TEMPLE, TEXAS — STREAM Capital Partners LLC has arranged the sale-leaseback of two industrial assets totaling 211,000 square feet in the Central Texas city of Temple. Texas Hydraulics occupies the facilities, which are used for the manufacturing warehousing, and distribution of hydraulic cylinders. Chelsea Mandel and Phil DiGennaro of STREAM Capital Partners represented the seller in the transaction. The buyer was a publicly traded REIT.
WILLIS, TEXAS — Marcus & Millichap has brokered the sale of Oversized Storage, a 155-unit self-storage facility in Willis, located about 40 miles north of Houston. The property is situated on 5.7 acres and spans 61,520 net rentable square feet. Dave Knobler of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer and sales price were not disclosed.
IRVING, TEXAS — Mueller Co. LLC, an affiliate of Atlanta-based Mueller Water Products Inc., will open a 26,250-square-foot distribution center at Dallas-Fort Worth International Airport. Construction on the new space is underway, and the buildout of the shell space is expected to last about two months. Steve Trese of CBRE represented the landlord, EastGroup Properties LP, in the lease negotiations
CHARLOTTE, N.C. — Beacon Partners has purchased a 47,000-square-foot warehouse located at 2226 N. Davidson St. in Charlotte’s NoDa (North of Davison) submarket. The buyer will convert the one-story brick building into office and retail space for tenants seeking 4,000 to 7,000 square feet. The building, which was constructed in 1962, will be branded as the North Davidson Co-Operative, or NoDa Co-Op. Erin Shaw and Kristy Venning of Beacon will handle office leasing. Charles Thrift, also with Beacon, will handle retail leasing. Marty McLaughlin of Park Commercial Real Estate represented the undisclosed seller in the sale. NoDa Co-Op is expected to be complete in mid-2020.
MONTEBELLO, CALIF. — Ready Capital has closed an $11 million loan to fund the acquisition of a two-building industrial property located in Montebello, approximately eight miles east of downtown Los Angeles. The undisclosed borrower executed a single-tenant lease with a large multi-national industrial company prior to acquisition close. Ready Capital closed the non-recourse, fixed-rate loan that features a 36-month term, 24-months of interest-only payments and no prepayment penalties.
NEW YORK CITY AND DALLAS — Blackstone Real Estate Partners IX, an affiliate of New York City-based global investment firm Blackstone (NYSE: BX), has agreed to acquire Colony Industrial, the Dallas-based industrial arm of Colony Capital Inc. (NYSE: CLNY). The deal is valued at approximately $5.9 billion. Terms of the deal call for Blackstone to purchase Colony Capital’s logistics portfolio, which consists of approximately 60 million square feet across 465 light industrial buildings in 26 U.S. markets. The transaction is expected to close during the fourth quarter. The sale also includes Colony’s 51 percent ownership interest in a 4 million-square-foot portfolio of distribution assets and the affiliated operating platform that manages those properties. “This acquisition of high-quality warehouses demonstrates our continued strong conviction in logistics and positive e-commerce trends,” says Nadeem Meghji, head of real estate Americas at Blackstone. “As retailers continue to shorten delivery times and expand their last-mile footprints, we believe warehouses in dense population centers will continue to experience outsized demand growth.” Willkie Farr & Gallagher served as legal counsel; Morgan Stanley and Eastdil Secured served as financial advisors; and CBRE National Partners served as real estate advisor to Colony Capital. Simpson Thacher & Bartlett served as …
MISSOURI CITY — NAI Partners has brokered the sale of an 86,655-square-foot office and warehouse property situated on 10 acres at 13840 Pike Road in Missouri City, a southwestern suburb of Houston. Clay Pritchett and Zane Carman of NAI Partners represented the seller, Champions Fairway Ltd. Will Austin and Hunter Johnston of Bridge Commercial Real Estate represented the buyer, Full Plus LLC.
HILLSBOROUGH, N.J. — J.G. Petrucci Co. Inc. is nearing completion of a 57,000-square-foot industrial building in Hillsborough, located approximately 40 miles southwest of New York City. The project is build-to-suit for Permadur Industries, a manufacturer of construction equipment. The building will feature 37-foot ceiling heights and 17,000 square feet of office space, as well as 36,000 square feet of space designed for future expansion. Construction is currently underway and slated for completion by the end of 2019. The site also has the capacity to house an additional 36,000 square feet of new development.
OAKLAND, N.J. — JLL has brokered the sale of a 40,781-square-foot light industrial property in Oakland, located approximately 30 miles northwest of New York City. The building, which is located roughly a mile from Interstate 287, features 20-foot clear heights, two drive-in doors and several thousand square feet of office space. The property was fully leased at the time of sale. Jose Cruz, Marc Duval and Jordan Avanzato of JLL represented seller, North Jersey Development Group, in the transaction. A private investor purchased the asset.
WOOD DALE, ILL. — Premier Design + Build Group has broken ground on a two-building industrial development in Wood Dale. Bridge Development Partners is the developer and the facility will be known as Bridge Point Wood Dale. The first building will serve as a 100,738-square-foot build-to-suit for Forward Space LLC, a provider of office furniture and workplace solutions. The second building will be a 241,888-square-foot speculative warehouse. Completion of both buildings is slated for spring 2020. Cornerstone Architects Ltd., Swift Structural Design LLC and Manhard Consulting make up the project team.