GARNET VALLEY, PENN. — CBRE has arranged the sale of a 172,071-square-foot industrial facility in Garnet Valley, located approximately 25 miles southwest of Philadelphia. Situated at 1515 Garnet Mine Road, the property comprises 48,000 square feet of office space and 124,071 square feet of manufacturing and warehouse space, with ceiling heights ranging from 16 to 24 feet. Michael Hines, Brad Ruppel, Brian Fiumara and Lauren Dawicki of CBRE represented the seller, Evergreen Private Finance, in the transaction. Steve Italiano of Italiano Commercial Real Estate Services LLC also assisted with the sale. BHN Associates LLC acquired the property for an undisclosed price.
BROOMFIELD, COLO. — The Denver office of United Properties and Brue Baukol Capital Partners have completed the disposition of Interpark Industrial Center, a two-building industrial property located at 11325 Main St. and 11380 Reed Way in Broomfield. San Francisco-based Stockbridge Real Estate purchased the asset for $47.8 million. Completed in 2018 and situated on 16.1 acres, the property offers a total of 239,816 square feet of industrial space. The asset features ESFR sprinklers, 24-foot clear heights, modern column spacing, dock-high and drive-in loading, and ample parking. Additionally, Interpark Industrial Center includes a 220-foot shared truck court and 60-foot concrete loading pads. The property is currently 89.7 percent leased to three tenants: Swisslog Healthcare, MKS Instruments and GC Imports. Tyler Carner, Jeremy Ballenger, Jim Bolt, Jessica Osternick and Frank Kelley of CBRE’s Denver offices, along with Jeremy Kroner of CBRE’s Boulder office, represented the seller in the transaction.
When real estate professionals contemplate the nation’s top industrial markets, Austin is not the first market to come to mind. Bigger and more established markets like Dallas, California’s Inland Empire, Chicago and Houston are often the newsmakers with tens of millions of square feet of industrial product under construction and tenants routinely signing deals for million square foot-plus deals. Austin has been mostly known and admired for its office market and tech-forward economy, gaining notoriety circa 2000 with the tech boom and exploding in growth over the last five years with expansions and commitments from Apple, Google, Facebook, Indeed, Amazon, Oracle, Charles Schwab and Expedia. However, Austin’s emergence as one of the nation’s best cities to live in with ample opportunities for high-paying employment has resulted in astounding population growth — one of the biggest drivers for industrial real estate. As the population expands so does demand for goods and materials that are stored in warehouse buildings, and the Austin industrial market will certainly benefit from this trend for the foreseeable future. Per the Texas Demographic Center, the Austin metro population stood at roughly 1.25 million people in 2000. It is anticipated that the metro area will be home to …
SCHERTZ, TEXAS — Dallas-based Dalfen Industrial has purchased Schertz Distribution Center, a 187,288-square-foot asset located in the Central Texas city of Schertz. The Class A property offers proximity to Interstate 35 and San Antonio International Airport. Schertz Distribution Center was more than 70 percent leased at the time of sale, with TJ Maxx occupying roughly 90,000 square feet and Forward Air occupying approximately 50,000 square feet. The seller was not disclosed.
NORRISTOWN AND PERKASIE, PA. — Ready Capital has closed two loans for the acquisition, renovation and lease-up of two Class B, industrial properties in Pennsylvania. The properties are located in Norristown and Perkasie, two northern suburbs of Philadelphia. The two buildings comprise approximately 220,000 square feet. Upon acquisition, the sponsor will implement capital improvements at each property, while simultaneously leasing to market occupancy. The nonrecourse loans are structured with floating interest rates, 36-month terms, two extension options, flexible prepayment and facilities to provide future funding for capital expenditures, tenant leasing costs and interest and operating shortfalls. The loan amounts, property names and sponsors were undisclosed.
GARFIELD, N.J. — StorageBlue, a storage operator serving the New York metropolitan area, has opened a 650-unit self-storage facility in Garfield, a northwestern suburb of New York City. Located at 170 River Drive, the 60,000-square-foot facility was redeveloped from a former macaroni factory. The conversion project began in August 2019 and is valued at $6 million. The facility offers amenities such as outdoor drive-up units, surveillance and U-Haul truck rental.
MYRTLE BEACH, S.C. — Ready Capital has closed a $10.2 million refinance loan for a three-property, 1,796-unit self-storage portfolio in Myrtle Beach. The undisclosed borrower will use the funds to pay off existing debt and lease-up the three undisclosed properties. The non-recourse loan comes with a three-year term and offers a floating interest rate with two extension options and flexible prepayment options. Further details of the portfolio were not disclosed.
CAROL STREAM, ILL. — ShipFusion Inc., an e-commerce fulfillment company, has leased a 381,600-square-foot industrial facility at 365 E. North Ave. in suburban Chicago’s Carol Stream. The location will serve as ShipFusion’s new U.S. flagship operation. The Chicago-based company provides proprietary inventory management software and a wide range of fulfillment services, including freight, insurance, returns and custom workflows. Completed in 2017 on a speculative basis, the Class A facility features 40,000 square feet of temperature-controlled space, 8,500 square feet of office space and a clear height of 36 feet. Doug Pilcher and Jason West of Cushman & Wakefield represented ShipFusion in the lease. David Prell and Kevin Segerson of CBRE represented the landlord, Link Industrial Properties.
MILWAUKEE — Founders 3 Real Estate Services has brokered the sale of a 98,600-square-foot industrial building in Milwaukee for $5.2 million. The property is located at 11925 W. Carmen Ave. Andy Hess and Derek Yentz of Founders 3 represented the seller, HK Ventures LLC. BIG Acquisitions LLC, a division of Brennan Investment Group, purchased the facility, which is fully leased to Hilmot.
PISCATAWAY, N.J. — Third party logistics provider Hall’s Warehouse Corp. has renewed its 135,000-square-foot industrial lease in Piscataway, a southwestern suburb of New York City. The property is situated within Rutgers Industrial Center, a five-building, 535,000-square-foot complex located at 120 Circle Drive N. The tenant has leased space at the property since 2003. Brian Dudzinski of Atlantic Real Estate Services represented Hall’s in the lease negotiations. Levin Management Corp. is the asset manager of the complex.