PENNSAUKEN, N.J. — Colliers International has brokered the sale of a 37,856-square-foot industrial property in Pennsauken, an eastern suburb of Philadelphia. Situated at 2301 Haddonfield Road, the property features 16-foot clear heights and convenient access to the Cherry Hill Commuter Rail. Maple Direct Printing was the anchor tenant of the building at the time of sale. Ian Richman and Marc Isdaner of Colliers represented the seller, The Bloom Organization. Velocity Ventures was the buyer.
UNION CITY, GA. — Birmingham, Ala.-based Coca-Cola Bottling Co. United Inc., the second largest privately held Coca-Cola bottler in North America, has opened an $86 million, 456,000-square-foot sales and distribution center in the south Atlanta suburb of Union City. Approximately 36 million cases of beverages will be loaded and shipped annually from the facility, known as South Metro Sales Center. The property includes a 375,000 square-foot warehouse, 25,000-square-foot fleet maintenance area, 36,000 square feet of administration space and a 20,000-square-foot service department for equipment and vending repair. The facility is located at 4913 Mason Road, 17 miles southwest of downtown Atlanta and 10 miles west of Hartsfield-Jackson Atlanta International Airport. Approximately 750 employees work at the facility, which has a payroll of more than $41 million. General contractor Brasfield & Gorrie began construction at the site in early 2018. System Logistics built the warehousing system technology at the facility.
ATLANTA AND SAVANNAH, GA. — Plymouth Industrial REIT Inc. has purchased a five-property, 924,036-square-foot industrial portfolio in Atlanta and Savannah for $34.7 million. Fully leased to four tenants with weighted average lease terms of approximately seven years, the portfolio comprises two buildings in the Northwest and I-20 East industrial submarkets of Atlanta and three buildings in Savannah. The acquisition also includes 39 acres of developable land in Atlanta. The seller(s) was not disclosed.
ARVADA, COLO. — Los Angeles-based Cale Enterprises has broken ground for Mountain Gateway, a two-building industrial park in Arvada, a suburb 10 miles northwest of Denver. Slated for completion in third-quarter 2020, Mountain Gateway will feature 142,180 square feet of speculative industrial space. Located at West Ridge Road and Robb Street, the facilities will feature 20 dock-high doors, 11 drive-in doors, 24-foot clear heights, an ESFR fire protection system, office spaces to suit and 290 parking spaces. Building 1 will feature 59,710 square feet, while Building 2 will offer 82,470 square feet. Tyler Carner and Jeremy Ballenger of CBRE are handling marketing for the development.
VAIL, ARIZ. — Occidental Capital Holdings has acquired Old Vail Station Office and Retail Center and Vail Self Storage, a mixed-use commercial property located in Vail, a suburb of Tucson. Old Vail Station LLC sold the asset for $8.2 million. The transaction includes the 26,563-square-foot Old Vail Station, which was developed in 2006, and the 46,005-square-foot Vail Self Storage, which was developed in 2016. At the time of sale, the office and retail center was 94 percent occupied and the self-storage facility was 90 percent occupied. Craig Finfrock of Commercial Retail Advisors represented the seller, while the buyer was self-represented in the deal.
SAN FRANCISCO — CBRE has arranged the sale of 200 Kansas Street, a production, distribution and repair facility located in San Francisco. An entity sponsored by Ascent Real Estate Advisors sold the property to a joint venture between Presidio Bay Ventures and Kinship Capital for an undisclosed price. The two-story, 90,060-square-foot building was fully leased to four tenants at the time of sale. Mike Taquino, Kyle Kovac, Russell Ingrum, Mandy Lee and Giancarlo Sangiacomo of CBRE represented the seller in the deal. Additionally, Mike Walker, Brad Zampa, Megan Woodring and Taylor Shepard of CBRE Capital Markets’ Debt & Structured Finance group arranged a five-year, non-recourse loan with full-term interest-only payments for the buyer. A Los Angeles-based asset management company provided the financing.
OKLAHOMA CITY — CBRE has negotiated an 80,246-square-foot industrial lease renewal at 5001 SW 36th St. in Oklahoma City. According to LoopNet Inc., the property was built in 1982, spans 125,000 square feet and is located near Interstate 44 and Will Rogers International Airport. David Portman of CBRE represented the landlord, Sealy OKC Metropolitan I LLC, in the lease negotiations. The representative of the tenant, Biagi Warehousing Inc., a full-service logistics and transportation firm, was not disclosed.
SOUTH WINDSOR, CONN. — Winstanley Enterprises LLC, a Massachusetts-based development and investment firm, has acquired a two-property industrial portfolio totaling 460,000-square-foot in South Windsor, a northeastern suburb of Hartford. The sales price was $44 million. The first property, located at 135 Sullivan Ave., is a 292,000-square-foot dry goods distribution center leased to Mobis Parts of America. The second property, located at 175 Sullivan Ave., is a 168,00-square-foot cold storage distribution center leased to Performance Food Group Inc. Both tenants will continue their leases with Winstanley as the new landlord. Brad Ruppel and Lauren Dawickiof of CBRE represented Winstanley in the transaction. The seller was undisclosed.
GREENSBORO, N.C. — Highwoods Properties Inc. (NYSE: HIW), a publicly traded REIT based in Raleigh, has sold its industrial and single-story flex portfolio in Greensboro, comprising 2.8 million square feet, for $193.4 million. The company also plans to close the $40 million sale of The Knollwood, a 250,000-square-foot office complex in Greensboro, by Feb. 15. The sale follows Highwoods’ recent announcement of its initiative to exit both the Greensboro and Memphis, Tennessee, markets. That plan led to the recent $76.4 million sale of the 248,000-square-foot International Paper IV office building in Memphis. “These sales are a significant step to completing the first phase of our plan to exit the Greensboro and Memphis markets and reinvest that capital in … high-growth markets such as Charlotte,” says Ted Klinck, president and CEO of Highwoods Properties. “With these dispositions, we will have completed approximately 75 percent of the first phase of sales, and we remain on track to complete the first phase by mid-2020.” Highwoods’ two-phased exit plan consists of selling a select portfolio of its Greensboro and Memphis assets and acquiring Bank of America Tower at Legacy Union in Charlotte in November for $436 million. The second phase consists of selling all remaining …
PFLUGERVILLE, TEXAS — The City Council of Pflugerville on Tuesday approved a rezoning ordinance for a 94-acre tract that will house a 3.8-million-square-foot Amazon distribution center, according to multiple news outlets. The City of Pflugerville, located northeast of Austin, has not confirmed Amazon’s involvement, referring to the project as “Project Charm” in City Council documents, but both the Austin Business Journal and the Austin-American Statesman have named Amazon as the facility’s end-user. Amazon also operates an 850,000-square-foot distribution in San Marcos, located midway between the state capital and San Antonio.
