TERRELL, TEXAS — Lee & Associates has negotiated the sale of a 765,798-square-foot, rail-served industrial building in Terrell, about 30 miles east of Dallas, that was formerly occupied by Goodyear Tire. Building features include a cross-dock configuration, 185-foot truck court depths and an ESFR sprinkler system. Ken Wesson of Lee & Associates represented the buyer, an entity doing business as BFI Newco Holdings, in the transaction. Steve Berger and Corbin Crews of CBRE represented the seller, an entity doing business as 301 Apache Trail LLC.
ST. CHARLES AND BATAVIA, ILL. — Lee & Associates has arranged the sales of two industrial buildings totaling 168,636 square feet in central Kane County, which is located west of Chicago. In the first transaction, a 102,000-square-foot building in St. Charles sold to a publicly traded REIT. Michael Androwich Jr. of Lee & Associates represented the buyer, while Jeff Holmes of Regional Realty represented the seller, Wise Plastics. In the second transaction, Androwich represented buyer WP Industries in its purchase of a 66,636-square-foot building at 1260 Kingsland Drive in Batavia. Ellerman Commercial represented the undisclosed seller.
VISTA, CALIF. — Lee & Associates – NSDC has arranged the sale of a single-tenant industrial property located within Oak Ridge Business Center in Vista. Elion Partners acquired the asset for $11.7 million from Tom E. Dixon Trust. The 47,560-square-foot property features three dock-high doors, two grade-level doors and heavy power. Additionally, the building is 100 percent temperature controlled. Rusty Williams, Chris Roth and Jack Rubendall of Lee & Associates Williams-Roth Group represented the seller, while Greg Pieratt of Lee & Associates represented the buyer in the deal.
ROSEMEAD AND EL MONTE, CALIF. — Lee & Associates LA North/Ventura has arranged the sale of a three-property apartment portfolio in the San Gabriel Valley. Positive Investments acquired the portfolio from Hunsaker Family for $68 million. The portfolio includes Fashion Park Apartments, Glen Haven Apartments and Fashion Lane Apartments, spanning 4405 Rosemead Blvd., 5123-5205 Rosemead Blvd. and 4436-4438 Ivar St. in Rosemead, as well as a community at 3815 Baldwin Ave. in adjacent El Monte. Totaling 215,691 square feet, the portfolio features a mix of one-, two- and three-bedroom units and single-family residences, as well as swimming pools, clubhouses, secure entry, covered parking and carports. Warren Berzack of Lee & Associates LA North/Ventura handled the transaction.
CARLSBAD, CALIF. — Lee & Associates has arranged the sale of an industrial property located at 3205 Lionshead Ave. in Carlsbad. Lionshead LLC sold the asset to Oak Canyon LLC for $15.9 million. At the time of sale, the 47,850-square-foot freestanding building was 100 percent triple-net leased on a long-term basis. Chris Roth, Rusty Williams and Jake Rubendall of Lee & Associates – NSDC represented the seller, while James deRegt of Lee & Associates – Newport represented the buyer in transaction.
FORT WORTH, TEXAS — Lee & Associates has negotiated a 156,205-square-foot industrial sublease at 401 Railhead Road in Fort Worth. According to LoopNet Inc., the property was built in 2001 and totals 305,225 square feet. Reid Bassinger and Trey Fricke of Lee & Associates represented the sublessor, Davoil Inc., in the lease negotiations. Tim Vogds of CBRE represented the sublessee, Dallas-based home goods retailer Tuesday Morning Inc.
BLUE ASH, OHIO — Lee & Associates | Cincinnati has signed a 13,904-square-foot office lease to occupy the entire second floor of 10260 Alliance Road in Blue Ash, a southern suburb of Cincinnati. Ohio National owns the property. Todd Pease and Michelle Klingenberg of JLL represented ownership in the lease transaction. Bill Schneller and Dan McDonald of Lee & Associates represented the tenant, which is relocating from 10123 Alliance Road and is expected to take occupancy of the new space in January.
WHEELING, ILL. — Lee & Associates has negotiated the sale of a nearly four-acre site at 231 Wheeling Road in Wheeling, a northwest suburb of Chicago. The sales price was undisclosed. The buyer, General Capital, plans to build Union Apartments, a four-story multifamily property. Rick Scardino of Lee & Associates represented the seller, Palumbo Bros. David Erickson of CBRE represented the buyer.
When the pandemic engulfed the world last year, few analysts predicted that the multifamily sector would flourish and thrive so well. Most suspected that the sector would be on life support. Yet, despite a year-long national eviction moratorium, there hasn’t been a better time to be a big apartment-building landlord. Multifamily-property values have increased 13 percent since before the pandemic and more money is being invested now in apartment buildings than in any other type of commercial real estate. How did this happen and what explains this? Lee & Associates’ research will delve into why the multifamily sector, contrary to past predictions and present-day misperceptions, is flourishing as never before. 1. Measured on an annual basis, national asking rents rose 10.3 percent in August. That marked the first double-digit increase in the more than 20 years the data of 13 million professionally managed apartments has been collected, and in several cities, the rent increases were much more significant than the national figure.[1] August rents rose more than 20 percent year-over-year in Phoenix, Las Vegas and Tampa. Similarly, monthly rents were up more than 20 percent in comparable markets such as Boise, Idaho and Naples, Florida. 2. Multiple factors explain this …
LEWISVILLE, TEXAS — Lee & Associates has negotiated a 249,093-square-foot industrial lease at 2075 Midway Road in the northern Dallas suburb of Lewisville. According to LoopNet Inc., the property sits on 28 acres and features 32- to 36-foot clear heights and 185-foot truck court depths. Adam Graham, Mark Graybill and Johnny Anderson of Lee & Associates represented the landlord, First Industrial Texas LP, in the lease negotiations. The representative of the tenant, Swiss chemical provider Sika, was not disclosed.