IOWA — Eastern Union has arranged $17.9 million in acquisition financing for the Magna International portfolio, a collection of four automobile parts manufacturing facilities spanning 600,000 square feet throughout Iowa. Toronto-based Granite REIT America sold the portfolio to New York-based Beau Pere Real Estate LLC. Abe Kolman of Eastern Union arranged two loans with Bank of the West. The loan-to-value ratio was 75 percent.
INDIANAPOLIS — Sansone Group, in partnership with CenterSquare Investment Management, has acquired a 424,849-square-foot industrial building located at 7520 Georgetown Road in Indianapolis. The purchase price was not disclosed. The property is part of a larger master-planned industrial park. The building features 19,417 square feet of office space, 37 dock doors, 43 trailer parking stalls and 594 car parking spaces. Vince Bajardi and Jake Corrigan of St. Louis-based Sansone represented the company in the purchase. Matt Kiger of Newmark Knight Frank and Conrad Jacobs of Halakar Commercial Real Estate brokered the transaction. Duke Secured Financing 2009-1ALZ LLC was the seller.
For many years, companies seeking to establish major distribution operations for the southwestern United States flocked to one market: Dallas-Fort Worth (DFW). Any deal that required a warehouse or logistics space of several hundred thousand square feet or more headed to the metroplex, and Houston received what was left — deals falling anywhere from 20,000 to 100,000 square feet. That began to change in 2010, when oil was consistently trading at close to $100 per barrel. Subsequent innovations in hydraulic fracturing that lowered the threshold at which offshore drilling companies could turn a profit, combined with escalated tensions among Middle Eastern producers, kept prices for American crude at high levels until December 2014. At the time of this writing, oil futures traded at about $58 per barrel, suggesting that any hopes of a recovery by mid-2019 had been premature. But between 2010 and 2014, when the party was in full swing, Houston experienced tremendous job growth that attracted tens of thousands of new residents to the city. More housing was built, and significant amounts of industrial absorption began to stem from the need to store and distribute consumer goods, from food to furniture to household appliances. Today, Houston’s population is …
RICHMOND, VA. — Ashley Capital has acquired 7000 Hardware Drive, a 798,786-square-foot vacant distribution center in Richmond from Ace Hardware Corp. Ashley Capital plans to immediately begin updating the property to include installing a new roof, replacing all 84 dock doors, replacing the lights with high-efficiency LED fixtures, removing an internal mezzanine and painting the interior and exterior. Ashley Capital will rebrand the property as Virginia Gateway Logistics Center. Evan Magrill and Bobby Phillips of Cushman & Wakefield | Thalhimer represented the buyer in the transaction. The sales price was not disclosed.
HOUSTON — NorthPoint Development LLC has acquired 190 acres at the intersection of U.S. Route 90 and Uvalde Road in northeast Houston for the development of a 2.5 million-square-foot industrial park. The seven-building property will be branded NorthPoint 90 Logistics Center. Michael Keegan of NAI Partners represented the seller, Sowell Equities-Forestwood LP, in the transaction, which marks the largest industrial land sale in Houston in 2019 year-to-date. Blake Gibson and Ryan Byrd of Colliers International represented NorthPoint and will be marketing the property for lease.
SPRINGTOWN, TEXAS — Marcus & Millichap has brokered the sale of West Side Storage, a 278-unit facility in Springtown, located northwest of Fort Worth. The property, which spans 44,500 net rentable square feet, features non-climate-controlled, drive-up units ranging in size from 100 to 300 square feet. Brandon Karr and Danny Cunningham of Marcus & Millichap represented the seller and developer of the property, in the transaction. The buyer was a Fort Worth-based owner-operator of self-storage facilities.
HAMILTON, N.J. — Colliers International has arranged the $19.5 million sale of 5 and 8 Commerce Way, two industrial properties in Hamilton that encompass more than 120,000 square feet. The buildings, which were 95 percent occupied at the time of sale, feature 28-foot clear heights, loading docks and drive-in options. Jacklene Chesler, Matthew Brown and Frank Summers of Colliers represented the buyer and seller, both of which requested anonymity, in the transaction.
LOS ALAMITOS, CALIF. — Alere, a pension fund advisor, has purchased Los Alamitos Corporate Center, an industrial complex located in Los Alamitos. Northwestern Mutual sold the asset for $128.5 million. Situated on 36.9 acres, the 17-building complex is located at 4332-4478 Cerritos Ave., 10541-10681 Calle Lee and 4392-4465 Corporate Center Drive. At the time of sale, the 685,588-square-foot asset was 98 percent leased to 82 tenants. The buildings range in size from 11,788 square feet to 134,186 square feet. Darla Longo, Barbara Perrier, Brett Hartzell, Rebecca Perlmutter Finkel, Eric Cox and Laird Perkins of CBRE represented the seller in the transaction.
PROSPECT HEIGHTS, ILL. — Conor Commercial Real Estate has begun development of Executive Commerce Center in Prospect Heights. The 150,000-square-foot speculative industrial building will sit on 10 acres and feature a 32-foot clear height, 25 truck docks, two drive-in doors and parking for 165 cars. Completion is slated for the end of this year. McShane Construction Co. is the general contractor and Ware Malcomb is the architect. Denise Chaimovitz and Sean Sloan of Paine Wetzel are marketing the property for lease on behalf of Conor.
DES MOINES, IOWA — StorageMart has expanded its facility located at 1800 E. Army Post Road in Des Moines. The self-storage property now includes two climate-controlled buildings with 155 units. Both buildings feature large drive-in loading bays. StorageMart also expanded the office area, which now offers a variety of packing and moving supplies. The expanded facility also includes 25 additional boat, recreational vehicle and car parking spots on newly paved lots.
