SIMI VALLEY, CALIF. — Lee & Associates-LA North/Ventura has arranged the sale of a research and development building located at 685 E. Cochran St. in Simi Valley. Albert Halami, a private investor, acquired the asset from 685 Cochran Holdings LLC for $11 million, or $183 per square foot. The seller will continue to occupy a portion of the 60,416-square-foot property for its businesses, which include SensoScientific, under a sale-leaseback arrangement. Other tenants at the fully leased building include Hangman Products and Brown & Brown Insurance. Built in 1986, the two-story property features 22-foot and 24-foot clear heights, two dock-high doors and three grade-level loading doors. The second floor, with about 20,000 square feet of general and engineering offices, was fully renovated in 2015. The buyer plans to continue the renovation efforts, including re-landscaping and improving the parking lot. Mike Tingus and Grant Fulkerson of Lee & Associates-LA North/Ventura.
AURORA, COLO. — CBRE has arranged the sale of Moncrieff Business Center, an industrial building located in Aurora. San Francisco-based Berkeley Partners sold the property to an investor advised by Zurich Alternative Asset Management for $9.9 million. Located at 14603 E. Moncrieff Place within Denver’s Airport submarket, the 101,406-square-foot building features 22-foot clear heights; an ESFR fire protection system; dock-high and oversized drive-in loading; rail doors serviced by Union Pacific; and fenced outside storage. Constructed in 1982 on 4.23 acres, the property was fully leased at the time of sale. Tyler Carner, Jeremy Ballenger, Jim Bolt and Jessica Osternick of CBRE’s Denver office represented the seller in the deal.
COLLINSVILLE, ILL. — Marcus & Millichap has negotiated the sale of a Stowaway Self Storage facility in Collinsville, east of St. Louis. The sales price was undisclosed. Located at 1 Business Center Court, the property spans 44,038 square feet with 354 units. It features a variety of unit types ranging from five to 60 square feet in size. Britney Hendricks and Sean Delaney of Marcus & Millichap marketed the property on behalf of the seller, an individual trust. The team also procured the buyer, a private investor.
WALTON, KY. — Trez Forman Capital has provided a $38.8 million construction loan for two spec industrial buildings totaling 776,820 square feet in Walton, a city in northern Kentucky approximately 20 miles south of downtown Cincinnati. The borrower, SFG Walton KY LLC, is developing the buildings on a 55-acre site within Logistics Park 75, near the intersection of Interstates 75 and 71. The first building will span 544,320 square feet and feature two tenant bays of equal size. The second will span 232,500 square feet also with two bays of the same size. The space has the ability to be subdivided to accommodate a wide variety of tenants. Each structure features 36-foot clear ceiling heights and multiple dock-high doors. The lot is situated 15 miles from Amazon’s Prime Air Cargo Hub at Cincinnati/Northern Kentucky International Airport. A timeline for completion was not disclosed. Brett Forman and Russ Holland of Trez Forman Capital originated the loan on behalf of the borrower.
MCKINNEY, TEXAS — Atlanta-based Core5 Industrial Partners has broken ground on Core5 Logistics Center of McKinney, an industrial project being developed on 65 acres north of Dallas. The initial phase of the project will deliver 431,710 square feet of space across two buildings, with completion scheduled for early summer 2020. Dallas-based Citadel Partners will handle leasing of the buildings.
LA MARQUE AND DICKINSON, TEXAS — Bellomy & Co. has arranged the sale High Point Storage, a portfolio of two self-storage facilities totaling 1,117 units across 235,918 net rentable square feet in Southeast Texas. One of the properties is located in La Marque, and the other is located in Dickinson, both of which are cities located in between Houston and Galveston. Approximately 28 percent of the units are climate-controlled. Both facilities were roughly 90 percent occupied at the time of sale. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the Houston-based seller and procured the buyer, California-based REIT Public Storage.
LAREDO, TEXAS — Source Logistics, a supply chain operator for retail and e-commerce firms, has signed a 423,280-square-foot industrial lease at Port Grande Logistics Port in the South Texas city of Laredo. The company will occupy the entirety of Building 2, a spec project that is nearing completion. California-based Majestic Realty is the developer of Port Grande Logistics Port, which is located just off Interstate 35 and within 10 miles of the Port of Laredo border crossing.
PHOENIX — JLL Income Property Trust has acquired Chandler Distribution Center, a Class A industrial asset located in the Southeast submarket of Phoenix. An undisclosed seller sold the property for $31 million. Located immediately off Arizona State Route 202, Chandler Distribution Center features two newly developed Class A warehouses designed to accommodate a wide range of tenant sizes including those under 35,000 square feet. At the time of sale, the property was 97 percent occupied. Jones Lang LaSalle Income Property Trust Inc. is a REIT that owns and manages a diversified portfolio of apartment, industrial, office and retail properties.
LORDSTOWN, OHIO — General Motors and LG Chem have teamed up to invest up to $2.3 billion through a new, equally owned joint venture company. The partnership plans to establish a battery cell assembly plant for electric vehicles on a greenfield manufacturing site in northeast Ohio’s Lordstown. The plant is expected to create more than 1,100 new jobs. Groundbreaking is slated for mid-2020. Coinciding with the news is GM’s sale of its manufacturing complex in Lordstown to Lordstown Motors Corp. for the production of battery-electric trucks. This investment builds on GM’s previously announced $28 million investment in its Warren, Mich. battery lab.
DENVER — SunCap Property Group, in partnership with Colony Industrial, a subsidiary of Colony Capital, has closed on the land for the development of North Central Logistics Center, a speculative industrial project in Denver. Formerly known as Welby Gardens, the three-building speculative development will offer tenants the opportunity to occupy space ranging from 25,000 square feet to 641,000 square feet. Situated on 33 acres, the project will feature two single-loaded buildings with trucks entering in the rear and a central cross-docked facility. All buildings will feature 32-foot clear heights and ample employee parking. Murray & Stafford will manage construction, which is slated to begin by the end of the year with completion scheduled for early spring 2021. Mitch Zatz, Jason White and Carmon Hicks of JLL represented the land sellers in the transaction and will be handling leasing for the development.