AUSTIN, TEXAS — Stan Johnson Co. has brokered the sale of a 60,000-square-foot industrial facility in Austin. The single-tenant facility is leased to ABC Supply Co., a distributor of building exteriors. Colin Couch and Jason Powell of Stan Johnson Co. represented the seller, a California-based private investor, in the transaction. A private investor based in Alaska purchased the asset at a cap rate of approximately 5.5 percent.
POMONA AND RANCHO DOMINGUEZ, CALIF. — Rexford Industrial Realty has purchased two industrial properties for $99.7 million in Southern California. The investments were funded using cash on hand. The names of the sellers were not released. The company acquired Pomona Distribution Center, located at 1601 W. Mission Blvd. in Pomona, for $87.8 million, or $117 per square foot. Situated on 32.2 acres, the 751,528-square-foot property is fully leased to two tenants. Upon expiration of the existing leases, Rexford plans to increase rents and complete value-add functional and cosmetic upgrades. Rexford also purchased a single-tenant industrial asset, located at 2757 E. Del Amo Blvd. in Rancho Dominguez, for $11.9 million, or $207 per square foot. Situated on 3.5 acres with excess land for trailer parking and storage, the fully occupied building features 57,300 square feet of industrial space. Upon expiration of an in-place lease, the buyer plans to implement a value-add repositioning program to drive cash flow and value growth.
AURORA, COLO. — Newmark Knight Frank (NKF) Colorado has arranged the sale of Majestic Commercenter, an industrial property in Aurora. Delco Properties-Colorado acquired the building from Majestic Lisbon Buildings LLC for $5.9 million. Located at 3350 N. Lisbon St., the building features 46,612 square feet of industrial space. Chris Nordling of Newmark Knight Frank represented the buyer in the transaction.
HAZELWOOD, MO. — Panattoni Development is developing two new industrial buildings at Aviator Business Park in Hazelwood. Construction is underway on the speculative buildings, which will total 640,182 square feet. Aviator 8 will span 224,089 square feet and Aviator 9 will measure 416,093 square feet. Both buildings are slated for completion in summer 2020. The Class A distribution facilities will feature clear heights of 32 feet and can be occupied by a single tenant or divided into spaces as small as 38,000 square feet. Aviator Business Park, located one mile north of St. Louis-Lambert International Airport, is served by Norfolk Southern Railroad. The park is 90 percent leased to tenants such as International Foods, Weekends Only and Silgan Plastics. Katie Haywood and John Frith of CBRE will market the properties for lease on behalf of Panattoni. St. Louis-based Kadean Construction is the general contractor. Kadean previously constructed buildings 3, 4, 7 and 10 in Aviator Business Park.
PORT WENTWORTH, GA. — Chesterfield, a Winter Park, Fla.-based real estate developer, has completed a 778,000-square-foot facility for carpet manufacturer Shaw Industries Group Inc. in Port Wentworth, 12 miles northwest of downtown Savannah. Built in just seven months, the Shaw facility is now part of Chesterfield’s Georgia International Trade Center (GITC), a light industrial and manufacturing park spanning 1,150 acres. The general contractor for the Shaw facility is Omega Construction and the project architect is Atlas Collaborative. Stonemont Financial Group served as Chesterfield’s capital partner. The GITC is master planned for up to 7.2 million square feet. Located less than 10 miles from the Port of Savannah, the GITC has nearby access to the CSX Railway.
MEBANE, N.C. — Illinois-based medical supply manufacturer and distributor Medline Industries Inc. has purchased 220 acres in Mebane for a planned 1.2 million-square-foot distribution center. The $65 million distribution center will be built on West Ten Road in Orange County, approximately 17 miles northwest of Durham. It will be located in the Buckhorn Economic Development District, near Interstates 40 and 85. Medline paid a total of $8.1 million for all eight parcels involved in the transaction. Medline says the distribution center will initially create 250 new full-time jobs and at full capacity the company anticipates creating as many as 600 jobs. Pickett Sprouse’s Mark O’Neal represented the sellers of five of the eight sites involved in the transaction.
CHICAGO, INDIANAPOLIS, COLUMBUS AND MILWAUKEE — Starwood Real Estate Income Trust Inc., a non-traded real estate investment trust managed by Starwood Capital Group, has acquired a 33-property industrial portfolio totaling 4.1 million square feet in the Midwest for approximately $319.6 million, excluding closing costs. The properties are located in Chicago, Indianapolis, Columbus and Milwaukee. The portfolio is 98 percent leased to 50 tenants. It is largely comprised of light industrial buildings of less than 250,000 square feet. Kurt Sarbaugh, Robin Stolberg, Michael Joseph and Dominic Espinosa of JLL represented the seller, Becknell Industrial and a joint venture partner. Becknell will retain its position in the portfolio. Ken Martin, Alex Witt, Troy Shiley and Nelson Almond of JLL arranged a 10-year, $210 million fixed-rate CMBS loan with a global investment bank on behalf of new ownership.
CHICAGO — Krusinski Construction Co. has completed a 90,000-square-foot buildout for 86 Food Service at 1400 W. 43rd St. in Chicago. The distributor of wholesale food and supplier of fresh produce, meat, poultry and dry goods to restaurants and grocery stores occupies the space within an existing 167,000-square-foot, speculative warehouse previously built by Krusinski. The buildout for 86 Food Service included the installation of cold storage refrigeration, freezers and a retail component to serve its customer base. Additional features include 7,500 square feet of office space, 50 new car parking stalls, one drive-in door and a clear height of 32 feet. Prologis served as developer with Cornerstone Architects Ltd. as architect and Grivas-Krause Associates Ltd. as structural engineer.
MANCHESTER, HUDSON AND NASHUA, N.H. — Cushman & Wakefield has brokered the $58.5 million sale of a four-building, 593,026-square-foot industrial portfolio in Manchester, located approximately 15 miles south of Concord. The portfolio includes Manchester Air Center, a 145,675-square-foot, single-story building; Brady Sullivan Airport Center, a two-story, 151,484-square-foot manufacturing property; 5 Wentworth Drive, a 139,000-square-foot warehouse and office building in Hudson; and Birch Pond Business Center, a 153,700-square-foot office complex at 22 Cotton Road in Nashua. The portfolio was 96.8 percent leased at the time of sale. Tom Farrelly, Denis Dancoes and Sue Ann Johnson of Cushman & Wakefield’s New Hampshire team partnered with Dave Pergola and Brian Doherty of Cushman & Wakefield’s Boston Capital Markets team to represent the seller, Brady Sullivan Properties, in the transaction. Boston-based Albany Road Real Estate Partners was the buyer.
NEW YORK CITY — Marcus & Millichap has arranged the $4.2 million sale of 17-27 Herkimer Place, a 12,825-square foot industrial property in Brooklyn. The property is located near the Nostrand Avenue Station and Flatbush Avenue Station Commuter Rails. Jakub Nowak and Jason Grunberg of Marcus & Millichap represented the seller, a limited liability company. The team also represented the buyer, a private investor.