HILLSBOROUGH, N.J. — Third-party logistics and distribution company Barrett Distribution Centers has signed a 171,560-square-foot lease at Midpoint Logistics Center, a 750,000-square-foot industrial facility in Hillsborough. Located at 152 Route 206, the property was developed by Los Angeles-based Industrial Realty Group. Ben Shapiro, Mindy Lissner, William Waxman, Steven Beyda, Kevin Dudley, Robert Pine and David Gheriani of CBRE represented Industrial Realty Group in the transaction. Chris Hile of Jones Lang LaSalle represented Barrett Distribution Centers.
PORTLAND, ORE. — Bridge Development Partners has entered the Portland market with the acquisition of a 35-acre land parcel, located at 775 NE Columbia Blvd., for an undisclosed price. The company plans to construct Bridge Point I-5 – Portland, a two-building industrial park. The property will feature an approximately 425,000-squre-foot building and an approximately 225,000-square-foot facility. The 425,000-square-foot facility will feature 36-foot clear heights with 100 trailer stalls, ideally for distribution-oriented tenants in the 150,000-square-foot to 425,000-square-foot range. The second building will feature 32-foot clear heights and 36 trailer stalls, tailored to distribution, manufacturing and industrial tenants with small needs for space — as little as 20,000 square feet. Bridge expects to deliver the project in late 2020. Tom Talbot, Zach Francis and Karla Hansen of Kidder Mathews represented the buyer, while Brian Mitchell of Macadam Forbes represented the seller, Hanson Pipe, in the transaction.
BAKERSFIELD, CALIF. — Colliers International has directed the sale of an industrial distribution center, located at 5801 District Blvd. within the Stockdale Industrial Park in Bakersfield. OLP Bakersfield Ca LLC, a private investor, acquired the property from ICI Property LLC for $10.8 million. Built in 1980 and situated on 15.4 acres, the 220,180-square-foot property features 24-foot to 28-foot clearance, expandable loading, sufficient power, secured outside yard areas and proximity to rail service. Men’s Wearhouse occupies the single-tenant property on an NNN lease basis. Patrick Barnes, Stephen Haupt, Christopher Maling and David Maling of Colliers represented the buyer and seller in the transaction.
RICHMOND, VA. — HFF has arranged the sale of the newly constructed Pepsi Bottling Distribution Center in Richmond. ElmTree Funds purchased the 220,825-square-foot asset for $25.9 million. The center was delivered in November and is triple-net-leased to Bottling Group LLC, a wholly owned subsidiary of Pepsi Beverages Co. Situated along Interstate 95 near Interstates 64 and 295, the facility is located about 12 miles south of downtown Richmond. Steve Conley, Bruce Strasburg, Chris Norvell, Coler Yoakam and Patrick Nally of HFF represented the seller, Armada Hoffler Properties Inc., in the transaction.
OKLAHOMA CITY — CBRE has negotiated a 23,000-square-foot industrial lease at 6120 SW 29th St. in Oklahoma City for Niagara Bottling LLC, which services the bottled water industry. Randy Lacey and Austin Lacey of CBRE represented the landlord, HL Campus LLC, in the lease negotiations. Ryan Shaffer and Dwayne Flynn, also of CBRE, represented Niagara Bottling.
WOOD-RIDGE, N.J. — Metro Storage LLC has opened an 883-unit self-storage facility in Wood-Ridge. Located at 765 Route 17, the 85,000-square-foot property features climate-controlled units, interior loading bays and elevator access to all floors. The facility is located on the former site of a manufacturing facility. It is Metro’s eigth self-storage facility in the New Jersey market.
POMPANO BEACH, FLA. — Cushman & Wakefield has arranged the $62.3 million sale of Powerline Business Park, a 443,720-square-foot, small-bay industrial park in Broward County. The park comprises 24 small-bay buildings on about 26.4 acres. The property features 16- 20-foot clear heights, air-conditioned office space and illuminated parking, as well as dock-high truck loading and grade-level, overhead 12-by-14-foot doors. The park was developed between 1983 and 1994 and was 96.8 percent leased at the time of the sale. Mike Davis, Scott O’Donnell, Rick Brugge, Michael Lerner, Dominic Montazemi and Greg Miller of Cushman & Wakefield represented the locally based seller, Industrial Development Co., in the transaction. San Francisco-based Stockbridge was the buyer.
KAPOLEI, HAWAII — Alexander & Baldwin (A&B) has purchased two warehouse buildings, located within Kapolei Business Park Phase I, for $40 million in an off-market transaction. Built on adjacent parcels totaling 6.45 acres, the properties feature 32-foot clear heights, dock-high loading, ESFR sprinkler systems and rooftop photovoltaic systems, which will be used by tenants to defray energy costs. The buildings offer a total of 150,000 square feet of Class A industrial space. The acquisition was financed by proceeds of A&B’s sale of its agricultural lands on Maui. Last year, the company completed the $262 million sale of approximately 41,000 acres of agricultural farmland on Maui to Mahi Pono, a farming venture between Pomona Farming and the Public Sector Pension Investment Board. The seller, national moving company Covan, will continue to lease approximately 75 percent of the asset.
CHICAGO — Conor Commercial Real Estate has completed development of Last Mile Logistics Center I-55, a speculative industrial facility in Chicago. The 316,550-square-foot property is situated on an infill site at the intersection of 51st Street and St. Louis Avenue. The facility features 55 truck docks, 71 trailer stalls, 50-foot bays and a clear height of 36 feet. McShane Construction Co. and Ware Malcomb provided the design-build services. Walter Murphy and Sean Austin of Lee & Associates will market the property for lease.
ST. PAUL, MINN. — The Opus Group has completed an 86,632-square-foot industrial building located within the St. Paul Port Authority’s Beacon Bluff Business Center. Terracon Consultants Inc., a multi-disciplinary engineering consulting firm, will occupy 15,300 square feet of the building. The facility features a clear height of 24 feet and both warehouse and office space. Todd Hanson and Jason Sell of Cushman & Wakefield are marketing the property for lease. The Beacon Bluff Business Center is an office and industrial development situated on nearly 40 acres.