LUMBERTON, N.J. — Boston-based investment firm STAG Industrial has acquired a 120,000-square-foot distribution center in Lumberton, an eastern suburb of Philadelphia. At the time of sale, the property was 100 percent leased to FMP Inc., a producer and distributor of commercial kitchen appliances. WHPounds Commercial Real Estate LLC and OPAS Inc. represented the seller, J Grato Enterprises, in the transaction. The sales price was not disclosed.
TAUNTON, MASS. — Dacon Corp. has completed the design and construction of a 10,500-square-foot headquarters expansion for beer distributor Quality Beverage in Taunton, located approximately 30 miles south of Boston. The $1.8 million project comprised a ground-up construction of a climate-controlled warehouse adjacent to the company’s existing headquarters in the Myles Standish Industrial Park.
HIGHLAND, CALIF. — Marcus & Millichap has arranged the acquisition of International Self Storage in Highland. A local investment company purchased the asset for an undisclosed price. The 17,905-square-foot International Self-Storage features 172 non-climate-controlled, drive-up units ranging in size from four feet by four feet to eight feet by 10 feet. Additionally, the property is fully fenced and equipped with security monitoring systems, including electronic gate access and individual alarms. The property also features an on-site manager’s office with residence. Keith Phillips of The LeClaire Group of Marcus & Millichap’s Encino, Calif., office procured the buyer, while the undisclosed seller was self-represented in the deal.
TAMPA, FLA. — Birtcher Anderson has sold Park 6, a 184,500-square-foot industrial property in Tampa, for $15.8 million. Park 6 was previously part of the 676,735-square-foot Tri County Business Park that Birtcher Anderson purchased for $40.4 million in December 2017. The property was subdivided for sale and includes six of Tri County Business Park’s 20 buildings. Park 6 was 93 percent leased at the time of the sale. Ryan Vaught and Robyn Hurrell of Colliers International represented the seller in the transaction. The buyer was not disclosed.
PASADENA, TEXAS — Avison Young has negotiated a 102,863-square-foot industrial lease within Bayport North Logistics Center I, located near Port Houston in the eastern suburb of Pasadena. Bob Berry and Grant Hortenstine of Avison Young represented the tenant, American Cross-Dock & Storage, in the lease negotiations. CBRE’s Jason Dillee and Andrew Jewett represented the landlord, Triten Real Estate Partners.
WARREN, MICH. — Innovative Industrial Properties Inc. (IIP) has acquired a 156,000-square-foot industrial property in Warren, a northern suburb of Detroit. The purchase price was $19 million. Concurrent with the acquisition, IIP entered into a long-term, triple-net lease agreement with LivWell Michigan LLC, a licensee of LivWell Holdings Inc. The tenant intends to operate the property as a licensed cannabis cultivation and processing facility. LivWell is expected to complete tenant improvements at the property and IIP has agreed to provide reimbursement of up to $23 million.
PORTLAND, ORE. — The Society of Industrial and Office Realtors (SIOR)’s Fall World Conference is set to take place Oct. 16 to 19 at the Hilton Portland in Portland. Starting in the afternoon on Oct. 16, attendees will be able to sit in on a wide variety of panels and discussions, including Industrial Occupiers: A View from the Inside; Smart Building Platforms; Global Cities – Challenges & Opportunities: Impact on Real Estate; Underwriting & Due Diligence of Investment CRE Deals; and Augmented Reality (AR): Real Estate’s New Reality. SIOR selected Portland for this year’s conference to highlight growth in the city’s commercial office and industrial sectors since 2018. According to CoStar’s Loopnet, office prices have risen by 9.2 percent and industrial has increased by 18.5 percent.
MONTGOMERYVILLE, PA. — An affiliate of raw materials distributor Panadyne Inc. has acquired an industrial center in Montgomeryville, a northern suburb of Philadelphia. Panadyne will occupy approximately 50 percent of the 22,000-square-foot facility, which features 17-foot ceiling heights and 1,500 square feet of office space. Frank Roddy of Roddy Inc. represented Panadyne in the transaction.
FAIRFIELD, N.J. — CBRE has arranged the sale-leaseback of a 100,000-square-foot industrial facility in Fairfield, located approximately 20 miles west of New York City. EverWest Real Estate Investors LLC acquired the property from Unifoil Corp., which will continue to occupy the industrial property via a long-term lease. Built in 1988, the property at 12 Daniel Road features 27,000 square feet of office space and parking for 188 cars. William Waxman, Kevin Dudley, David Gheriani and Gil Medina of CBRE represented EverWest in the lease negotiations. The sales price was undisclosed.
PHILADELPHIA — NAI Mertz has negotiated an 11,250-square-foot industrial lease in Philadelphia. The tenant, Rodan Enterprises LLC, will use the facility to house its company, SureShade, a designer and manufacturer of innovative marine sunshade systems. The space is located within a 75,000-square foot industrial building with 25-foot ceiling heights, one drive-in door and one tailgate door. Joe Sternberg of NAI Mertz represented the landlord, Onyx Partners, in the lease negotiations.