DENVER — H.I.G. Realty Partners, an affiliate of H.I.G. Capital, has funded a $33.1 million loan for the acquisition of an industrial/flex office portfolio located in Denver. The borrower is CW Capital Partners. The three-building portfolio features 264,000 square feet of industrial and flex office space. At the time of acquisition, the portfolio was 80 percent occupied by a diverse group of tenants. The floating-rate, five-year loan allows for future advances for the lease-up of the portfolio over time.
PASADENA, TEXAS — United Equities will develop Phase II of Beltway-225 Business Park, an industrial project that fronts Beltway 8 in the eastern Houston suburb of Pasadena. Phase I of the project delivered 85,500 square feet, and the first two completed buildings of that phase have been leased to Cooper Valves (21,000 square feet) and PTR Holland Maritime (18,500 square feet). Travis Land and Michael Keegan of NAI Partners represented United Equities in both lease negotiations. Phase II of the project, a construction timeline for which was not released, will include two tilt-wall buildings totaling 46,000 square feet.
NEWPORT BEACH, CALIF. — Newport Beach-based BKM Capital Partners has purchased an 11-property industrial portfolio in four Western markets for a total consideration of $425.4 million. The properties are located in Phoenix, Northern and Southern California and Tigard, Ore. BKM acquired eight of the properties through BKM Industrial Value Fund II and three of the properties in partnership with Canyon Catalyst Fund, a program Canyon Partners manages on behalf of the California Public Employees’ Retirement System. The portfolio contains 2.7 million square feet of space and 493 units. At the time of sale, the portfolio was nearly 90 percent occupied. The newly acquired properties include: A four-property, $157.7 million Phoenix-area portfolio, including: Magnolia, a 35,385-square-foot building at 2655 Magnolia St. in Phoenix Hohokam 10E, an 82-unit, multi-tenant property in Tempe, Ariz. Broadwood, a four-building, 34-unit, multi-tenant facility at 2450-2452 W. Broadway Road in Mesa Broadway 101 Commerce Park, a 55-unit, multi-tenant asset in Mesa A four-property, $124.2 million Northern California portfolio, including: Bradshaw, a 33-unit, multi-tenant asset at 9828, 9912, 9940 and 9960 Business Park Drive in Sacramento Horn Road, a 48-unit, multi-tenant property at 9901-9981 Horn Road in Sacramento Concord Business Park, a 27-unit, multi-tenant facility on Imhoff Drive …
KANSAS CITY, MO. — Newmark Grubb Zimmer (NGZ) has brokered the sale of a seven-building industrial flex portfolio located in Kansas City’s Executive Park. The 210,751-square-foot portfolio is home to 17 tenants and was 89 percent occupied at the time of sale. Mark Long and John Hassler of NGZ represented the seller, Odyssey Real Estate Capital. A local investment group purchased the asset for an undisclosed price.
MILWAUKEE — Brennan Investment Group has acquired a 98,600-square-foot industrial facility in Milwaukee. The seller and sales price were undisclosed. The property, located at 11925 W. Carmen Ave., is fully leased to Hilmot, a provider of conveyor equipment. Andy Hess and Derek Yentz of Founders 3 Real Estate Services represented Brennan in the transaction. Chicago-based Brennan has acquired more than $4 billion in industrial real estate since 2010.
DENVER — Woodspear Properties (Ascendant Capital Partners DNA) has purchased an industrial property located at 9950 E. 40th Ave. in Denver. H-B Tempe LLC , a Minneapolis-based private investor, sold the asset for $21.1 million, or $196.69 per square foot. Built in 2014 with concrete tilt-up construction, the 107,303-square-foot, institutional-grade facility features 7,037 square feet of office space, three dock doors and 16 drive-in doors. Situated on seven acres, the asset is located 15 miles from the Denver International Airport and 10 miles from downtown Denver. Federal Express fully occupies the property and utilizes it as a mission-critical facility. Mike Wafer, Tim D’Angelo, Tim Prinsen and Jerry Hopkins of Newmark Knight Frank (NKF) represented the seller the in transaction. The NKF team also provided transactional assistance to the buyer.
CLEVELAND AND BRECKSVILLE, OHIO — The Sherwin-Williams Co. (NYSE: SHW) plans to develop a new world headquarters building in downtown Cleveland, as well as a research and development (R&D) center in the Cleveland suburb of Brecksville. The company plans to invest $600 million to construct both facilities. The paint manufacturer and retailer’s headquarters building will span 1 million square feet just west of Public Square between Saint Clair and Superior avenues. The R&D center will span 500,000 square feet and will be located off Interstate 77 at Miller and Brecksville roads, 16 miles south of downtown Cleveland. The transition to the new facilities won’t occur until 2023 at the earliest, the company says. Sherwin-Williams previously launched a nationwide search for its new headquarters location before deciding to stay in Ohio, where it has been based since it was founded in 1866. “We currently operate out of a 90-year-old headquarters building that has served us well but is no longer conducive to meeting our future needs,” says John Morikis, the company’s chairman and CEO. “The major planned investment in Cleveland and Northeast Ohio we are announcing today reflects our confidence in the continued strength of the region and its people and …
STAFFORD, TEXAS — The Philipsborn Co., a Chicago-based mortgage banking firm, has arranged a $4 million loan for the refinancing of a distribution center located at 4030 Bluebonnet Drive in Stafford, about 15 miles southwest of Houston. Built in 1983, the 66,336-square-foot warehouse is situated on 4.1 acres and features 24- to 26-foot clear heights, four exterior loading docks, nearly 10,000 square feet of finished office space and 2,628 square feet of refrigerated space. The facility is leased on a long-term basis to a national specialty food distributor. David Kubert of Philipsborn arranged the 15-year, fixed-rate loan through Ameritas Life Insurance Co. on behalf of the borrower, a private investor.
CEDAR RAPIDS, IOWA — Marcus & Millichap has arranged the sale of an 83,286-square-foot self-storage facility known as Cedar Storage in Cedar Rapids for $5.5 million. The property includes 374 units as well as RV and boat storage. It is located at 804 Vernon Valley Drive. Britney Hendricks and Sean Delaney of Marcus & Millichap marketed the property on behalf of the seller, an individual trust. The team also represented the buyer, a private investor.
ROMEOVILLE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial V LP, has purchased a 37,092-square-foot industrial building in Romeoville for an undisclosed price. Built in 1990, the property is located at 1319 Marquette Drive, approximately 30 miles southwest of Chicago. It features one exterior dock, three drive-in doors and parking for 135 cars. At the time of sale, the building was fully leased to one tenant. Ryan Klink of Cushman & Wakefield represented Venture One in the transaction.