FERNLEY, NEV. — Mark IV Capital, in partnership with Heath Rushing of New Nevada Resources, has acquired Crossroads Commerce Center, a 4,300-acre industrial and commercial property located in Fernley, for an undisclosed price. The asset has been rebranded to Victory Logistics District. Situated 30 miles east of Reno, Nev., Victory Logistics Center will be completed in phases with the first phase including approximately 7.5 million square feet of industrial space. Build-out is expected to conclude within seven to 10 years. The first building will be an 800,000-square-foot speculative, cross-docked distribution facility with 40-foot clear heights. Irvine, Calif.-based HPA Architects is designing the building. The first phase also includes the construction of a full-service transload rail facility, which will serve new and existing rail customers in the projects as well as customers throughout the region. The rail facility is being developed in partnership with Black Gold Terminals. At complete build-out, the logistics center will feature manufacturing, distribution, industrial and data center space, as well as housing options, convenience retail, quick-service retail and restaurant and entertainment options.
BOLINGBROOK, ILL. — PREMIER Design + Build Group has broken ground on a 219,000-square-foot speculative warehouse in the southwest Chicago suburb of Bolingbrook. Known as Fountain Square Building 5, the facility is the final development within Fountain Square Commerce Center. The developer, Bridge Development Partners LLC, acquired the commerce center in November 2018. Fountain Square Building 5 will include 48 docks, two drive-in doors, a clear height of 32 feet and parking for 30 trailers and 178 cars. Completion is slated for March 2020. The project team includes Cornerstone Architects Ltd., SPACECO and Structural Resources Inc.
ILLINOIS — MK Asset Investment has acquired industrial properties in Franklin Park and Waukegan and sold a retail center in Round Lake Beach. The aggregated value of the transactions exceeded $10 million. The Franklin Park industrial property spans 87,500 square feet and is situated on 5.9 acres at 11608 Copenhagen Drive. MK Asset will add new docks, upgrade the lighting and provide a fresh coat of paint. The Waukegan building spans 35,500 square feet and is located at 1850 S. Lakeside Drive within Amhurst Industrial Park. A private investor acquired the 61,685-square-foot Eagle Creek Shopping Center, which is anchored by Big Lots.
GREEN OAKS, ILL. —Biddeford Blankets has signed a 96,810-square-foot industrial lease at 13820 S. Business Center Drive in Green Oaks in northeastern Illinois. The manufacturer of heated blankets is moving to Green Oaks Business Center from Mundelein, where it had occupied space for 15 years. The new location offers proximity to I-94 and includes 3,305 square feet of office space. Michael Fonda and John Hauser of Avison Young represented the tenant in the lease transaction. The landlord, Colony Capital Inc., was self-represented by Scott Cordes, a vice president at the company.
The investment markets for office, industrial and flex properties in Westchester and Fairfield counties have seen significant activity over the last 12 months. Both debt and equity capital have been flowing into the urban and suburban areas of the counties, demonstrating that these submarkets are viable alternatives to New York City. This year has witnessed one of the largest transactions to ever take place in Westchester and Fairfield counties since we have been recording statistics. This past spring, HFF sold a portfolio of 52 industrial flex assets in multiple parks in both Westchester and Fairfield counties for $488 million, or $167 per square foot. The demand was very strong for these industrial assets, and the buyer pool spanned from private groups to some of the largest money managers in the world. In addition, cap rates are in the 4.25 to 4.85 percent range for more traditional industrial product. Cap pricing is absolutely on track to surpass $200 per square foot, as there is a lack of available land for development and institutional funds’ continue to display an insatiable appetite for the product type. Consequently, these kinds of deals continue to dominate the conversations and market activity. Office Market Interest …
WINSLOW, N.J. — A partnership between two New Jersey-based investment firms, Homestake Capital LLC and Harvestate Group LLC, has broken ground on a 595-unit self-storage facility in Winslow, located outside Philadelphia. Extra Space Storage will operate the property, which will span 66,300 net rentable square feet and offer climate-controlled space. Completion is scheduled for January 2020.
DALLAS — Stonelake Capital Partners has purchased a 129,061-square-foot warehouse located at 8220 Ambassador Row in Dallas. According to LoopNet Inc., the single-tenant property was built in 1966 and features 18-foot clear heights and 11 dock-high loading doors. Jamie Jennings, Jason Moser and Andrew Rabinovich of Stream Realty Partners represented the seller, Chicago-based Brennan Investment Group, in the transaction.
GARLAND, TEXAS — Merritt Industrial Dallas LLC has sold Northgate Business Park IV, a 58,193-square-foot flex property located in the northeastern Dallas suburb of Garland. Built on 2.8 acres in 1986, the property, approximately 60 percent of which is office space, formerly served as the headquarters for National Spirit Group. Brian Pafford of Bradford Commercial Real Estate Services represented the locally based seller in the transaction. Greg Cagle of Coldwell Banker represented the buyer of record, SJ & JL LLC. The new ownership plans to renovate the property
PHOENIX — Realty Advisory Group has brokered the acquisition of a single-tenant industrial property located at 2060 S. 51st Ave. in Phoenix. Nuveen Real Estate purchased the property for an undisclosed price. The name of the seller was not released. Situated on 17.44 acres, the property features 319,860 square feet of Class A industrial space. At the time of sale, the asset was 100 percent leased to Royal Paper Converting. The building features 30-foot clear heights, 38 dock-high doors, an ESFR sprinkler system and future divisibility options. John Repstad and Mark Repstad of Realty Advisory Group represented the buyer in the deal.
CHANDLER, ARIZ. — CBRE has arranged the sale of Chandler Business Center, a creative office, flex-tech and retail space located in Chandler. New York-based Fullerton Properties acquired the multi-tenant property from Los Angeles-based Montana Avenue Capital for $13.3 million. Located at 6150 and 6170 W. Chandler Blvd., Chandler Business Center is a two-building, value-add, mixed-use complex offering a total of 129,840 square feet. Butler Design Group designed the property in collaboration with Trammell Crow Co., completing construction in 2012. At the time of sale, the property was 54 percent leased to a variety of tenants, including New Heights Church, Advance Auto Parts, Newark Corp. and Children’s Cancer Network. Glenn Smigiel, Bob Young, Steve Brabant, Rick Abraham, Mark Krison and Jackie Orcutt of CBRE represented the seller in the deal.