HOUSTON — Hines has begun construction on Phase II of Boulevard Oaks Business Park, a project that will deliver approximately 1.1 million square feet of industrial space across six buildings. Boulevard Oaks Business Park spans 120 acres and is located in southwest Houston. Phase I of the project delivered 450,000 square feet of new industrial space across four buildings that is now 95 percent occupied. Phase II is expected to be complete in the third quarter of 2020. Burton Construction is the general contractor for the project, and Powers Brown is the architect of record. Cushman & Wakefield handles leasing of the property.
GRAND PRAIRIE, TEXAS — Marcus & Millichap has arranged the sale of a 213,630-square-foot industrial building leased to Ashley Furniture in Grand Prairie, located in the center of the Dallas-Fort Worth (DFW) metroplex. The property was built on 11.5 acres in 1979 and renovated in 1995. Adam Abushagur of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors, in the transaction.
CENTRAL FALLS, R.I. — Marcus & Millichap has arranged the sale of RI Self Storage, a 458-unit facility in Central Falls, a northern suburb of Providence. Located at 817 Dexter St., the facility comprises 316 climate-controlled units, 142 non-climate-controlled units and three office and warehouse spaces totaling 37,826 net rentable square feet. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, an undisclosed private investor. Nathan Coe and Hatcher also represented the buyer, a limited liability company.
HESPERIA, CALIF. — Avison Young has brokered the sale of Lemon Street Industrial Center, a multi-tenant industrial business park located at 17229 Lemon St. in Hesperia. Arcadia, Calif.-based Positive Investments sold the property to Los Angeles-based Gofermor LLC for $8.9 million. Built in 1986 on 11 acres, the six-building property totally 102,400 square feet of industrial space, which 17 tenants fully occupy. The asset features 20-foot clear heights, 200 parking spaces, 23 percent office build-out space and prominent monument signage. The business park is located within the High Desert submarket of the Inland Empire. Al Pekarcik and Chris Smith of Avison Young’s Irvine, Calif., office represented the seller in the transaction.
INDIANAPOLIS — Colliers International has arranged the sale of three-building industrial portfolio located in the Plainfield and Whitestown submarkets of Indianapolis. The sales price was undisclosed. The 1.8 million-square-foot portfolio includes AllPoints Midwest Building 8, AllPoints at Anson 8A and AllPoints at Anson 7B. Tenants include Brooks Sports, Ryder Logistics, Kuehne + Nagel and TF Distributing. Newly developed in 2017 and 2018, the buildings feature clear heights of 36 feet. Alex Cantu, Steve Disse and Jeff Devine of Colliers represented the seller, a joint venture including Browning Development. CBRE Global Investors purchased the portfolio. There is one remaining vacancy of 154,665 square feet. Jimmy Cohoat and Jason Speckman of Colliers will market the vacancy for lease.
NILES, ILL. — Maverick Commercial has arranged a $13.5 million first mortgage loan for a 360,000-square-foot industrial property in Niles. A partnership between Harley Kahn of REA Commercial Real Estate and JDI Realty was the borrower. The partnership purchased the property in spring 2018. At that time, it was 70 percent occupied. The borrowers have since increased occupancy to 92 percent. A national lender provided the nonrecourse, fixed-rate loan which has a term of 10 years, an interest rate below 4 percent and one year of interest-only payments followed by a 29-year amortization schedule. Proceeds from the loan paid off the existing lender, covered closing costs, funded real estate tax and returned equity to the borrowing entity.
ASHLAND, VA. — Rochester, N.Y.-based Wegmans Food Markets Inc. will invest $175 million to establish a new regional distribution operation in Hanover County, 13 miles northeast of Richmond. Located along Sliding Hill and Ashcake roads in Ashland, the new campus will allow the grocer to expand its distribution network on the East Coast and grow its retail footprint, while creating 700 new jobs. Wegmans currently has over 100 stores in New York, Pennsylvania, New Jersey, Virginia, Maryland, Massachusetts and North Carolina. No construction timeline was given for the new Virginia campus. The economic development agency Virginia Economic Development Partnership (VEDP) worked with Hanover County and a second economic development agency, the Greater Richmond Partnership, to secure the project. VEDP will administer a $2.4 million grant from the Commonwealth’s Opportunity Fund to assist Hanover County with the project. According to Virginia Gov. Ralph Northam’s office, the state of Virginia competed directly with the state of North Carolina for the project.
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.