ATLANTA — Partners Capital, the investment arm of Houston-based Partners Real Estate, has acquired Powers Ferry Business Park, a five-building flex park in Atlanta’s Cumberland-Galleria submarket. Built in 1982, the 261,949-square-foot campus sits on 26 acres within two miles of Battery Atlanta and Truist Park, home of the Atlanta Braves. Partners Capital purchased Powers Ferry Business Park through Opportunity Fund VI, its newly launched investment vehicle. The seller and sales price were not disclosed, but the Atlanta Business Chronicle reports the property traded for $46.1 million in an off-market transaction. The park was 91 percent leased at the time of sale to 36 tenants. Partners Capital plans to make capital improvements to Powers Ferry Business Park over the course of its ownership.
Industrial
TULSA, OKLA. — Sword Industrial Partners, an affiliate of Dallas-based MAG Capital Partners, has purchased Braniff Park West, a 261,692-square-foot property in northeast Tulsa. The sales price was $20 million. Braniff Park West consists of two buildings on a 21.7-acre site with suites that range in size from 11,000 to 82,000 square feet. The property was 89 percent leased at the time of sale to tenants such as HSM Transportation, Forward Air and Ramsey Industries. Troy Gudgel and Terry Payne of CBRE represented the seller, an undisclosed, locally based partnership, in the transaction.
WILMER, TEXAS — Marcus & Millichap has brokered the sale of a 192-unit self-storage facility in Wilmer, a southern suburb of Dallas. Known as StorageHome, the facility was built in 1979 and expanded in 2007. The property spans 29,800 net rentable square feet of non-climate-controlled space across 26 single-story buildings. Thomas Dickinson, Danny Cunningham and Brandon Karr of Marcus & Millichap represented the seller, an entity doing business as Wilmer Storage LLC, in the transaction. The trio also procured the buyer, Momentum Wealth Fund.
PLANO, TEXAS — Airspan Networks has signed a 12,363-square-foot lease expansion in Plano. The global provider of 5G access and transport solutions is consolidating its Florida and California operations to R&D at Legacy, a 374,275-square-foot flex development, where Airspan now occupies roughly 26,000 square feet. Josh Walpole of Walpole Realty Group represented the tenant in the lease negotiations. Chase Lopez, James Mantzuranis and Sam Bass of Stream Realty Partners represented the landlord, BH Properties.
CANOGA PARK, CALIF. — DAUM Commercial Real Estate Services has directed the sale of a warehouse building located at 805 Deering Ave. in Canoga Park. Chatsworth, Calif.-based Oak Cabessa of MAKS Enterprises acquired the property from 8015 Deering LLC for $3.8 million. Built in 1973, the 12,892-square-foot building features a clear height of 17 feet, grade-level loading, a gated rear concrete yard, fencing and a 1.6:1 parking ratio. Additionally, the property features 6,100 square feet of high-end designer office space with a reception area, hardwood laminate flooring, recessed LED lighting and a full-glass conference room. The buyer plans to use the property as a headquarters for warehousing electronic automobile modules. Dennis Marciniak of DAUM Commercial represented the seller, while Kevin Cooper of Delphi Business Properties represented the buyer in the deal.
CHICAGO — The Chicago Department of Planning and Development (DPD) has agreed to sell 8.2 acres of vacant land in the Stockyards Industrial Corridor to a joint venture between The Missner Group and Cabrera Capital, which will develop the property into a $23.7 million industrial building. The 126,360-square-foot project at 1924 W. 46th St. is expected to create up to 120 permanent jobs when fully leased. Potential tenants include restaurant suppliers, distribution companies, building material suppliers, event production firms and downtown service providers. The city acquired the site in 2008 for $2.2 million. It was primarily used for outdoor industrial storage since the early 1980s. The proposed purchase price is the property’s market value of $3.3 million. The proposed project was one of three responses to the request for qualifications from the DPD. A public meeting will be scheduled as part of the project’s formal review and approval process.
HILLSBORO, ORE. — Gantry has secured a $12 million permanent loan to refinance maturing debt for a pair of industrial warehouse buildings located at 5640 N.E. Wagon Drive Blvd. in Hillsboro. The 10-acre site features two buildings offering a total of 192,000 rentable square feet, including a single-tenant asset with 152,000 rentable square feet and an adjacent 40,000-square-foot multi-tenant flex building. Blake Hering, Kristin Lapinskas and Abi Hunter of Gantry’s Portland, Ore., office represented the borrower, a private real estate investor. The 10-year, fixed-rate nonrecourse loan set at a 25-year amortization was secured from one of Gantry’s insurance company correspondents. Gantry will service the loan for the lender.
SACRAMENTO AND CARMICHAEL, CALIF. — Forza Properties has purchased two industrial properties for a combined $9 million. Matt Post, Anthony DeLorenzo and Sammy Cemo of CBRE represented the two sellers, 5753 Auburn Blvd LLC and MCA IGF Carmichael LLC, in the transactions. Matt Susac, Tyler Howell, Todd Sanfilippo and Walter Smyth of CBRE handled leasing for the properties. The multi-tenant property, located at 5753 Auburn Blvd. in Sacramento, sold for $4.8 million. The asset features 22 units spread across four buildings, with suites averaging 1,400 square feet. Each suite has one roll-up door, a 16-foot clear height and convenient access to Interstate 80. At the time of sale, the property was 97 percent leased. The fully leased property in Carmichael sold for $4.2 million. The asset includes 17 units averaging 1,529 square feet, 19 roll-up doors and 12-foot ceilings. The property recently underwent capital improvements, including roof work, exterior paint, asphalt upgrades and interior renovations. The property has immediate access to Interstate 80.
Lee & Associates Brokers $2.3M Sale of 7,770 SF Multi-Tenant Industrial Building in Norwalk, California
by Amy Works
NORWALK, CALIF. — Lee & Associates has arranged the sale of a multi-tenant industrial building located at 13820 Shoemaker Ave. in Norwalk. Parsons sold the property to Rosecrans Associates, an investment buyer, for $2.3 million. Situated on 0.37 acres, the 7,770-square-foot property features 800 square feet of office space, three ground-level doors, a 14-foot warehouse clearance and 300 amps of power. Additionally, the asset offers a secured yard area and a 2:1 parking ratio. The property was originally constructed in 1974. Pat Delaney of Lee & Associates – Orange handled the transaction.
Longleaf Capital Obtains Acquisition Loan for Industrial Property in Spartanburg, South Carolina
by John Nelson
SPARTANBURG, S.C. — Nashville-based Longleaf Capital Partners has obtained an undisclosed amount of acquisition financing for 185 Littlejohn Street, a two-building industrial property in Spartanburg. The 247,000-square-foot property sits on 24.1 acres in close proximity to interstates 26 and 85, as well as Inland Port Greer and BMW’s U.S. manufacturing headquarters. Patterson Real Estate Advisory Group arranged the senior loan through Georgia Banking Co. Longleaf plans to overhaul the property’s building systems, address deferred maintenance and market the 114,000 square feet of available Class B space to prospective tenants.
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