GARLAND, TEXAS — Merritt Industrial Dallas LLC has sold Northgate Business Park IV, a 58,193-square-foot flex property located in the northeastern Dallas suburb of Garland. Built on 2.8 acres in 1986, the property, approximately 60 percent of which is office space, formerly served as the headquarters for National Spirit Group. Brian Pafford of Bradford Commercial Real Estate Services represented the locally based seller in the transaction. Greg Cagle of Coldwell Banker represented the buyer of record, SJ & JL LLC. The new ownership plans to renovate the property
PHOENIX — Realty Advisory Group has brokered the acquisition of a single-tenant industrial property located at 2060 S. 51st Ave. in Phoenix. Nuveen Real Estate purchased the property for an undisclosed price. The name of the seller was not released. Situated on 17.44 acres, the property features 319,860 square feet of Class A industrial space. At the time of sale, the asset was 100 percent leased to Royal Paper Converting. The building features 30-foot clear heights, 38 dock-high doors, an ESFR sprinkler system and future divisibility options. John Repstad and Mark Repstad of Realty Advisory Group represented the buyer in the deal.
CHANDLER, ARIZ. — CBRE has arranged the sale of Chandler Business Center, a creative office, flex-tech and retail space located in Chandler. New York-based Fullerton Properties acquired the multi-tenant property from Los Angeles-based Montana Avenue Capital for $13.3 million. Located at 6150 and 6170 W. Chandler Blvd., Chandler Business Center is a two-building, value-add, mixed-use complex offering a total of 129,840 square feet. Butler Design Group designed the property in collaboration with Trammell Crow Co., completing construction in 2012. At the time of sale, the property was 54 percent leased to a variety of tenants, including New Heights Church, Advance Auto Parts, Newark Corp. and Children’s Cancer Network. Glenn Smigiel, Bob Young, Steve Brabant, Rick Abraham, Mark Krison and Jackie Orcutt of CBRE represented the seller in the deal.
AURORA, ILL. — LTD Commodities has signed a 10-year lease renewal at its 694,367-square-foot distribution facility located at 1000 Bilter Road in Aurora. Acquired by e-commerce giant Amerimark Holdings in December 2017, LTD Commodities is a catalog and online merchandiser. Jason West and Chris Cummins of Cushman & Wakefield represented the tenant. Matt Neumann of Cushman & Wakefield represented the landlord, Liberty Property Trust.
INDIANAPOLIS — Colliers International has brokered the sale of a 254,460-square-foot industrial building in Indianapolis for an undisclosed price. The property is located at 4310 Stout Field Drive within the Stout Field Industrial Park. The asset is situated within the southwest submarket of Indianapolis, the most active industrial submarket in the city, according to Colliers. The property offers convenient access to I-70 and the Indianapolis International Airport. The site also includes approximately three acres of excess land for future development. Progressive Logistics, Dugdale Foods, Gilmore Supply and GS Transportation fully occupy the property. Alex Davenport, Alex Cantu and Mike Lubbers of Colliers brokered the transaction on behalf of the seller, SAW Capital. The O’Donnell Group Inc., a southern California-based developer, purchased the building.
SAN FRANCISCO AND DENVER — Prologis Inc. (NYSE: PLD) has signed a definitive merger agreement to acquire Industrial Property Trust Inc. (IPT) in a deal valued just shy of $4 billion. IPT is an industrial real estate investment platform sponsored by Black Creek Group, a real estate investment manager and development firm based in Denver. If approved by IPT’s shareholders, the overall transaction would span 236 properties located across 24 geographic areas. The roughly 37.5 million-square-foot portfolio is currently 97 percent leased. About 96 percent of the affected properties are in markets where Prologis already has a presence. The transaction would expand the San Francisco-based firm’s holdings in Southern California, the Bay Area, Chicago, Atlanta, Dallas, Seattle and New Jersey. “This is a compelling opportunity to acquire a portfolio of excellent asset quality and submarket composition consistent with our U.S. investment strategy and footprint,” says Eugene Reilly, chief investment officer of Prologis. “We expect to capture significant cost and revenue synergies.” The merger will include 100 percent of IPT’s wholly owned real estate assets, but will exclude the firm’s minority ownership interests in two unconsolidated joint venture partnerships valued at approximately $295 million. Black Creek Group expects to determine the …
FORT LAUDERDALE, FLA. — Berger Commercial Realty has arranged the $36.9 million sale of a 34-acre parcel in Fort Lauderdale for the development of a 650,000-square-foot industrial building. Bridge Acquisition LLC, a subsidiary of Bridge Development Partners, acquired the land from Forman Industrial Land LLC. Bridge Development will construct a high-volume warehouse and distribution space in a new multi-building industrial park to be known as Bridge Point 595. Construction is slated to begin in September with completion expected in the third quarter of 2020. Joseph Byrnes and Keith Graves of Berger Commercial, along with John Forman of the selling entity, will serve as Bridge 595’s leasing agents.
ROUND ROCK, TEXAS — NitNeil Partners, a self-storage investment firm with offices in Atlanta, Austin and Tampa, has purchased a 678-unit self-storage facility in Round Rock, a northern suburb of Austin. The newly built, multi-story property spans approximately 78,000 rentable square feet of climate-controlled space. Life Storage manages the property, which is NitNeil’s second in metro Austin, including one under construction within an East Austin opportunity zone. Bill Bellomy and Michael Johnson of Bellomy & Co. represented both NitNeil Partners and the Austin-based seller in the transaction.
HUMBLE, TEXAS — Newmark Knight Frank (NKF) has negotiated a 41,675-square-foot industrial lease extension at 14428 Smith Road in Humble, a northern suburb of Houston. Garrett Gibbons, Trace Elrod and John Brewer of NKF represented the tenant, Global Heat Transfer Houston, in the lease negotiations. Capital Real Estate Commercial represented the undisclosed landlord.
TEXARKANA, TEXAS — Loc Performance Products, a Michigan-based defense contractor, has signed a 12,000-square-foot industrial lease at TexAmericas Center’s campus in Texarkana. The facility will provide kitting, assembly and machining services to the defense industry. Loc is in the process of hiring new employees to work at the facility.