its new supply chain center and fresh pizza dough production line in our first building at Katy Prairie Business Park,” says Ryan Lovell, vice president of real estate for NPH. In addition to building the Domino’s facility, NPH is now expanding the park’s infrastructure to make way for the other two buildings. This work includes excavating detention ponds totaling approximately 20 acres, extending the public water line by half a mile, implementing a wastewater collection system and lift station …
BOSTON — Plymouth Industrial REIT Inc. (NYSE: PLYM), a Boston-based investment firm focused on the acquisition and management of industrial properties, executed more than 426,000 square feet of new leases during the first three months of 2020, according to the company’s latest quarterly report. Commercial leasing has declined amid the COVID-19 health crisis, but industrial owners have benefited from demand for distribution and warehousing space, especially from e-commerce users. At the end of the quarter, Plymouth owned 125 industrial buildings totaling approximately 20 million square feet, including 11 properties totaling 2.1 million square feet that were purchased in the first quarter. Plymouth reported 96.3 percent occupancy across its portfolio, which is primarily located in the Midwest and Southeast regions, as well as in New Jersey and Maine. Plymouth’s stock price closed at $13.98 per share on May 8, down from $15.55 per share a year ago.
MIAMI — JLL has arranged the sale of 21st Century Self Storage, a 636-unit facility in Miami. The 37,242-square-foot asset features climate-controlled units and 26 parking spaces. The building was originally constructed in the 1950s and was converted to self-storage in 2003. The building is located at 200 NW 79th St., eight miles north of downtown Miami. Steve Mellon, Brian Somoza and Manny de Zárraga of JLL represented the seller, 21st Century Self Storage, in the transaction. Amsdell Cos. and Compass Self Storage purchased the facility for an undisclosed price.